Category Archives: BUSINESS

NFIU Targets Chinese, India Companies Engaging in Illegal Mining

Nigerian Financial Intelligence Unit (NFIU) has vowed to go after Chinese and India companies engaging in illegal mining in the country. The anti-graft agency also said it has decided to go after foreign non-governmental organisations involved in the proliferation of weapons by ensuring that they are also deregistered. NFIU Director, Mr. Modibbo Hamman-Tukur, disclosed this yesterday in Abuja during the

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Poor Delivery Infrastructure Stalls Power Supply at 3,876MW

Electricity supply to Nigeria’s national grid has remained abysmally low at an average of 3,876MW in 2019 due largely to poor distribution infrastructure, a report from the Advisory Power Team in the Office of the Vice President, Prof. Yemi Osinbajo, yesterday showed. The report, which was obtained by THISDAY, indicated that power supply from the national grid to homes and

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Stakeholders Rally Behind CBN’s Push to Tighten Noose on Bank Loan Defaulters

•New credit risk clause to facilitate recovery from borrowers’ verifiable assets •Lender to recover loans from defaulters’ account domiciled in any bank •Apex bank warns against fraudulent loan offers Tougher days await habitual defaulters of bank loans as stakeholders in the banking industry have backed the moves by the Central Bank of Nigeria (CBN) and the Bankers’ Committee to tighten

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Smarting from $9.9bn P&ID Liability, FG Risks Fresh $3.5bn Judgment Debts

As the federal government tries to wriggle its way out of the failed gas project proposed to be executed by an Irish-owned firm, Process and Industrial Developments (P&ID) Limited, that has plunged the country into a $9.9 billion judgment debt, Nigeria risks fresh multi-billion US dollars judgment debts in several other cases if the federal government decides to stay aloof

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NERC: Discos Owed N1.15tn in Power Supply Tariff Shortfalls

Approves disconnection of indebted government MDAs, others The Nigerian Electricity Regulatory Commission (NERC) has disclosed that the 11 electricity Distribution Companies (Discos) in Nigeria are owed a total of N1.153.47 trillion by electricity consumers over the last four years. NERC told the Discos to henceforth cut off electricity supply to Ministries, Departments And Agencies (MDAs) of governments that failed to

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