Wednesday 20th June 2018,
Hope for Nigeria

Browsing the "Economy" Category

Traders flee as fetish objects take over Asaba Market

Traders, in the early hours of on Tuesday, fled the popular Ogbeogono Market in Asaba, Delta state following fetish substance including dead rats, native chalks found at the premises In a mild drama, the traders in anger attacked security agents [...]

June 20, 2018 Economy

Lagos task force serves demolition notice on shanties in Oko-Oba

Landlords and tenants living around Abattoir and Oko-Oba area of Lagos State may soon breath a sigh of relief as the Lagos State task force has decided to evict those living in shanties in the neighbourhood. The shanty occupiers have [...]

June 20, 2018 Real Estate

NLC felicitates with Muslims, asks for speedy approval of new minimum wage

The Nigeria Labour Congress (NLC) has congratulated Muslims on the successful completion of Ramadan fasting, while calling on the federal government for quick approval of the new minimum wage. Urging every Muslims to fully imbibe the virtues of Eid-el-Fitr, the union said [...]

June 16, 2018 Economy

Dangote deep-sea pipeline to boost Nigeria’s power generation by 12,000mw

The Dangote Group’s sub-sea pipeline infrastructure is expected to augment the natural domestic gas supply and add an estimated 12,000 Mega Watts (MW) to Nigeria’s power generation capacity.  Dangote also has plans to construct a 570 MW power plant within [...]

June 14, 2018 Business

NCC withdraws 36.6 million telephone lines from telecoms operators

About 36.6 million telephone lines have been withdrawn from some telecommunications operators from the National Numbering Plan (NNP) with effect from March 20, 2018. A telephone numbering plan is a type of scheme used in telecommunication to assign telephone numbers [...]

June 14, 2018 Telecomms

NERC defies court order, grants fresh license

In what appears to be a disregard to a court order, the Nigerian Electricity Regulatory Commission (NERC) has finally granted generating license to a private company for the distribution of power in Ariara Market. This is said to be in [...]

June 13, 2018 Power

‘Lack of synergy among security agencies fuelling violence’

Action Aid Nigeria says the lack of synergy among security agencies is fuelling insecurity nationwide. It decried the seeming absence of neutrality, professionalism and sharing of intelligence among security apparatuses, saying the move was deteriorating security in the country. Addressing [...]

June 12, 2018 Oil & Gas

Nigeria spends N190b on petrol subsidy in one year

With continued plummeting of crude oil prices, Nigeria now records a monthly average of N15.859 billion as under-recovery on importation of petrol or Premium Motor Spirit (PMS) into the country. Though the Federal Government claimed it had exited the era [...]

June 12, 2018 Oil & Gas

Innoson speaks first time after flooring GTB, explains Supreme Court ruling

The Chief Executive Officer, CEO, and Chairman of Innoson group of companies, Innocent Chukwuma, has spoken up for the first time after winning a court case with Guarantee Trust Bank, GTB. DAILY POST had reported on Thursday that the automobile [...]

June 11, 2018 Business

Niger Delta $10b infrastructure fund: no trace of such fund anywhere, say stakeholders

Close to two years after the Federal Government launched the $10b Infrastructure Fund to stimulate development in the Niger Delta, there is no trace of the fund anywhere.In October 2016, the Federal Government launched the $10b Infrastructure Fund to end [...]

June 10, 2018 Economy, Technology

NNPC cannot be transparent until an angel is appointed – Sanusi

Emir of Kano, Muhammadu Sanusi (II), has declared that the subsidy regime in the Nigerian National Petroleum Corporation, NNPC, has compromised the company. According to him, only an angel may be able to run the corporation honestly. When asked if [...]

June 9, 2018 Power

Firm to partner Nigerian companies on global best practices

The new Country Director for Great Place To Work Nigeria, an affiliate of Peoples Productivity Solutions (PPS) Africa, the parent company of Great Place to Work UK, Dr. Gonzalo Shoobridge, has pledged the company’s commitment to partnering with Nigerian companies [...]

June 6, 2018 Economy

Nigeria to begin overhaul of refineries next month, says Kachikwu

Minister of State for Petroleum, Dr. Ibe Kachikwu, yesterday, said the much-awaited overhaul of the country’s refineries would become a reality next month, as plans have been concluded to complete necessary arrangement with financials. The minister, who reviewed efforts of [...]

June 2, 2018 Economy

Nigeria’s debt not alarming – Kemi Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, has said that the International Monetary Fund, IMF, is not worried in anyway about Nigeria’s debt. she stated this Thursday, May 31. Adeosun said that the country had enough and it’s capable of [...]

June 1, 2018 Economy

Weights department nabs 10 petrol stations in Jos, environs under-dispensing fuel to customers

The Department of Weights and Measures in the Federal Ministry of Industry, Trade and Investment, disclosed on Thursday that it has nabbed 10 fuel stations under-dispensing fuel in Plateau and parts of Nasarawa states. The Chief Legal Metrology Officer of [...]

June 1, 2018 Oil & Gas

Stop auto-renewal of data or pay N5m fine – NCC warns mobile network operators

The Nigerian Communications Commission, NCC has directed all service providers in the country to stop automatic or unwarranted renewal of data packages without the consent of the subscribers or risk N5million fine. It said the warning became imperative in view [...]

June 1, 2018 Technology

CBN levies banks N1b collateral to participate in OTC trade

The Central Bank of Nigeria (CBN) has directed the nation’s Deposit Money Banks to pledge N1 billion worth of government securities in their portfolio to participate in the Over-The-Counter (OTC) trade settlement. According to the apex bank, the move was [...]

June 1, 2018 Economy

Stakeholders fault FG’s stance on power supply

Stakeholders in the Nigeria’s power sector have faulted the Federal Government’s claims regarding regular power supply in the country. According to them, the increase in electricity supply has remained insignificant to have impact on consumers. Meanwhile, Nigeria’s electricity generation plummets [...]

June 1, 2018 Oil & Gas

Makinde challenges Ajimobi to name 10 new industries in Oyo

Oyo State Peoples Democratic Party (PDP)’s governorship aspirant, Seyi Makinde, has challenged Governor Abiola Ajimobi to name the 10 companies he has established in the state. He asked him to state what his 57 foreign trips have attracted to the [...]

May 31, 2018 Business

‘Minimum wage won’t be ready by Sept.’

WORKERS’ expectations of getting a new national minimum wage by the end of September would not materialise, Minister of Labour and Employment Chris Ngige said yesterday. He explained that the September date is just for conclusion of negotiation on the [...]

May 30, 2018 Economy

12 oil dealers get six-year imprisonment for illicit deal in Lagos

A Federal High Court, Lagos, has convicted and jailed 12 men for six years for dealing in 600,000 litres of Automotive Gas Oil, also known as diesel, without lawful authority. The Economic and Financial Crimes Commission (EFCC) had arraigned the [...]

May 29, 2018 Oil & Gas

Presidency reveals why NASS increased 2018 budget, how extra funds will be spent

The Presidency has given reasons for the upward adjustment in the 2018 budgetary figure from the initial N8.6 trillion to N9.12 trillion by the National Assembly. It said the move was due to the need to accommodate the upward swing [...]

May 28, 2018 Economy

Nigeria told to end security ‘slush funds’

Campaigners on Monday urged Nigeria to stop handing out millions of dollars to tackle unspecified security issues with no questions asked, arguing the practice fuels corruption and conflict. Nigeria is facing widespread unrest, from Boko Haram’s Islamist insurgency in the [...]

May 28, 2018 Economy

Bayelsa demands relocation of oil majors’ headquarters

The Bayelsa State Government has again called on the National Assembly and other relevant Federal Government agencies to prevail on multi-national oil companies to relocate their headquarters to oil-bearing states. The State Commissioner for Mineral Resources, Elder Markson Fefegha, made [...]

May 27, 2018 Oil & Gas

Oil marketers decry rising robbery attacks on filling stations

Oil marketers, under the aegis of Licensed Petroleum Products Station Owners Association of Nigeria, Rivers State chapter, has expressed worry over rising armed robbery attacks in filling stations almost on a daily basis in various filling station across the state. [...]

May 26, 2018 Oil & Gas

Oil majors delay investment on $23.5b offshore projects

The Hope For Nigeria learnt the IOCs have deliberately put on hold the Final Investment Decision (FID) on five offshore oil and gas projects to make government alter fiscal terms in the new bill deemed unfavourable to deepwater projects. Already, [...]

May 25, 2018 Oil & Gas

Nigerian businesses on spot as EU data protection law begins today

The European Union (EU) General Data Protection Regulation (GDPR) implementation and enforcement begins today, May 25, with advice from experts to Nigerian businesses to ensure compliance. The EU GDPR law is one of the most wide-ranging and comprehensive pieces of [...]

May 25, 2018 Business

Hoodlums feast on ‘Toyota’ pothole

As Lagosians await the delivery of the gigantic Oshodi interchange project expected to change the landscape of the mega-city and transform it into a smart city, motorists are having a rough ride to the Murtala Mohammed International from the Toyota [...]

May 25, 2018 Transportation

Water resources control bill splits Senate along ethnic, regional lines

Heated debate on an executive bill, which sought to give ownership and control of the water resources sector to the Federal Government, practically split the senate along ethnic and regional lines yesterday. The contentious bill titled: “A Bill for an [...]

May 25, 2018 Economy

Easing inflation, stable naira show Nigeria MPC may be right

Nigerian central bank Governor Godwin Emefiele’s tight monetary-policy stance and system of multiple exchange rates may have paid off through slowing inflation and a stable naira, and he’s not about to change that soon. The Monetary Policy Committee is meeting [...]

May 22, 2018 Economy