Business

The National Assembly has queried the Nigerian Communications Commission over a sharp increase in its proposed wage bill between for 2021. The parliament also criticised the hike in the financial provision for consultancy services. While the sum of N16.85bn was approved for NCC to pay salaries and allowances in the …

Owners of filling stations in Rivers State have been ordered to reduce fuel pump price by N5 from Monday, December 14, 2020. The directive was issued in Port Harcourt on Wednesday by the Rivers State Chairman, Petroleum Products Retail Outlets Owners Association of Nigeria, Francis Dimkpa. Dimpka while addressing journalists, …

The devaluation of the naira against global currencies will impact negatively on foreign currency loans and weaken capital base for the lenders, banking sector report has shown. The Afrinvest Banking Sector Report for 2020, which was released yesterday, said the capital base of the Nigerian banking sector has also come …

Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said Nigeria must return to the golden era age when the country produced goods and services to grow the economy. Specifically, Emefiele said the only way for the naira to catch up with other foreign currencies as was in …

House of Representatives Wednesday passed to second reading a bill to make electricity distribution companies, DISCOs, reimburse consumers who incur expenses in the acquisition of power equipment. The bill titled “A bill for an Act to Amend the Electric Power Sector Reforms Act to Provide for Electricity Distribution Companies to …

Mele Kyari The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, yesterday said that the withdrawal of over $21billion from the dividends account of the Nigeria Liquefied Natural Gas (NLNG) was not illegal. Kyari, who was represented by the Chief Financial Officer of the corporation, …

The Central Bank of Nigeria said on Monday that it had amended the procedures for receipt of diaspora remittances as part of its efforts to boost the foreign exchange market. It said this in a circular on entitled ‘Amendment to procedures for receipt of diaspora remittances,’ which was signed by …

India’s economy contracted 7.5 percent between July and September, performing the poorest among major advanced and emerging economies and entering a technical recession for the first time since independence, official data showed Friday. Although the figures were an improvement on the record 23.9-percent contraction recorded last quarter, they indicate that …

Governors of the North East on Thursday decried the allocation of N43.32 billion to the North-East Development Commission in the 2021 federal budget for the execution of capital projects in the entire region. They described it as a paltry sum in the face of a daunting infrastructural deficit confronting the …

The Supreme Court on Friday dismissed an application by an oil giant, Shell Petroleum Development Company, requesting a revisit of a January 11, 2019 judgment ordering it to pay N17bn to some Ogoni communities in Rivers State affected by an oil spill from the company in 1970. A five-man panel …