Business News In Nigeria Today 27th January 2019

iDONSABI presents the trending business news in Nigeria today 27th January 2019.


CBN Injects $289.76m, CNY 38.70m Into Retail SMIS

The Central Bank of Nigeria, following its maiden Monetary Policy Committee meeting for 2019, injected $289.76m into the retail secondary market intervention sales and CNY38.70m into the spot and short- tenored forwards segment of the inter-bank foreign market.

The Director, Corporate Communications Department, CBN, Isaac Okorafor, noted that the dollar-denominated interventions were for transactions in the agricultural and raw materials sectors.

He said, on-the-spot and short- tenored sales in Chinese Yuan were similarly for the payment of Renminbi-denominated Letters of Credit for agriculture and raw materials based on bids received from authorised dealers.

The CBN had earlier injected $210m into the wholesale, small and medium enterprises and invisibles windows of the inter-bank foreign exchange market on January 17.

I’ll run for World Bank Presidency If nominated – Okonjo-Iweala

A two-time Minister of Finance, Dr Ngozi Okonjo-Iweala, has said she is ready to be the president of the World Bank if nominated for the job.

The position became vacant earlier this month after current President Jim Yong Kim’s abrupt resignation, three years ahead of schedule.

Okonjo-Iweala, a former senior World Bank official, ran against Kim in 2012 and is seen as a front runner in the race.


Build Floating Fuel Stations On Lagos Waterways – Boat Operators

President, Association of Boat Operators in Nigeria, Shekoni Balogun, has called on the Federal Government to build floating fuel stations on the waterways for use by Lagos boat operators.

He also urged the government to invest more in tourism activities in order to rejuvenate the industry.

The aquatic tourism expert, who is also the Managing Director, Gani Tarzan Marine Enterprises, lamented the trouble and danger of having to carry extra fuel in jerry cans on the boat during every major trip.


FG Begins Reconstruction of 75km Cross River Road

The Minister of Works, Power and Housing, Mr Babatunde Fashola, will, on Monday, (tomorrow) inaugurate the reconstruction of a 75-kilometre stretch of road on the Calabar-Ikom-Ogoja federal highway.

The Federal Controller of Works in Cross River State, Mr Bassey Nsentip, disclosed this in a statement.

This is coming after the rehabilitation of another portion of the federal highway, which Nsentip says will last for a minimum of 20 years.


Oil Spill: NPA Begins Clean-up Of Onne Port Channel

The Nigerian Ports Authority said it had commenced the clean-up of the oil spill at the Federal Oceans Terminal, Onne.

It said the water channel clean-up was the first of such projects being executed by the personnel of the environment department of the NPA.

The NPA said that the actual cause of the oil spill could not be ascertained, adding that the activities of oil bunkers and waste from communities that emptied into the water channels might have been responsible for it.


MTN Protests Shutdown Of Facilities In Kogi

MTN Nigeria has protested the closure of its base transmitting facilities by the Kogi State Internal Revenue Service over allegations that it has not met its tax obligations to the government.

The firm said in a statement on Friday that the state government was demanding immediate payment of social service contribution levy, employee development levy and an annual rent for Right-of-Way on fibre optics cable.


Toyota Nigeria Projects 300 Units With New Rush

Toyota Nigeria Limited has finally responded to the request of new car enthusiasts for an elegant but affordable small sport utility vehicle with the unveiling of the Toyota Rush to the nation’s automobile market.

The TNL says it expects the vehicle to record an instant success and projects to sell between 200 and 300 units this year.


SAA, World Airlines Sign Nigeria-US Flights Deal

South African Airways has signed an interline e-ticket agreement with Africa World Airlines to offer Nigeria travellers seamless connection to Washington DC, USA, via Accra, Ghana.

The SAA and Africa World Airlines partnership will result in one flight ticket issued to intending passengers flying to Washington from either Lagos or Abuja in Nigeria, according to a statement by the carrier.

With 37 frequencies weekly flights from Lagos and Abuja to Accra, Africa World Airlines provides four weekly South African Airways-Accra-Washington flights.

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