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NNPC Refutes $3.5bn Subsidy Fund Allegation

NNPC Refutes $3.5bn Subsidy Fund Allegation

By John Meze The Nigerian National Petroleum Corporation (NNPC) has refuted the allegation that it has in its custody $3.5billion Subsidy fund. Mr. Ndu Ughamadu, the corporation’s Group General Manager, Group Public Affairs Division(GGM,GPAD), in a release made available to NextMoney, explained that at the heat of the shortage of products supply at the close




Egypt remains Africa’s largest FDI recipient –UNCTAD

The UN Conference on Trade and Development says Egypt remains the top destination of foreign direct investment in Africa. UNCTAD in its “Investment Trends Monitor H1 2018’’ reports FDI has dropped 41 per cent in the first half of the year to $470 billion. This was from $794 billion in the same period in 2017.




Government affirms new strategy for revenue, debt management

The Minister of Budget and National Planning, Senator Udoma Udoma and the Director-General of Debt Management Office (DMO), Ms Patience Oniha, have told investors that there is a renewed plan and commitment to diversify the economy in efforts to raise the revenue and ensure debt sustainability. The duo, who admitted that the country’s debt-to-revenue ratio




Economic Activities Cannot Take Place without Infrastructure – Akhator-Eneka

Mr. Wilson Akhator-Eneka, Oxford Scholar, author, and PPP Consultant in Infrastructure Development and Finance, based in Abuja, in an interview with NextMoney, disclosed that through external borrowing from China, Africa is either by commission or omission marching towards second phase of colonisation. He also cautioned against the alluring temptation to comment without adequate information. Excerpts




Nigeria’s economy is moving in a positive direction

The Minister of Budget and National Planning, Senator Udoma Udo Udoma on Thursday in Indonesia told a global audience that the implementation of the Economic Recovery and Growth Plan (ERGP 2017 – 2020), is moving Nigeria’s economy in a positive direction. Senator Udoma, who was speaking at the presentation of the International Monetary Fund (IMF)




The real reason Trump is bashing the Federal Reserve

To Wall Street denizens, it’s alarming to hear President Trump say Federal Reserve policy is “crazy,” “loco,” and “going wild.” But Trump isn’t trying to dictate Fed policy. He may even feel the Fed is doing the right thing. What Trump wants is a villain he can blame for negative turns in the economy, thereby




Sears, once a retail titan, files for Chapter 11 bankruptcy

(Reuters) – Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday with a plan to close about 142 of its 700 stores by the end of the year, throwing into doubt the future of the century-old retailer that once dominated U.S. malls but has withered in the age of internet shopping. The bankruptcy filing




Stiffer Regulations Needed To Manage Nigerian Airlines – Kuru

The need to properly regulate the aviation industry in the country has again been identified as panache for growth and stability of airline business in Nigeria. Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru who made the declaration in Lagos also attributed the short lifespan of airlines in the




Imperative of Fourth Industrial Revolution

Lagos, Nigeria – On October 9, 2018, the Nigerian Stock Exchange, in conjunction with Bloomberg held the 4th edition of NSE-Bloomberg CEO Roundtable. Below is the welcome address by Mr. Oscar N. Onyema, OON , Chief Executive Officer, The Nigerian Stock Exchange “Good morning and welcome to the 4th edition of The Nigerian Stock Exchange




Afreximbank Presents New Trade Facilitation Programme to Guinean Banks

Cairo, Egypt – The African Export-Import Bank (Afreximbank) has taken its recently-introduced Afreximbank Trade Facilitation Programme (AFTRAF) to Guinean banks, telling representatives of the Guinean banking sector that the programme will lead to improved support from Afreximbank. Speaking during an interactive session in Conakry, the Afreximbank delegation said that AFTRAF would allow the Bank to




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