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South Africa economy grows for fourth consecutive quarter

South Africa recorded a fourth consecutive quarter of economic growth between April and June, the national statistics agency said Tuesday, while warning the current quarter could be less rosy because of violent looting in July. The continent’s most industrialised country saw its gross domestic product (GDP) rise by 1.2 percent …

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FG to prosecute those that misappropriated NDDC funds

Ebuka Daniel The federal government on Thursday promised to apply the law to remedy the deficiencies outlined in the forensic audit report of activities of the Niger Delta Development Commission (NDDC) submitted to it by the Minister of Niger Delta Affairs, Godswill Akpabio in Abuja. The report is coming 16 …

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Adebayo Assures Investors Of Govt Support

Ololade Omosan-Agie The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has assured investors of the willingness of the federal government to support their investment to ensure they get returns. Speaking while welcoming a team of investors from Axxess Group led by Mr John Olajide to his office, Adebayo …

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Nigeria entitled to $3.35bn in new IMF rights allocation

Ebuka Daniel The Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, has said that the organisation begun allocating Special Drawing Rights of about $650bn. This was contained in a press statement on the IMF website. She was quoted in the statement, as saying, “The largest allocation of Special …

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FG To Unveil New Economic Plan In October

Oluwasina Phillip The federal government on Monday said it will unveil the Medium-Term National Development Plan (MTNDP) 2021-2025 in October 2021. The plan which is aimed at lifting millions of Nigerians out of poverty, ensuring economic stability, development and good governance would be coming ten months after the expiration of the Economic …

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Kyari Orders NNPC Greenfield Refinery Order To Cut Losses

Ebuka Daniel The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has charged members of the Board of the NNPC Greenfield Refinery Limited (NGRL), to explore all available options to bring an end to the current challenge of petroleum products importation. Mallam Kyari gave the …

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ICPC docks University of Calabar Don over N20.6m Fraud

Ololade Omosan-Agie The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has charged a Dean in the University of Calabar, Prof. Francisca Ime Bassey, to court over her alleged involvement in N20.6 million contract fraud. Prof. Bassey, who is the Dean and Director of the Pre-Degree Programme of the …

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AGUSTO ASSIGNS STABLE RATING OUTLOOK FOR DBN

Oluwasina Phillip The foremost credit rating agency, Agusto & Co. (“Agusto”) assigns an “Aaa” rating on the Development Bank of Nigeria Plc (“DBN” or the “Bank”), the highest rating possible on any institution. In summarizing the rating, which aligns with the “risk-free” rating of the Nigerian Sovereign, Agusto described DBN …

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