FEC Okays $1.48bn For Refineries Repair       The Federal Executive Council on Wednesday approved $1.48bn for the rehabilitation of two refineries in Warri and Kaduna. The decision was taken at the weekly meeting of the council presided over by Vice-President Yemi Osinbajo. Osinbajo stood in for President Muhammadu...

Nigeria Loses N530bn Annually To Motor Insurance Evasion       Although Nigeria has about 11.8 million registered vehicles plying the roads, only about 1.2 million of such vehicles have valid insurance. The implications are that the nation’s insurance industry may be losing about N530 billion due to the...

Nigerians Lose N150.46bn To Twitter Ban In Two Month       Nigeria businesses may have lost N150.46bn ($366.88m) since the Federal Government’s ban on Twitter took effect in the country on June 5. This figure was calculated based on the NetBlocks Cost of Shutdown Tool. According to the...

'Nigeria, Others Require $15.7bn To Curb Refineries’ Emissions'     African nations need to spend about $15.7bn on their refineries to curb emissions and meet climate-change targets as demand for oil and gas surges, an industry lobby group, African Refiners and Distributors Association, has said. The Executive Secretary...

Nigeria Gets $3.35bn In IMF’s $650bn SDR Allocation       The Board of Governors of the International Monetary Fund (IMF) has approved a general allocation of Special Drawing Rights (SDRs) equivalent to $650 billion (about SDR 456 billion) to boost global liquidity. The Washington-based institution which disclosed this...

NIPOST Launches N50 Stamp, Targets N60bn Revenue       The Nigeria Postal Service (NIPOST) has launched a new N50 denomination revenue stamp, projecting remittance of yearly revenue of more than N60 billion to the federal government. Speaking at the launch of the revenue stamp on Tuesday in Abuja,...