CBN Lifts Retail SMIS With $293m

The Central Bank of Nigeria (CBN) on Friday, May 18, 2018 lifted the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market with the sum of $293m. A statement from the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirming the figures, indicated that the sum, as in previous interventions, were in favour of interests in the agricultural, airlines, petroleum products, raw materials and machinery sectors. Mr. Isaac Okorafor reiterated that the objective of the CBN intervention in the foreign exchange market remained to ensure liquidity…

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Katsina Govt Sanctions Glo Over Unremitted Tax

Katsina State Government on Thursday sealed off the Katsina head office and biggest mast of leading indigenous telecommunications service provider in the country, GLO, for violating the state and local government tax laws to the tune of N400m. The General Manager of Katsina Urban and Regional Planning Board, Usman Nadada, who disclosed this to newsmen in Katsina shortly after the action, lamented that the company had failed to remit tenement rent and withholding tax to the state in the past four years. He further stated that action was sequel to…

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CBN Injects $349.34m Into Retail SMIS

The Central Bank of Nigeria (CBN), in its last intervention for the week, has injected the total sum of $349.34 million in the Retail Secondary Market Intervention Sales (SMIS) segment of the Forex market. Figures obtained from the CBN on Friday, May 4, 2018, indicated that the interventions were meant to meet obligations in the agricultural, airlines, petroleum products and raw materials and machinery sectors. The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, who confirmed the releases, reiterated that the Bank continued to intervene in the foreign exchange market…

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NCC Arrests Firms For Illegal Operation On 5.4GHz Spectrum

For failing to comply with the guidelines for the deployment of 5.4GHz frequency band, some companies in Uyo, Akwa Ibom and Calabar, Cross River states have had their premises shut down by the Nigerian Communications Commission (NCC). The enforcement team of the Commission took Compliance Monitoring to Calabar, Cross River and Uyo, Akwa Ibom States on April 26 and 27, 2018 respectively to enforce compliance with its guidelines for the deployment of service in the 5.4GHz frequency band. The Commission, based on the Guidelines for the Deployment of Service in…

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CBN Intervenes In FOREX Market With $210m

The Central Bank of Nigeria (CBN) has stepped into the inter-bank sector of the Foreign Exchange market, yet again, intervening in the wholesale segment and other sectors of the market to the tune of $210 million. Figures released by the Bank on Tuesday, April 24, 2018, reveal that the Wholesale sector of the market got another injection of $100 million, just as the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million. Confirming the figures, the Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor,…

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ASO Savings, Set Completion Date For Kaduna Model Development Project

In line with its vision to be the mortgage bank of choice, ASO Savings & Loans Plc. is partnering with Environmental Engineering and Construction Limited and Realines Global Konsult Ventures Ltd to bring to reality a Kaduna Model Development. This Kaduna Model Development is an 11.9 Hectare parcel of land located within the Kaduna Millennium City. It is a green field development mapped into the Kaduna state Millennium City project. The land is strategically located at the center of town and just few minutes’ drive from highbrow neighborhoods such as…

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New CBN DGs, MPC Members Assume Duty

Recently cleared by the Senate, Mrs. Aisha Ahmad and Mr. Edward Lametek Adamu have formally assumed duty as Deputy Governors of the Central Bank of Nigeria (CBN), following the confirmation of their appointments last week by the Nigerian Senate. The trio of Professor Adeola Festus Adenikinju, Dr. Robert Asogwa and Dr. Aliyu Rafindadi Sanusi were also at the Head Office of the CBN to formally commence their tenure as Members of the Monetary Policy Committee (MPC) of the Bank. Welcoming the new Deputy Governors and members of the MPC to…

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ASO Savings & Loans Set To Commission N10bn Karsana Estate

ASO Savings and Loans Plc. with its partner, Global High Property Development Company is set to commission the N10 billion ASO Garden Estate, Karsana, in Abuja. The Residential Estate, conceived by Global High Property Development Company was totally financed by ASO Saving and Loans Plc. ASO Garden Estate consist of 249 units made up of 129 units of 2 bedroom apartments, 117 units of 3 bedroom apartments and 3 units of 4 bedroom terrace houses and associated external works. Total construction cost of the Estate is put at N10 billion.…

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Aero Contractors Partners AJW Group To Conduct First Airline C-Check In West & Central Africa

AJW Group, a market leader in the global management of aircraft spares, is celebrating the success of its partnership with Aero Contractors that has seen the Nigerian airline become the first carrier to conduct an aircraft C-Check in West & Central Africa. The C-Check, which was carried out on a Boeing 737-500 aircraft, was marked by an event at the airline’s company headquarters on Friday afternoon, attended by the Nigerian Minister for Aviation and other key stakeholders. AJW has been supporting Aero Contractors as its technical partner since July 2017,…

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Dangote/BUA Saga: Atta Family Hits Mines Ministry Over False Claims

… Files Contempt of Court proceeding against Fayemi, Dangote The ruling Atta Omadivi Family of Okene in Kogi State has described the publication of the Ministry of Mines and Steel Development bequeathing the contentious Mining Lease ML 2541 to Dangote Group as a ‘reflection of desperate, reckless, irresponsible and partisan conduct of the ministry’ which has continued to flout all court injunctions related to the contentious lease. It would be recalled that the Executive Chairman/CEO of BUA Group, Abdulsamad Rabiu had petitioned President Muhammadu Buhari on December 4, 2017 in…

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