NNPC Suffers N3.115tr Deficit Due To FG Agencies Not Remitting N1.695tr IGR

The Senate ad-hoc committee probing misuse and under remittance of Internally Generated Revenue (IGR) has uncovered over N1.695 trillion unremitted by Federal Government agencies. The committee is also investigating other fraudulent activities in collection, accounting, remittance and expenditure of IGR. The nine-member committee headed by Senator Olamilekan Solomon Adeola, in its interim report submitted to […]

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CBN Pumps $195m Into Forex Market

Also, supporting the naira is the newly introduced Investor/Exporter Forex window which has attracted $2.5 billion from foreign investors since April 24, when it was introduced. Analysts said the introduction of a new foreign exchange window for investors and exporters targeted at increasing forex supply in the market and allowing the timely settlement of transactions […]

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Dangote Promises That His Oil & Gas Investment Will Transform The Economy

Dangote Group’s investment in oil and gas will transform the economy from a single commodity market to a sustainable diversified economy, Chief Executive Aliko Dangote has said. His mission is to reverse Nigeria’s import-dependency to self-sufficiency in commodities it has spent its earnings to import, the frontline businessman said. Dangote told a forum of international […]

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Chevron Under Threat By Tompolo’s Kinsmen

Graduates from Egbema and Gbaramatu Kingdoms, the hometown of ex-militant leader, Chief Government Ekpemupolo alias Tompolo, in Delta State, have threatened to shut down the operations of Chevron Nigeria Limited in the area if it fails to convert its graduate operator/maintenance trainees into permanent workers within 48 hours. The graduates, under the aegis of KOMBOT-Egbema […]

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25 Million Barrels Of Crude Were Lost In March

No fewer than 25 million barrels of crude oil were shut-in at four production terminals within one month as a result of various challenges at the terminals. Specifically, the Forcados, Qua Iboe, Bonny and Bonga oil production terminals shut-in millions of crude in March 2017 due to challenges like force majeure, poor pipeline integrity, leaks […]

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Naira Continues To Appreciate Against Dollar

The Naira has continued to appreciate against the dollar at the parallel market. The Nigerian currency on Tuesday afternoon traded at N420 (buying rate) and N430 (selling rate), while the Pound Sterling and the Euro closed at N530 and N450 respectively. Trading on the floor of the Bureau De Change (BDC) showed that the Naira […]

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