Banks’ Borrowing From CBN Rises By 74% To N901bn   The scarcity of funds (liquidity) in the interbank money market has compelled banks to rely more on the Central Bank of Nigeria (CBN) for short term liquidity needs. Findings show that banks borrowed N901 billion from the...

Contributory Pension Assets Rise To N12.9trn - PenCom     Assets under the Contributory Pension Scheme rose by N120bn in August, data obtained from the National Pension Commission have shown. PenCom disclosed this in its latest unaudited report on pension funds industry portfolio. According to the report, the assets...

Nigeria Loses $1bn Annually To Gas Flare Data Falsification   Nigeria is losing about $I billion revenue annually to falsification of gas flare data by Multinational Oil Companies (MOCs) operating in the country, the Chairman, Economic and Financial Crimes Commission (EFCC) Rasheed Bawa said yesterday in...

NNPC To Reconstruct Federal Roads, Projects To Gulp N621.2bn     The federal government has given the Nigerian National Petroleum Company (NNPC) the green light to take over the repairs and reconstruction of 21 critical highways spread across the nation’s six geo-political zones. This is just as the...

MultiChoice Rejects Tax Tribunal’s Ruling On $342m Payment     MultiChoice Africa Holdings (MAH), the parent company of MultiChoice Nigeria, has rejected Tuesday’s ruling of the Tax Appeal Tribunal (TAT), which dismissed its appeal against the $342million Value Added Tax (VAT) bill slapped on it by the...

Senate Panel Rejects Buhari’s $700m Loan Request   The Senate Committee on Local and Foreign Debts on Wednesday rejected President Muhammadu Buhari’s loan request to the National Assembly for the Sustainable Urban and Rural Water Supply, Sanitation and Hygiene project under the Ministry of Water Resources. The...