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  • CBN to sell 1.24 trln naira of bills from June 15 to Aug 31

    June 9, 2017 3:13 PM 23

    LAGOS, June 9 (Reuters) – Nigeria plans to sell 1.24 trillion naira ($4.1 billion) worth of treasury bills from June 15 to August 31, a central bank debt calendar for the third quarter showed on Friday. The bank aims to auction 226.64 billion naira in 91-day bills, 311.32 billion in 182-day and 698.64 billion in 364-day debt. The central bank sells treasury

  • Afam power station’ll generate 340MW by December – FG

    June 9, 2017 3:35 AM 18

    The Federal Government said on Thursday that electricity generation from the Afam Power Station in Oyigbo, Rivers State, would increase to 340 megawatts by December from the current 100MW. The Minister of Power, Works and Housing, Babatunde Fashola, explained that with measures put in place to fix faulty turbines and get gas companies to provide gas to the turbines

  • Ethiopian Airlines wins African Airline of the Year 2017 Award

    June 9, 2017 2:03 AM 21

    Mr Meseret Bitew, Acting Chief Financial Officer, Ethiopian Airlines (left), receiving the 2017 African Airline of the Year Award from the organiser, during the 26th Annual Air Finance Africa Conference and Exhibition, held in Johannesburg, South Africa, recently. Africa’s largest airline group, Ethiopian Airlines, has won the African Aviation ‘African

  • South Africa sinks into second recession in eight years

    June 6, 2017 11:10 PM 19

    JOHANNESBURG: South Africa’s economy fell into a recession for the first time since 2009 after it contracted for a second straight quarter in the first three months of the year. Gross domestic product shrank an annualised 0.7% in the first quarter from a contraction of 0.3% in the previous three months, Statistics South Africa said in a report released

  • FG, PPPRA make CRUCIAL announcement on fuel price increase

    June 6, 2017 6:54 PM 16

    On Tuesday, June 6, the federal government reassured Nigerians and told them to ignore speculations that it was planning to raise the pump price of petrol by N5. Petrol price currently stands at N145 per litre in all filling stations across the country. The Petroleum Products Pricing Regulatory Agency (PPPRA), said it had observed the growing speculation

  • CBN, commercial banks killing SMEs, says Senate

    June 6, 2017 5:01 PM 46

    The Senate Tuesday said that policies of the Central Bank of Nigeria (CBN) and activities of commercial banks are strangulating Small and Medium Enterprises (SMEs) in the country. The upper chamber also claimed that a cartel has effectively taken over the control of commercial banks in the country to the disadvantage of the growth of the economy and small

  • South Africa's economy falls into recession

    June 6, 2017 1:16 PM 16

    Generate Enquiries for your Business by Listing on Economictimes.com JOHANNESBURG: A 0.7 percent decline in GDP in the first quarter of this year followed a 0.3 percent contraction in the last quarter of 2016, meeting the definition of a recession as two or more quarters of negative growth, the South African government said Tuesday. The country's economy

  • South Africa slumps into its first recession since 2009

    June 6, 2017 12:31 PM 19

    The economy shrank by an annualized 0.7% in the first quarter after contracting by 0.3% in the prior. That was below economists' expectations of 1.0% quarter-over-quarter annualized growth, according to the Bloomberg estimate. A technical recession is defined by two consecutive quarters of economic contraction. Perhaps most notably, these figures predate

  • ExxonMobil, Taleveras, Ophir Win Oil Blocks In Equatorial Guinea

    June 6, 2017 2:02 AM 14

    Three major oil firms, including Exxon Mobil, Taleveras, and Ophir yesterday won Oil Blocks in Equatorial Guinea. Equatorial Guinea’s Minister of Mines and Hydrocarbons, Gabriel Obiag-Lima made the announcement at the African Oil and Gas Conference in Cape Town, South Africa, yesterday. Exxon Mobil, in a press statement yesterday, confirmed it has signed

  • Nigerian govt. offers savings bonds at 13.1%, 14.1 % for June

    June 5, 2017 1:27 PM 46

    The Federal Government on Monday offered for subscription two-year savings bond at 13.18 per cent and three-year savings bond at 14.18 per cent, the Debt Management Office (DMO) has said. According to the offer circular obtained from the DMO website, the two-year bond will be due in June 2019, while the three-year bond will be due in June 2020. It, however