The Nigerian National Petroleum Company Limited (NNPCL) has uncovered 83 illegal refineries and 15 illegal pipeline connections in the Niger Delta over the past week The national oil company made this disclosure on Tuesday on its official ‘X’ handle, stating that a total of 211 incidents of oil theft and vandalism took place between January […]
The Federal Inland Revenue Service (FIRS) has expressed its readiness to boost its tax revenue collection by 57% to N19.4 trillion in the 2024 fiscal year. A news report from Bloomberg indicated that the federal tax agency hoped to increase its oil revenues to N9.96 trillion and the non-oil tax revenue component to N9.45 trillion. To […]
A New Jersey court in the United States (US) has ruled that assets worth about $8.9 million stolen by government officials in Nigeria around 2014 should be returned to the Nigerian government The ruling followed the service of a forfeiture notice by Jersey’s Attorney General to the Royal Court in November in which the court […]
Governor Babajide Sanwo-Olu on Monday signed the N2.267 trillion 2024 Appropriation Bill of Lagos State into law at a ceremony in the State House, Alausa Ikeja. Tagged the “Budget of Renewal”, the state government listed the key thrusts of the capital expenditures as infrastructure, environment, education and technology, just as it significantly raised allocation to […]
The Federal Government on Tuesday disclosed that it had issued 13 new licences for the generation of off-grid and embedded power, independent electricity distribution and trading of electricity. The disclosure, which was contained in the Nigerian Electricity Regulatory Commission (NERC) report listed the new licencees as Daybreak Power Solutions Limited, which was issued eight licences […]
Shell Plc has reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion, pending government approval. The purchasing consortium which the pact was sealed with comprised Renaissance, ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin. The company’s Integrated Gas and Upstream Director, Zoe Yujnovich, confirmed this […]
Investment analysts at Bancorp Securities Limited, one of Nigeria’s frontline investment research and consulting firms, have projected that sentiments in the Nigerian Exchange (NGX) trading sessions will be marginally positive this week amid micro and macroeconomic whirlwinds in the economy. The analysts, in the firm’s ‘Weekly Stock Recommendations: Jan 15 – Jan 19 2024’ report, […]
The Ministry of Finance Incorporated (MOFI) has been directed by the Federal Government to take over from the Bureau of Public Enterprises (BPE), its equity holdings in the 11 successor electricity distribution companies (DiSCos) of the defunct Power Holding Company of Nigeria (PHCN). To ensure this, the MOFI was instructed, in a memo signed by […]
Morgan Stanley has expressed growing concerns surrounding social inflation, predicting it to be a significant headwind for the insurance industry throughout 2024. The firm, in a news report from Reinsurance News at the weekend, noted that based on the last decade of state-level civil court data, the increasing importance of newer court cases in understanding […]
Barely a few days after he ordered the suspension of the four programmes under the National Social Investment Programmes Agency (NSIPA), President Bola Tinubu at the weekend inaugurated a Special Presidential Panel to review and audit existing financial frameworks and policy guidelines of the social investment programme. A statement issued by the Special Adviser (Media […]