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N30tn Probe: Indicted Banks, Firms Return N140bn


The Senate Joint Committee on Customs, Excise and Tariffs; and Marine Transport on Wednesday claimed that it had recovered over N140bn from banks and companies following its probe into the alleged loss of N30tn in Nigeria’s import and export value chain. It said the recovered funds had been deposited with the Central Bank of Nigeria. This was contained in an interim report by the panel, ... Read More »

House Probes TCN’s $1.5bn, $500m Foreign Loans

Nigerian House of Representatives

The House of Representatives has queried loans totalling $1.5bn taken from foreign creditors by the Transmission Company of Nigeria. This is in spite of a separate $500m loan, which the power firm is already negotiating with the Islamic Development Bank. The House resolved on Wednesday to investigate the operations of the TCN in the past 10 years, especially the loans, which it said were taken ... Read More »

We’re On The Same Page With FG On Borrowing – W’Bank

World Bank president Jim Yong Kim

The World Bank says it is not in disagreement with the Federal Government on the need to borrow to finance infrastructure. In a letter to the Minister of Finance, Mrs. Kemi Adeosun, in Abuja on Wednesday, the World Bank Country Director for Nigeria, Mr. Rachid Benmessaoud, said the bank had commended the Federal Government for efforts to rebalance the nation’s debt portfolio, according to a ... Read More »

NNPC Stores Two Billion Litres Of Petrol For End-Of-Year Movement


The Nigerian National Petroleum Corporation on Tuesday announced that it had stored over two billion litres of Premium Motor Spirit, also known as petrol, to ensure a hitch-free end-of-year movement of motorists. It said the end-of-year period had been hitherto characterised by scarcity of fuel due to supply and demand disequilibrium. Speaking after his investiture as a special marshal by the Federal Road Safety Corps, ... Read More »

BREAKING NEWS… SEC Suspends Trading In Oando’s Shares Over Alleged Financial Mismanagement, Insider Trading


The Securities & Exchange Commission (SEC) yesterday directed the Nigerian Stock Exchange (NSE) to place the shares of Oando Plc be placed on a full suspension for 48 hours, effective Wednesday, and technical suspension from Friday, October 20. The suspension, according to SEC, is to enable it conduct a forensic audit into the affairs of Oando Plc following two petitions from Alhaji Dahiru Barau Mangal and ... Read More »

World Bank Laments Lack of Progress In Tackling Poverty


The World Bank has lamented the lack of progress since the 1960s in an area that is crucial for reducing poverty and inequality and promoting growth in the world. The Bretton Woods institution, which raised the alarm on Tuesday while marking the 25th anniversary of the International Day to Eradicate Poverty, noted that the social status of one’s parents is as influential today as it ... Read More »

CBN Maintains Market Liquidity With $195 Million


The Central Bank of Nigeria (CBN) on Monday injected a fresh $195 million into the interbank foreign exchange market, as part of its continued bid to maintain liquidity in the market. Figures released by the bank show that it offered a total sum of $100 million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The ... Read More »

NLNG Demands $315m Judgement Debt From NIMASA


The Nigeria LNG Limited, on Monday, said it had formally issued a demand notice for $315,598,823.29 judgment debt to the Nigerian Maritime Administration and Safety Agency. The NLNG said in a statement that the sum represented the payments it made under protest to the agency since 2013, as well as direct and shipping losses it incurred due to the initial two-day blockade of the Bonny ... Read More »

How Can Anyone Go To Bed, Sleep Soundly When Workers Have Not Been Paid – Buhari


President Muhammadu Buhari on Tuesday expressed concern on the growing complaints and agitations by workers in states over unpaid salaries and allowances, in spite of interventions by the Federal Government. The President made his feelings known when he received a group of governors led by the Chairman of the Nigerian Governors’ Forum, Abdul’Aziz Yari, at the State House, Abuja. The Federal government had on May ... Read More »

CBN Pumps $306 Million Into Forex Market


Players in the retail segment of the Nigerian interbank foreign exchange (forex) market received a $306.3 million boost from the Central Bank of Nigeria (CBN) on Friday, following bids received from forex dealers by the Bank. This is just as the naira appreciated by 21 kobo week-on-week to close at N360.43 kobo on the NAFEX. The central bank on Friday indicated that the deals in the retail window represent requests ... Read More »

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