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FG Raises N6.69bn Through Savings Bond


In pursuit of the federal government’s objective of financial inclusion by attracting retail investors into the bond market, the government on Monday disclosed that it has raised a total of N6.69 billion through the monthly issuance of the Federal Government of Nigeria Savings Bond (FGNSB) since March this year. The amount raised since inception, according to a report, grew to N6.69 billion following the conclusion ... Read More »

AEDC Loses N500m To Vandalism

Idris IG Police

The Inspector-General of Police, Mr. Ibrahim Idris, said Abuja Electricity Distribution Company lost over N500 million to activities of vandals in Abuja, Nasarawa, Kogi and Niger from January to date. Idris made this known while inaugurating the Anti-Electricity Vandalism Response Squad on Tuesday in Abuja. He said that 233 cases of vandalism were recorded in the area during the period. He, however, said that over ... Read More »

FG Moves To Seize BVN-Less Accounts

BVN crowd

Justice Nnamdi Dimgba of the Federal High Court in Abuja has granted a request by Attorney General of the Federation, Abubakar Malami, for a temporary forfeiture of all funds held in bank accounts not linked to BVNs. Customers besiege banks as BVN registration deadlines expires Also to be forfeited are funds in accounts whose ownership could not be identified. The latter are accounts without sufficient ... Read More »

Nigeria’s Fixed Income Market Records N103 Trillion In 9 Months

The value of investments in the Nigerian fixed income market in the first nine months of 2017 is put at N102.88 trillion. That value will finance the country’s 2017 budget 14 times. Also, investments in the market have consistently outperformed the capital market, where long term instruments are traded. Data made available by the FMDQ OTC Securities Exchange showed that the Treasury Bills segment of ... Read More »

As World Seeks Alternative To Crude Oil, Nigeria Remains Fixated


With the EU and China unveiling plans to ban petrol vehicles in the foreseeable future, Ejiofor Alike reports on the pressure on Nigeria to adapt to the global shift towards electric vehicles and redeploy the resources earmarked for oil exploration, especially in the North, to the exploration of alternatives to fossil fuel The future of crude oil in the global energy dynamics has again been ... Read More »

FG To Spend N15bn On Solid Mineral Exploration


Nigeria plans to spend N15bn ($42m) next year to explore for solid minerals and attract investors into mining and reduce its dependence on oil, the Minister of Solid Minerals Development, Dr. Kayode Fayemi, has said. “Because we are starting from a low base, we want to have a portfolio of exploration activities in place that could whet the appetite of the average investor who wants ... Read More »

219 Retired Biafra Police Officers Get Pensions In Enugu


Forty-seven years after they were dismissed from service as a result of the Nigeria/Biafra Civil war, 219 retired war affected police officers from the South-east and South-south zone on Friday received their retirement benefits. Of the number, next of kin of 57 officers who had also not been paid their death benefits were equally paid. Speaking at the occasion of payment of pension benefits to retired war ... Read More »

Shell: 90 % Of Degradation In N’Delta Caused By Oil Theft, Sabotage


The Shell Petroleum Development Company (SPDC) says the degradation of the environment in the Niger is mainly due to spillages from the activities of crude oil thieves, sabotage of facilities, illegal refining and other third party interferences, rather than negligence by the company. Representatives of the oil multinational firm who spoke in Yenagoa, Bayelsa State, during the 2017 West Hub Integrated Stakeholders Engagement Forum for ... Read More »

Federal Government Targets N3.6 Trillion Investments In Oil, Gas Infrastructure


Federal Government has renewed its commitment to attract over $10 billion (N3.6 trillion) to the Niger Delta between 2017 and 2019 through investments in infrastructure. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who made the disclosure at the graduation ceremony of the Petroleum Training Institute (PTI), Delta State, noted that the use of equity and debt to finance the share of Nigerian ... Read More »

FG Gets $29 Billion From SPDC As NDDC Gulps $1.8b In Four Years


Oil giant- Shell Petroleum Development Company (SPDC) and its Joint Venture (JV) partners contributed $29 billion to the Nigerian government between 2012 and 2016. The company also said that it contributed $1.8 billion into the Niger Delta Development Company (NDDC) funds within the same period for the development of the oil-bearing communities in the Niger Delta region. It however, regretted that within these periods, it ... Read More »

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