Business articles

House of Reps Committee of Whole passes PIGB, Unbundles NNPC 

House of Reps Committee of Whole passes PIGB, Unbundles NNPC 

The House of Representatives yesterday passed the Petroleum Industry Governance Bill (PIGB) containing the restructuring and reformation of the nation’s oil and gas industry. With the passage of the 134-clause bill, the stage is now set for the unbundling of the Nigeria National Petroleum Corporation (NNPC) and merger of its subsidiaries into an entity. The

Naira Closes N360.65 At I & E Fx Window

The Investors and Exporters (I&E) foreign exchange window depreciated by 0.07 per cent on Monday to close at N360.65 amid Central Bank of Nigeria (CBN) sustained injection. Trading activities at the specialised window for investors and exporters opened at N360.33, traded high and low at N362.00 and N357 respectively on Monday. The naira at the

Fuel scarcity persists amid high prices across Nigeria

Barely a week after the fuel scarcity across Nigeria subsided in major cities, long queues of motorists have resurfaced at filling stations in Abuja, Lagos and other parts of the country. The fuel scarcity lasted through the Christmas and New Year celebrations forcing thousands of motorists to spend hours queuing for petrol. Although things appeared

GIVE’N’TAKE Lottery Unveils Winner of 20 Million Naira National Jackpot Bonanza Prize

Give’n’Take lottery has unveiled Sidney Chukwuweike Osahon with ticket number 706431113814 as the winner of 20 Million naira National Jackpot Bonanza. The unveiling ceremony started with a press conference at the company Corporate Headquarters in 25 1st Avenue, Gwarinpa Abuja. Addressing journalists, the Managing Director and Chief Executive Officer of Give’n’Take, Jolly Enabulele said that

FG monetises N280m cars for Obasanjo, Gowon, Jonathan, others

The Federal Government approved N280.1m cash payments to former Presidents and Heads of State in 2017 to buy cars. Out of the money, N40m had already been released, but final releases would tally at “100 per cent.” There is an outstanding balance of N240.1m to be paid to the former leaders. Vehicles worth N120m were

Federal Govt owes road contractors N2.7trn, says Fashola

The Federal Government owes road contractors over N2.7 trillion,  Minister of Power, Works and Housing Babatunde Fashola has said. Fashola spoke yesterday during an oversight assessment visit of the 2017 budget by members of the Toby Okechukwu-headed House Committee on Works to the Federal Ministry of Works. According to the minister, a major portion of

NNPC Restores Escravos-Lagos Pipeline, Resumes Gas Suppl

The Escravos-Lagos Pipeline (ELP) has been restored and gas supply to customers on the line including power generating companies has resumed. The Nigerian National Petroleum Corporation (NNPC) disclosed this on Monday, following a bush fire accident that occurred on January 2, 2018, which blew up a section of the ELP at Abakila in Ondo State.