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By Rahma O.Oladosu The Federal Government recently revealed its intention to commence crude oil tracking in the country. It is rather curious but true! It goes to show that since the discovery of crude oil in Nigeria in over 50 years ago, no appropriate system or mechanism has been on ground to track and account […]

Nigeria Deposit Insurance Corporation (NDIC) on Thursday warned strongly against the current trend of digital currencies, especially Bitcoins, stressing that they were yet to be approved by Nigerian regulators. The Chief Executive Officer, NDIC, Alhaji. Umaru Ibrahim gave the warning in Lagos, in an address at the ongoing Lagos International Trade Fair. Represented by the […]

Financial Africa Losing $80bn Annually to Illicit Financial Flows Yusuf Issah – June 6, 2017 The Chair, International Anti-Corruption Conference Council, Akere Muna,has stated that Africa was losing between $50bn and $80bn annually through illicit financial outflows. Muna disclosed this…

The Senate Leader, Ahmed Lawan, on Thursday expressed the hope that the 2017 Appropriation Bill will be ready for the signature of President Muhammadu Buhari by next week despite the hitches being experienced on the passage of the document at the National Assembly. Lawan disclosed this in an interview with State House correspondents after he […]

The Nigerian National Petroleum Corporation has reduced its importation of Premium Motor Spirit, popularly known as petrol, from about 95 per cent to 50 per cent, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. According to Kachikwu, the reduction has paved the way for massive investments in the downstream oil sector, […]

There was confusion on Saturday over the seized N13bn cash found in an apartment in Ikoyi, Lagos, which was discovered by the Economic and Financial Crimes Commission. The seizure is the subject of an ongoing investigation being conducted by Vice-President Yemi Osinbajo; the Attorney General of the Federation, Abubakar Malami (SAN); and the National Security […]

Tomorrow’s May Day celebration would be incomplete if the Federal Government fails to make major pronouncements that would lead to a new minimum wage for Nigerian workers, so says the Deputy President of the Nigeria Labour Congress (NLC), Peters Adeyemi. Adeyemi, in an interview with The Guardian, yesterday, in Abuja, said while marking the Workers’ […]

Naira against dollar The naira closed flat at 485 against the United States dollar at the parallel market on Wednesday, three trading days after the local currency fell against the greenback to the current level. The naira has been under persistent pressure both at the official and parallel foreign exchange markets owing to the acute […]

Nine months after it lost Africa’s top oil producer status to Angola, Nigeria has seen its crude oil production surpass that of the southern African country, data from the Organisation of Petroleum Exporting Countries have shown. Nigeria had in March lost the top spot to Angola when the country’s production dropped to 1.677 million barrels […]Read More

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, will give a breakdown of the N7.30 trillion 2017 budget estimates on Monday, according to a statement. The statement, issued by the minister’s Media Adviser, James Akpandem on Wednesday in Abuja, noted that Udoma would give breakdown of the budget proposal presented on Wednesday […]

The Comptroller General of the Nigerian Immigration Service (NIS), Mr. Muhammad Babandede has said Nigerians would now have to pay more for their international passports. According to him, the hike in fees was necessitated by the high cost of producing the booklets abroad, which had become unsustainable and uncompetitive under the current dispensation. Babandede made […]

In a move which will restructure the financing template for oil earnings, increase investments and boost government revenues, the Federal Government has reached agreement on a new cash call exit policy with the international oil companies (IOCs). The historic agreement which will bring clarity and stability to the management of the country’s main revenue source […]