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FG approves contracts worth over N26.7 billion for projects



The Federal Government has endorsed contracts worth over N26.7 billion for projects under certain services. The choice was taken by the Federal Executive Council on Wednesday.

This was unveiled by the Ministers responsible for the services after the gathering.

The services included are Information and Culture; Communication and Digital Economy, and Humanitarian Affairs, Disaster Management and Social Development.

As indicated by the Minister of Communications and Digital Economy, Isa Pantami, reveal that the gathering affirmed about N8.98 billion for another National ICT park in the FCT to organize public and private ICT center points in the country.


He added that the government would before long delivery the timetables for the supplanting of BVN with NIN in financial balances after his gathering with the Governor of Central Bank of Nigeria, CBN and other pertinent partners.

He said, “The intelligence behind the ICT Park is for it to be a middle where public and private ICT centers will be facilitated by the government of Nigeria, where youthful trend-setters with insane and problematic thoughts will be guided and all what they require accommodated.

“We will give empowering climate to them to use and concoct troublesome innovations.

“This is the first of its sort in Nigeria, we have such countless parks and center points yet they are provincial. This one will be focal and will be a focal point of occupation creation for our joining young people.

“It will be a middle where innovation will be created and hatched. It will assume a huge part in diminishing joblessness and the decrease the hole of un-employability.

“The Federal Executive Council has endorsed the update and we will beginning of building up it in Abuja and we trust Abuja will be another Silicon Valley in Nigeria.”

In his own case, the Minister of Information and Culture, Alhaji Lai Mohammed, clarified that the FEC gave endorsement for the amount of about N9.43 billion for his service to finish the computerized switchover, which had recently missed the cutoff time set for usage.

Mohammed said: “The ITU had two cut-off dates, one out of 2017 another in 2020, where countries should finished their development from simple to advanced. Unfortunately, we couldn’t make it. In any case, with the endorsement of this update today, we would endeavor to change from simple to advanced.

“We will currently concede to a date for a dispatch in the greatest urban areas like Lagos, Kano and Port Harcourt. Furthermore, we will get the switch going in the generally turned on states.

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“The impact of the more today is that, computerized switch over is currently genuine and the monetary impact of it will be the making of countless positions in substance creation, channel dissemination, Nollywood and Electronic machine creations to support around 20 million Nigerian homes.”

Toward the finish of the switch over, the Minister said the country would have made the greatest allowed to air TV stage in Africa adding that he will declare a clerical team that will execute the gathering settle either this week or next.

The Minister of Water Resources, Suleiman Adamu, said that the FEC considered and endorsed a reminder he introduced for his service for the execution of Damaturu water supply plot at the expense of N8.43 billion.

He said, ” I introduced a notice for the development of Damaturu Water Supply project in Yobe State for three workers for hire and an all out amount of N8.43 billion.”

Adamu clarified that the agreement for Lot A was granted to Mallam Matari and Service Center Water Supply Project. Parcel B is the development of Water Supply at Nufakalam and Lot C Water Supply conspire at Sunsuma.

“They are all ground water or borehole projects spread over wide distance since they are covering three significant urban communities. They will be generally sunlight based and furthermore it’s in light of the basic requirements of these regions in Yobe State.

“We trust that with this intercession, the water supply inside this territory will be enormously improved. The fruition period is two years,” he added.

What you should know

Truly present at the gathering were Vice President, Yemi Osinbajo, Secretary to the Government of the Federation, SGF Boss Mustapha and Chief of Staff to the President, Ibrahim Gambari.

Pastors genuinely present were the Attorney General of the Federation, AGF and Minister of Justice, Abubakar Malami, Finance, Zainab Ahmed, Science and Technology, Ogbonnaya Onu, Interior, Rauf Aregbesola, Power, Sale Mamman, and Minister of State-Petroleum, Timipre Sylva.

The Head of Service of the Federation, Dr. Folasade Yemi-Esan and different Ministers partook from their different workplaces in Abuja.

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FG to extend fuel subsidy for 6 months




The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know

NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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Google founders earn $42 billion in 100 days




Google originators Larry Page, 48 and Sergey Brin, 47 have brought in more cash on the whole than the absolute unfamiliar money save possessions of Africa’s greatest economy.

Larry Page, as of now worth $104 billion, has acquired $21.2 billion out of 100 days; while Sergey Brin, with an abundance valuation of $100 billion, procured $20.4 billion in a similar period. Altogether, the two men have procured $41.6 billion, overshadowing Nigeria’s unfamiliar money hold which as of now remains at a gross valuation of $35 billion.

Most of Larry page’s abundance comes from his stake in Alphabet, the parent organization of Google. The Standford prepared business person presently holds $12.6 billion in real money.

Sergey Brin’s abundance valuation is additionally gotten from his stake on the planet’s most well known web crawler and by and by, his money holding is esteemed at $12.7 billion.

Noteworthy development from the world’s most remarkable economy helped purchasing tension on Google offers and its organizers saw their abundance valuation flood. Worldwide financial backers are progressively hanging on the tech juggernaut’s offers as stunning monetary information from America’s administration ventures combined with a development in the tech area filled the climb in Google shares found lately.

Thus, financial backers are heaping critical measure of assets into Alphabet Inc., the parent organization of Google, with reports saying it won its latest high legal dispute against Oracle, a case that has waited for around 3 years.

Late value activity uncovers the stock is as of now exchanging at $2,285.88 approaching its 52-week high of $2,289.04 with a yearly profit from speculation as of now fixed at 89%.

Stock savants are astonished by such record gains in Google shares notwithstanding a quick move seen recently by some institutional financial backers into utility, energy-based stocks and of late U.S Treasury securities.

The organization as of now has a market estimation of about $1.54 trillion.

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CBN freezes 11 bank accounts of companies, individual




The Central Bank of Nigeria (CBN) on Wednesday reported that it got a break request from the Federal High Court, Abuja division, to freeze 11 financial balances of 5 organizations and a person for 45 days to empower it to direct examinations concerning dubious exercises.

The request follows an exparte movement, dated March 12 and recorded on March 16, looking for the compulsory request of the court to coordinate First City Monument Bank (FCMB) Limited, to freeze all exchanges on the recorded records and any remaining financial balances of the respondents for 180 days forthcoming the result of examination and request right now being directed by the CBN.

As indicated by the assertion from the CBN who is the offended party, the recorded names of the litigants/respondents incorporate Albert Austin Ugochukwu with 2 ledgers, Belfour Energy and Allied Services, Belfour Oil and Gas Limited with 3 financial balances, Circle Flow Integrated Services, Kacynaus Reality Nigeria Limited with 3 financial balances and Tasmara Integrated Services.

The court report additionally expresses that the request was given by the court after perusing the Affidavit on the side of the Application, Affidavit of Urgency, Verifying Affidavit and Affidavit of Non-Multiplicity of activity all removed by an Assistant Manager of the CBN, Central Business District, Oluwatoyosi Suwebat Oladipo, along with a joined show.

The request from the Federal High Court part of the way peruses, “A between time Order is made enabling the candidate to coordinate the Head Office of First City Monument Bank Ltd to freeze forthwith all exchanges on the financial balances recorded on the movement paper for a time of 45 days just forthcoming the result of examination presently being led by the Central Bank of Nigeria.”

The archive additionally expresses that the request which was given by the Presiding Judge, A.R. Mohammed, was sustainable on lapse however just on valid justifications appeared and any individual influenced by this request was qualified for approach the court to look to save, release or have the request surveyed for valid justifications, he said.

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