Business

MAY FEDERAL ALLOCATION: FG, STATES, LGs SHARE N462b – SEE BREAKDOWN

Breaking, Business, Economy
A total of N462.359 billion has been distributed as Federal Allocation for the month of May 2017 to the Federal Government, State Governments and Local Government Councils. This is contained in a communique issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) at the end of the meeting held Thursday in Abuja. The statement signed by the Ag. Accountant General of the Federation was made available to Daily Post by Mrs Kenechukwu Offie, Director of Information, OAGF. It indicated that the gross statutory revenue of N317.562 billion received for the month is higher than the N274.110 billion received in the previous month by N43.452 billion. It said, “The slight drop in the average price of crude oil from $55.38 to $55.18 per barrel and a decreas
FEDERAL GOVERNMENT TO RELEASE N350bn FOR CAPITAL PROJECTS

FEDERAL GOVERNMENT TO RELEASE N350bn FOR CAPITAL PROJECTS

Breaking, Business, Economy, Politics
After a six-month wait for the budget’s passage, the Minister of Finance, Mrs. Kemi Adeosun, has expressed the readiness of her ministry to immediately release N350 billion as part of the capital votes included in the 2017 Appropriation Act, which was signed into law last week. Also providing the highlights of the budget christened “Budget of Recovery and Economic Growth”, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, said the budget reflected government’s plan to restore the economy on the path of sustainable and inclusive growth as set out in the 2017-2020 Economic Recovery and Growth Plan (ERGP). Udoma restated that the 2017 budget has an expenditure outlay of N7.44 trillion, representing an increase of 22.8 percent over the 2016 budget provision of N6.06 tri
ETISALAT DESTROYED THEMSELVES BY SUPPORTING BUHARI – RENO OMOKRI

ETISALAT DESTROYED THEMSELVES BY SUPPORTING BUHARI – RENO OMOKRI

Breaking, Business, Economy, Opinions, Politics
Former Special Assistant to ex-President Goodluck Jonathan on New Media, Reno Omokri, has mocked telecommunications outfit, Etisalat, after they were taken over by a consortium of banks on Tuesday. Omokri claims the company “destroyed” themselves by backing President Muhammadu Buhari and not his former boss. He tweeted: “Those behind Etisalat backed PMB and undermined GEJ, thinking they were destroying GEJ. Today they find that it’s themselves they destroyed!?” Recall that : 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 r

JULIUS BERGER TO VENTURE INTO OIL AND GAS AS CHINESE COMPANIES TAKE OVER ROAD CONSTRUCTION

Breaking, Business, Economy, Technology
Julius Berger Nigeria Plc stated its intention of diversifying into oil and gas industry.This development is coming as the Federal government in September 2016 signed a $5.1 billion contract with the China Civil Engineering Construction Corporation (CCECC) for construction and rehabilitation of railway lines across the country. They also noted that the federal government in September 2016 signed a $5.1 billion contract with the China Civil Engineering Construction Corporation (CCECC) for construction and rehabilitation of railway lines across the country. In a notice sent to the Nigerian Stock Exchange (NSE) by the company which was signed by the company secretary, Mrs C. Madueke, stated Julius Berger Nigeria intention of going into partnership with Petralon energy an oil and gas f...

LATEST:ETISALAT REACTS TO TAKEOVER

Breaking, Business, Economy
Etisalat Nigeria on Tuesday indited to its staff after the surmount by a consortium of banks. Chief Executive of Etisalat Nigeria, Mathew Willsher, in a memo, acknowledged the challenging business perspective for the company in the wake of the development. He added that negotiations allowed the refocus of its energies on the financial, operational and strategic priorities to help the company emerge better and stronger from its current position. Titled: “A Message From the CEO” Willsher said since February, most staff were understandably anxious about the future of the company and the place of the workers in it. Wilsher said he was proud that the staff continued to apply their strengths in service, results and internal support to move the business forward on a daily basis. “O

DOOGEE MIX:THE PHONE WITH 6GB RAM (SPECIFICATIONS AND REVIEW)

Breaking, Business, Technology
Doogee took the best features from different devices and put it in this smartphone. Specifications Dimensions: 76.2 x 144 x 7.95 mm Weight : 193 g SoC: MediaTek Helio P25 (MT6757T) CPU: 4x 2.5 GHz ARM Cortex-A53, 4x 1.4 GHz ARM Cortex-A53, Cores : 8 GPU: ARM Mali-T880 MP2, 900 MHz, Cores : 2 RAM: 4 GB, 6 GB, 800 MHz Storage : 64 GB Display: 5.5 in, Super AMOLED, 720 x 1280 pixels, 24 bit Battery: 3380 mAh, Li-Polymer OS: Android 7.0 Nougat Camera : 4608 x 3456 pixels, 1920 x 1080 pixels, 30 fps SIM card : Nano-SIM Wi-Fi : a, b, g, n, Wi-Fi Hotspot, Wi-Fi Direct USB: 2.0, Micro USB Bluetooth: 4.0 Positioning : GPS, A-GPS, GLONASS Network - UMTS (384 kbit/s) EDGE/GPRS/HSPA+/LTE LTe Bands- LTE 800/ 1800/2100/2600 MHz Camera - Rear : 16mp + 8mp, Front : 5mp Review ...

ETISALAT TAKEN OVER BY ACCESS BANK, OTHERS

Breaking, Business, Economy
Access Bank PLC and other local and foreign financial institutions have taken over the telecommunication company effective The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS, promoted by former Chairman of 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 to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks. Etisalat Group, the parent company of Etisalat Nigeria, announced the takeover on Tuesday in a letter filed to
FORTE OIL BEGINS PROCESS FOR N20BN SHARE SALE

FORTE OIL BEGINS PROCESS FOR N20BN SHARE SALE

Breaking, Business, Economy
Forte Oil said on today, that it plans a 20 billion naira ($66 mln) share sale to institutional and high net worth investors and has applied for regulatory approval, Nasdaq reports. The energy firm said the capital raising will be done as a public offer for shares through a book building process to help price discovery. It has applied to the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange for approval. Forte said its core investor, Zenon Petroleum and Gas Limited, owned by billionaire Femi Otedola, with a total stake of 62.97 percent in the company, will not participate in the offer. Forte said it was on track to achieve its target for 2017 and that based on its performance so far it could payout half of its earnings as dividend. It said its fuel distribution and...

PRICE OF DIESEL DROPS BY 42%

Breaking, Business, Economy
A current report revealed that NNPC has promulgated a 42% in the reduction of price for diesel nationwide. This is contained in a press statement relinquished by the corporation. Read it below: Price of Automotive Gas Oil (AGO), also known as Diesel, has crashed to about 42% nationwide, a sizably voluminous downslide over the last six months, following key strategic interventions by the Nigerian National Petroleum Corporation (NNPC). It would be recalled that in the first quarter 2017, retail prices of AGO, which is one of the deregulated products, shot to an all-time high of N300/litre in major demand centres across the country. Such unpleasant situation placed an immensely colossal encumbrance on truck drivers, who need the product for conveying their vehicles; the nation’s manu
BUSINESS: THERE’S SAD NEWS FOR iPHONE 5 USERS IN NIGERIA

BUSINESS: THERE’S SAD NEWS FOR iPHONE 5 USERS IN NIGERIA

Business, Technology
Nigerians still rocking their Apple iPhone 5 or iPhone 5c or iPad 4, which feature 32 bit processors, have a new thing to worry about apart from the worsening economy of the country. This is because their devices is about to become completely obsolete in Apple's ecosystem. These devices won't be able to support the new operating system iOS11, which set to be rolled out later this year, because of their 32-bit processors. The software update will run only on devices with a 64-bit processor, meaning it won’t be compatible with the guts of the devices. As a result, the devices won’t be able to download the latest apps or security upgrades to protect against hackers and vulnerabilities. The handwriting had been on the wall for a while. iPhone and iPad users opening 32-bit software in
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