Banks Cut Borrowings From CBN By N1.56trn       Banks borrowings from the Central Bank of Nigeria reduced by N1.56tn to N136.13bn in the fourth quarter of 2020 from N1.7tn in the third quarter. Figures obtained from the Central Bank of Nigeria on ‘Standing facilities window operations’ in...

Senate Amending AMCON Law To Recover N16trn Loans     The Senate on Tuesday passed for second reading a bill seeking to empower the Asset Management Corporation of Nigeria in assets recovery. The proposed law also intends to strengthen the agency against economic sabotage by debtors with unpaid...

Nigeria Loses N800bn Monthly To Poor Port Operation       The President Shippers Association of Lagos, Rev. Jonathan Nicole, yesterday said Nigeria loses over N800 billion monthly due to lack of 24-hour seaport operation. Nicole made this known to the News Agency of Nigeria (NAN) in Lagos. In May...

New Refinery Will Cost FG About $12bn - NNPC       The Nigerian National Petroleum Corporation (NNPC) yesterday vigorously defended the approval of a whopping $1.5 billion for the rehabilitation of the Port Harcourt refinery, maintaining that apart from following due process, building a new refinery in...

FG To Commit $3bn In Power Sector In 24 Months       The Federal Government disclosed a plan to commit $3 billion to the power sector in the next two years. The spending is expected to raise the current 4,900 megawatts (MWs) to at least 7,000MWs. This was disclosed...

Pension Funds Gained N119.68bn From Equity In Q4, 2020 – PenCom       Pension fund investment gained N119.68bn from equity in the fourth quarter of 2020, the National Pension Commission has revealed. Figures obtained on Monday from the PenCom report titled ‘Net realised gains/(losses) on equity/bonds in fourth...