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The Federal Government has extended the implementation of the capital component of the 2016 budget from March 31 to May 5, or till the passage of the 2017 budget. The Ministry of Finance confirmed in a statement that the Accountant-General of the Federation, Idris Ahmed, had issued a circular to all ministries, departments and agencies of government to inform them of the extension. According to the ministry, the extension is to enable the MDAS utilise the 1 trillion Naira so far released for capital expenditure. Also read:  2016 Budget: FG releases N1trn capital to MDAs

MTN has made an additional payment of N30 billion ($98 million) to the Nigerian government. The money is part of a N330 billion fine imposed on the telecoms group for not disconnecting unregistered SIM cards. Africa’s largest telecoms company has already paid N80billion of the total fine, said a source who confirmed the latest payment to Reuters on Thursday. MTN Nigeria was originally fined $5.2 billion last October for failing to deactivate more than five million unregistered SIM cards. The fine was reduced in a settlement that paved the way for MTN to list its subsidiary on the Nigerian Stock Exchange. Nigeria has been cracking down on unregistered SIM cards, concerned that they are used for criminal activity in a country fighting an insurgency by Islamist militant group, Boko Haram. MTN, which operates in 20 countries, had set aside $600 million last year to pay the fine. Source:  dailypost.ng

The Central Bank of Nigeria will begin sale of foreign exchange to Bureau De Change operators twice weekly from Monday. This was confirmed by the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, in a statement. Okoroafar explained that the move, was part of the apex bank’s determination to sustain the liquidity in the forex market. He said that the BDC operators would henceforth enjoy twice weekly purchases at the sum of $10,000 each. “In continuation of its determination to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria wishes to inform market participants and the general public that it will commence twice weekly forex sales to Bureaux de Change from Monday, April 3, 2017,” Okoroafor said. The CBN has recorded huge success at the Forex market, since it started injecting over $1.5 billion at the interbank market. The Naira has continued to remain firm against the dollar, in defiance of predictions by some expe...

South African Reserve Bank (SARB) governor Lesetja Kganyago announced on Thursday that the bank's monetary policy committee has decided to leave the interest rate unchanged at its second meeting this year.The repurchase rate, which is the interest rate at which the Sarb lends money to commercial banks, has been steady at 7%, while the prime lending rate, which is the rate at which banks lend money to consumers, has been at 10.5%. The repurchase rate was last cut in July 2012, when then-governor Gill Marcus dropped it by 50 basis points to 5%, the lowest in at least 14 years, reported Bloomberg. Economists earlier predicted that interest rates were likely to remain at 7%, despite risks to inflation having eased since the MPC's meeting in January. BNP Paribas economist Jeffrey Schultz in a company note said Kganyago was unlikely to bow to pressure to call the top of the hiking cycle just yet. "Since the Monetary Policy Committee met in January, both the global a...

BANK of Tanzania has said participation from East African region in buying government securities is still very low, despite lifting the capital account restriction some three years ago. Mr Mohammed Kailwa, an official with the BoT said in Zanzibar yesterday in a media workshop that there were only five cases recorded of the regional investors taking part in the government securities since when restrictions were lifted few years ago. "We are optimistic for more investors to participate in the risk free government securities including treasury bills and bonds because Tanzania offers competitive interest rates compared to the rest of the EA members," he said. In 2014, foreign restrictions were lifted for the locally listed equities and allow investors from the EAC member states to buy up to 40 per cent of the issued riskfree government securities. The members are Kenya, Uganda, Rwanda and Burundi. Individual Tanzanians are encouraged to take part in the risk free go...

Kenya's Central Bank has advertised the Expression of Interest (EOI) to take up equity in Chase Bank (Kenya), barely an hour after extending its receivership by a further six months. CBK said that the move effectively starts a formal process of selecting the preferred investor for the Bank. Central Bank hopes the process will concluded within the next six months. "Following the receipt and evaluation of EOIs, a shortlist of qualifying investors will be granted access to a comprehensive confidential data room to develop a formal proposal to acquire Chase Bank (Kenya) Ltd. The shortlisted investors will be determined in a fair process using appropriate and objective criteria based on, inter alia, regulatory imperatives and prudential guidelines which will ensure a speedy and optimal recovery for depositors, creditors and other stakeholders of Chase Bank (Kenya) Ltd whilst also mindful of seeking to preserve and develop a sound and innovative banking system in Kenya,"...

The central bank has urged for the replacement of the U.S. dollar with the South African rand as the country's main currency. The shortage of U.S. dollars forced the government to introduce the local  bond notes giving it the same value as the U.S. dollar. The surrogate currency, however, has not been able to address the country's cash crisis. THE shortage of US dollars besetting the economy has reignited debate on whether Zimbabwe should adopt the rand, as it emerged that cash in circulation was only $202 million against requirement of nearly a billion dollars.The debate is premised on the understanding that Zimbabwe, with a weak export generating capacity due to low production across all majors sectors, cannot thrive under a currency sought after globally that is being externalised legally and illegally. Reserve Bank of Zimbabwe deputy Governor Kupukile Mlambo told a breakfast meeting last week that, while the bond notes have been a success, the value that the R...

March 30, 2017 (KHARTOUM) - Ethiopia and Sudan have successfully secured the release of three oil workers abducted recently by the rebel SPLM-In-Opposition in the neighbouring South Sudan. "The vigorous efforts that have been made by Sudanese government in full coordination with the Ethiopian security services and all relevant parties, resulted in the release of the captured (oil workers), " said Ahmed Abdel Bagui, Director of the Department of Consulates in the Ministry of Foreign Affairs in statements he made at the Khartoum airport Thursday. The SPLM-IO issued two separate statements earlier this month to claim the capture of Pakistani and Indian oil workers in Guelguok north, of Adar in the Northern Upper Niles. The armed group which seeks to stop oil production had warned foreigners and national oil workers to stop risking their lives in oil production areas. The foreign ministry in a written statement given to reporters at Khartoum airport after the arrival o...

By AGENCE FRANCE PRESSE, NAIROBI, Kenya, Mar 29 – The price of ivory has fallen by nearly two-thirds in the last three years, according to research conducted in China and published on Wednesday by the conservation group Save the Elephants. At its peak in 2014 wholesale prices for raw ivory stood at $2,100 (1,900 euros) per kilogramme at Chinese markets, but by 2017 the price had fallen to $730 per kilogramme, according to the report by two ivory trade experts, Lucy Vigne and Esmond Martin. “Findings from 2015 and 2016 in China have shown that the legal ivory trade especially has been severely diminished,” Vigne said in a statement. Chinese demand has driven a decade-long spike in elephant poaching in Africa, where the population has fallen by 110,000 over the last 10 years to just 415,000, according to a recent continental survey. Vigne said both the amount of ivory for sale as well as prices had fallen at 130 licensed outlets in China, reflecting a drop in demand in the wor...

BEIJING — China will close 67 ivory carving factories and retail shops on Friday, roughly one-third of the total, as it moves to implement a pledge to end all domestic ivory sales by the end of the year. The news will foster hopes that an end to the elephant poaching crisis in Africa might be in sight, and comes as a new study shows that prices of ivory in China are continuing to plummet. Reducing demand from China, the world’s biggest ivory market, is probably the single most important factor that could help bring an end to the widespread poaching of elephants in Africa. In a report issued Wednesday, Save The Elephants said the average wholesale price of tusks in China was $2,100 per kilogram in early 2014, but fell to $1,100 by late 2015, before reaching $730 in February 2017. It credits a combination of an economic slowdown, an official anti-corruption campaign, the government’s commitment to close down the trade, and growing public awareness. Conservationists heralded th...

Tianjin Airlines have set their sights on developing into a truly international airline and in 2017 will for the first time, start a global flight attendant recruitment plan to find the best possible flight attendants from around the world. TIANJIN, China - Tianjin Airlinesis developing into a truly international airline and in 2017 began a global recruitment drive that started in London on March 29th, 2017. Tianjin Airlines Company Limited (Tianjin Airlines) have set their sights on developing into a truly international airline and in 2017 will for the first time, start a global flight attendant recruitment plan to find the best possible flight attendants from around the world. This will allow passengers on Tianjin Airlines to enjoy a truly first class, accessible and international experience. London will be the first stop, and Tianjin Airlines will hold flight attendant screenings at Sofitel, London Gatwick Airport at 9AM on March 29th, for potential flight attendants who woul...

A Nigerian pilot has become the first African to fly solo across the world. Ademilola “Lola” Odujinrin, 38, a Boeing 737 pilot with Air Djibouti, spent just over eight months to complete the historic feat, flying a single-engine light aircraft across five continents with stopovers in more than 15 countries. The father of two touched down Wednesday at Washington’s Dulles Airport after visiting 20 countries on five continents in his record bid, which began at the same airport on 26 June 2016. The journey covered 29,000 nautical miles across countries that included the US, Cameroon, Iceland, France, Egypt, Kenya, Bangladesh and Australia. Source:  osundefender.com

Samsung's new Galaxy S8 and Galaxy S8+ phones are so beautiful they would make you want to forget all about the infamous Galaxy Note 7. The Galaxy Note 7 is, after all, history. The Galaxy S8 is the future. A future with all-screen and no buttons. A future where voice and context would mean the same thing. A future that would be safe and sound as well, hopefully. That's the dream. There was lot of humility -- more than the usual -- in Samsung Mobile chief DJ Koh's Unpacked keynote this year. You'd have to give it to the man for all the patience. It hasn't been easy for him. But, what's important is how he sailed through all this -- arguably some of the darkest times the world of tech has ever seen -- and yet managed to stay as calm as he did. All this time, he did not stop innovating, or rather; he did not stop imparting that vision to everyone who worked behind the scenes to make the dream a reality. The phone, for the last year or so, has been subject t...

Al-Futtaim Motors, the exclusive distributor of Toyota in the UAE, on Thursday said it has commenced a service campaign for 39,294 vehicles in the country having potentially faulty airbag inflators. “Following communication with Toyota Motor Corporation, we have started a special service campaign on additional 39,294 vehicles in the UAE, including Corolla MY 2010 to 2013, Yaris MY 2012 and Alphard MY 2011 and 2013,” the company said. The involved vehicles are equipped with Takata-produced front driver and/or passenger airbag inflators which contain propellants that could degrade after prolonged exposure to humidity and high temperatures. These propellants could cause the inflators to rupture and the airbag to deploy abnormally in the event of an accident. Al-Futtaim Motors said it has begun contacting customers with affected models to inform them about the situation and arrange service bookings accordingly. Globally, the recall affects 750,000 vehicles in Japan, 650,000 in...

Nigerian Government on Thursday said the runway repairs ongoing at the Nnamdi Azikwe International airport is 57.5 percent completed. The FG also disclosed that escalators, lifts and lounge will be installed at Terminal building to ease the movement for the aged and the physically challenged. Also, since flight operations were moved to Kaduna International Airport, the federal government said it has witnessed about 1,119 domestic flights operation and 50 international flights. This was disclosed in Abuja Thursday after the Minister of State for Aviation, Hadi Sirika and the Minister of Information and Culture, Lai Mohammed inspected the extent of work done three weeks into the closure of the runway. Sirika said: “Without going deep into the reasons why the airport had to be closed; basically because of safety, the runway had completely failed at several sections, making it impossible to take the option of repairs at night and operating by day. “Here we are, we choose the de...

Big Brother Naija reality TV show housemate, T-boss on Thursday suggested that fellow housemate, Efe is able to keep a level head in the house because of his lack of exposure. Efe and T-boss have always been at loggerheads over several matters, with T-boss believing Efe does not like her for anything. Recall that Efe was given the mandate as the ultimate head of house to put up housemates for eviction, and T-boss was one of the housemates he chose. The Nigerian-Romanian housemate, during a discussion with Debie-Rise further suggested that the warri-born housemate, Efe is only down to earth in the house because he is a Pisces and has not been exposed to a lot of things. Her comment was posted on the Big Brother Naija twitter handle on Thursday. BBNaija wrote, “T-boss suggests that Efe’s only down to earth because he’s a Pisces and hasn’t been exposed to a lot of things.” Also watch:  Bally, TBoss, Marvis and Debie Rise nominated for eviction Source:  dailypost....

The Academic Staff Union of Universities (ASUU) has issued an ultimatum to the federal government to pay the outstanding arrears of its members not later than July 2017. The National President of the union, Prof. Biodun Ogunyemi, said this while addressing journalists at the University of Abuja on Wednesday. According to him, the Federal Government is owing academics in federal universities unpaid allowances of not less than N128 billion. “In view of this, the union rose from its NEC meeting at the Bayero University Kano, observing that the particular issue of EAA cannot be meaningfully addressed unless within an agreed framework. “Hence the National Executive Council (NEC) of ASUU resolved that all outstanding arrears of EAA should be paid not later than July 2017. “The decision of ASUU-NEC on the issue has since been communicated to the Minister of Education, Senate President and the Chairman, Senate Committee on Tertiary Institutions and TETFund,’’ he said. Also read...

Days after Ford SA CEO Jeffery Nemeth was summoned to the vehicle manufacturer's headquarters in the US‚ the multinational has recalled 1 078 Ford Fiesta ST models in South Africa. The safety recall affects models manufactured between September 2012 and December 2014. "In the affected vehicles‚ a lack of coolant circulation could cause an engine to overheat‚ resulting in a crack in the cylinder head. A cracked cylinder head can result in a pressurised oil leak. Oil that comes into contact with a hot engine surface increases the risk of a fire in the engine compartment‚" Nemeth said in a statement last night. "The safety of our customers is our top priority‚ and the expansion of the safety recall is being rolled out as a precautionary measure on the Fiesta ST." The recall comes days after the Sunday Times reported that South African insurance giants Auto & General and Dialdirect were to take legal action against Ford in connection with fires which ...

Two years of tough talks will unravel 44 years of membership. The UK will start the clock on two years of negotiations to withdraw from the European Union on Wednesday, a divorce that will redefine the country’s relationship with its largest trading partner and bring to an end decades of deepening political integration on the continent. The ties that have bound the UK to the EU since 1973 will start to unravel at around 1:30pm in Brussels when Britain’s ambassador hands EU President Donald Tusk a hand-signed letter from Prime Minister Theresa May invoking Article 50 of the Lisbon Treaty, the legal exit mechanism. May will address lawmakers in London at about the same time. Nine months since Britons unexpectedly voted to leave, the phony war of what Brexit might look like will turn into a real battle over the complex terms of a settlement with 27 other governments. Enough lines over money, trade and immigration have been drawn to suggest a tough process with costs to both sides...