FG targets $2b non-oil export earnings in 2016

TVC E, BUSINESS - The Federal Government is targeting a fresh N394 billion, which is about $2 billion as non-oil export earnings in the current fiscal year. Managing Director, the Nigerian Export-Import Bank, Robert Orya said the country has not fully explored the potentials of the sector. Orya added that commercial banks need to increase lending to non-oil exporters to boost foreign exchange earnings. Available statistics show that credit to the non-oil export sector has been declining in the last five years, with the sector getting just about 0.6 per cent of the total domestic credit to the economy....

Maritime varsity is a waste of money – Rotimi Amechi

TVC NEWS : Rotimi Amaechi, minister of transportation,expressed dissatisfaction with the operation of the agency and told the senate committee on marine transport on Tuesday that the university may be scrapped and that the Nigerian Maritime University project started by former President Goodluck Jonathan “is a waste of resources” and may be scrapped. It has also threatened to scrap the Nigerian Maritime Administration and Safety Agency (NIMASA). The university was started by Jonathan to quicken the development of human capacity to take over the Cabotage trade “in the very near future”. He also expressed dissatisfaction with the operation of the agency, saying NIMASA had nothing to show for the N63billion revenue it generated in the previous year. He alleged that NIMASA outsourced its responsibility to Government Ekpemupolo, ex-militant leader better known as Tompolo. “I don’t think we are proceeding with the university being proposed by NIMASA because it is a waste of resources, and unfortunately a...

New US-Iran ties threaten Nigeria’s economy

TVC E, BUSINESS - Nigeria's troubled economy may be worsened following the lifting of economic sanctions on Iran by the United States which effectively re-admits the country into the international oil trade. With the lifting of the sanctions, Iran, which has the fourth largest oil reserve in the world (160 billion barrels) is expected to flood the international oil market with more oil which could worsen the ongoing glut that has reduced the price of crude from $105 per barrel to about $30 per barrel. The re-entry of Iran into the international oil trade could also see India, Nigeria's top buyer of crude look towards neighbouring Iran for its oil needs. The move might further dipping Nigeria's revenue stream. India buys about a third of Nigeria's daily production while the U.S. currently buys none....

NDIC announces insurance guidelines for mobile payments

TVC E, BUSINESS - The Nigeria Deposit Insurance Corporation (NDIC) has released the deposit insurance guidelines for mobile payments systems. Mobile payment refers to the use of mobile telephone technology for payment and financial transactions. In a statement announcing the guidelines, NDIC said that deposit insurance for mobile payment system is known as Pass-Through Deposit Insurance scheme. This insurance scheme is the protection provided by the NDIC to mobile money subscribers, whereby the Corporation insures funds that are deposited by a Mobile Money Operator (MMO) in the deposit money banks (DMBs)....

Our budget not sufficient to fight corruption –ICPC

The Chairman, Independent Corrupt Practices and other Related Offences Commissio ( ICPC) Mr. Nta Ekpo, said on Friday when he hosted members of the Senate Committee on Anti-Corruption and Financial Crimes headed by Senator Chukwuka Utazi in his office that,  the anti-graft agency had been unable to successfully carry out its statutory responsibility of fighting corruption due to insufficient funds. He said the yearly budget of his agency was insufficient to carry out its responsibilities and fight corruption. “In 2015, the commission proposed N9.5bn, but N4.9bn was appropriated, while N4.2bn was released. “The difference between what was appropriated and released is N697, 470,164m. The budget performance for 2015 on recurrent and capital is 100 per cent based on releases. “In 2016 budget, so far, information from Budget Office (ceiling) for recurrent is N680, 984,456 as against N764, 182,724, while it was N300m in 2015 and N132m in 2014 appropriations.” Utazi said the Senate would work...

MTN acquires Visafone, promises boost in broadband quality

TVCE [LAGOS] - Telecoms giant, MTN Nigeria on Thursday said that it has completed the acquisition of Visafone, the only surviving Code Division Multiple Access (CDMA) network in Nigeria’s telecommunications industry. MTN Executive, Ms Amina Oyagbola who made this known in a statement in Lagos, said that the acquisition of Visafone was in line with a continued commitment by MTN to improve the quality of broadband services for its subscribers. She said that the acquisition, which sought to leverage resources for service enhancement, was also reflective of the company’s concerted efforts to deepen the growth and roll out of broadband services across the country. According to her, the acquisition of the CDMA network is in support of the National Broadband Plan, for the benefit of Nigerians. “We are committed to exploring avenues for meeting our customers’ increasing data needs in line with our vision ‘to lead the delivery of a bold new digital world...

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