All posts by BusinessNews Staff

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  FG inaugurates committee on national airline

  The Federal Government has inaugurated a 13-member committee to consult with international partners for the establishment of a national airline for Nigeria. The country’s national carrier, Nigeria Airways, was liquidated in May 2003 by former President Olusegun...

  • Posted August 26, 2015
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  NERC bars Discos from connecting new customers without meters

  The Nigerian Electricity Regulatory Commission (NERC) has placed an embargo on connection of new electricity consumers without adequate metering facilities by Distribution Companies (Discos). NERC said it opted to restrict the Discos to encourage adequate and prompt...

  • Posted August 26, 2015
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  Restructured loans to reduce states’ debt burden by 55%-97% – DMO

  The Director General, Debt Management Office (DMO), Mr. Abraham Nwankwo, monday said the recent restructuring of 11 state governments’ short-term bank loans into long-term Federal Government of Nigeria (FGN) Bonds would cut their monthly debt service burden...

  • Posted August 26, 2015
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  Oil price falls $10 below budget benchmark

  For the first time in six and a half years, the global oil benchmark Brent crude on Monday traded around $43 per barrel, $10 lower than Nigeria’s oil benchmark for this year’s budget. The further slide in...

  • Posted August 26, 2015
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  11 states to pay 14.83% interest on bond

  The Debt Management Office in Monday said that the 11 state governments whose commercial debts were recently restructured into bonds would pay an interest rate of 14.83 per cent of the value. The Director-General, DMO, Dr. Abraham...

  • Posted August 26, 2015
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  August salaries for federal workers may be delayed

  The inability of the Federal Government to convene the monthly Federation Accounts Allocation Committee meeting may delay the payment of August salaries for government workers. The meeting, which usually holds between 15th and 20th of every month,...

  • Posted August 26, 2015
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  NERC directs TCN to operate single account

  The Nigerian Electricity Regulatory Commission has directed the Transmission Company of Nigeria to maintain a single account for the payment of electricity funds. NERC’s directive came on Monday as a result of the latest threat by the...

  • Posted August 26, 2015
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  Mobil Oil chairman blames fuel tanker explosions on price regulation

  The Chairman and Managing Director of Mobil Oil Nigeria Plc, Mr. Tunji Oyebanji has attributed the increasing spate of fuel tanker explosions across the country with the attendant fire outbreak to the inability of oil marketing companies...

  • Posted August 26, 2015
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  CBN grants Fortis Microfinance bank National licence

  The Chairman, Fortis Micro Finance Bank Plc., Mr Felix Achibiri, has said that the Central Bank of Nigeria (CBN) has granted the bank a national microfinance licence. Achibiri made the disclosure at the 2nd Annual General Meeting...

  • Posted August 25, 2015
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  E-fraud: CBN urges banks to punish offenders

  The Central Bank of Nigeria says the passage of the Cybercrime Prohibition and Prevention Act has given Deposit Money Banks and other financial institutions legal backing to punish perpetrators of electronic fraud especially in the financial services...

  • Posted August 25, 2015
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