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Tag Archives: business

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 »

‘Price For Petrol Drops, Kerosene Increases’


The average price paid by consumers for Premium Motor Spirit (petrol) dropped by 1.2 per cent year-on-year, the Nigeria Bureau of Statistics (NBS), has said According to a report on the NBS website, the Bureau also listed states with the highest and lowest average price of petrol in comparison with the approved government price of N145. “The average price paid by consumers for PMS decreased ... Read More »

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 »

Government Proposes Model To End Estimated Electricity Billing in Three Years


The Federal Government has initiated a business model to end estimated billing for every electricity customers in the next three years. The proposed business model provides for the licensing of Meter Services Providers (MSP) by the Commission who would, on a competitive basis, provide for the financing, procurement, installation, maintenance and replacement of electronic prepaid meters for end-users of electricity. This was contained in a ... Read More »

20 Companies Set For Commissioning In Ogun-Ashiru


The industrialization drive of the Senator Ibikunle Amosun- led administration has continued to elicit interest from investors as 20 new industries are set for commissioning in addition to the existing 120 firms that have opened shop in the State.   This was according to the State Commissioner for Commerce and Industry, Otunba Bimbo Ashiru , while playing host to the State House of Assembly Committee ... Read More »

Amosun Boosts Agric Production With Another 10 Farm Machines

amosun commission bulldozar

Ogun State Governor, Senator Ibikunle Amosun has commissioned another set of bulldozers just as he has pledged that his administration would continue to increase the fleet at regular intervals. The commissioning of the new set of ten bulldozers brought the number of bulldozers purchased by the administration in recent times to 20. While commissioning the machines at the Arcade Ground, Oke-Mosan, Abeokuta, Amosun said the ... Read More »

NSE’s Market Capitalisation Plummets By N19 Billion


Transactions on the floor of the Nigerian Stock Exchange closed on a downward note yesterday, as major highly capitalized stocks depreciated in price causing market capitalization to plunge by N19 billion.Yesterday, the All -share index (ASI) shed 55.33 points, representing a decline of 0.15 per cent to close at 36,776.60 points from 36,831.93 posted on Monday.Similarly, the market capitalisation shed N19 billion, to close at ... Read More »

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