Monthly Archives: April 2012

Fed Govt wage bill hits N150b

Implementation of the 53 per cent salary in crease by the Federal Government has raised the wage bill to about N150billion yearly, the Minister of Information and Communication, Labaran Maku, has disclosed. He said: "In the first one year of President Jonathan, he gave a salary increase of about 53 per cent, that increase brought the wage of the Federal Government to close to N150 billion per annum." Also, the Minister of Labour and Productivity, Chief Emeka Wogu, added that there are 2.5 million civil servants in Nigeria. They spoke Abuja during the Ministerial Platform in Commemoration of the National Democracy Day, and First Anniversary of President Goodluck Jonathan’s Administration

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NIMC gives conditions for banks to manage its N30b allocation

The Nigerian Identity Management Com mission (NIMC) has given banks some conditions before they will be allowed to access its N30billion budgetary allocation. One hurdle they must scale is that they must give financial support to the consortia of firms appointed by the Federal Government to source data for the national identity management system.The Federal Government has allocated N30billion for the operations of the commission in its N2012 budget. Speaking to The Nation yesterday, the Director-General, Nigerian Identity Management Commission, Chris Onyemenan, said the Deposit Money Banks would only be considered to take custody of the money, if they are ready to do business with the firms the Federal Government appointed to collect data for the operations of the identity card management scheme.

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Forex reserves hit over one-year high

• Naira gains on planned oil firm dollar sales Nigeria's foreign exchange reserves rose by 2.96 per cent on the month to $36.52 billion on April 27, the highest level in more than one year, data from the Central Bank released on Monday has showed. Forex reserves in Africa's top oil producer stood at $35.42 billion a month earlier and were at $33.09 billion a year ago. Currency traders said rising dollar flows from offshore investors buying local debt and large dollar sales by local units of multinational oil companies had washed onto the market in the past few weeks.

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UNIPORT, NOTAP to build oil and gas technology park

The University of Port- Harcourt (UNIPORT), Riv ers State, has signed a Memorandum of Understanding (MOU) with the National Office for Technology Acquisition and Promotion (NOTAP) for the building of Nigeria ’s premier oil and gas technology park. The MoU was signed at the UNIPORT Campus, when a delegation from NOTAP led by the Director-General,Umar Bindir, visited the Vice-Chancellor, Prof. Joseph Ajienka, as part of activities marking the school’s Annual Research Fair and Conference.

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Banking recovery lures funds back to stocks

Signs of a sharp recov ery in bank earnings for the first quarter are drawing investors to Nigerian shares after several years of turbulence in local stock markets following a 2008 banking crisis that wiped 60 per cent off their value. Africa’s second biggest index, according to Bloomberg news , soared to a seven-and-a-half-month high last week, passing the psychological hurdle of 21,000 points for the first time this year, driven largely by gains in the banking sector. Banking stocks have started to perk up after a torrid 2011, which saw them fall 30 per cent, reversing an an earlier recovery, and underperform the overall index, which lost just 17 per cent

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India, Nigeria trade hit $16.4b

The Indian High Com missioner to Nigeria, Mahesh Sachdeva, has said his country’s bilateral trade with Nigeria peaked at S16.4 billion in 2011, making the country the second highest trading partner. Speaking during a visit to Thelish Eye Hospital managed by Dr Agarawal Eye Institute of India, Sachdeva said his country has strong confidence in Nigeria despite its state of insecurity. He assured that Indian investors would continue to invest in the economy, pointing out that the High Commission would do everything possible to ensure that the continuous flow of such investments by Indian entrepreneurs is not hindered.

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