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Economy

Imo Entrepreneur set to Generate Power from Coal
From nnamdi The desire for uninterrupted power supply across the country is becoming real by the day as Ikeduru- Imo State born Business man,Dr Uzoma Obiyo, ventures into power generation through greater utilization of abundant coal deposits in some Nigeria states. The renowned telecommunication entrepreneur sitting atop Multi-net group desires.....
Imo State budgets N141.2 billion for 2015 fiscal year
                                                                        GOVERNMENT OF IMO STATE                                                PRESS RELEASE The Imo State Governor, Owelle Rochas Okorocha has today 31st December, 2015 presented his 2015 budget christened “Budget of total Rescue and Sustainability” to the.....
NATCOM buys NITEL, M-TEL for $252m
After several failed attempts to sell off the government-owned Nigerian Telecommunications Limited, NITEL, and its mobile arm. M-TEL, the Bureau of Public Enterprises, BPE, yesterday announced fresh acquisition of the national carrier by a group known as NATCOM. Director-General of BPE, Benjamin Dikki, explained that NATCOM is a consortium of.....
FAAC: FG, States, Councils Share N593.33bn For October
The Minister of State for Finance, Mr Bashir Yuguda, on Tuesday announced that federal, states and local governments had shared N593.33 billion revenue that accrued to the nation in October. Yuguda made this known in Abuja when he briefed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC).....
Nigeria needs $5bn to sustain economic stability, says Okonjo-Iweala
MINISTER of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, said yesterday that for Nigeria to sustain stability of its economy, it has to raise its excess crude account, which currently stands at $4.1 billion to $5 billion. Minister of Finance and Coordinating Minister of the Economy, Dr......
Diamond Bank appoints Uzoma as CEO •Otti resigns
The Board of Dia-mond Bank Plc, has announced the appointment of Mr. Uzoma Dozie  as Managing Director/Chief Executive following the  voluntary resignation of  Dr. Alex Otti, from the bank Friday. The appointment of Uzoma is subject to the approval of the Central Bank of Nigeria (CBN). In an official statement.....
FG, states share $2.7bn from Excess Crude Account
The country’s revenue fell by N99.55bn in the month of September, thereby causing the three tiers of government on Wednesday to share N2.7bn that should have been transferred to the Excess Crude Account. The Accountant-General of the Federation, Mr. Jonah Otunla, said the technical meeting of the Federal Accounts Allocation.....
Power firms get two-week ultimatum to meter customers
The Nigerian Electricity Regulatory Commission on Tuesday said power distribution companies had been given a two-week ultimatum to provide meters for customers who had paid for them under the Credited Advance Payment for Metering Implementation scheme. According to NERC, the distribution companies that fail to meter the eligible consumers within.....
Nigeria, sub-Saharan Africa, account for 30% global oil discoveries
Almost 30 percent of global oil and gas discoveries made over the last five years were in sub-Saharan Africa, reflecting growing global appetite for African resources, the World Energy Outlook Special Report said.  The report, recently released, also said that Nigeria is the richest resource centre of the oil.....
Medium Term Expenditure Frame Work (MTEF)
Fed Govt projects N11.163trn revenue, 6.35% GDP The Federal Government yesterday projected N11.163trillion revenue for next year as opposed to N10.894 billion approved for this fiscal year. According to the 2015-2017 Medium Term Expenditure Framework (MTEF) and Strategic Paper Policy obtained by The Nation in Abuja, N7.286 trillion is also.....
Diaspora remittances hit $21b, says UBA chief
The Group Managing Director/CEO, United Bank for Africa (UBA), Phillips Oduoza has said Diaspora remittances to Nigeria as at last year stood at $21billion. Speaking at the launch of the bank’s outbound money transfer services in collaboration with MoneyGram, he said the business of remittances is a critical part of.....
Five states improve on ease of doing business
Five states have removed more obstacles on the way of businesses, according to the result of a study released by the World Bank in Abuja on Monday. The states are Ogun, Niger, Cross River, Ekiti and Rivers. According to the study, Doing Business in Nigeria 2014, the five states stood.....

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