News Reports

Minister of Budget and National Planning Senator Udoma Udo Udoma

National Assembly, Ministers, others, meet to resolve 2016 budget impasse

A committee hopes to get the budget passed by middle of March.

Why we sealed Globacom office — Osun Govt

The state vows to sue recalcitrant individuals or corporate organizations who fail in the area of tax payment.

Saudi Arabia, Russia give condition to cut oil production

Oil prices have dropped by more than 70 per cent to less than $30 per barrel since 2014.

AMCON begins divestment of shareholding in Keystone Bank

AMCON successfully divested its interests in Enterprise Bank Limited and Mainstreet Bank Limited in October 2014.

Nigerian capital market investors now to get dividend payment within 24 hours

SEC says one way to attract retail investors back to the market is to take steps to address their concerns.

Finance Ministry’s efficiency unit devises strategies to cut procurement costs

The unit says N825billion was spent on travel allowances, stationery, others in three years

Godwin Emefiele

Fraud in Nigerian banks fell by N3.96 billion in 2015 — CBN

Mobile money transaction volume grew to N4 billion

Minister of Finance, Kemi Adeosun

Nigerian government plans performance-based pay package for Customs

The new plan is already in effect at Federal Inland Revenue Service.

Gombe Cooperative bank boss docked for N75m loan fraud

Court adjourned the case to February 10 for ruling.

Nationwide picketing of DISCOs as labour, civil society protest high electricity tariff

Labour union and civil society threaten showdown should government go ahead with the decision.

Nigerian Custom Officer

Seme Customs command generates N160 million in 2 days

The head of the command says exchange rate was affecting generated revenue.

Minister of Finance, Kemi Adeosun

Nigeria to save N12 billion yearly from new procurement pricing guidelines

The government intends to use its large purchasing power to negotiate favourable terms from suppliers.

NNPC recorded N267.14 billion loss in December 2015

NNPC’s revenue in December 2015 was N184.4 billion.


CBN extends BVN deadline for Nigerians abroad

Thirty new registration centres have been established abroad.

Nigerian government ends crude oil swap deals

The new policy will save the country $1billion.

CBN agrees to 5% lending rate for farmers – Ogbeh

The minister says no country can survive with high lending rates.

Pipeline blast in Bayelsa dips Agip’s crude export by 16,000 barrels daily

Agip exports some 40,000 barrels of oil equivalent.

Minister of Budget and National Planning Senator Udoma Udo Udoma

Why 2016 budget is achievable – Planning Minister, Udo Udoma

Minister of State for Budget , Zainab Ahmed, says monies from recoveries of looted funds were not factored in as sources of revenue.

Babatunde Fowler, FIRS Chairman

New tax chief, Fowler, restructures FIRS; redeploys 26 directors

Mr. Fowler aims at capturing about 500,000 new corporate taxpayers by March 31, 2016.


EFCC arraigns Petroleum Equalisation Fund staff for N14m oil fraud

The accused received payment from equalisation funds on false pretence.

Godwin Emefiele

CBN retains lending rate at 20%

CBN said FOREX restrictions made “profoundly positive impact on Nigeria’s economy”.

New Kerosene pump price: IPMAN wants more licences to marketers

Nigerians react to the increase in kerosene pump price.


Lagos businesses urge CBN to relax FOREX

“Any product that is not on the official import prohibition list of the Federal Government should have access to the autonomous foreign exchange market.”


Nigerian Bourse: Local Investors’ reposition investments

Investors’ appetite for the Conglomerates Industry accounted for 97.545 million shares.

Nigeria to issue maiden Islamic financial bond, ‘Sukuk’

Sukuk will provide alternative source of capital to finance infrastructure.