I remitted N329bn Into NNPC Accounts, Says Magu     The suspended acting chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, says he remitted N329bn from indebted oil marketers into the Nigerian National Petroleum Corporation accounts. There were media reports that the presidential panel probing allegations...

Nigeria Exports $81.48bn Electricity On Credit As Country’s Blackout Persists     Three neighbouring countries bought a total amount of electricity worth $81.48bn from Nigeria in the last two years, even as many households and businesses in the country continued to suffer blackout. The invoices given to the...

Fed Govt Spent N292.38bn On Pension, Gratuities In 2019 – CBN     The Federal Government spent a total of N292.38bn on pension and gratuities of its retirees in the 2019 financial year. The Central Bank of Nigeria disclosed this in its report on ‘Monthly FGN finances’, which...

DisCos’ Revenue Collection Hit N127bn In Q1   Power distribution companies in the country saw their revenue collection rise a record N127bn in the first three months of the year. The Association of Nigerian Electricity Distributors, which disclosed this in a document obtained by our correspondent, said...

Banks Cancel N1.9trn Bad Loans     Commercial banks have written off N1.9 trillion bad loans from their books in the last four years, a report by Agusto & Co, a credit rating agency has said. This was contained in the Agusto & Co 2020 Banking Industry Report...

Non-oil Export Earnings Rise To $1.21bn     Non-oil export earnings through banks rose to $1.21bn in the first quarter of 2020. The Central Bank of Nigeria disclosed this on Friday in its first quarter economic report, titled ‘Non-oil export earnings by exporters.’ The CBN said, “Total non-oil export...