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FG not handing over Ajaokuta Steel to British firm – Minister

THE Minister of Mines and Steel Development, Olamilekan Adegbite, has refuted media reports on the rehabilitation of the Ajaokuta Steel Plant, saying that the Federal Government is not handing it over to a British firm. He further said that a Nigerian firm, which is a partner of a British firm, had offered to implement a […]

agencyreport
12th April 2022
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Why oil theft estimates are unrealistic- Navy

Banking Economy

Oil theft affecting govt finances, naira stability –MPC member

Massive oil theft, among other challenges, is affecting government finances and threatening naira stability. The Central Bank of Nigeria disclosed this in a report by a member of the Monetary Policy Committee, Prof. Mike Obadan, who dealt with the topic ‘Is derugulation the solution to the forex/exchange rate problem?’ Obadan, a professor of economics and […]

agencyreport
12th April 2022
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Electricity Energy

National grid collapsed twice to 10MW, 33MW last week – FG report

The collapse of Nigeria’s electricity grid actually occurred twice – on Friday and Saturday last week despite concerted efforts to stabilise the power system, a Federal Government report seen in Abuja on Monday showed. Data in the report, which was obtained from the Federal Ministry of Power, showed that the quantum of electricity on the […]

agencyreport
12th April 2022
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FG to end fuel subsidy in 2023 - Minister

Economy News

Over 5,000 debtors owe 10 FG agencies N4.67tn – Minister

The Federal Government has disclosed that over 5,000 debtors currently owe its agencies about N4.67tn. The Minister of Finance, Budget, and National Planning, Zainab Ahmed, who made the disclosure on Monday, said the government had in the past 18 months recovered N53.8bn out of the N5.2tn owed 10 ministries, departments and agencies. The minister made […]

agencyreport
12th April 2022
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Banking News

Aggrieved customers petition banks over N546bn wrong charges, others

No fewer than 2,256 depositors have lodged complaints on transactions totalling N368.9bn and $428.7m (N177.05bn) on their accounts against their banks with the Chartered Institute of Bankers of Nigeria. The institute, through its ethic and governance directorate, however, said it had been able to resolve 2,206 of the reported cases. It also said that total […]

agencyreport
11th April 2022
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Maritime News

‘Why NIMASA may not be blamed for gunboat disaster’

A former President of the National Association of Master Mariners, Captain Adewale Ishola, says the Nigerian Maritime Administration and Safety Agency may not be held responsible for the sinking of a gunboat recently. NIMASA/Barugu, one of the gunboats in the fleet of Global West Vessels Specialists, had recently sunk while being reportedly parked at the […]

agencyreport
11th April 2022
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Investment News

Firm restates commitment to tackling housing deficit

A real estate firm, the Address Homes, has restated its resolve towards tackling Nigeria’s housing deficit by providing affordable homes that meet the benchmark of modern real estate development. Chairman/CEO of the company, Mr Bisi Onasanya, stated this on Saturday during a media tour of some of the company’s construction projects in Lagos. Onasanya said […]

agencyreport
11th April 2022
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News

Insurance, pension operators urged to meet customers’ needs

Operators in the insurance and pension sectors have been urged to provide enhanced services to the customers and quickly resolve their complaints to ensure growth and confidence in the sectors. This statement was made during the sixth Businesstoday conference with the theme, ‘Prioritising excellent customer services in insurance and pension businesses’ in Lagos.’ The Managing […]

agencyreport
11th April 2022
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Electricity Energy News

Grid collapse: Group demands audit of power sector under Buhari

Civil rights advocacy group, Human Rights Writers Association of Nigeria, on Sunday, said it is disturbing that under the watch of the President, Major General Muhammadu Buhari (retd.), the national power grid is collapsing intermittently even after humongous investments. HURIWA, in a statement by its National Coordinator, Emmanuel Onwubiko, lamented that despite trillions of dollars […]

kayode
11th April 2022
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Electricity News

Blackout as national grid collapse third time in one month

The national electricity grid collapsed again on Friday evening, making it the third time the grid had collapsed within the space of one month. Some power distribution companies confirmed the development in separate messages on Friday evening. The Abuja Electricity Distribution Company stated that the collapse had resulted in power outage in its area of […]

agencyreport
9th April 2022
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58 Views

Agribusiness

FG begins dry season wheat harvest, targets 1,000MT

The Federal Government has commenced the harvesting of wheat from its first dry season wheat farm in Papa community, Nafada Local Government Area, Gombe State. It said about 1,000 metric tonnes of wheat would be harvested from the 200 hectares farm in the state to shore up the country’s wheat production and help ameliorate the […]

agencyreport
9th April 2022
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100% cashless economy possible in Nigeria - Emefiele

Banking

CBN, others partner to close infrastructure deficit, raise $37bn

The Governor, Central Bank of Nigeria, Godwin Emefiele, has said the Infrastructure Corporation of Nigeria is signing an agreement with some public and private sector partners to raise funds to close infrastructure deficit in the country. He spoke during an event on InfraCorp term sheet signing with independent asset managers in Lagos on Friday. The […]

agencyreport
9th April 2022
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36 Views

NNPCL targets four FIDs by 2025, posts N5.89tn

FCCPC unveils taskforce to combat counterfeit products nationwide

Mauritius firm to acquire 26% stake in Nigerian

UK regulator partner Nvidia to allow banks experiment

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