NCI Fund Receives Additional $150m   The Nigerian Content Intervention Fund (NCI Fund) has received additional $150million, following the expansion of the Fund from $200 million to $350 million. The upward review of the Fund was part of the resolutions reached at June 16, 2020 meeting of...

Fed Govt Writes Off N4.2bn Debt For Radio, TV Stations     The Federal Government has decided to write off 60 per cent of the N7bn owed by radio and television stations in licensing and renewal fees. The government has also slashed the existing licence fee by 30...

Lawmakers Summon Banks, Others Over $30bn Forex Racketeering   The Joint House of Representatives committees on finance; banking and currency will on Monday begin an investigative hearing into an alleged forex racketeering. To this effect, the panel has summoned 24 banks and 14 oil companies, according to...

Insurance Industry’s Assets Rise To N1.61trn     The Nigerian insurance industry’s assets rose to N1.61tn at the end of the 2019 financial year from N1.26tn in 2018. The Central Bank of Nigeria disclosed this in its report, titled ‘Insurance sector (general and life) consolidated balance sheet’, obtained...

Power Sector Loses N356.49bn As 4,000MW Stalled Daily Between January and June 2020, Nigeria’s power sector lost N356.491bn as a result of three major constraints. About 4,000 megawatts-hour/hour of electricity was constrained daily in the power sector in the past six months, resulting in a cumulative...

Reps Verify Finance Ministry’s Proof Of N162m Expenses     The House of Representatives is verifying information and documents provided by the Federal Ministry of Finance in response to queries issued by the Office of the Auditor-General of the Federation on expenses between 2015 and 2016 amounting...