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FG to conduct impact assessment on privatised enterprises

…underperforming power firms know fate in December The Federal Government is set to conduct an Impact Assessment on some selected privatised enterprises under the reform and privatisation programme. The Bureau of Public Enterprises (BPE) will carry out the exercise in collaboration with the National Bureau of Statistics (NBS) and Nigeria Institute

Banks refund N6.8bn excess charges to customers

THE Central Bank of Nigeria, CBN, yesterday, disclosed that commercial banks have refunded N6.8 billion excess charges to their customers in the first half of 2018, H1’18. The apex bank disclosed this in its half year, 2018 economic review report. The report showed that the N6.8 billion excess charges refunded in

3 banks fail CBN’s liquidity ratio requirement

Three banks failed to meet the 30 percent liquidity ratio requirement of the Central Bank of Nigeria, CBN, even as investigations revealed prevalence of major foreign exchange malpractices in the banking industry. The CBN disclosed this in its 2018 half year, H1’18, economic review released yesterday which indicated slight improvements in

Banks Lose N12.06bn to Fraud in Six Months, Says CBN

The Central Bank of Nigeria (CBN) has revealed that commercial banks in the country lost a total of N12.06 billion to fraud and forgeries in the first six months of 2018. This is just as the banking sector regulator revealed that as of June 2018, three commercial banks did not have

NNPC Shores up Fuel Supply with BP Oil Deal

Petrobras to sell stake in Nigerian venture for $1.5bn Ejiofor Alike in Lagos and Chineme Okafor in Abuja with agency reports The Nigerian National Petroleum Corporation (NNPC) Thursday said it had signed a six-month crude-for-product deal with BP Oil International Ltd, to supply Nigeria petrol ahead of the upcoming Yuletide and

China Announces $60bn Financing For Africa, Says No Strings Attached

China will extend a total of 60 billion U.S. dollars of financing to Africa, Chinese President Xi Jinping announced Monday, according to report. The financing will be provided in the form of government assistance as well as investment and financing by financial institutions and companies, Xi said in a keynote speech at

Buhari to commission $250m International Breweries in Ogun

President Muhammadu Buhari will on Tuesday, next week inaugurate the $250million state-of-the-art International Breweries in Ogun State. The brewery, said to be the biggest in West Africa, is located at kilometre 3, Flowergate Industrial Scheme, along the Abeokuta-Sagamu Expressway. The Plant Manager, Tony Agah, speaking to journalists at the premises of the factory,

FG launches operating surplus calculation

In a bid to ensure transparency, accountability and efficiency in management of public revenue collection and expenditure, the federal government has launched operating surplus calculation template. Nigerian Pilot gathered that the template was adopted by the Minister of Finance for use vides Federal Treasurer Circular Ref: No Try A108 BIO/2016 dated