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PenCom urges RSA holders to complete recapturing exercise

The National Pension Commission has urged Retirement Savings Account (RSA) holders – active and retired, to complete their Data Recapture Exercise (DRE). It said the completion of the DRE is a prerequisite for processing any RSA transfer request by RSA holders who registered before 1st of July 2019. The Commission made this known in a…

WTO: Okonjo-Iweala on the March of History

Who becomes the next Director General of the World Trade Organisation (WTO) in a matter of weeks? It will surely be either Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee. Members of WTO have since picked the two celebrated women as the final candidates. Hence, Okonjo-Iweala and Myung-hee have both advanced to the final round,…

FoodCo records fast paced growth in two years

Despite the economic headwinds of the last 12 months, leading omnichannel retailer, FoodCo Nigeria Limited, has doubled its branch network in two years making it the fastest growing company in the category. Making this disclosure recently was the Ade Sun-Basorun, the Managing Director, FoodCo Nigeria Limited. He gave this insight during the unveiling of the company’s latest…

N20billion machinery to produce 500tones of paper per day

The Chairperson, Printing & Publishing Group of Lagos Chamber Of Commerce & Industry (LCCI), Princess Layo Okeowo, has stated that N20 billion processing equipment is capable of churning out 500 tonnes of paper per day. Okeowo disclosed this at the Group’s Webinar, themed “Revitalising Nigerian Paper Industry: Challenges & Opportunities in South-Western, Nigeria.” She said,…

CBN’s Website Not Hacked

The Central Bank of Nigeria, CBN, has denied that its website was hacked. A statement signed by OsitaNwanisobi Ag. Director, Corporate Communications, on Friday, October16, 2020, said “contrary to claims in the social media alleging that the website of the Central Bank of Nigeria (CBN (www.cbn.gov.ng) has been breached  by malicious persons, we wish to state categorically …

WTO DG: 79 Countries Back Okonjo-Iweala’s Candidacy

Nigeria’s Ngozi Okonjo-Iweala voiced confidence Friday in her quest to lead the crisis-wracked World Trade Organization after all of Africa backed her candidacy, vowing she would champion reform. “I feel the wind behind my back,” she told a virtual press briefing after the 55-member African Union officially supported her over her sole remaining opponent, Yoo…

Nigeria’s Inflation Hits 13.71%, Highest In 30 Months

Nigeria’s inflation rate has continued its 30-month surge, with the consumer price index, (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020. This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent. A report released by the National Bureau of Statics (NBS) on Thursday, states that increases…

NNPC Releases 2019 Audited Financial Statement, Reduces Loss by 99.7%

Barely five months after publishing its 2018 Audited Financial Statement, the Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019. A statement by the Corporation’s spokesman, Dr. Kennie Obateru, quoted the NNPC Chief Financial Officer (CFO),…

NNPC Says ANOH Gas Projects to Produce 600MSCFD Equivalent of 2.4GW of Electricity

As part of concerted efforts to ramp up gas-to-industries and gas-to-power in the country, the Nigerian National Petroleum Corporation (NNPC) has revealed that the Asa North-Ohaji South (ANOH) gas project, one of the largest green field gas condensate development projects ever undertaken in Nigeria, was expected to produce 600million standard cubic feet of gas per…

NCC moves to formulate policies on 5G

The Nigerian Communication Commission (NCC) is working with multi-sector stakeholders to formulate policies for the 5th generation (5G) mobile network. The Executive Vice Chairman of NCC, Prof. Umaru Danbatta, made this known on Wednesday during a virtual innovative tech forum organised by Nigeria Information Technology Reporters Association (NITRA). The theme of the event was ‘Multi-Stakeholders…

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