Business
Business

Revealed! Justification that Apex Banks of other countries printed money to cushion effects of COVID-19

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By Our Reporter Abuja (Precise Post) – The Governor of Central Bank of Nigeria, Godwin Emefiele may have been vindicated after all as evidence has emerged that the apex bank of other countries printed currencies to cushion the effects of COVID-19 to their economies. Precise Post recalls that the Edo state governor, Godwin Obaseki has raised the alarm that the Nigerian economy is seriously bleeding …

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Business

Revealed! Why cement prices soared in South-East — Market survey

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Prices of cement have increased by 67 per cent in the South-East states of Abia, Anambra, Ebonyi, Enugu and Imo. A market survey conducted by NAN at various wholesale and retail shops in the zone shows that the price of the product has increased almost by double when compared to the price in 2020. A cement dealer at Kenyetta Market in Enugu State capital, Mr …

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Business

Nigeria IGR decreases by 1.93 per cent to N1.31tr in 2020

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The National Bureau of Statistics (NBS) at the weekend announced that the 36 States of the Federation and the Federal Capital Territory (FCT) Internally Generated Revenue (IGR) dipped by 1.93 per cent from N1.33 trillion to N1.31 trillion in fourth quarter (Q4) 2020. It was a negative growth, according to the Bureau in its data titled “Internally Generated Revenue at State Level (Q4 & fully …

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Business

Tax Evasion: GTB customers stranded as Kano Govt Seals Five Branches

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Kano (Precise Post) – Customers of the Guaranty Trust Bank (GTB) in Kano state are stranded as the Kano State Internal Revenue Service (KIRS) on Tuesday sealed five of it’s branches. The closure of the popular bank, according to the agency, is in line with an order issued by Kano State High Court over the bank’s failure to audit and pay its taxes between 2014 …

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Business

Why price of cement is high ——-Dangote

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The management of Dangote Cement Plc. says that the price of a bag of cement from its factories and plants in Obajana and Gboko is N2,450, and N2,510 at Ibese. Mr Devakumar Edwin, the company’s Group Executive Director in charge of Strategy, Portfolio Development and Capital Projects, stated this in a statement he made available to newsmen in Lokoja on Tuesday. He said that these …

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Business

CBN, Finance Ministry Deny Obaseki’s claim of currency printing

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ABUJA – The Central Bank of Nigeria and the Federal Ministry of Finance, Budget and National Planning have denied knowledge of the claim that Nigeria printed N50-N60 billion last month to cushion its financial trouble. The question was raised after Edo State Governor, Godwin Obaseki, claim that Nigeria printed N60bn to augment what the three tiers of government shared in March. “When we got FAAC …

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Business

Tech billionaire, Larry Ellison buys $80 million estate in Palm beach

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Oracle co-founder and billionaire, Larry Ellison, has acquired the latest pricy purchase, a beachfront mansion in Palm Beach, Florida, one of the state’s highest. The home Ellison purchased is ornately designed. He purchased this Tuscan-style mansion from Gabe Hoffman, founder of Accipiter Capital Management, for $80 million or just a shave over its asking price of $79.5 million. At 15,514-square-feet, the seven-bedroom property with 11 …

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Business

BUA, Dangote Fight Dirty In Sugar War

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The ongoing battle between Dangote Sugar and the BUA Sugar refinery has taken a bad turn. This comes after the Chairman of Dangote Industries Ltd, Alinko Dangote had in January 2021, petitioned the Federal Government asking the Ministry of Trade to shut down BUA Group’s Sugar Refinery located in Port Harcourt. BUA refinery which was hitherto producing for export into other countries, was accused by …

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Business

CBN freezes 11 bank accounts; See names

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The Central Bank of Nigeria on Wednesday said it got an order from the Federal High Court, Abuja division, to freeze 11 bank accounts to enable it conduct investigations into suspicious activities. It disclosed this in two documents posted on its website on Wednesday. The CBN as the plaintiff, listed the names of the defendants/respondents as Albert Austin Ugochukwu with two bank accounts; Belfour Energy …

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Business

World Bank to address Nigeria, poor countries’ debt overhang

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The President, World Bank Group, Mr David Malpass, said the group is working actively in collaboration with the International Monetary Fund on the common framework that the G20 established for dealing with debt overhang and debt burdens. He said this while responding to questions at the press conference at the 2021 spring meeting on Wednesday. Malpass said, “We are working actively in collaboration with the …

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Business

Obaseki worries over rising debt profile, says Nigeria could be owing ₦16trn by end of 2021

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By Chris Udochukwu ABUJA (Precise Post) – Governor Godwin Obaseki of Edo State has raised an alarm over the country’s rising debt profile, saying the situation is more critical now because of the huge amount borrowed to service the ailing economy. Obaseki raised the alarm on Wednesday during a meeting with the Transition Committee members at the Government House in Benin City, the Edo State …

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Business

NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery

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The Nigerian National Petroleum Corporation (NNPC) has signed $1.5 billon agreement for the rehabilitation of the Port Harcourt Refinery in Alesa-Eleme, Rivers State. The agreement for the rehabilitation was signed on Tuesday between NNPC and Tecnimont SpA. The agreement is for the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract for the rehabilitation of the 210,000 barrels per day capacity Port Harcourt Refinery in Alesa-Eleme, …

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Business

Onyema Bows Out As He Completes Tenure As Nigerian Stock Exchange CEO

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….Transits into the Group CEO of NGX Group Plc By Francis Etuko Abuja (Precise Post) – The Chief Executive officer of Nigerian Stock Exchange (NSE) Oscar Onyema on Tuesday bowed out of office having spent 10 years in office. NSE spokesman Olumide Orojimi in a statement said a closing gong ceremony was held on April 1 to honour Mr Onyema. Also, chairman, Nigerian Exchange Group …

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Business

Test Risk Strategies – RIMAN, CIBN Urge Organisations

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By Nike Popoola Abuja (Precise Post) – The Risk Management Association of Nigeria and the Chartered Institute of Bankers of Nigeria have urged organisation to stress test their risk management strategies. They said this during the 4th edition of the induction ceremony of the certified risk managers who qualified in 2020. A statement titled ‘RIMAN/CIBN inducts certified risk managers’, said the bodies commenced Certified Risk …

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Business

APM Terminals, Apapa, Acquires 7 New Forklifts

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By NAN Abuja (Precise Post) – Terminals, Apapa, has acquired seven new forklifts to facilitate customs examination and improve on movement of heavy materials at the terminal. The Chief Operating Officer (COO) of Nigeria’s leading container terminal operator, Apapa, Mr Steen Knudsen, disclosed this in a statement issued on Monday in Lagos. Knudsen said that the new equipment, including six 5tonns and one 16tonns forklifts, …

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