Naira Falls to N585 per Dollar In the parallel market for foreign exchange, the Nigerian naira has dropped to N585 against dollar. The figure represents N4 or 0.7 percent depreciation compared to the N581 it traded last week. According to Bureau De Change (BDCs), popularly known...

Reps Probe 77 Oil Firms Over Unremitted N2.6trn Revenue   The House of Representatives, on Tuesday, commenced investigative hearing on the N2.6tn owed the Federal Government by 77 oil companies operating in Nigeria. The House is acting on the 2019 report of the Nigeria Extractive Industry Transparency...

Reps Grill Amaechi, BPE Officials Over $214m Deep Blue Contract   The Bureau of Public Procurement (BPE) has told the House of Representatives’ Committee on Navy that it does not possess the documents presented by the HSL International Limited, which the Federal Government awarded the ‘Deep...

IMF: 93% of FG's Revenue In 2022 Will Be Spent On Interest The International Monetary Fund projected that Nigeria might pay 93 percent of its revenue to repay its debts by 2022. The Fund also predicted that by 2026, 139 per cent of the nation's income...

'Local Insurers Lose $60m Yearly To Foreign Vessels'   An Executive Partner, Alfam Insurance Plc, Gbolaham Adu, has said indigenous insurance companies lose about $60m of potential annual revenue to their foreign counterparts. According to him, this is because foreign-owned tankers lifting crude in the nation do...