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Ibori loot: UK renews bid to seize £117m

Ibori loot: UK renews bid

Ibori loot: UK renews bid to seize £117m: A British prosecutor on Thursday launched a fresh attempt to confiscate millions of pounds stolen by a former governor of Delta State, James Ibori, who was convicted of money laundering and graft in Britain. About £117m known proceeds of crime is being …

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Investors lobby PFAs as pension assets hit N9.8tn

Investors lobby PFAs as pension assets hit N9.8tn

Investors lobby PFAs as pension assets hit N9.8tn: The total assets under the Contributory Pension Scheme rose to N9.8tn as of the end of November 2019. Latest figures released by the National Pension Commission on Thursday revealed that N7.08tn or 70.88 per cent of the assets had been invested in …

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Govt plans petrol alternative, to crash price

Govt plans petrol alternative, to crash price

Govt plans petrol alternative, to crash price: The Federal Government on Thursday said it would crash the price of petrol by providing Compressed Natural Gas as an alternative source of fuel for vehicles nationwide. The CNG is a fuel that can be used in the place of Premium Motor Spirit, …

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Petrol subsidy averages N45.87/litre as oil prices fall

Petrol subsidy averages N45.87/litre as oil prices fall

Petrol subsidy averages N45.87/litre as oil prices fall: The Federal Government currently incurs an average of N45.87 as subsidy on every litre of petrol consumed in Nigeria, as industry data obtained on Wednesday showed decline in global crude oil prices. According to figures from the Petroleum Products Pricing Regulatory Agency, …

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Monthly foreign exchange inflow rose to $9.84bn –CBN

Monthly foreign exchange inflow rose to $9.84bn –CBN

Monthly foreign exchange inflow rose to $9.84bn –CBN: Aggregate foreign exchange inflow into the economy amounted to $9.84bn in November 2019, showing an increase of 7.5 per cent above the level at the end of the preceding month. The Central Bank of Nigeria disclosed in its 2019 November economic report …

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Nigeria’s daily oil production plunges to 1.57m barrels

Nigeria’s daily oil production plunges to 1.57m barrels

Nigeria’s daily oil production plunges to 1.57m barrels: Nigeria’s crude oil production fell to a record low of 1.57 million barrels per day last month, the Organisation of Petroleum Exporting Countries has said. The producer group said in its monthly oil market report published on Wednesday that the country’s oil …

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NDDC awarded over N1tn fraudulent contracts – ED

NDDC awarded over N1tn fraudulent contracts – ED: The Interim Management Committee of the Niger Delta Development Commission on Wednesday disclosed how the agency awarded spurious contracts in the past three years to the tune of over N1tn without being backed by the commission’s budget. Acting Executive Director, Projects, and …

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VAT increase, an anti-people policy –TUC

VAT increase, an anti-people policy –TUC

VAT increase, an anti-people policy –TUC: The Trade Union Congress of Nigeria on Tuesday described the hike in the Value Added Tax from five per cent to 7.5 per cent as an anti-people policy put in place to deliberately stifle businesses in Nigeria. A statement signed by the union’s President, …

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Reverse telecoms RoW charge increase, FG tells states

Reverse telecoms RoW charge increase, FG tells states

Reverse telecoms RoW charge increase, FG tells states: The Federal Government has faulted the hike of Right of Way charges by some state governments. RoW charges refer to fees paid by telecommunications operators to the government for the permission to install some of their infrastructure. The National Economic Council, comprising …

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