BUSINESS

The Senate Public Accounts Committee has summoned a former managing director of the Federal Mortgage Bank of Nigeria, Mallam Gimba Kumo, to appear before it to explain the rationale behind the alleged irregular award of N3bn when he was at the helms of affairs of the bank. The Senate panel, currently scrutinising the 2015-2018 report of the Auditor-General for the Federation, took the decision following a query raised against the […]

Electricity generation in the country fell below the 4,000 megawatts mark on Sunday as 11 plants were idle, even as several others suffered declines in the output. Total power generation fell to 3,922.2MW as of 6am on Sunday from 4,394MW on Saturday, according to data obtained from the Nigerian Electricity System Operator. Eleven of the power plants on the national grid did not generate any megawatts of electricity as of […]

The Corporate Affairs Commission Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritizing the reduction of the registration circle for new companies to just three hours before the end of year 2021. Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki. […]

The Nigerian Stock Exchange All-Share Index and market capitalisation depreciated by 0.13 per cent to close the week at 38,866.39 and N20.33tn respectively. All other indices finished lower with the exception of NSE Premium, NSE MERI Growth, NSE Consumer nGoods, NSE Lotus II and NSE Growth Index which appreciated by 0.62 per cent, 0.28 per cent, 1.12 per cent, 1.11 per cent and 0.62 per cent while the NSE ASeM […]

THE Organisation of Petroleum Exporting Countries, OPEC, has predicted that the Non-OPEC oil supply will grow by one million barrels per day in 2021. Speaking at the International Monetary and Financial Committee Meeting via videoconference, OPEC Secretary General, Mohammad Barkindo, said the global economy and, consequently, the global oil market have started to emerge from the severe crisis, caused by the Coronavirus pandemic. He noted that in 2020, countries around […]

The Nigerian National Petroleum Corporation on Thursday announced plans to resume active oil exploration in Sokoto Basin. A statement issued in Abuja on Thursday by NNPC spokesperson, Kennie Obateru, said the corporation’s Group Managing Director, Mele Kyari, said exploration for crude would resume in the Sokoto Basin. The statement said Kyari disclosed this while receiving the Governor of Kebbi State, Atiku Bagudu, who paid him a courtesy visit in his […]

The Central Bank of Nigeria on Thursday said it got orders from the Federal High Court, Abuja division, to freeze 194 bank accounts belonging to firms and Bureaux de Change to enable it to conduct investigations into suspicious activities. The CBN disclosed this in three separate documents on its website. In one of the documents, the CBN said it got an order to freeze 60 bank accounts of Bluebeam Capital […]

Amid the continued smuggling of petroleum products out of the country to neighboring countries including Cameroun, the Nigeria Customs Service has said its restriction of fuel supply along borders is being opposed by communities and marketers. It was reported on March 29th that the supply of petrol by the Nigerian National Petroleum Corporation, which is the sole importer of the product into the country, had risen above the pre-COVID-19 levels, […]

The President of the World Bank Group, David Malpass has said the group is working actively in collaboration with the International Monetary Fund on the common framework that the G20 established for dealing with debt overhang and debt burdens.   He said this while responding to questions at the press conference at the 2021 spring meeting on Wednesday.   He noted that many of the middle-income countries had access problems […]