EFCC Probes Foreign Firms over $347bn Funds The Economic and Financial Crimes Commission is currently investigating at least $347bn fund allocated to companies in Nigeria between January 2014 and June 2023. Recent findings show that the anti-graft agency has expanded its investigation into forex allocation to...

Nigeria's Revenue Unremitted, Trapped in Commercial Banks – RMFAC Chair The Revenue Mobilization Allocation and Fiscal Commission has revealed that a significant amount of government revenue remains trapped in commercial banks, unremitted. The Chairman of RMFAC, Mohammed Shehu, stated this when he received the Controller General...

NNPCL, FG to Remit Dollar Revenue to CBN to Boost FX, Says Cardoso The Nigeria National Petroleum Corporation Limited and the Ministry of Finance have agreed to remit all their dollar revenues to the Central Bank of Nigeria, CBN, to boost the nation’s External Reserves...

Indian Firms to Invest $14bn in Nigeria – Minister The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, has revealed that Indian investors were prepared to inject $14bn into Nigeria’s economy. In a statement on Wednesday, Uzoka-Anite commended the efforts of both countries in concluding the...

NGX Set New Record as Index Crosses 100,000 Points The Nigerian Exchange Limited’s benchmark index crossed the 100,000 basis point mark, setting a new all-time high record on Wednesday. At the close of trading, the All-Share Index of the local bourse gained 2,954.14 points or 2.99...

Power Grid Collapsed 46 Times in Six Years, Says IEA The International Energy Agency says Nigeria’s national power grid collapsed 46 times from 2017 to 2023. According to the report released on Wednesday, Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the...