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Tag Archives: Economic Recession

ECONOMIC RECESSION: Dangote fires 48 Staff

Dangote

The current recession rocking the Nigerian economy has hit one of the biggest employers of labour in the country outside of the government as the Dangote Group, belonging to Africa’s richest man, Aliko Dangote, has fired 48 members of staff. Our correspondents gathered that those sacked were made up of …

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IMF declares Nigeria as Africa’s biggest Economy

IMF

Nigeria has been affirmed by the International Monetary Fund (IMF) as the biggest economy in Africa — ahead of South Africa and Egypt. In August 2016, Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa, following the recalculation of the country’s gross domestic product …

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Recession: Femi Otedola no longer a billionaire — Forbes

Femi Otedola

Femi Otedola, Nigerian businessman, is no longer a billionaire following a huge decline in the stock price of Forte Oil, according to Forbes. According to Forbes, Otedola’s net worth, previously $1.8 billion, has plunged to $550 million. Forte Oil, a petroleum distribution and marketing company, is listed on the Nigerian …

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Stakeholders charge FG to pump more money into the economy

Federal Government

Stakeholders in both the Nigerian capital and money markets have called on the Federal Government to quickly act by using fiscal and monetary policies to reflate the economy and bring down interest rate. Speaking at the triennial delegates’ conference of the Independent Shareholders Association of Nigeria, ISAN in Lagos, Mr. …

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UBA profit rises to N52b despite recession

UBA

Despite Nigeria’s challenging macro-economic environment, unaudited third-quarter financial results of the United Bank for Africa Plc (UBA) show an eight percent increase in profit after tax to N52 billion. The bank, which recorded N48.6 billion profit after tax at the same time in 2015, also recorded a year-on-year growth in …

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Nigeria may remain in recession for 20 years — Jimoh Ibrahim

Jimoh Ibrahim

Businessman and Ondo governorship aspirant, Jimoh Ibrahim, has warned that the current economic recession facing Nigeria may last for another 20 years if the global oil price continues in its downward trend. According to Premium Times. Mr. Ibrahim gave the warning on at the launch of the book, Worshipper In …

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CBN prohibits 19 Banks from selling Forex to BDCs

Bank

The Central Bank of Nigeria (CBN) has suspended all the banks, with the exception of First Bank, from selling dollar proceeds of International Money Transfer Services, IMTS, to Bureaux De Change, BDCs. Two months ago, the CBN had directed banks to sell proceeds of their international money transfer services to …

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Dangote’s tomato company threatens to quit production

Aliko Dangote

Just a few days after Erisco Food Limited said it was going to shut down its tomato processing factory, Dangote Industries Limited has also disclosed plans to halt tomato paste production citing the harsh operating environment which gives the advantage to imported production. Alhaji Sani Dangote, Group Vice President of …

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