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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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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The Federal Government yesterday released N72 billion counterpart funding for the Lagos-Ibadan mordernisation railway project. Chinese partners are expected to add the other part. Minister of Transportation Rotimi Amaechi who was at the Second Presidential Business Forum at the old Banquet Hall of the Presidential Villa, Abuja, said the funding was

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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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Banks’ assets have depreciated in the last two years, with provisions for Non Performing Loans (NPLs) hitting N856.9 billion, a financial market report has said. The report by the investment and research firm Afrinvest West Africa Plc was released yesterday. It said provisioning for the NPLs, which rose 3.1 times from N280.4 billion in December

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The Ogun State government and Sterling Group, an agro-allied firm, are set to work in partnership towards the production of rice and other agricultural produce for food security. This partnership plan was disclosed to reporters during a meeting between the state government delegation led by Secretary to the State Government, Taiwo Adeoluwa

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