Labour Faults Fed Govt’s N50bn Monthly Electricity Susbsidy         Organised Labour has tackled the Federal Government over claims of subsidising electricity supply across the country for over N50billion monthly. The administration of President Goodluck Jonathan privatised the electricity sector in November 2013 and handed it over to...

NEITI To Recover N2.07trn Oil Taxes       The new executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, has vowed to recover N69.51billion and $5.31billion (about N2 trillion) as taxes from oil companies, totalling over N2.07tr. Orji made the promise in his...

Fed Govt Clears N6.2bn Arrears Of 16,210 Pensioners       The Pension Transitional Arrangement Directorate in charge of the administration of pensions of federal retirees under the Defined Benefits Scheme said it paid N6.2bn arrears to 16,210 pensioners. It disclosed this in a statement on Tuesday titled ‘PTAD...

Afreximbank Signs $350m Facility For OCP Nigerian, Others Expansion       The African Export-Import Bank has announced the signing of a seven-year $350m Term Loan Facility to provide financing to OCP Group of Morocco. The bank made the announcement in a statement it issued in Cairo, Egypt on...

Naira Depreciation: Insurance Industry Capital Base Crashes To $1bn       Naira’s depreciation has taken a toll on the capital base of the insurance industry. The capital has dropped to $1 billion from $2.2 billion. This was contained in the Agusto & Co. 2021 Nigerian Insurance Industry Report:...

2,799 Workers Change Pension Firms, Move N18.89bn         No fewer than 2,799 workers under the Contributory Pension Scheme have moved their Retirement Savings Accounts from their former Pension Fund Administrators to other operators. Statistics obtained from the National Pension Commission on its report titled ‘Update on the...