archiveOctober 2017

The Senate on Wednesday resolved to investigate allegation of illegal award of $25 billion contracts levelled against the Group Managing Director (GMD) of the Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru. The upper chamber said that the weighty allegation of malfeasance and shoddy dealings in the NNPC should not...

The United States Government on Wednesday released additional $17 million (N6.1 billion) for poverty reduction in Nigeria. The development assistance, which was announced by the U.S Agency for International Development (USAID) in Abuja, is to fulfil the goals outlined in its 2015 Development Objectives Assistance Agreement with the Government of...

The Central Bank of Nigeria (CBN) said on Wednesday it has recovered over N50 billion from banks in excess charges imposed on customers in the last three years. This amount, the CBN said has been returned to bank customers who suffered from these excessive charges. Speaking at the ongoing Abuja...

Guinness Nigeria’s 39.70 billion naira ($126m) share sale to existing shareholders was 116 per cent subscribed, the company said on Wednesday. The brewer, the local unit of the world’s leading spirit maker Diageo, said in a statement it sold five new shares from the company to shareholders for every 11...

The Nigerian Stock Exchange All Share Index (NSE ASI) opened the trading week on Tuesday in the negative territory as the Market Capitalization decreased by 0.38 per cent while the year-to-date return stood at 31.37 per cent as investors recorded a loss ofN46 billion. The All-Share Index closed at 35,306.09...

The Minister of State for Petroleum, Mr. Ibe Kachikwu, has allegedly reported the Group Managing Director of the NNPC, Maikanti Baru, to President Muhammadu Buhari, urging him to take urgent actions on matters ranging from alleged illegal practices to insubordination, Premium Times reports. Kachikwu said he found it pertinent to...

• As Senate considers scrapping of Post-UTME exams The House of Representatives has mandated its Committee on Tertiary Education and Services to investigate the circumstances surrounding the reduction of cut-off marks for admitting candidates into tertiary institutions. This followed a motion by Hassan Saleh (Benue-APC) on the “Need to Investigate...

The Senate on Tuesday drilled the Minister of Finance, Mrs Kemi Adeosun and her Budget and National Planning counterpart, Senator Udoma Udo udoma following what it called poor implementation and releases so far made out of the N7.4trillion in funding the 2017 budget. The Senators, who frowned at the poor...

In continuation of its efforts to sustain foreign exchange liquidity in the country, the Central Bank of Nigeria (CBN), on Tuesday, injected $195 million in the Inter-bank Foreign Exchange Market. Figures released by the Bank show that it offered the sum of $100 million to the wholesale segment, while the...

The Presidential Enabling Business Environment Council (PEBEC) has approved a second 60-day National Action Plan (NAP 2.0) to drive reforms aimed at making Nigeria an easier place to do business. The approval granted at a meeting presided over by Vice-President Yemi Osinbajo, at the Presidential Villa, Abuja, on Tuesday, has...