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All posts by David Abellegah

  • Nigeria foreign reserves hit $44.6bn mark

    Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala disclosed yesterday that Nigeria’s foreign reserve has reached $44.6 billion benchmark. She disclosed this during the 31st Meeting of the Convergence Council of Ministers and...

    • Posted January 19, 2013
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  • Corporate Governance: FG swears in committee on new code

    The Federal Government is advocating for new laws that will steer corporate governance in the country towards an enviable state. Section 119 (c) of the Financial Reporting Council of Nigeria, Act No.6 of 2011 backs the move...

    • Posted January 18, 2013
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  • FG lands $3bn Agriculture financing agreement with USAID

    The Federal Government and United States Agency for International Development (USAID) yesterday agreed on a $3bn agriculture financing. The agreement was for USAID to extend its financing role to the agricultural sector, in order to boost the...

    • Posted January 18, 2013
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  • Osun to spend N100m on introduction of standardised weights and measures

    The Osun State government has budgeted over N100million for its planned uniformed scales scheme. Presenting the report titled “Introduction of standardised weights and measures,” it was revealed that the state government would use N100million as take off...

    • Posted January 17, 2013
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  • Pipeline vandalism: NNPC loses N190bn

    In a span of two years, between 2011 and 2012 The Nigerian National Petroleum Corporation (NNPC) has lost about N190bn to pipeline vandals. This was disclosed by the Spokesman for PPMC, Mr. Nasir Imodagbe, who said at...

    • Posted January 17, 2013
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  • Telecoms to assess nationwide damage on BTS caused by terrorists and flood

    Telecommunication firms in the country have commenced a nationwide damage assessment on base transmission stations (BTS). It was gathered that at the end of the assessment, they would call on the Federal Government to compensate them because...

    • Posted January 17, 2013
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  • House suspends NNPC’s $1.5b loan proposal, orders investigation

    Lawmakers yesterday ordered the Nigerian National Petroleum Corporation (NNPC) to suspend all plans to take the controversial, yet proposed $1.5bn loan. The officials of the NNPC proposed to obtain a $1.5bn loan to pay off its debts...

    • Posted January 17, 2013
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  • Cashless economy: CBN urges banks to use PCI-DSS

    The Central Bank of Nigeria (CBN) is to follow up on its directive to banks on the use of Payment Card Industry-Data Security Standard (PCI-DSS). The scheme was designed to protect cardholders’ debit, and cash card transactions;...

    • Posted January 16, 2013
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  • Fashola to revoke Obafemi Awolowo road project over slow execution

    Lagos State Governor Babatunde Fashola yesterday said he would revoke the contract for the construction of Obafemi Awolowo road project in Ikorodu Local Government, following extreme delays in the construction of the road. Governor Fashola disclosed this...

    • Posted January 16, 2013
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  • Former Governor Ikedi Ohakim misappropriated N62bn – Okorocha

    Imo State Government has alleged that the former state Governor Ikedi Ohakim embezzled about N62bn during his term in office. The allegations were contained in a report presented to the present Governor, Rochas Okorocha yesterday by a...

    • Posted January 16, 2013
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