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Showing posts with the label Ministry of Finance

Nigeria Remains Africa's Biggest Economy - October 2016

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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 (GDP). “A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,” BBC had said in August. “Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion,” Bloomberg had also said. But according to TheCable, latest estimates from the IMF however put Nigeria’s GDP at $415.080 billion, from $493.831 billion at the end of 2015. The IMF World Economic Outlook for October 2016 puts South Africa’s GDP at $280.367 billion, from $314.732 billion a year earlier. Egypt

Michael Ibru Is Dead

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Family of Michael Ibru (who had been battling with serious health ailment for over eight years in Florida, United States of America) this evening just announced the untimely death of their illustrious son who died in the early hours of Tuesday Until his death,  Olorogun Michael Ibru was the chairman of the Ibru Organization, he died at the age of 86 on Tuesday morning. His death coming just  over one month after the burial of his younger brother, Olorogun Felix Ibru, the first civilian governor of Delta State. Michael was a established entrepreneur who was a giant figure in many industries. He was the first son The Chief Epete Ibru of Agbarha-Otor in Ughelli North Local Government Area of Delta State. He had only one wife,  Cecilia Ibru, the former CEO of the defunct Oceanic Bank, recently jailed by EFCC for embezzlement of funds trusted in her care.

Halliburton Scandal: EFCC Traces N13.5b To Private Account

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The Economic and Financial Crimes Commission (EFCC) has uncovered how $32.5 million of about $200 million fines from Halliburton Energy Services was allegedly paid into a private account. Th e cash was said to be missing because the anti-graft agency could not ascertain whether or not it was remitted into the Federal Government’s account. A top shot with the Nigerian National Petroleum Corporation(NNPC), Mr. Roland Ewubare, who was one of the lawyers involved in the Settlement Agreement with Halliburton, has been given up to September 15 to submit a letter authorising him by the Federal Government  to open the private escrow account. Ewubare told the EFCC that, as the then Executive Secretary of the National Human Rights Commission (NHRC), he acted in national interest in opening the escrow account. He is in the United States to retrieve the relevant documents relating to the account for the EFCC. The EFCC has grilled the Managing Director of Halliburton Energy Services in Nigeria