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NSE Loses N477bn in Market Cap in One Week

The Nigerian equity market has faced a lot of hurdles in the last few months which did not help the capital market. The activities in the stock market resume downward trading this week with 4.12 per cent depreciation after gaining 6.52 per cent last week. At the end of the weekly trading, index movement shows that, the NSE All-Share Index ... Read More »

Mark urges internet use for economic devt

Senate President, David Mark, has urged Nigerians to use the internet services available in the country to grow the country’s economy. Mark spoke at the inauguration of a new internet provider, Spectranet Limited at the National Assembly, Abuja. Represented at the event by his Chief of Staff, Senator Anthony Manzo, he commended the new internet providers for bringing to the ... Read More »

FEC votes N273m for Abuja rail project

The Federal Executive Council (FEC) on Wednesday approved the award of a N272.7 million contract for consultancy services for the feasibility study and conceptual design of some sections of the Abuja Rail Mass Transit network. Briefing State House Correspondents after the FEC meeting, supervising Minister of Information, Nurudeen Muhammed, disclosed that Lots 4, 5 and 6 of the rail project ... Read More »

NSE Index drops 2.16 per cent

The business slide which was experienced on the floor of The Nigerian Stock Exchange (NSE) on Tuesday continued on Wednesday when both indicators closed in the red by 2.16 percent each. Market Capitalisation closed lower at N11.313 trillion after it depreciated by N250. 758 billion as against N11.564 trillion recorded on Tuesday, while the All Share Index went down by ... Read More »

Commission seeks tougher sanctions for issuers of dud cheques

The Nigerian Law Reform Commission (NLRC) has called for tougher sanctions for issuers of dud cheques as it is set to amend the law to include stiffer penalties for offenders. The Chairman of the Commission, Professor who made this call at a workshop on the reform of the Dishonoured  Cheques (Offences) Act, said that the law was no longer serving ... Read More »

Confusion at Lagos Airport, as Customs battles clearing agents

There was shoot out and pandemonium at the Nigerian Aviation Handling Company (NAHCo) at the international wing of the Murtala Muhammed Airport (MMA), Lagos, as the officials of the Nigeria Customs Service at the airport battled the clearing agents over alleged manhandling of the Customs Area Comptroller (CAC), Mr. Taju Olanrewaju. At 2.45 pm when Daily Independent visited the scene ... Read More »

Transcorp Ughelli eyes 1,000Mw

Transcorp Ughelli Power Limited (TUPL), a subsidiary of Heirs Holdings, will  generate 1,000Megawatts (Mw) of electricity by first quarter of next year, its chairman, Mr. Tony Elumelu  has said. He said the firm has raised the capacity of the power plant from 150Mw to 450Mw, adding that by next month, the firm would have recorded 700Mw. He said: “Our experience so ... Read More »

FIRS introduces new audit tools to boost revenue

The Federal Inland Revenue Service (FIRS) said it has introduced new techniques and audit tools as part of efforts to increase tax revenue collection across its field offices. Its Acting Executive Chairman, Alhaji Kabir Mashi, who spoke yesterday at an interactive session with Heads of Audit and their supervisors across the country in Abuja, said framework and template have been designed ... Read More »

Nigeria loses N31.8b to gas flaring

The Federal Government  lost N31.8billion through gas flaring in the month of February this year alone, the Social Development Integrated Centre (Social Action), a non-governmental organisation (NGO),  has said. Its Communications Officer, Lillian Akhigbe,  in a statement issued in Port Harcourt yesterday, described gas flaring as the bane of the nation’s gas sector She lamented that very little has been ... Read More »

FG Approves N13bn for Agriculture

Federal government Wednesday approved N13bn for the Agriculture. It said the funds will be channeled towards establishing 10 rice mills and 6 cassava mills in the country. Minister of Agriculture, Akinwumi Adesina, dropped the hints when he spoke to State House correspondents. According to the minister,  the 10 rice mills with the capacity of 360,000 metric tonnes, will  be located ... Read More »