Category: Economy

SIM registration: MTN pays N235bn fine

MTN Nigeria Communications Limited has paid a total of N235bn out of the N330bn fine imposed on the mobile telecommunications operator in August 2015 by industry regulatory agency, the Nigerian Communications Commission. Executive Vice Chairman at NCC, Prof Umar Danbatta, confirmed this in an interview with journalists in Abuja on Tuesday on the sidelines of… Read More »

Category: Economy

We can’t sell petrol at a loss, NNPC replies marketers

The Nigerian National Petroleum Corporation has said that it cannot sell Premium Motor Spirit, popularly called petrol, at a loss, regardless of the demands of oil marketers, as it buys the commodity at N116.28 per litre. NNPC disclosed this while responding to claims by oil marketers that the price of PMS being sold to them… Read More »

Category: Economy

SEC warns Nigerians against new Ponzi scheme

The Securities and Exchange Commission has raised the alarm over the activities of some online fraudsters, who are currently running an online investment scheme, tagged ‘Loom Money Nigeria’. Loom Money Nigeria is taking over social media by luring young people to participate in a pyramid scheme. The acting Director-General, SEC, Ms Mary Uduk, while speaking… Read More »

Category: Economy

Why Benin, others get stable electricity than Nigeria —TCN

Nigeria supplies about 80 per cent of the total quantum of electricity consumed in the Republic of Benin but power is more stable in the neighbouring country than it is in Nigeria, the Transmission Company of Nigeria has said. Aside from the Republic of Benin, Nigeria, through the TCN, supplies power to the Republics of… Read More »

Category: Economy

Nigerians should expect petrol price increase, says Rewane

The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has said fuel subsidies are a huge drain on government’s revenue. Rewane stated this in his presentation at the Lagos Business School Breakfast Session on May 8, a copy of which was obtained by our correspondent on Tuesday. He noted that… Read More »

Category: Economy

Senate under pressure to reject Emefiele’s reappointment

Forces against the reappointment of Central Bank of Nigeria (CBN) Governor Godwin Emefiele have stepped up pressure on the Senate to reject his confirmation. The upper legislative chamber will, this week, officially commence the processing of President Muhammadu Buhari’s request to have the apex bank boss clinch another five-year term. It was learnt yesterday that… Read More »

Category: Economy

Blackout looms as labour plans power transmission shutdown

The Trade Union Congress has asked Nigerians to look for alternative power source beginning from Monday (today), as it declared that it would shut down the nationwide operations of the Transmission Company of Nigeria today. But the TCN described the move by TUC as ill-motivated, stressing that it was wrong for the labour union to… Read More »

Category: Economy

No monies Missing, Stolen in CBN

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials. Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation – the beginnings of which was omitted to create a different… Read More »

Category: Economy

Total blackout in Abuja, others as power grid collapses

There was a total blackout in Abuja and neighbouring states for several hours on Thursday following the collapse of the country’s power grid, which led to a near zero allocation to the Abuja Electricity Distribution Company. AEDC is the power firm that supplies electricity to the Federal Capital Territory, Nasarawa, Niger and parts of Kogi… Read More »

Category: Economy

Chinese banks commit $1.902bn to Nigerian port, railway projects

Two Chinese banks –Export-Import Bank of China and the China Development Bank –have committed in loans about $1.902bn into railway and deep seaport projects in Nigeria. The Commercial Consul, Consulate General of the People’s Republic of China in Lagos, Mr Liu Junsheng, made this disclosure on Tuesday, during a press briefing on China’s second Belt… Read More »