The House of Representatives will ensure that oil bloc licences issued without due process are revoked, it emerged yesterday. This is in addition to the forfeiture of oil and gas licences by companies that have variously defaulted in the payment of requisite fees to the government. This followed the discovery of some oil and gas companies operating in

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The Federal Government yesterday said it had secured $1.5 billion from the China Exim Bank to begin work on the Lagos-Ibadan rail line project. Minister of Transport Rotimi Amaechi said this when he appeared before the Senate Committee on Land Transport, chaired by Gbenga Ashafa, to give a status report of the 2016 budget and also present

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Five commercial banks have been queried for manipulating foreign exchange (forex) transaction rates, The Nation learnt at the weekend. The Central Bank of Nigeria (CBN) detected the rate manipulations following the mandatory rendition of forex returns and compliance with anti-money laundering regulations. The identities of the banks were

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Minister of Power Works and Housing Babatunde Fashola yesterday explained why there is poor power supply in the country. He spoke to State House reporters after the Federal Executive Council (FEC) meeting presided over by acting President Yemi Osinbajo. The FEC meeting approved the upward review of the contract for the completion of the

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Eko Electricity Distribution Company Plc (EKEDC) has lost over N1billion to various forms of energy theft, including meter bye-pass by customers and equipment vandalism in the past three years, its Chief Operating Officer (COO), Mr. Sam Nwaire has said. Nwaire, who represented the Chief Executive Officer, Dr Oladele Amoda spoke on the prevailing

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With Nigeria’s foreign reserve standing at $28.9 billion, the Central Bank of Nigeria (CBN) has warned against reckless depletion of the kitty. Addressing reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja yesterday, CBN Governor, Godwin Emefiele said the reserves today stands at $28.9 billion. “The fact that we

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