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news you can trust I **WEDNESDAY 28 AUGUST 2019 I vol. 19, no 381
₦3,665,096.92 +1.96pc
$59.05
N300
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$-N 357.00 360.00 £-N 437.00 447.00 €-N 390.00 400.00
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NGUS NOV 27 2019 363.97
As Malami calls contract fraudulent Emefiele says no records of $40m capital import for project
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he Federal Government has begun a highpowered probe of the circumstances that led to a major judgment against Nigeria over an aborted
the equivalent of N3.5 trillion, to the British engineering firm, according to Information Minister Lai Mohammed, who addressed journalists at a major press conference in Abuja on Tuesday, alongside Abubakar Malami, minister for justice and Attorney-General of the Federation; Zainab Ahmed,
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NGUS FEB 26 2020 364.42
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FG begins probe of $9bn P&ID judgment, says Nigerian assets safe gas project, even as it said it would not relinquish assets to Process and Industrial Developments Ltd (P&ID), a firm registered in the British Virgin Islands. The Nigerian government is also ready to appeal the recent judgment by a London court which ordered it to pay $9 billion,
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g L-R: Imrane Barry, MD of Total Nigeria plc; Mike Sangster, MD/country chair, Total Upstream Companies in Nigeria; Timipre Sylva, minister of state for petroleum, and Folashade Yemi-Esan, permanent secretary, Ministry of Petroleum Resources, during the Total MD’s visit to the minister.
Onyinye Nwachukwu & Godsgift Onyedinefu, Abuja
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minister of finance, and Godwin Emefiele, Central Bank of Nigeria (CBN) governor. The judge’s decision converted the arbitration award to a legal judgment and the sum rose to around $9 billion with interest
Continues on page 38
NGUS SEP 30 2020 365.47
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Devaluation worries return as foreign investors press pause on Nigeria LOLADE AKINMURELE
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i g e r i a’s l a c k o f structural reforms means deep pocket foreign investors are under no illusion that they have seen the last of another big naira devaluation in the medium term and that is deterring large inflows of funds in an economy that could do with some investment. Foreign concerns over the naira, which suffered a 40 percent devaluation in 2016, have remained despite a twoyear stability, with memories of that devaluation still looming large on foreign direct investors who got their fingers burnt. “Concerns over a devaluation in the mid-term have remained because everyone knows the current currency stability is
Continues on page 38
Inside Nigerian applicants to pay more as US imposes visa reciprocity fee P. 2