Foreign reserves have hit a three-year high at $40.4 billion, data from the Central Bank of Nigeria (CBN) have shown. The figure indicated an increase of about $1 billion between December 2017 and January 2018. The CBN said the new reserves level was as projected by Governor Godwin Emefiele in November during the Chartered Institute of
Nigeria is one of the top four leading voices in Public Private Partnerships (PPP) in the 2017 ranking of the World Bank Group (WBG). Communications Officer for Infrastructure, PPPs and Guarantees Group of the WBG Ms Yelena Osipova-Stocker, stated this yesterday. She described 2017 as a busy year in the world of infrastructure and public-private
The blame game over the crippling fuel situation continued yesterday. On Tuesday, the Depot and Petroleum Products Marketers Association (DAPPMA) blamed the Nigerian National Petroleum Corporation (NNPC) for the shortage, claiming that its members’ “depots are empty” despite the NNPC’s claim that it had excess products to supply.
A cash-call exit agreement between the Nigerian National Petroleum Corporation (NNPC) and Joint Ventures partners, the Federal Government has saved about $1.7billion. It will repay the Cash Call arrears of $5.1billion within five years. These facts are contained in a document titled “The new JV Self-Funding Model/ Cash Call Exit: Issues and
The Economic and Financial Crimes Commission (EFCC) has recovered over N27.7billion from six banks being unremitted withholding tax on dividends. Also, about seven more banks were said to be on the radar of the anti-graft agency for similar infractions. According to a fact-sheet obtained by our correspondent, the EFCC is expecting recovery of
BARELY 24 hours after it called its men out on industrial action, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), yesterday announced the suspension of its indefinite strike. The association embarked upon the nationwide strike to protest what it described as unfair labour practices by the management of NECONDE
Minister of State for Petroleum Resources Ibe Kachikwu said yesterday that Nigeria has lost $21 billion to oil Production Sharing Contact (PSC) in the 20 years. According to him, previous governments failed to exploit the opportunity of the Deep Offshore Act that made provision for premium element to be shared once the price of crude exceeds $20 a