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Tag Archives: business news

FG Considers $2.5bn Borrowing Via Eurobonds

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The Federal Government will consider raising $2.5bn through Eurobonds in the first quarter to refinance a portion of its domestic Treasury bill portfolio at lower cost, the Director-General, Debt Management Office, Patience Oniha, has said. According to Oniha, the issue is part of a $5.5bn fund raising programme approved by the National Assembly last year. The DMO director-general also told Reuters on Thursday that the ... Read More »

Keyamo Wants Probe Report On Suspended SEC DG Released

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Lawyer and human right activist, Festus Keyamo (SAN), has asked the Federal Government to release to the public the report of the investigation panel set up to probe the suspended Director-General of the Securities and Exchange Commission, Mounir Gwarzo. Keyamo made the request in a letter dated January 24, 2018, and addressed to the Administrative Panel of Inquiry, Minister of Finance, Acting Chairman of the ... Read More »

African Devt Bank Forecasts 2.1% GDP Growth for Nigeria in 2018

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Nigeria is in a good position for growth this year, so says the African Development Bank. In its economic outlook for 2018, AfDB says despite slow and difficult recovery from recession and paltry Gross Domestic Product growth in 2017, rising oil prices and output as well as growing agricultural performance stand Nigeria in good stead and place it well to grow in 2018. After recording ... Read More »

Presidency, Some Mdas Rejecting AGF Audit – Senate

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Nigeria Senate has alleged that the Presidency and Ministries and Parastatals were in violation of the provisions of constitution and extant laws by not submitting their audited reports to the office of the Auditor General for the Federation (AGF). The allegation was made by the chairman, Senate Committee on Public Account, Senator Mathew Urhogide, while briefing journali He said that the violation had been going ... Read More »

Nigeria, Saudi Record Biggest Increase In Oil Output

Crude-oil

Crude oil production in Nigeria rose by 88,700 barrels per day last month, the second biggest increase among its peers in the Organisation of Petroleum Exporting Countries. But the fresh threat by Niger Delta militants to attack some oil and gas facilities in the region may pose a risk to the nation’s oil production. OPEC, in its Monthly Oil Market Report for January released on ... Read More »

Nigeria Earns N284bn From Cashew Exports In Three Years

Between 2015 and 2017, Nigeria earned $813.05m (N284.5bn) in foreign exchange from the exportation of cashew. The President, National Cashew Association of Nigeria, Mr. Tola Fasheru, gave the figure in Abuja shortly after he led a delegation of the association to meet with the Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar. The NCAN president disclosed that the contribution of cashew to ... Read More »

PFAS Invest N224.7bn In Real Estate

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The Pension Fund Administrators have invested a total of N224.7bn of the increasing funds under the Contributory Pension Scheme in real estate. Latest figures obtained from the National Pension Commission indicate that this amount represents 3.03 per cent of the total N7.4tn assets under the management of the pension operators. The commission also stated that substantial funds had been invested in domestic and foreign ordinary ... Read More »

Power Distributors Owe Market Operator N165bn

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The total debt electricity distribution companies owe operator of the Nigerian electricity market, otherwise known as market operator, has risen to N165.21bn. Latest data obtained from the MO, an arm of the Transmission Company of Nigeria, showed that the debt or shortfall, in terms of stipulated remittances to the market, grew by N6.41bn between October and November last year. A report put together by the ... Read More »

No Apologies For Supporting Buhari’s Re-Election Bid- El-Rufai

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Governor Nasir El-Rufai of Kaduna State on Friday said northern governors were committed to President Muhammadu Buhari’s re-election bid and have no apologies for their stand. El-Rufai was speaking after seven state governors from the Northern part of the country met behind closed doors with President Buhari at the Presidential Villa, Abuja. All the governors were elected on the platform of the All Progressives Congress. The ... Read More »

Gas Supply To Power Plants Intact, Says NNPC

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The Nigerian National Petroleum Corporation on Friday said routine gas supply for power generation was not affected by the fresh fire incident that engulfed a segment of the Escravos-Lagos Pipeline System. Thursday’s incident came four days after the resumption of gas supply to six power plants – Egbin (Lagos), Omotosho I and II (Ondo), Olorunsogo I and II and Paras Energy (Ogun) – following the ... Read More »

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