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NIGERIA NEWSPAPERS: TODAY’S BUSINESSDAY NEWSPAPER HEADLINES [17 AUGUST, 2018].

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CBN’s liquidity-mopping efforts becoming increasingly costly
Fri, 17 Aug 2018
The Central Bank of Nigeria’s (CBN) battle to stabilize the foreign exchange markets and lower inflation expectations is becoming increasingly costly, data from its 2017 annual reports show. The CBN’s interest expense (interest payable on any borrowings ‘ bonds, loans, convertible debt or lines of credit) jumped significantly by 192.8 percent to N1.3 trillion in…
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2019 election budget: NASS meeting ends in stalemate
Fri, 17 Aug 2018
Attempts by the National Assembly joint committee on INEC to resolve conflicting figures in the 2019 election budget, was deadlocked on Thursday. To this end, the joint committee has summoned the Chairman of the Independent National Electoral Commission (INEC), Mahmud Yakubu to appear before it on Friday to give further clarification on the N189 billion…
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Nigeria’s richest men lose N288.5 bn to stock market plunge
Fri, 17 Aug 2018
Five of the wealthiest men in Nigeria have cumulatively lost a whooping N288.5 billion in the stock market rout this year. The local bourse has returned -8.48 percent year to date (YTD), translating to a loss of N659 billion in market capitalization this year alone. In essence, up to 44 percent of total market loss…
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Recession bites harder in 21 Delta LGAs
Fri, 17 Aug 2018
Though the National Bureau of Statistics (NBS) months ago announced the nation’s exit from recession, 24 local government areas of Delta State are seen to still be in recession following their inability to pay workers’ salaries as well as meet up with other obligations. Only four LGAs have however exited recession having cleared all the…
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Petrol, diesel, kerosene, cooking gas prices drop in July
Fri, 17 Aug 2018
Premium Motor Spirit (PMS), otherwise known as petrol, Automotive Gas Oil (diesel), kerosene and Liquefied Petroleum Gas (cooking gas) all experienced a drop in prices for the month ending July 2018. According to a report published by the National Bureau of Statistics (NBS), the crude oil by-products each experienced a month-on-month drop in their prices…
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British American Tobacco, Olam, Indorama top 100 non-oil exporters in 2017 ‘ CBN
Fri, 17 Aug 2018
British American Tobacco, Olam Nigeria and Indorama Eleme Fertilizer & Chemicals Limited were three top non-oil export performers in 2017, according to the Central Bank of Nigeria (CBN) annual report released on Wednesday. British American Tobacco was first on the list, exporting various forms of cigarette valued at $145.48 million to Liberia, Guinea, Ghana, Cameroun,…
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Ex-interswitch executives enter RenMoney board for business transformation
Fri, 17 Aug 2018
In a dramatic turnaround move by the founder and board of RenMoney, Nigeria’s most capitalized and premier consumer finance company, some senior executives from Interswitch have been appointed to transform its businesses as it faced stagnated growth over the last two years. The board of RenMoney, led by Kieran Donnelly, newly appointed chairman, a veteran…
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Tomato farmers lament N10 bn losses
Fri, 17 Aug 2018
Tomato farmers in the country are once again, complaining of huge losses (to the tune of N10 billion) as the commodity continues to perish in large volumes, without them being able to sell off or get them preserved. This is the second time the complaint will be made this year, as farmers allege sabotage by…
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Nigeria needs to address remuneration, work issues to prevent doctors’ migration
Fri, 17 Aug 2018
Francis Faduyile is the president of Nigerian Medical Association (NMA). Faduyile tells OBOKOH ANTHONIA in this interview what Nigeria can do to deepen its universal health coverage and how the country can stop the high migration rate of doctors. Excerpts: How can you describe Nigeria’s health sector’ The Nigeria health sector is still in a…
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Muti-Fund Structure benchmarks PFAs strategy for returns to contributors, retirees
Fri, 17 Aug 2018
The new Muti-Fund Structure recently introduced by the National Pension Commission has raised the bar for benchmarking Pension Fund Administrators (PFAs) based on their returns on investment to contributors and retirees. Prior to this multi fund structure, pension fund managers were judged not just based on their returns but also their expense ratio. Having same…
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Miniso to employ 8,000 Nigerians in new expansion efforts
Fri, 17 Aug 2018
Miniso, a Japanese lifestyle designer retail brand says it will employ about 8,000 Nigerian by 2019 as it plans to open 200 retail shops across the country. Also, by 2020 Miniso is committed to procure most of its raw materials locally. The firm from inception in 2013, has actively explored the international market and has…
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Capital market upbeat over planned NSE demutualisation
Fri, 17 Aug 2018
The Nigeria capital market is in the process of making history as the planned demutualisation of the exchange is expected to bring the capital market of Africa’s largest economy on a par with other international jurisdictions, result in enhanced governance, transparency and visibility while attracting strategic partners, investors and good quality issuers. Endurance Okafor, BusinessDays…
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LBS study rips up conventional approach to financial inclusion
Fri, 17 Aug 2018
One of the key findings of the Customer Segmentation study executed by the Lagos Business School (LBS) is that broader community engagement, including with religious institutions and informal social groups, is essential to driving financial inclusion in Nigeria. The study also identified the need for unconventional approaches to on-boarding financially excluded persons such as the…
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Federal Fire Service introduces mobile app to aid firefighting
Fri, 17 Aug 2018
The Federal Fire Service has unveiled Fire Alert System Application (FASAPP), a mobile app, to reduce the response time of firefighters to fire outbreaks in the country. The Controller-General of the Service, Mr Joseph Anebi, disclosed this during a workshop and enlightenment programme on ‘Enforcement of Fire Alarms and Extinguishing Equipment Regulation’ on Thursday in…
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NSE all share index down by 89.7 basis point in midday
Fri, 17 Aug 2018
Thursday mid-day trading sees banking stock taking the bulk of operation as NSE all share index drop by 0.31 percent down by 89.7 basis point to 34985.12 basis point. In midday trading the shares of GTB is up by N0.30 naira with a volume over 7.6million shares been traded with momentum on the number of…
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Political tension prevents CBN from constituting board
Fri, 17 Aug 2018
The Central Bank of Nigeria (CBN) is yet to constitute its board of director after it dissolved its former board in 2015. The CBN disclosed this in its draft of 2017 annual report released on Wednesday. President Muhammadu Buhari had in April 2017 requested the confirmation of the appointment of five non-executive directors of the…
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Multi-fund structure raise bar for PFAs’ strategy
Fri, 17 Aug 2018
The new Muti-Fund Structure recently introduced by the National Pension Commission has raised the bar for bench marking Pension Fund Administrators (PFAs) based on their returns on investment to contributors and retirees. Prior to this multi fund structure, pension fund managers were judged not just based on their returns but also their expense ratio….
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