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TODAY’S BUSINESS NEWS BRIEF – Thursday, October 27th, 2016



FG releases 50% of funds for capital expenditure
The Minister of State for Budget and National Planning, Zaynab Ahmed, on Wednesday said the Federal Government had so far released about 50 per cent of the capital expenditure component of this year’s budget.[Read More…]

No going back on railway concession, says FG
Despite concerns by workers of the Nigerian Railway Corporation over plans to give out some rail lines as concession to private operators, the Federal Government has insisted that it will go ahead with the plan.[Read More…]

Senate committee backs NLNG train 7 project
The Chairman, Senate Committee on Gas, Senator Bassey Akpan, has pledged the support of the committee to the proposed Train 7 expansion project of the Nigerian LNG Limited.[Read More…]

NUPENG gives FG 21-day ultimatum over job losses
The Nigeria Union of Petroleum and Natural Gas Workers on Wednesday issued a 21-day ultimatum to the Federal Government to prevail on International Oil Companies operating in the country to stop mass retrenchment of oil workers.[Read More…]

Experts, PDP warn Buhari against borrowing $29.96bn
Economic and financial experts have warned President Muhammadu Buhari to exercise caution over his administration’s plan to borrow $29.96bn from external sources.[Read More…]

Govt begs foreign airlines not to leave Nigeria
The Federal Government has appealed to foreign airlines operating in Nigeria, which are in the process of downgrading or suspending their operations in the country, to reconsider their decisions.[Read More…]

Bill against monopoly passes second reading at Senate
A bill seeking to repeal the Consumer Protection Act, 2004 and enact the Federal Competition and Consumer Protection Bill, 2016 passed the second reading at the Senate on Wednesday.[Read More…]

Travelex, FBN sell forex to BDCs
Foreign exchange liquidity challenges in Abuja and environs will be expected to ease now as Travelex and First Bank of Nigeria Limited begin the sale of foreign exchange to Bureau De Change operators in the North, according to a News Agency of Nigeria report.[Read More…]


Discos: No Plan to Raise Electricity Tariffs
Dousing mounting concerns over another hike in electricity tariffs, the Association of Nigerian Electricity Distributors (ANED) wednesday said it had no plan to increase the current tariffs being paid by consumers.[Read More…]

Poll: Nigerians Seek Govt Intervention to Regulate House Rent
The latest public opinion poll results released by NOIPolls Limited has revealed that at least five in 10 (56 per cent) residents in four major Nigerian states of Lagos, Rivers, Kano and the FCT still live in rented apartments.[Read More…]


FG needs new plan on economy – DMO
ON the heels of the Federal Government’s plan to borrow US$29.9 billion over the next two years, the Debt Management Office (DMO) has said that there was an urgent need for the Federal Government to formulate an economic blueprint or road-map for the medium term.[Read More…]

FEC approves 215MW power plant for Kaduna
The Federal Executive Council, FEC, yesterday gave approval for the construction of a power plant in Kaduna which is expected to generate 215 megawatts of electricity.[Read More…]


Jaiz to list 30bn ordinary shares on NSE
Jaiz Bank Plc, has received the nod of its shareholders to list its shares on the floor of the Nigerian Stock Exchange yesterday.[Read More…]

Ease of doing business: World Bank rating excites presidency
The Presidency has expressed excitement over the on Tuesday World Bank’s Doing Business 2017 report which rated Nigeria 169 out of 189 countries in the overall Ease-of-Doing-Business ranking.[Read More…]


NERC moves to safeguard electricity facilities
The Nigerian Electricity Regulatory Commission (NERC) has drawn the attention of the general public to the provisions of second 79 of the Electric Power Sector Reform Act (EPSRA) 2005 which prohibits any person from constructing or extending any railway, road or works for telecommunications without notifying the Commission.[Read More…]


European shares up as banks reassure, dollar holds near highs
Reassuring results from some of Europe’s biggest banks gave financials a boost on Thursday and helped offset weakness in oil-related stocks, while higher bond yields underpinned the dollar.[Read More…]

Algerian foreign reserves drop to $121.9 bln
Algeria’s foreign exchange reserves dropped by $7.1 billion to $121.9 billion in the third quarter of 2016 due to lower oil prices that have hit the country’s finances, Central Bank Governor Mohamed Loukal said on Wednesday.[Read More…]


OPEC May Need Help to End the Global Glut of Oil
Even if OPEC defies a skeptical market by implementing output cuts in full, it still won’t drain the ocean of surplus oil already pumped from the ground.[Read More…]

Dollar Near 3-Month High Versus Yen on Policy Divergence Bets
The dollar approached a three-month high versus the yen on growing confidence that the Federal Reserve will raise interest rates this year while the Bank of Japan maintains its stimulus program.[Read More…]

fake richard mille
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