NSE Market Capitalisation Depreciates By N75bn

The market capitalisation of the Nigerian Stock Exchange (NSE) depreciated by N75 billion or 0.56 per cent on Monday as major stocks recorded price loss. The News Agency of Nigerian (NAN) reports that the market capitalisation closed lower at N13.289 trillion from the N13.364 trillion recorded on Jan. 17. The[Read More…]

No Cause For Alarm! NNPC Must Account For Missing $10.8 bn, NOI Assures Nigerians

The Co-ordinating minister of the economy and finance minister, Dr Mrs Ngozi Okonjo Iweala at a session with the South South professionals on Sunday revealed that her job is to make sure every money owned by the Federal Government of Nigeria goes into the Federation account. She also revealed that[Read More…]

Chuba Ezekwesili: The Economic Effect Of ‘I-No-Get-Change’

As I boarded a bus to work last week, the driver announced that he didn’t have any change for anyone with N500 and more, so he expected everyone had the right amount: N50. The woman beside me promptly got up and left the bus. I presume she didn’t have any[Read More…]

Abuja Disco Promise Niger, Nasarawa, Kogi & FCT Residents Improved Power Supply

NAN The Abuja Electricity Distribution Company says it has started the implementation of some strategic plans aimed at boosting power supply to Niger, Nasarawa, Kogi and the Federal Capital Territory. The company, in a statement issued and circulated among media houses in Lokoja on Sunday, said that the objective was[Read More…]

Governor Yero Budgets N3.5bn For Education

NAN Zaria (Kaduna) – Gov. Muktar Yero of Kaduna State on Saturday said the state government had earmarked N3.5 billion to develop the education sector in 2014. Yero said this at the 2013 Annual General Meeting of Barewa Old Boys Association (BOBA) at Barewa College in Zaria, Kaduna State. Represented[Read More…]

Oil Revenue Drops To N479.9bn In December As FG, states, LGs Share N581.4bn

By James Emejo Following serious disruptions in crude oil production and lifting operations including vandalism of pipelines, maintenance and the Force Majeure declared at Bonny Terminal, monthly gross oil revenue dropped by N117. 802 billion to N479.950 billion in December compared to N597.752 billion the previous month. Notwithstanding, a total[Read More…]

Drogba Paid $74 Million To Acquire Stakes In Ivorian Gold Mine

News Reports have it that Ivorian and Galatasary FC of Turkey Striker, Didier Drogba has acquired a five per cent stake in the country’s largest gold mining company. The Big Ivorian reportedly paid a whopping $74 million to acquire part of the state’s holding in the company. This sale is[Read More…]

Kebbi Govt. Sets Up Task Force To Recover N7.1bn Unpaid Tax

NAN The Kebbi Government on Tuesday said it had constituted a Task Force to recover a N7.1 billion tax owed it by state and federal workers, individuals, parastatals and companies. The Solicitor-General of the state, Alhaji Aminu Usman, told newsmen in Birnin Kebbi that local government staff owed N2.5 billion[Read More…]

FG Pays Former Power Holding Company of Nigeria staff N361bn

The Bureau of Public Enterprises, BPE, said, saturday, that 43, 375 former staff of the Power Holding Company of Nigeria, PHCN, have been verified and paid their terminal benefits totaling N361,024,432,338.48. Mr. Chigbo Anichebe, said, in a statement in Abuja, that their gratuity and pension entitlements were paid into their[Read More…]

NNPC Breaks Down Expenditure Of $10.8bn Oil Revenue

Nigerian National Petroleum Corporation, (NNPC) through its management, yesterday, explained how it spent $10.8 billion which is the remnant of the much talked about un-remitted $48.9 billion oil revenue. The Corporation used the sum for subsidy on PMS (Petrol), repairs of vandalised pipelines and products/crude oil losses and maintenance of[Read More…]