As part of strategies to shore up the nation’s crude oil reserve base, the Nigerian National Petroleum Corporation on Thursday announced that it was on target with respect to reinvigorating exploratory activities in the seven hydrocarbon basins across the country. The Group Managing Director, NNPC, Dr. Maikanti Baru, disclosed this when he received the Governor […]

Fidelity Bank Plc sold the highest-yielding Eurobond from emerging markets this year, joining a rush for issuance before higher United States interest rates push up borrowing costs. The lender issued $400m of five-year securities with a 10.75 per cent yield on Wednesday, Bloomberg quoted a person familiar with the matter who asked not to be […]

A former Minister of Education, Mrs. Oby Ezekwesili, has called for an urgent national dialogue to discuss the problems of exclusion and poverty in the country. Speaking at a plenary session at the Nigeria Economic Summit, which ended in Abuja on Thursday, the former World Bank Vice President for Africa said talks on political restructuring […]

The Nigerian Electricity Regulatory Commission on Thursday announced a fine of N50m against the Ibadan Electricity Distribution Company as a result of inappropriate financial transactions conducted by the Disco. According to the power sector regulator, the IBEDC violated its directives in Order 173 with respect to the financial transaction in question, a development that attracted […]

The President of the World Bank Group, Jim Yong Kim, said on Thursday that the bank had concentrated on the northern region of Nigeria in line with President Muhammadu Buhari’s request. Kim and the Managing Director, International Monetary Fund, Christine Lagarde, who spoke at separate press conferences in Washington DC, United States, also advised Buhari […]

The nation’s overnight lending rate dropped to 20 per cent on Thursday on expectation that a cash squeeze will ease after money market rates more than doubled previous session. The Central Bank of Nigeria has kept liquidity tight to support the currency, leaving its benchmark interest rate on hold at 14 per cent this year. […]