Nigeria Today: Top 10 News Stories You Shouldn’t Miss

1. Legal action in the UK has driven Shell to make an out-of-court settlement of £55m to compensate the affected community of two oil spills which destroyed thousands of livelihoods in the Bodo area. The £55m will be split between £35m for 15,600 individuals and £20m for the community. 2. The Representative of the Jaiz Bank in Nigeria, Dr.  Mizanur Rahman, recently disclosed the plan of the bank to extend its services to Kwara and Lagos states. 3. Transcorp Hotels Plc (THP) has said it raised N4.2 billion from its recent initial public offering (IPO), indicating 52 per cent subscription level.  THP had issued 800 million shares at N10 per share to raise N8 billion. 4. India and Nigeria has recorded bilateral trade of $17 billion from April 2013 to March 2014. Disclosing this in Abuja, India’s Acting High Commissioner in Nigeria Kaisar Alam said that India imported $14 billion worth of goods from Nigeria during the year while Nigeria imported $3 billion worth of goods from India in the same period. 5. The National Association of Microfinance Banks (NAMB) on Tuesday urged the Federal government to formulate a policy that would enhance the development and sustained growth of the nation’s textile industry. 6. All Peoples Congress (APC) governorship candidate in next month’s general election, Mr. Akinwunmi Ambode, has promised to unveil new set of tax incentives to further spur the growth of the sector over the next four years. 7. According to The Sun news, in 2014 Nigeria witnessed an unprecedented increase in the number of shopping malls in major cities like Lagos, Abuja, Port Harcourt, Aba amongst others. 8. Lagos State Government has assured its workers that it will soon implement the increment in monthly contributions of both employers and employees from 15 per cent to 18 per cent. 9. Online transfers via the Nigeria Interbank Settlement  System (NIBSS) Instant Payments have reached an all-time record of N10.85 trillion, the Central Bank of Nigeria (CBN) has said. CBN Director, Banking and Payment Systems, ‘Dipo Fatokun, who spoke at the Finance Correspondents Association of Nigeria (FICAN) yearly conference in Lagos, said that the expansion of the electronic payments channels enabled NIBSS to achieve the result. 10. PZ Cussons’ Canoe Detergent brand has begun a regional consumer engagement campaign tagged “Alive with Colour Campaign” to promote the uniqueness of the brand, and demonstrate how it washes coloured clothing and yet preserves the colours.  

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This article was first published on 7th January 2015

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