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Immigration Lawyer Nigeria > Journal (Page 4)

GOODWILL MESSAGE TO ALL WOMEN ON THE OCCASION OF THE INTERNATIONAL WOMEN’S DAY CELEBRATION 2018

PRINCE JOEL AND ASSOCIATES felicitates with and congratulates all women on this august occasion of the celebration of International Women’s Day, 2018. We are excited that a day, albeit insufficient, is set aside annually to celebrate the strength and beauty of women, the world over. We are even more excited that, as the years go by, the world has increasingly accorded recognition to women in various spheres of life and has continued to recognise why women matter in society and why they should be afforded equal opportunities for self-expression, development and accomplishment. It is quite instructive that the theme of this...

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CENTRAL BANK OF NIGERIA (CBN) MOVES TO SUSTAIN LIQUIDITY AND MAINTAIN STABILITY IN THE FOREX MARKET

In its desire to ensure the availability of forex and also meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) has injected the sum of $210million into the inter-bank Foreign Exchange Market. Figures obtained from the Bank on the 6th of February, 2018 indicated that the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated...

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NIGERIAN GOVERNMENT ANNOUNCES PLANNED ESTABLISHMENT OF A NEW AIRLINE:

On the 23rd of August 1958, an airline came into being under the name West African Airways Corporation Nigeria Limited (WAAC Nigeria), also known as Nigerian Airways, to succeed the folded West African Airways Corporation (WAAC); the title “WAAC” was retained due to the prestige this company had previously earned. Initially, the carrier was a tripartite entity in which the Nigerian government was the major shareholder (51%), and Elder Dempster Lines and BOAC held the balance of (32⅔ and 16⅓, respectively). WAAC Nigeria inherited some aircraft previously owned by WAAC. Operations started on the 1st of October 1958, with a BOAC Stratocruiser operated on behalf of...

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ATTRACTION OF FOREIGN DIRECT INVESTMENT (FDI), FG TO INVEST N1.3 TRILLION ANNUALLY ON INFRASTRUCTURE.

The Federal Government of Nigeria says it will continue to invest about N1.3 trillion annually on capital projects to bridge the infrastructure gap in order to attract foreign investors to the country. Minister of Finance, Kemi Adeosun, said this in Abuja when a consortium of 20 international investors led by a former Minister of Finance, Shamsudeen Usman, paid her a courtesy visit. According to Adeosun: “government invested about N1.3 trillion on capital projects in the year (2016) to develop roads, rail, power, housing and all the infrastructure government thinks would be needed to unlock this huge economy,” the Minister said. “Hopefully, the figure would...

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DIRECTIVE ON FOREX REPATRIATION, CENTRAL BANK OF NIGERIA SET TO UNLEASH SANCTION ON NON-COMPLIANT EXPORTERS.

The Central Bank of Nigeria (CBN)-backed Bankers’ Committee on 6th February announced the commencement of sanctions against exporters who fail to repatriate foreign exchange (forex) proceeds from their business into the economy. The sanctions will be implemented by the apex bank. Addressing financial journalists at the end of the Bankers’ Committee meeting in Lagos, Citibank of Nigeria Managing Director/CEO Akin Dawodu spoke on a provision in the Central Bank of Nigeria (CBN) Foreign Exchange Manual that mandates all exporters to repatriate export proceeds back to the country to support the local currency and the economy. There is a 90-day grace period during...

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