Nigeria’s inflation rose 0.2 percentage points to 8.2 percent in June, the fourth consecutive year-on-year increase in the headline index since the price easing seen in February. The National Bureau of Statistics (NBS) reported that the inflation number rose against the 8.0 percent recorded in May, pushed by increases in all divisions that contribute to the index- including food and core sub-indices.
Updated 5 Years ago

A political interest group, the Buhari Vanguard, has urged the former Head of State, Major-General Muhammad Buhari, to declare to contest the 2015 presidential election on the platform of the All Progressives Congress (APC). The group in a statement signed by its national coordinator, Mr. Jasper Azuatalam, described Buhari as the person that fits the description of what the party’s candidate should be.
Updated 5 Years ago

The Publicity Secretary of the All Progressives Congress (APC) in Lagos State, Mr. Joe Igbokwe, has made an appeal to President Goodluck Jonathan, not to re-contest the 2015 presidential election in the interest of Nigeria. Igbokwe, who insisted that he was expressing his personal opinion as an activist and participant in the struggle for the entrenchment of democracy in Nigeria, averred that the yet to be announced second term ambition of the president is generating considerable tension in the polity and that it is capable of breaking up the country.
Updated 5 Years ago

Federal Executive Council (FEC) yesterday approved N1.3bn for a standard rail feasibility study on six rail lines. The approval of the contractual sum was announced by the Minister of Information, Labaran Maku, shortly after the weekly FEC meeting, while he was briefing State House Correspondents jointly with Transport Minister, Idris Umar, as well as the Minister of Industry, Trade and Investment, Dr. Olusegun Aganga.
Updated 5 Years ago

The All Progressives Congress (APC) has accused the presidency and the Peoples Democratic Party (PDP) of adopting anti-democratic tactics, including lawlessness and misuse of the security forces to intimidate and run out the opposition ahead of the 2015 general election. Similarly, the party lamented what it described as new weapon of flawed impeachment process being targeted at the APC state governors, warning that excessive political greed will always have its consequences.
Updated 5 Years ago

Determined to decisively tackle the menace of insurgency in the country, President Goodluck Jonathan in an urgent letter to the National Assembly has sought the approval of the lawmakers to borrow $1bn (about N169bn), in order to launch an all-out war against the terrorist sect, Boko Haram, which has wasted many lives and properties in the country. The President who made his decision known yesterday in a letter he addressed both to the Senate President, David Mark and the Speaker of the House of Representatives, Aminu Waziri Tambuwal, explained that the money would also enable the government to engage in what he described as government to government arrangement for equipment upgrade.
Updated 5 Years ago

Immense gains are being made by independent petrol retailers across Africa, presenting an enormous challenge to franchise operators for oil giants which have monopolised the continent’s markets for decades. As Africa continues its economic revival, so emerging wealthy individuals have turned their attention to independent businesses that are able compete with established brands on the national level – the retail petrol industry being no exception.
Updated 5 Years ago

The International Monetary Fund (IMF) has advised Zimbabwe’s Central bank to close struggling private banks in order to avert a potentiall collapse of the country’s financial sector. “To address deteriorating asset quality and restore confidence, serious consideration should be given to closing troubled banks (if non-systemic), or at least ring-fencing them, for example, by restricting their ability to take new deposits from the public,” IMF said in its latest report on Zimbabwe.
Updated 5 Years ago

British American Investments Company (Britam), says the Sh3 billion ($34.2 million) corporate bonds it issued last month in a bid to fund expansion of the company has been oversubscribed by 147 percent. “The massive participation in the corporate bond is a validation of the confidence the market has in the group,” said Benson Wairegi, Britam’s managing director in a statementby the diversified financial services firm.
Updated 5 Years ago

International racing stable Godolphin announced that it will establish a permanent presence in Australia, state news agency WAM reported. The racing stable, which is owned by Dubai ruler Sheikh Mohammed bin Rashid al Maktoum, has appointed John O’Shea as the head trainer for its Australian unit.
Updated 5 Years ago