Investment: Governor Inuwa Parleys Madugu Cement Factory, Chinese Conglomerate Set to Establish 5 Million Metric Tonnes Cement Plant in Gombe

From Umar Kaltungo Gombe has started reaping the benefits of its new status as number one State in terms of ease of doing business with a Chinese conglomerate, Sinoma International Engineering Company Limited in partnership with an indigenous company, Madugu Cement coming to establish a five million metric tonnes Cement Factory in Kembu and Kwali districts of Akko and Yalmatu Deba Local Government Areas of the State. Gombe State Governor, Muhammadu Inuwa Yahaya earlier today met with the investors at the Government House. The Governor informed them that with the…

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Aviation sector undergoing revolution under Buhari’s administration – APC group

By Godwin Amunde The APC Legacy Awareness and Campaign, a voluntary think-tank of the ruling All Progressives Congress, (APC), says the aviation sector in Nigeria is undergoing a revolution under the administration of President Muhammadu Buhari. The group said the revolution is evident in the investments made in infrastructural development and capacity building in the sector. In a statement, signed by the quartet of Barr Ismail Ahmed, Lanre Issa-Onilu, Tolu Ogunlesi and Salihu Moh Lukman, the group said that the Buhari administration has kept faith with the Aviation Roadmap it…

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NPA probe: “I have sacked Hadiza Bala Usman” – President Buhari

Despite the ongoing investigation of a probe panel against the embattled Managing Director of Nigerian Ports Authority, (NPA), Hadiza Bala-Usman, President Muhammadu Buhari has confirmed that the appointment of the erstwhile NPA boss has been terminated. President Buhari stated this on July 12, in an affidavit he submitted at the Federal High Court in Lagos, in response to a suit instituted against him by a maritime media Chief Executive, Elder Asu Beks. The affidavit, which was filed as Buhari’s preliminary objection was signed by Agan Tabitha, Civil Litigation Department of…

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AMCON recovers N1.48tr from Bank debtors

The Asset Management Corporation of Nigeria (AMCON) has announced that it has recovered N1.48 trillion, out of the N4.158 trillion, from bank debtors. This was announced by AMCON’s Managing Director, Ahmed Kuru, during the 2021 retreat of the senate committee on banking insurance and other financial institutions in Kaduna, on Monday. According to him, the agency still has 7,902 outstanding obligors with a total outstanding loan of above N3.1 trillion. He explained that 350 obligors alone account for over N2.053 trillion which is more than 70 percent of the total…

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‘Petrol price could increase to N1,000 per litre if subsidy is removed’ – DPR

The Department of Petroleum Resources, (DPR), has stated that the pump price of petrol in Nigeria may rise to N1,000 per litre when the petrol subsidy regime ends without an alternative energy source. Recall that group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari last month had stated that the cost of petrol should be N256 per litre at filling stations without subsidy. The price of premium motor spirit (PMS), better known as petrol, currently hovers around N162/N163 per litre. According to the DPR Director, Sarki Auwalu,…

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‘Petrol price could increase to N1,000 per litre if subsidy is removed’ – DPR

The Department of Petroleum Resources (DPR) has stated that the pump price of petrol in Nigeria may rise to N1,000 per litre when the petrol subsidy regime ends without an alternative energy source. Recall that group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari last month had stated that the cost of petrol should be N256 per litre at filling stations without subsidy. The price of premium motor spirit (PMS), better known as petrol, currently hovers around N162/N163 per litre. According to the DPR Director, Sarki Auwalu,…

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China reluctant to lend more money to Nigeria – Official 

..Believes country is over-exposed The Federal Government is seeking $1 billion to enable work to continue on a gas pipeline costing up to $2.8 billion after Chinese lenders failed to disburse cash as quickly as expected. China reportedly developed cold feet after they pledged to offer most of the funds. It is the latest sign of falling Chinese financial support for infrastructure projects across Africa, after years of major Chinese lending for railway, energy and other projects. A spokesman for the NNPC, which is building the 614-km Ajaokuta-Kaduna-Kano (AKK) pipeline,…

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Nigeria’s national carrier to commence operation in 2022 – Minister 

The Minister of Aviation, Sen. Hadi Sirika, has announced that the national carrier will commence operations next year. The minister, who stated this in Abuja yesterday, while briefing State House correspondents on the achievements of his ministry, assured Nigerians that efforts were in place to make air transportation more affordable through an improvement of facilities and services. Sirika also said plans were underway to establish an Aerospace University which would boost aviation activities as well as produce the needed manpower in the sector. He explained that the university which would…

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‘MultiChoice has never paid VAT since its inception’ – FIRS

…‘We will prove our tax compliance’ – Company replies The Federal Inland Revenue Service, (FIRS), has raised an alarm over the level of non-compliance by MultiChoice Africa (MCA), the parent company of MultiChoice Nigeria (MCN). According to FIRS, the company which provides services to MCN has never paid Value-Added Tax (VAT) since its inception. This was revealed in an issued statement by the FIRS Executive Chairman, Muhammad Nami. Nami also revealed the FIRS has appointed Nigerian Deposit Money Banks as agents to freeze and recover the sum of N1.8 trillion…

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Distressed Banks: NDIC  urges depositors to file claims

The Nigeria Deposit Insurance Corporation, (NDIC), says it established a strong structure to meet its obligations of settling depositors who lost money in any closed banks. Managing Director/Chief Executive Officer NDIC, Hassan Bello, who disclosed this during a courtesy visit by the executive members of the Finance Correspondents Association of Nigeria, (FICAN) in Abuja, implored such depositors to file their claims through the zonal offices of the corporation in Nigeria. Besides, the NDIC has appointed ten agent banks to help facilitate payment across the nation. The banks are: First Bank…

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