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World Bank: 85 Million Nigerians Living In Darkness
The World Bank has said that 43 percent of Nigeria’s population do not have access to electricity, making it the largest energy access deficit country globally. The bank noted that the lack of power is a constraint for citizens and their businesses, adding Nigeria’s economic cost of power shortages is estimated at $26.2 billion. This…
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NNPC Spent N49.68bn On Pipeline Vandalism In 10 Months
The Nigerian National Petroleum Corporation spent the total sum of N49.68 billion to repair and manage pipelines from January to October 2020. In its latest monthly report, NNPC published that a total of 363 vandalised points were recorded from January to October 2020. The corporation said it spent N5.48bn on pipeline repairs and management cost…
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Niger Insurance Settles Over N3 Billion Claims In Two Years
Niger Insurance Plc said it paid N3.3 billion as claims in two years. The insurance company said it paid claims and benefits totalling N1.7 billion in 2019 against N1.6 billion paid in 2018. At the AGM, the Managing Director/Chief Executive Officer, Niger Insurance, Edwin Igbiti stated: “In response to the company’s liquidity challenges, which delayed…
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$1.3 Trillion Tourism Revenue Lost During Pandemic
The United Nations agency has said that global tourism has suffered its worst across continents in the world with international arrivals dropping by 74 percent in 2020. The latest data from the World Tourism Organisation reported that the destinations worldwide welcomed one billion fewer international arrivals in 2020 than in the previous following the restriction…
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Amazon In Wage Theft Mess, Ordered To Pay $62 Million
Amazon has been ordered to pay almost 62 million to flex workers following the outcome of a recent probe by the U.S. Federal Trade Commission (FTC). Amazon is to officially pay $61.7 million to flex workers following accusations that they stole tips from company drivers. The amount equals the tips that Amazon allegedly retained during a two-and-a-half-year period…
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In 21 years, NLNG Generates Revenue Worth $108 Billion
The Nigeria Liquefied Natural Gas Company Limited said it has generated revenue amounting to $108 billion. The company added that it has 23 ships that have delivered about 5000 LNG cargoes to destinations around the worth since its establishment 21 years ago. It also noted that out of the revenue a dividend worth $35 billion…
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PwC: Nigeria has $900 Billion Dead Capital
PWC Nigeria has reported that Nigeria holds as much as $900 billion worth of dead capital locked up in residential real estate and agricultural land. It further added that of the estimated figure, the federal government’s abandoned properties account for N230 billion. Dead capital refers to unregistered real property, and is considered lost value because…
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Nigeria Records $5.1 Billion Portfolio Investments In Three Quarters
Nigeria’s portfolio Investments between January to September 2020 totalled $5.1 billion. Figures obtained from the National Bureau of Statistics showed that while there was a significant investment of $4.3 billion investments in the first quarter, investments in the second and third quarters reduced to $385.32 million and $407.25 million respectively. The portfolio investment, in the…
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Total Pension Assets Hit N12.3 Trillion In 2020
National Pension Commission has reported that the total pension assets under the Contributory Pension Scheme rose to N12.3tn in 2020. This is an N2.1 trillion increase when compared to 2019 which had N10.2tn. According to PenCom N8.13 trillion of the funds was invested in Federal Government of Nigeria Bonds, while N858.46 billion and N92.91billion were…
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EU Ban: Nigeria Losses Million To Beans Exportation
The European Union has extended the export ban on Nigeria’s bean over the country’s failure to implement its food safety action plan submitted to the commission in 2018. The export ban was extended till June 2022. The EU Safety Authority, in 2015, had banned Nigerian beans export after it contained between 0.03mg/kg and 4.6mg/kg of dichlorvos…