Refineries: Reps Probe $1.5bn Planned Rehabilitation, Past Repairs       The House of Representative has resolved to investigate the fresh $1.5bn recently approved by the Federal Executive Council to rehabilitate the Port Harcourt refinery. The House will also be probing into the rehabilitation and maintenance exercises on other...

Banks Credit To Economy Hits N43.67trn     Banks’ credit to the economy rose by N75bn to N43.67tn as of the end of February from N42.92tn in January. The Central Bank Governor, Godwin Emefiele, disclosed this on Tuesday in Abuja. He said, “Provisional data showed that banking system credit...

We Disburse $80m Weekly For School Fees, BTAs, Says Emefiele       In view of the lingering foreign exchange scarcity in the country, the Central Bank of Nigeria has urged Nigerians not to panic, saying there is enough forex for business owners, travellers and parents with students...

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...