The Big Story articles

AMCON Sunset: N5.4trillion Recovery Impossible Without Judicial Support – Justice Kafarati

AMCON Sunset: N5.4trillion Recovery Impossible Without Judicial Support – Justice Kafarati

The Chief Judge of Federal High Court, Abuja Division, Hon. Justice Adamu Abdu Kafarati, has reiterated the need for judges in Nigeria to support the recovery efforts of Asset Management Corporation of Nigeria (AMCON) since the corporation was established as a central element of government’s response to financial crisis in the country. Justice Kafarati, made




FG woos investors to telecoms sector with 30% cut in company income tax

Investors coming into Nigeria, especially the telecommunications sector, have been guaranteed a 30 per cent cut in company income tax payment payable to the government. Besides, there will be relaxation of monetary and fiscal policies; access to foreign exchange; reduction in waivers and Custom Duties and be opened to improved ease of doing business. Executive




Why Nigeria is borrowing from China – DMO

The Federal Government has explained that it borrows from China in order to take advantage of a cheaper source of finance. In a statement made available to our correspondent in Abuja on Tuesday, the Debt Management Office said that the Federal Government was also borrowing from China in order to diversify the sources of borrowed




‘How rail system will save Lekki from congestion’

The extension of a rail system to the Lekki area of Lagos will help the state avert another traffic disaster in the next few years, the Managing Director, Nigerian Ports Authority (NPA), Hadiza Bala Usman, has said. Given the multiplicity of mega projects in the area, such an infrastructure will guarantee sanity and flow of




BoI, CEXIM Seal $500m Pact For Refineries, Gas Recovery

The Bank of Industry (BoI), and the Export-Import Bank of China (CEXIM), have signed a Memorandum of Understanding (MoU), to provide a credit line of up to $500 million towards the establishment of modular refineries, and Flare Gas Recovery Programmes in the country.Speaking at the signing ceremony in Beijing, the Managing Director/Chief Exevcutive, BoI, Olukayode




Oil Reserve Crisis Looms Over Delay Of Blocks

• How non-passage of petroleum bill stalls sector’s outlook The delay in the award of new oil blocks and uncertainties over existing marginal oilfields are upsetting industry players, amid a warning that the country’s economic development could be jeopardised.Nigeria is projected to witness a shortage of crude oil, as new refineries may have to compete




Government encouraged by growth in non-oil sector – Udoma

Following the release of the latest GDP Growth numbers by the National Bureau of Statistics (NBS), the Minister of Budget and National Planning, Senator Udoma Udo Udoma, has expressed his happiness to see that the Nigerian economy has continued to register positive growth in the first and second quarters of the year in spite of




Editors condemn Nigerian Press Council Repeal Bill

Lagos, Nigeria – The Nigerian Guild of Editors has vehemently and totally condemned the Nigerian Press Council Act 1992 (Repeal and Enactment Bill 2018) which is currently before the Senate and has passed second reading. This was contained in the communiqué issued at the end of the Standing Committee meeting of the Guild held on




Forex: CBN flags off SMIS in Chinese Yuan

Abuja, Nigeria – The Central Bank of Nigeria (CBN) on Friday, July 20, 2018, flagged off its intervention in the sale of foreign exchange in Chinese Yuan (CNY), signaling the consummation of the Bilateral Currency Swap Agreement (BCSA) signed with the People’s Bank of China (PBoC) on April 27, 2018. A statement issued by the




AMCON Debts Must Be Recovered Before Sunset–House of Reps

Abuja, Nigeria – Barely one week after the Senate Committee on Banking, Insurance and other Financial Institutions called on Gen. Muhammadu Buhari Rtd., President of the Federal Republic of Nigeria and Commander-in-Chief of the Armed Forces to issue an Executive Order on seizure of assets of persons who are indebted to Asset Management Corporation of




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