Author: Orientalnews Staff

Yemisi Izuora  The Lagos Chamber of Commerce and Industry (LCCI) has disclosed that an estimated N200 billion planned investment in an agro allied industry has been put on hold in the country over insecurity challenges. The President of LCCI, Mr Babatunde Ruwase, disclosed this in Lagos during ‘Security meets Business” Dialogue session organised by the chamber. Ruwase said that there was no better time to consider the business dimension of security challenges than now, adding that food security was at risk as agricultural production was being threatened by security concerns. “No meaningful business can be done in an environment that…

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Yemisi Izuora  The House of Representatives Committee on Banking and Currency is planning a visit to Arik and Aero Airlines to assess developments in the two organisations since Asset Management Corporation of Nigeria takeover. Jones Chukwudi Onyereri, chairman of the Committee explained that the visit is to do a spot assessment of recent positive developments at the two airlines since they were taking over by Asset Management Corporation of Nigeria, AMCON. Onyereri, who made the declaration when he led the members of the committee to their routine oversight function at the Corporate head office of AMCON in Maitama, Abuja, noted…

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Yemisi Izuora  The Bankers’ Committee has hinted on plans by the Central Bank of Nigeria (CBN) to place sanctions on exporters who fail to repatriate foreign exchange proceeds from their international business. Addressing the media at the end of the Bankers’ Committee meeting in Lagos, Citibank Nigeria Managing Director/CEO Akin Dawodu said the CBN, Foreign Exchange Manual provides that all exporters should repatriate export proceeds back to the country to support the local currency and boost the economy. According to the CBN manual, proceeds of oil and non-oil exports are to be repatriated into the export proceeds domiciliary accounts of…

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Yemisi Izuora  Oil prices rose on Wednesday amid a recovery in global stock markets, supported by a report that U.S. crude inventories fell last week. Brent crude futures were at $67.29 per barrel up 43 cents, or 0.6 percent, from the previous close. U.S. West Texas Intermediate (WTI) crude futures were at $63.89 a barrel which was up 50 cents, or 0.8 percent, from their last settlement. The higher oil futures came after stock markets recovered some of their steep losses of previous days. The market was supported by a report by the America Petroleum Institute, API, saying that…

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Yemisi Izuora  The Lagos State Commissioner for Energy and Mineral Resources, Mr.Olawale Oluwo  told the residents of Ibassa Ijegun Egba, in Ojoo Local Government Area that the government is planning to build fire station and other facilities for their community. Oluwo stated this during the inspection of Stallionaire depots and other depots located at Ijegun Ibassa Egba with the official of Department of Petroleum Resources (DPR) in Lagos. According to the Commissioner, Ijegun Egba community has become known for petroleum activity because of the presence of more than 10 tank farms in the area. He said his Ministry would look…

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Gerard Izuora  The partnership between Japanese carmakers Toyota and Suzuki will roll out a small electric car for the mass segment in India and elsewhere by 2020, an industry executive said. The car is likely to be manufactured at Suzuki’s plant in Gujarat, the person told ET on condition of anonymity. Japan’s largest carmaker Toyota Motor Corporation also plans to electrify 80 per cent of its portfolio by 2022, the person said. Akito Tachibana, managing director at Toyota’s Indian subsidiary Toyota Kirloskar, said the company will have a range of electrified solutions in the future. He expects hybrid vehicles which…

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Yemisi Izuora A second oil tanker is reportedly missing in the Gulf of Guinea, weeks after a tanker was hijacked off Nigeria and subsequently released, in a potential uptick in regional piracy. Contact with the Marine Express tanker, managed by Hong Kong-based Anglo-Eastern, was lost on Friday afternoon, according to an Anglo-Eastern spokesman. The vessel, carrying 22 Indian crew and 13 500 tons of gasoline, was last seen in Benin’s waters. The cause of the loss of communication was unknown and a search was underway, conducted with help from Nigerian and Beninese authorities, Anglo-Eastern said. “We regret that contact has…

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Yemisi Izuora  The Manufacturers Association of Nigeria (MAN) has expressed concern over the impact of current Company Income Tax, CIT on the finances of companies in the country. The Association has therefore urged for urgent downward review of the CIT from the current 30 percent to about 20 percent to reflect the prevailing operating environment and economic situation of the country. President of MAN, Dr. Frank Jacob Udemba who made this call at the MAN/Commerce Industry Correspondent Association of Nigeria press briefing in Lagos, explained that this will help reduce poverty in the country and further galvanise the economy, especially…

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Yemisi Izuora  The President of the Nigerian Union of Journalists, Comrade Waheed Odusile, has described the position of the Aare Onakakanfo as the most prominent title in Yorubaland. Speaking when he led members of the executive of the Union on a courtesy visit to congratulate the Aare Ona Kakanfo of Yorubaland, Otunba Gani Adams, on his new status, Odusile said the leadership of the association considered it imperative to pay the courtesy call to identify with him and rub minds on the current issues in the country. He applauded the efforts of Aare Adams in promoting unity in Yorubaland. Expressing…

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Yemisi Izuora  The Central Bank of Nigeria has injected 210 million dollars into the inter-bank Foreign Exchange Market to ensure availability and meet customers’ requests in various segments of the market. Giving a breakdown of the amount, the acting Director, Corporate Communications, Isaac Okorafor, said that the wholesale segment of the market received 100 million dollars, while Small and Medium Enterprises segment received 55 million dollars. Okorafor said customers requiring foreign exchange for tuition fees, medical payments and Basic Travel Allowance among others, were also allocated 55 million dollars. He reassured the public that the bank would continue to intervene in the…

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