NB Launches Zobo-Flavoured Alcoholic Drink

The Nigerian Breweries Plc has launched, Ace Desire, a zobo-flavoured alcoholic drink to the Nigerian market. The Marketing Director, Nigerian Breweries Plc, Mr. Franco Maria Maggi, described the new product as a sophisticated blend of spirit, natural Hibiscus or zobo extracts. He spoke at the launch of the product in Lagos, saying, “This rich combination of a balanced mix of spirit and Hibiscus extracts contains 5.5 per cent alcohol, and offers a tingling sensation and rich aroma.” According to him, Ace Desire, packaged in a 33cl glass bottle, stands out…

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Cement Price To Fall Soon As Cost of Production Drops

Prospective house builders and the construction industry will have reasons to smile soon as cement manufacturers have put the machinery in motion to bring down the price of the product. Making this disclosure at the State House, Abuja Thursday after a meeting with Acting President Yemi Osinbajo, the Chairman of BUA Cement, Alhaji Abdulsamad Isyaku Rabiu, said the price of cement would fall soon, as some of the factors that contributed to the high cost of the building material have been addressed. He listed such factors to include the foreign…

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CBN Pumps $195m Into Forex Market As Naira Remains Stable

The Central Bank of Nigeria (CBN) yesterday continued its sustained intervention in the foreign exchange (forex) market with a  $195 injection into key segments of the economy. The forex inflow, which came on the first day of business after the Eid-el-Fitr celebration, went to various segments of the inter-bank market. The intervention was part of CBN’s plans to shore up the value of the naira against the dollar and achieve its exchange rate stability goal. The naira continued its stability in the forex market, closing at N370/$1 in the parallel…

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France To Invest In Nigeria’s Oil And Gas Industry

The French Government said that it has set aside about one billion Euros to be invested in the Nigeria Oil and Gas industry France Ambassador to Nigeria, Mr  Denys Gauer, made this known  in a statement signed by Mr Ndu Ughamadu, NNPC  Group General Manager, Group Public Affairs division, on Tuesday in Abuja He said that Nigeria remained her first economic trading partner in Africa. Gauer said “The French Development Agency has put in place about one billion Euros to encourage French investors to invest in the Nigeria Oil and…

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Customs Exceed Target, Generates N239.4b In Q1

The Nigerian Custom Service (NCS) generated N239.4 billlion in the first three months of this year, figures obtained from the Federal Ministry of Finance have revealed. The amount is contained in a document obtained by the News Agency of Nigeria, showing the activities of the ministry of finance in the last two years. The NCS, according to the document, stated that its revenue performance for the first quarter of this year exceeded its target of N193.2b. This, the service added, was achieved through a reform programme aimed at restructuring the…

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Etisalat Can’t Transfer Operating Licence Without Approval – NCC

The purported transfer of ownership of Etisalat to a consortium of banks may be inchoate as the Nigerian Communications Commission (NCC) says that the operating licence issued to Etisalat cannot be transferred without its approval. Etisalat, Nigeria’s fourth largest mobile network, had transferred control of the company to a consortium of banks after failed debt repayment talks. The banks, which include Access Bank, Zenith Bank Plc, Guaranty Trust Bank Plc, FirstBank Limited, Fidelity Bank Plc, First City Monument Bank (FCMB), Stanbic IBTC, EcoBank, United Bank for Africa (UBA) Plc and…

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Etisalat Nigeria Taken Over By Access Bank, Others

Some banks have now taken over the reigns at telecommunication company, Etisalat Nigeria. The Banks, led by Access Bank PLC and other local and foreign banks have taken over the telecommunication company effective June 15. The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse. However, EMTS Holding BV, established in the Netherlands, has up…

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NNPC Crashes Price Of Diesel Through Strategic Intervention

Mr. Ndu Ughamadu, the Group General Manager, Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC), has said the corporation crashed the price of diesel by 42 per cent. In a statement in Abuja on Sunday, Ughamadu said diesel also known as Automotive Gas Oil (AGO), had a huge downslide over the last six months, following key strategic interventions by NNPC. “In the first quarter of 2017, retail prices of AGO, which is one of the deregulated products, shot to an all-time high of N300 per litre in major…

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Cassava Bread Initiative Capable Of Generating N255bn Annually

The Association of Master Bakers and Caterers of Nigeria says the revival of the cassava bread initiative is capable of generating about N255 billion for the country every year. Mr Joseph Ubah, the Publicity Secretary of the association, said this on Thursday in an interview. He said that initiative, which involved the use of composite flour containing 10 per cent cassava flour, for baking bread, would discourage importation of wheat and promote cassava production in the country. Ubah, who bemoaned the perceptible inconsistency as to the continuation of some government policies, said…

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Nigeria To Issue First Diaspora Bond, Says DMO

The Debt Management Office (DMO) on Thursday declared the initiation of a worldwide offering of Nigeria’s first Diaspora Bond. DMO made this known in a statement on its website. It said that the nation had filed a registration statement for the bonds with the U. S. Securities and Exchange Commission. It said that application would be made for the bonds to be admitted to the official list of the UK Listing Authority and the London Stock Exchange Plc. The office said this was to ensure that the bonds were admitted to…

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