Buhari Administration Met $63.81bn Debt – DMO

The Debt Management Office on Monday said the President Muhammadu Buhari administration met a debt stock of $63.81bn when it came into office in 2015. The DMO was responding to a claim that Buhari inherited a debt stock of less than $7.0bn when he assumed office. Click here for more.

FG To Give States Control Over Solid Minerals

The Federal Government said on Monday that a committee led by the Chairman of the Nigeria Governors’ Forum, Kayode Fayemi, has started working on an arrangement that would enable states to enjoy full control of the solid mineral resources in their states. Click here for more.

Investors Lose N84.08bn As NSEASI Dips By -0.65% to Open The Week Negative

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.65% to close at 26,681.31 points as against -0.22% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.11%. Click here for more.

AMCON takes over Cedar Oil over N24bn debt

Asset Management Corporation of Nigeria has taken over the operations of Cedar Oil & Gas Exploration and Production Limited on the orders of a Federal High Court sitting in Lagos. The application for the takeover came following the failure of Cedar Oil & Gas Exploration and Production Limited as well as its directors, Mr Olajide Omokore. Click here for more.

Buhari replaces Fowler, appoints Nami as FIRS chairman

President Muhammadu Buhari on Monday named a tax consultant, Mr Muhammad Nami, as the new chairman of the Federal Inland Revenue Service. The appointment came as the tenure of Mr Babatunde Fowler expired. Buhari, who approved the composition of a new board for the tax agency. Click here for more.

Moody’s Assigns Negative Outlook to African Banks in 2020

The 2020 outlook for African banks has changed to negative from stable, reflecting their weakening operating environment, Moody’s Investors Service stated in a report published yesterday. Click here for more.

Demand for Nigeria’s sweet crude may rise on IMO’s low sulphur regulation

A new report by PwC Nigeria, has projected the possibility of higher demand for the country’s sweet crude from next year, going by the new fuel sulphur regulation of the International Maritime Organisation (IMO), billed to take effect from January 1, 2020. Click here for more.

Gridlock returns to Apapa amid surging imports, repairs

Road users are back to coping with gruelling gridlock along the Apapa access road after a brief respite that accompanied the rehabilitation and reopening of the Kilometre 2 Apapa-Wharf road and the Ijora link bridge in December 2018. Click here for more.

P&ID: Court Dismisses Briton’s Request For Bail Condition Variation

The Federal High Court, Abuja, on Monday, dismissed an application for reduction of bail conditions imposed on a British national, James Nolan, who is being prosecuted on charges bordering on the activities of a foreign firm, Process and Industrial Development. Click here for more.

Senate denied us access to audit capital expenditures – Auditor General

The Auditor-General for the Federation, Mr Anthony Ayine, has accused the Senate of denying auditors from his office access to conduct audit on capital items supplied or executed for the National Assembly. Ayine said this in the 2017 audit report of the Office of the Auditor-General for the Federation, which was obtained by our correspondent. Click here for more.

African Countries Borrowing Like It’s the 1990s Worries the IMF

Record commodity prices and low global interest rates have encouraged African countries to borrow like they did in the 1990s, but now some are struggling to pay up as their revenue slows along with economic growth. Click here for more.