Bi-Courtney Interested In Concession Of Int’l Airport Terminals – Babalakin

Dr. Wale Babalakin, Chairman Bi-Courtney Bi-Courtney Aviation Services Limited (BASL), operators of Murtala Mohammed Airport terminal 2 (MMA2), has said it is interested in the bid for the concessioning of any of the four international terminals in Lagos, Abuja, Kano, and Port-Harcourt. The federal government had in August, opened the bidding process for the concession of four major international airport terminals in the country. Chairman of the company, Dr. Wale Babalakin, at a briefing at the regional departure hall of MMA2 on Friday, said his company should even be given…

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Nigeria, 46 Other Low-Income Countries’ Debt Burden Rose 12% in 2020 To $860bn, Says World Bank

The debt burden of the world’s 47 low-income countries, including Nigeria rose 12 per cent to a record $860 billion in 2020, according to a new report released at the ongoing hybrid annual meetings of the World Bank/Intenational Monetary Fund (IMF) in Washington DC, United States of America. The new International Debt Statistics (IDS) 2022 report observed that governments around the world responded to the COVID-19 pandemic with massive fiscal, monetary, and financial stimulus packages. It added that while these measures were aimed at addressing the health emergency, cushioning the…

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Ruling On AMCON’s Suit Against Bauchi Government Over N1.5billion Debt Comes Up November 3

Justice Chukwujekwu Aneke of a Federal High Court in Lagos will on November 3, 2021, deliver ruling in a suit by Asset Management Corporation of Nigeria (AMCON) against Bauchi State Government. On the said date, the judge is expected to decide whether or not to vacate a freezing order placed on about 20 bank accounts belonging to the Bauchi State Government. The freezing order was made by a vacation judge, Justice Tijjani Ringim, during the court’s long vacation. Justice Aneke fixed the matter for ruling after listening to submissions of…

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Nigeria Struggling To Meet OPEC Quota As Oil Nears $80 On Energy Crunch

As the global community closes in on the last quarter of the financial year 2021, oil rallied at the start of this week’s trading on Monday amidst signs that the crude market was tightening up under the weight of a global energy crunch. According to developments in the oil market, Brent, the international benchmark crude that mirrors Bonny Light traded above $79.52 a barrel in early trading but Nigeria, Africa’s biggest oil producer is struggling to meet up its OPEC supply quarter because of years of a slowdown in investment.…

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ENaira Sues CBN Over ‘E-Naira’ Trademark Infringement

By Business Editor The proposed plan by the Central Bank of Nigeria (CBN) to launch its digital currency on October 4, 2021, may be stalled as Enaira Payment Solutions Limited has instituted a suit against Nigeria’s central bank over the use of the name ‘eNaira’. The suit was filed before a Federal High Court in Abuja by lawyer to the company accusing the regulatory bank of trademark infringement. In a document released by Olakunle Agbebi & Co, solicitors to ENAIRA Payment Solutions Limited, the CBN was notified to desist from…

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US Dollar vs Nigeria Naira: The Real Issues

By Dr Oni Gbolabo 1. Appreciation and depreciation of currency is not related to race or color or who is the president be it Hausa Igbo or Yoruba. It is basically about production of goods and services and the demand of your products in the world market. A confused country that produces almost nothing will never meet up, policies only control your currency not the value of another countries currency against yours. 2. A country where over 500 industries died within 30 years must be stupid to complain of depreciation…

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AMCON Wins At FICAN 30th Anniversary & Awards

L— R: Mr Jude Chiedozie Nwauzor, Head, Corporate Communications Department, Asset Management Corporation of Nigeria (AMCON) who represented the Managing Director/CEO, Mr Ahmed Lawan Kuru, at the 30th Anniversary Conference & Awards organised by Finance Correspondents Association of Nigeria (FICAN), receiving the award won by AMCON from Mr Osita Nwasinobi, the Ag. Director, Corporate Communications, Central Bank of Nigeria (CBN) while Mr Chima Titus Nwokoji, FICAN National Chairman watches at the event, which held in Lagos…at the weekend

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More Nigerian Banks Set To Publish Lists Of Forex Defaulters

From what we hear from the financial marketplace more banks in Nigeria will publish names and account details of customers who purchased cheap forex from the banks for Business Travel Allowance (BTA) and Personal Travel Allowance (PTA) but did not embark on their foreign trips. Sources from some of the banks, who spoke to our correspondent, said this after the United Bank for Africa published the names of some individuals who benefited from the PTA but did not use it for the purpose they applied for. The account numbers and…

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Again, Air Peace Airlines Receives Another Brand-New Embraer 195-E2 Aircraft

Air Peace Airlines yesterday (Thursday September 23, 2021), took delivery of the fourth of its initial 13 E195-E2 aircraft ordered from aircraft manufacturing giant Embraer. The man behind the airline said the development improved the economics of the airline by reducing operational cost. In appreciation of this positive addition in the country’s aviation sector, the Nigeria Civil Aviation Authority (NCAA) has commended the airline for its acquisition of brand-new aircraft. The aircraft, which is branded ‘Kingsley Chukwuma Onyema’ with registration marks 5N-BYI, and which arrived from the Embraer facility in…

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Nigeria’s External Reserves To Cross $40bn With Eurobond Issuance

By Hope Moses-Ashike Nigeria’s rising external reserves is expected to cross $40 billion following the issuance of a $4 billion Eurobond, which has been oversubscribed by investors. The foreign exchange reserve of Africa’s largest economy has grown by 6.68 percent in the last month to $35.37 billion as of September 20, 2021, from $33.49 billion recorded on August 20, 2021, data from the Central Bank of Nigeria (CBN) show. The recent accretion in the external reserves was driven by the International Monetary Fund (IMF)’ Special Drawing Rights (SDRs) allocation, which…

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