President and founder of the Dangote Foundation, Aliko Dangote (photo), has earmarked N200 billion ($547.7million) for the establishment of a world-class university in Abuja, Nigeria. This was revealed by the Chief Executive Officer, CEO of the foundation, Zouera Yousouffou. She added that land has been purchased for the project. According to former Executive Secretary of the National...

Nigerian President, Muhammadu Buhari (photo), has signed a number of bilateral agreements with some countries, including the United Arab Emirates (UAE), to intensify the fight against corruption in his country. Signed in Abuja, the agreements include Mutual legal assistance in criminal matters, Mutual legal assistance in commercial matters, Transfer of sentenced persons and an Extradition...

Nigeria raised N56.05 billion ($179 million) through a bond auction on Wednesday, below the amount on offer. This is because domestic pension funds and insurance companies reduced their orders due to low yields, traders told Reuters on Thursday. “Pension funds and insurance firms cut back their demand ... because of expectations of higher yields,” a dealer said, adding that the two sectors,...

The European Union (EU) is collaborating with Nigerian authorities to improve the quality of some products which have been banned for export as they fail to meet European standards. These items include beans and some fish products. According to the Head of Cooperation, EU Delegation to Nigeria & ECOWAS, Kurt Cornelis (photo), although the products were desirable, the EU needed to protect its...

Indigenous fuel distributor, Nipco Plc, has acquired an additional 3.23% stake in fuel retailer, 11 Plc, (formerly Mobil Oil Nigeria), for $16 million. This brings Nipco’s total stake in the latter, to 70%. The current development comes after Nipco launched, last June, the offer for the 3.23% stake it needed to get 70% of 11 Plc. to take over the firm, in accordance with Nigerian...

Mauritius’ tourism earnings should grow by 5.2% this year with a greater number of tourist arrivals, the country’s statistics office revealed on August 24. Tourism revenues this year are expected to reach 58.8 billion rupees ($1.78 billion) against 55.9 billion rupees last year. An expectation which is slightly above an initial forecast of 58 billion rupees. Tourism, it should be...

Land Policy Initiative (LPI), in partnership with the International Fund for Agricultural Development (IFAD) and the European Union (EU), have launched in the Democratic Republic of Congo (DRC) a pilot project to mainstream land governance challenges in agriculture. This took place at a workshop co-organized by LPI and the DRC’s government. “The pilot project will help the country mainstream...

MX Oil Plc has on Thursday announced the Aje-5 well, located within OML 113 in Nigeria, has resumed oil production with oil lifting having taken place in July. According to the company, the well recommenced production following a period of limited output caused by mechanical problems. It should be recalled that Panoro Energy, a partner on the field, announced in its third quarter 2016 financial...

The Ministry of Petroleum has on Thursday launched the Nigerian Content Development Fund (NCDF) with an initial value of $200 million to support local oil and gas firms. This is in line with efforts by the government to improve access to low-cost credit across the economy. According to the Minister of State for Petroleum, Emmanuel Kachikwu (photo), the fund would provide finance to energy...

The Russia Federation has agreed to partner with Nigeria to intensify the fight against terrorism in Nigeria and the Lake Chad basin region. The agreement was reached on Wednesday during a meeting between Russian Defence Minister, General Sergei Shoigu, and Nigeria’s Defence Minister, Mansur Dan-Ali, in Moscow. According to Tukur Gusau, the Public Relations Officer to the Nigerian Minister of...