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First Bank Wins 32nd CBN All Nigerian Financial Institutions Cup

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The oldest bank in the country, First Bank Football Club of Lagos at the weekend defeated Securities and Exchange Commission (SEC) of Abuja 4-2 to win the 32nd edition of the Central Bank of Nigeria (CBN) All Nigeria Financial Institutions Football competition.

For winning the final match played at the Lekan Salami Stadium, Ibadan, First Bank too the giant trophy and the N2 million star prize, while SEC Abuja got N1.5 million and the runners-up trophy.

The final match, watched by stakeholders in Nigerian football, including some former internationals led by former midfield maestro, Mutiu Adepoju, ended 1-1 at regulation time before a penalty shootout was used to separate the two teams.

Speaking at the occasion, CBN Governor, Godwin Emefiele commended all the teams in this year’s exercise and stressed that the championship was one of the foremost and oldest corporate responsibility functions of the apex bank.

Emefiele, who was represented by the Controller of the CBN Ibadan branch, Mrs. Ajuwa Modojemu reiterated the apex bank’s commitment in making positive contributions towards the promotion and development of football in the country.

He lauded the increase in the number of financial institutions in this year’s competition and urged other institutions yet to register to do so immediately in order to be captured in next year’s edition of the championship.

Emefiele thanked the Oyo State government for making the Lekan Salami Stadium available for the final and the Nigeria Football Federation (NFF) for mobilizing the teams and ensuring a hitch free exercise.

In the third place match, Azabe Zinariya MFB FC trashed Balogun Fulani MFB 6-2 to win the third place match and the N1 million third place prize, while Balogun Fulani got N500, 000 for finishing fourth.

Nigerian News

IATA Inaugurates Turbulence Aware Data Resource To Forecast Turbulence

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IATA Inaugurates Turbulence Aware Data Resource To Forecast Turbulence

The ability of airlines to forecast and avoid turbulence would now be greatly enhanced as the International Air Transport Association, IATA, has inaugurated a turbulence aware data resource.

IATA said the system would pool and share turbulence date generated by participating airlines. The global body for airlines said before now, airlines had to depend on reports and weather advisories from pilots to offset the impact of turbulence.

IATA says the result would be the first global, real-time, detailed and objective information for pilots and operation’ professionals to manage turbulence.

It is expected that airlines operating in Nigeria would participate and benefit from this new system.

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Nigerian News

Oil Price Stability Buoys Nigeria’s Budget Benchmark

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Oil Price Stability Buoys Nigeria's Budget Benchmark

Nigerian budget benchmark appears buoyed by oil price stability as a result of cuts in production levels to which OPEC members have agreed.

The benchmark of sixty dollars was eroded by sustained drops in price. The high for the year was eighty-six dollars which dropped to about fifty-eight dollars last week.

It rebounded to sixty-two dollars per barrel last week, just as the federal executive council was to hold an emergency meeting on how the price drops would affect the Nigerian budget.

Opec countries had agreed to reduce daily production by eight hundred thousand barrels, while non-OPEC members decided to reduce production by four hundred thousand barrels per day.

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Business News

CBN And MTN Plan To Settle $8b Rift Out Of Court

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CBN And MTN Plan To Settle $8b Rift Out Of Court

It seems as though the Central Bank of Nigeria and telco giant, MTN, are trying to find ways of resolving the $8 billion rift between them. One of MTN’s lawyers is quoted as saying they are making moves toward an out-of-court settlement.

Meanwhile, counsels for both parties have secured another adjournment until late January.

Another $2 billion case involving MTN and the Nigerian attorney general’s office was adjourned as well last week until early January.  This case is related to alleged back taxes owed by MTN.  The telco giant has denied it owed the taxes.

The $8 billion case was a result of a charge against MTN for allegedly violating Nigeria’s extant laws.  In August, Central Bank of Nigeria sanctioned MTN Nigeria for allegedly using irregular certificates of capital importation to transfer $8.1 billion to South Africa on behalf of its offshore investors.

MTN is being asked to return the $8.1 billion to Nigeria.

Mtn group’s Nigerian operations account for one-third of its entire African market share.

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