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FG Owes Power Firms N213bn – Electricity Firms

Chief Executive Officers of the Electricity Generation Companies of Nigeria, on Friday, appealed to the National Assembly to assist them in ensuring the payment of N213bn which the various Ministries, Departments and Agencies of the Federal Government are owing them. The leader of the group, Mr. Mohammed Daudu, made the ...

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Oil Crash: Angola Overtakes Nigeria In Crude Oil Production

As the crash in crude continues to hit hard on the country’s economy, Angola is now the number one oil producing nation in Africa, taking over the position of Nigeria. In its latest monthly report, the Organisation of Petroleum Exporting Countries, OPEC, said Nigeria’s oil production fell by 67,000 barrels per ...

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States Borrowed N13.1tn From Banks In 2015 – NBS

The National Bureau of Statistics on Wednesday stated that the 36 states of the federation and the Federal Capital Territory got a total credit of N13.1xtn from banks in the 2015 fiscal period. The bureau, in its states’ bank credit and deposit statistics, stated that within the period, a total ...

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War Against Piracy: EU To Invest 20m Euros In Gulf Of Guinea

Efforts to curb the activities of pirates who have in the past months held sway at the dreaded Gulf of Guinea, may have received a boost during the week following the offer of the European Union (EU) to invest over 20 million Euros in fighting the seaborne crime.   The ...

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EFCC Arraigns Ex-NIMASA Chiefs Jauro, Obi For Alleged Theft

The Economic and Financial Crimes Commission (EFCC) Tuesday arraigned former Acting Directors-General of the Nigeria Maritime Administration and Safety Agency (NIMASA), Calistus Obi and Haruna Jauro at the Federal High Court in Lagos for alleged theft of N682.9 million. Curiously, the two accused persons had hotly contested for the NIMASA ...

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NIMASA Pushes For Early Passage Of Anti Piracy Law

kDirector General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has expressed the Agency’s desire to work with other stakeholders and expedite action on the passage of the Anti-Piracy and Other related Crimes at Sea into law. The DG who stated this at a 4-day workshop ...

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Customs Blame N230bn Revenue Shortfall On Cbn Forex Policy

The Nigeria Customs Service (NCS) said that the current foreign exchange restriction policy of the Central Bank of Nigeria (CBN), has resulted in a staggering N230bn shortfall in anticipated revenue, in the last quarter of 2015. The Comptroller General of Customs, retired Col. Hameed Ali confirmed this at the end of his ...

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Adeosun Sets Out Plan To Restructure Economy

The minister of Finance, Kemi Adeosun, has set out the government’s plan to reset Nigeria’s economy with structured borrowing, targeted investment and diversified growth. Speaking to some of the country’s most influential captains of industry, in Lagos at the Lagos Business School breakfast meeting, the inister told the audience: “We ...

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Nigeria And China Sign $23bn Deal For Three Refineries

The Nigeria National Petroleum Corporation (NNPC) and China State Construction Engineering Corporation (CSCEC) , Sunday signed a $23bn (£16bn; 18bn euros) deal to build 3 new refineries and a petrochemical complex in Nigeria. The project is expected to  add 750,000 barrels per day of extra refining capacity as  the NNPC hopes ...

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Economic Diversification: CBN Will Invest To Create Jobs, Wealth — Emefiele

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has assured genuine investors of cooperation and support toward self-sufficiency in local production of essential goods and the economic diversification drive. The assurance is contained in a statement made available to newsmen on Sunday in Abuja by the bank’s Acting ...

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