Nigeria wastes 42,160MW as transmission, distribution challenges linger

Challenges facing the Nigerian Electricity Supply Industry (NESI), have led to the wastage of about 42,160.87 mega watts (MW) of electricity out of the 88,566.43MW generated by power generation companies (GenCOs) last year.   Although the current administration had vowed to address the barriers limiting power supply to consumers, statistics made available in Abuja by […]

Read more

Niger Delta militants threaten to stop oil flows, cripple economy

canvass Nigeria’s restructuring Militants under the aegis of the Niger Delta Avengers on Thursday threatened to halt crude oil flow from the Niger Delta and cripple the economy if President Muhammadu Buhari is re-elected. The group decried what it described as the “continuous criminal exploitation and exploration of our natural resources that engender the underdevelopment […]

Read more

Investors lose N31b amid heightening political tension

• Analysts predict gloomy market ahead of 2019 polls Fears that the heightening political uncertainties may trigger a pull back in the equity market to halt the bullish run witnessed in the past few days became a reality yesterday, as investors lost N31 billion. Analysts had predicted that the move by government to suspend the Chief Justice […]

Read more

Access takes over Diamond Bank amid criticisms, commendation

• Pursues acquisition with N23.160 billion offers • Shareholders demand probe, okay N3.13/share scheme Shareholders of Diamond Bank Plc have demanded an investigation into the financial institution’s “merger” with Access Bank Plc. The deal worth over N23.160 billion cash consideration will see to shareholders of Diamond Bank getting N1 per share. Nevertheless, they applauded the […]

Read more

FG pays oil marketers N236 billion subsidy, NNPC assures regular supply

Mr  Henry Ikem-Obih, Chief Operating Officer, Downstream, Nigerian National Petroleum Corporation (NNPC)  says the Federal Government has paid the agreed N236 billion as first tranche of the outstanding subsidy claims to oil marketers. Ikem-Obi, who disclosed this in an interview on Monday in Abuja, said that government, through the Central Bank, had directed banks to freeze interest […]

Read more

Strike, feud threaten Budget 2019 presentation

2019 Poll May Affect Passage It is likely that the promise by this government to reset the country’s disjointed and dysfunctional budgeting system, may not materialise before the end of President Muhammadu Buhari’s four-year tenure. Rather than put in place the much-talked about January to December life cycle for the national budget, the administration has […]

Read more

CBN says electronic fraud in banking hits N6.1trn by 2021

Director, Consumer Protection Department, Central Bank of Nigeria (CBN), Mr Sunday Salam-Alada, has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021. He disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation (NDIC) in Benin. According to him, the volume […]

Read more

Power: FG invests N72 billion, to distribute 2000MW

Babatunde Fashola – Nigeria now generates 7,000MW – AfDB says 645m people without electricity in AfricaAlthough, there are about 645 million people without electricity in Africa, with about 90 million Nigerians affected, the Minister of Power, Works and Housing, Babatunde Fashola, has said the Federal Government is doing everything possible to reverse the trend in […]

Read more