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H&M apologises after huge backlash to ‘racist’ photo of little boy

H&M has apologised after one of its advertising photographs was labelled racist. The high street fashion chain has removed the picture from it's online store after it was criticised on social media. A number of people have slammed the image calling it shameful and disgusting. The picture shows a young black boy modelling a green hoodie with the slogan Coolest Monkey in the Jungle. he hoodie, which is designed for boys aged one to ten years old, is still on sale for £7.99. However the photo attached has been removed and…

Banks credit to agric sector drops by N34bn – NBS

The total amount of credit granted by Deposit Money Banks to the agricultural sector declined by N34.45bn from October 2016 and September 2017, an analysis of the banking sector credit report by the National Bureau of Statistics has revealed. In the report, which was obtained by our correspondent on Thursday, credit from the banks to the agricultural sector declined from N525.9bn to N491.49bn in the period. Further analysis of the report showed that as of the end of the fourth quarter of 2016, the total credit received by…

Good news as food prices crash in Maiduguri

There is a drop in prices of foodstuffs in Borno state - Prices of rice had fallen in the past two months with the beginning of crop harvest by farmers - A 50kg bag of local rice goes for between N6,500 and N7,200 as against the old price of N9,000 Prices of local rice and other foodstuffs have dropped by about 25 per cent in Maiduguri, Borno state, according to a survey by the News Agency of Nigeria (NAN). A check by NAN at Gamboru and Customs area markets in Maiduguri indicated that prices of rice had fallen in the past…

Aero concludes Nigeria’s first C-check on aircraft in 14 years

Aero Contractors Limited on Thursday completed a C-check on a Boeing 737 aircraft from its recently approved Maintenance, Repair and Overhaul facility at the Murtala Muhammed Airport, Lagos, followed by a test flight. The airline noted that the maintenance check on one of the planes in its fleet was the first time a C-check would be carried out on a wide bodied aircraft since the liquidation of Nigeria Airways in 2004. According to airline operators, C-checks often done outside the country have been a major problem due to…

Debut Sovereign Green Bond records N101m oversubscription

The Federal Government’s debut Sovereign Green Bond recorded N101 million (0.94 percent) oversubscription by investors. The Debt Management Office (DMO) disclosed this in a statement issued yesterday saying: “The debut Sovereign Green Bond offered to the general public in December, 2017 was very well received by a wide range of investors. At the close of the offer, the total subscription received was N10.791 billion compared to the N10.69 billion offered.” The DMO said that investors who subscribed to the Green Bond include…

Plans To Domesticate Insurance In 36 States Underway

Plans are underway to persuade all the 36 states of the federation, including the Federal Capital Territory (FCT), to domesticate insurance in their respective state laws, LEADERSHIP can exclusively reveal. Since insurance law is a federal law, it needs to be domesticated to be effective in states. Already, Lagos and Ogun States have domesticated some insurances in their states, while there are moves by Gombe and Kaduna States to do the same. While the insurance industry regulatory body, that is, the National Insurance…

Customs 2017 revenue rises to N1.37tn

The Nigeria Customs Service has announced that five days to the end of 2017, it generated additional N25bn to bring its total revenue generated for the year to N1.37tn. The service had announced earlier that it generated a total of N1.12tn between January and December 26. While briefing journalists in Lagos on Thursday about the activities of the service in 2017, the Public Relations Officer, NCS, Mr. Joseph Attah, stated that the revenue was made possible through the strict deployment of the digital identification method,…

‘Oil majors may shun exploration investment in Nigeria, others’

The Nigerian National Petroleum Corporation (NNPC), may continue to spearhead exploration activities, as oil majors are set to remain sluggish in spending on searching for new discoveries. Nigeria has already spent about $3billion on oil search, especially in the northern region, and would, according to the Group Managing Director, NNPC, Maikanti Baru, reinvigorate the search. But the likes of ExxonMobil, Royal Dutch Shell, Total, and other majors would cut spending on oil and gas exploration for a fifth year in a row in…

Oil Hits $68, Boosts Nigeria’s Revenue, But Petrol Imports Hurt Finances

Kachikwu: Presidential C’ttee will decide on retention of petrol at N145/ltr Senate backs down, keeps mum on subsidy issue Ejiofor Alike in Lagos and Damilola Oyedele in Abuja with agency report The price of crude oil rose further Thursday exceeding $68 per barrel, its highest since May 2015, supported by unrest in Iran and raising concern about risks to supplies, cold weather in the United States boosting demand, and output cuts led by the Organisation of Petroleum Exporting Countries (OPEC). The development, which will…

Petrol may sell above N175 as Kachikwu backs marketers

The Minister of State for Petroleum, Ibe Kachikwu, said yesterday that the perennial petrol scarcity and price instability would only stop when the Federal Government removes the disparity between pump price and landing cost of the product. Making a presentation at a public hearing on the fuel crisis jointly organised by the Senate and House of Representatives, Kachikwu described as shameful government’s failure at getting oil sector businesses right. He noted that the Nigerian National Petroleum Corporation (NNPC) became…

NIGERIAN ARMY PARTNERS WITH INNOSON VEHICLES MANUFACTURING COMPANY FOR MILITARY VEHICLES PRODUCTION

The Nigerian Army has today Tuesday 2nd January 2018, formally gone into partnership with Nigerian indigenous motor manufacturing company, Innoson Motors Manufacturing Company for modification of some of its equipment, local production of armoured fighting vehicles and other military hardwares. This was made manifest during a meeting between the management of the company let by the Chairman, Doctor Innocent Chukwuma and the leadership of the Nigerian Army led by the Chief of Army Staff, Lieutenant General TY Buratai at the…

38 investors indicate interests in modular refineries, says Presidency

The Presidency on Saturday said 38 mini-modular refineries investors have so far indicated interests in the establishment of modular refineries in the Niger Delta as part of the Federal Government’s new vision for the area. The Senior Special Assistant to the Vice-President on Media and Publicity, Mr. Laolu Akande, disclosed this in a statement made available to journalists. He said the information was part of the reports received at a recent end-of-the-year review meeting of the Niger Delta Inter-Ministerial Committee…

FG, states, LGs got N5.7tn allocation in 11 months

Between January and November this year, the Federation Account Allocation Committee shared a total of N5.74tn to the three tiers of government. An analysis of the FAAC distribution shows that the amount represents an increase of N765bn over the N4.98tn, which the committee allocated in the corresponding period of 2016. The committee, headed by the Minister of Finance, Mrs. Kemi Adeosun, is made up of commissioners of finance from the 36 states of the federation; the Accountant General of the Federation and representatives of…

Our raw materials spend two months at seaport – OPS

Tweet Share Pin it +1 Anna Okon Members of the Organised Private Sector have lamented the delay in getting their vital raw materials out of Lagos ports owing to the persistent gridlock around the area. In a position paper made available to our correspondent, the OPS, claimed that it took them up to eight weeks to get their raw materials from the port and to the factory. The OPS is made up of the Manufacturers’ Association of Nigeria, Nigeria Employers’ Consultative Association, Nigerian Association of Chambers of Commerce,…

Airlines blame poor landing equipment for flight delays, cancellations

As the weather continues to disrupt flight operations, leaving many passengers stranded at airports across the country, airlines have blamed poor landing equipment for the flight delays and cancellations in the last two weeks. A passenger on Friday described the situation at Lagos airport as “cancellation and delay galore,” as his flight to Calabar was cancelled after he had spent most of the day waiting. An airline source stated that in the past five days, there had been no flight to Benin City due to poor visibility. Apart…