Day: April 12, 2019

Atiku Abubakar Is Not A Nigerian, APC Tells Tribunal

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The All Progressive Congress (APC) and the winner of the February 23, 2019 Presidential Election, has filed a motion at the Presidential Election Petition Tribunal in Abuja that the candidate of the People’s Democratic Party in the poll, Alhaji Atiku Abubakar, is not a Nigerian and therefore not qualified to have stood for the election. The Party claimed that the former Vice President is a Cameroonian and not a Nigerian citizen and his petition against President Muhammadu Buhari, its own candidate, should be dismissed for lacking in merit. In a…

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Financial Literacy: How First Bank Empowered Young People

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Representatives of Nigeria’s premier financial services brand, First Bank of Nigeria Limited, imparted nuggets of financial literacy to over 7000 young people in schools spread across the six geo-political zones of the country, in commemoration of the 2019 Global Money Week (GMW) which took place from March 25 to 31. This is also in line with the mandate of the Central Bank of Nigeria (CBN) that each bank in the country teaches in selected schools across the six geo-political zones. FirstBank joined over 50,000 global institutions to commemorate the 2019…

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Ecobank plans $500m Eurobond sale

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Ecobank Transnational Incorporated has revealed plans to sell $500m Eurobonds at yields that may rank among the highest from emerging markets this year. Bloomberg reported on Thursday that talk in the market revealed that the notes were priced high nine per cent area as the bank said it planned to sell $500m of its five-year debt. Bloomberg said the funding would enable the lender to meet its general corporate obligations, including the refinancing of a portion of debt it owed banks. According to data compiled by Bloomberg, the yields will…

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Pope Francis kisses feet of South Sudan leaders, urges them to maintain peace

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In a dramatic gesture after an unprecedented retreat at the Vatican, Pope Francis on Thursday knelt to kiss the feet of South Sudan’s previously warring leaders. Pope however urged them to not return to a civil war. He also appealed to President Salva Kiir, his former deputy turned rebel leader Riek Machar, and three other vice presidents to respect any peace agreement they signed and commit to forming a unity government in May. “I am asking you as a brother to stay in peace. I am asking you with my…

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Director arraigned for buying $140,000 US property

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Victor Igboanugo, a director in the Federal Ministry of Education, has been arrested by the Independent Corrupt Practices and Other Related Offences Commission for purchasing a property worth $140,000 in the United States of America and taking kickbacks worth millions of naira. During his arraignment before Justice V. B. Ashi of the Federal Capital Territory High Court sitting in Apo, Abuja, Igboanugo was accused of using his office and position to also commit fraud worth N162m. The ICPC told the court that the accused, while acting as the Deputy Director…

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IMF tells Nigeria to Remove fuel subsidy

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Christine Lagarde, the Managing Director, International Monetary Fund, IMF, has called on the Federal Government of Nigeria to remove fuel subsidy, saying it is the right thing to do. Addressing a press conference on Thursday at the on-going joint annual spring meetings with the World Bank in Washington DC, the IMF boss said with the low revenue mobilisation that existed in Nigeria in terms of tax to Gross Domestic Product, it was important for the country to remove fuel subsidy. By so doing, she opined, the country would be able…

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Tony Elumelu Foundation holds discussion on Africa’s economic challenges in Belgium

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At a case study session in the European Union capital, Belgium, the Tony Elumelu Foundation recently brought together leading stakeholders in the development of the finance sector.  According to a statement from the foundation, the convening demonstrated that Africa also had solutions to bring to the table and platform the Foundation’s unique approach to catalysing entrepreneurship in scale across the continent. Themed, “A Convening on Africa’s Economic Transformation: A Case Study of the Tony Elumelu Foundation,” the event presented the results of the first five years of the Foundation’s entrepreneurship programme…

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