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  • Seven years needed for stable electricity – Leynes

    The Managing Director and Chief Executive Officer, Ibadan Electricity Distribution Company, Fortunato Leynes, has stepped down from his position and says it will take at least seven years for Nigerians to enjoy stable power supply. Leynes, who...

    • Posted March 4, 2015
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  • Oil price slump: NSIA rules out withdrawal from SWF

    The federal government is unlikely to make withdrawals from Nigeria’s Sovereign Wealth Fund (SWF), even as the price of crude oil declines. The Nigeria Sovereign Investment Authority (NSIA), set up in 2012, isn’t yet large enough to...

    • Posted March 4, 2015
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  • Chevron seeks to transfer disputed oil blocks to Seplat

    Contrary to the order by the Supreme Court that the parties in the case before the court in a suit involving Brittania-U Nigeria Limited and Chevron, Seplat Petroleum Development Company and others, on Oil Mining Leases (OMLs)...

    • Posted March 3, 2015
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  • Nigeria’s revenue shrinks by 28% amid oil price slump

    The sharp fall in oil prices in the last seven months has resulted in a 28.05 per cent drop in Nigeria’s revenue. The country’s gross receipts fell to a total of N3.676 trillion between July 2014 and...

    • Posted March 3, 2015
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  • Nigerian banks lose 24.5% of market value

    Tougher regulation and policies by the Central Bank of Nigeria, the devaluation of the naira and other economic headwinds have changed the fortunes of Deposit Money Banks in the country significantly, it has been gathered. The banks,...

    • Posted March 3, 2015
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  • New Shell MD, Okunbor steps in as Sunmonu bows out

    The new Managing Director for Shell Petroleum Development Company (SPDC), Mr. Osagie Okunbor, has assumed office, succeeding Mr. Mutiu Sunmonu who retired on Saturday after 36 years of service. Okunbor’s  appointment had been announced in January while...

    • Posted March 3, 2015
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  • Nigerian Bourse attracts N203bn investment in two months

    Investors staked N203 billion in shares on the Nigerian bourse in the first two months of  2015 despite the bear run that has hit the market since the beginning of the year.  When the market closed last...

    • Posted March 3, 2015
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  • Senate pledges to pass budget in two weeks

    The Chairman of the Senate Committee on Appropriation, Senator Ahmed Maccido, on Sunday said that the National Assembly would pass the 2015 appropriation bill within the next two weeks. He also said that the nation was not...

    • Posted March 3, 2015
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  • FIRS to boost tax compliance with electronic platforms

    The Federal Inland Revenue Service said it has deployed what it called e-filing service and e-tax pay solution under its Integrated Tax Administration System to operate a transparent and efficient tax system that optimises tax revenue collection...

    • Posted March 3, 2015
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  • Power: FG, firm to generate 500MW from coal

    The Federal Government has announced that it has entered into a partnership with an indigenous firm, One Nation Energy Limited, to generate 500 megawatts of electricity from coal. According to the government, the partnership will ensure the...

    • Posted March 3, 2015
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  • Remove subsidies on petroleum products – LCCI tells FG

    The Lagos Chamber of Commerce and Industry has called on the Federal Government to completely remove subsidies on petroleum products. While reacting to the outcome of the deliberations of the Senate on the 2015 draft budget, Medium...

    • Posted March 3, 2015
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  • NAICOM urged to conduct review of regulatory policies

    Insurance industry regulatory body, National Insurance Commission (NAICOM) has been advised to conduct a thorough re-examination of some of the recent regulatory steps it has taken to determine their effectiveness and ensure they are not counter-productive to...

    • Posted March 3, 2015
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  • NCAA may compel domestic carriers to install trackers

    The Nigerian Civil Aviation Authority is set to force domestic airlines to install adequate tracking devices on their airplanes. Investigation revealed that the decision was prompted by the disappearance of the Malaysia Airlines flight MH370, whose whereabouts...

    • Posted March 2, 2015
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  • Only 1% of Nigerians contribute to housing fund

    Less than one per cent of Nigerians are currently contributing to the National Housing Fund, the Managing Director, Federal Mortgage Bank of Nigeria, Mr. Gimba Kumo, has said. The NHF is a Federal Government’s scheme, which entitles...

    • Posted March 2, 2015
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