The power supply situation in Nigeria is expected to worsen over the next three weeks as the Federal Government, yesterday, announced plans to shut down the gas power plants in Utorogu and Ughelli East, Delta State for maintenance. Chinedu Nebo, Minister of Power, who made the announcement in Abuja, explained that the action was in […] More
The Federal Government has approved the Nigerian Maritime Administration and Safety Agency, NIMASA’s bid to float a new national shipping line in the country setting a six-month deadline for the project. Patrick Akpobolokemi, Director General of NIMASA, disclosed this during a recent national workshop for infrastructural development and modernization in the Nigerian maritime industry. Akpobolokemi […] More
The Federal Mortgage Bank of Nigeria (FMBN) was established in 1956, then known as the Nigerian Building Society, NBS, a joint venture of the Commonwealth Development Corporation and the Federal and Eastern governments of Nigeria. It operated to fund individual mortgage loans from savings mobilized from the public. Following the introduction of the Indigenization […] More
The Federal Government has been commended for opening the petroleum sector to local participation. Tony Elumelu, chairman, Transnational Corporation of Nigeria, Transcorp Plc, made the commendation last weekend as Transcorp and the Nigerian National Petroleum Corporation, NNPC, signed a production sharing contract for the exploration and production of OPL 281, under which officials said Transcorp […] More
As against the three-month period allotted for the on going National Conference, it has now been extended by six weeks. The conference will now end on July 31 instead of the earlier date of June 19. Before the extension, some delegates had advocated that the three-month period allotted was not enough. A new work plan […] More
The Federal Government has said henceforth, all contractors, Consultant and Service Providers, who intend to do business with it, must be registered with the Bureau for Public Procurement (BPP), as failure to do so automatically bars them from transacting business with government. This is in line with a new policy released by the Bureau, stating […] More
President Goodluck Jonathan has terminated the appointment of his special adviser (Political), Ahmed. A. Gulak. Reuben Abati, senior special adviser to the president on media and publicity, made this known in a series of tweets he posted on his twitter handle. Abati said the president “thanks Gulak for his services to the present administration and […] More
President Goodluck Jonathan, yesterday, performed the ground-breaking of the N100bn expansion project for Ashaka Cement’s new 2.5million metric-tonne capacity cement production line in Gombe, North East Nigeria. The project, which will be completed within three years, will increase the company’s current production capacity of over one million metric tonnes to about four million metric tonnes […] More
The meeting called by President Goodluck Jonathan on the state of insecurity in Nigeria has taken off in Aso Rock villa, Abuja. It is a crucial meeting expected to discuss the way out of the current security crisis in the country. The meeting was called following the spate of attacks by the dreaded Boko Haram […] More
Godwin Emefiele, the chief executive officer, Zenith Bank Plc, has been appointed as substantive Governor of the Central Bank of Nigeria, CBN. He replaces Sahusi Lamido Sanusi, who was suspended this morning by President Goodluck Jonathan. Bayo Adelabu, executive director, First Bank Plc has also been named deputy governor, replacing Tunde Lemo. The names of the […] More
– Babafemi Ojudu, vice chairman, Senate Committee on Establishment and Public Service Looking at the 2014 budget proposal, it is more than 75 per cent recurrent and less than 25 per cent capital. What does it say about this country and our budgeting process? I think it says more than we are even aware of. […] More
Despite public outcry on the need to cut the cost of governance, the executive and the legislature continue to encourage corruption through padding of national budgets It is not so difficult to see that the split in the ruling Peoples Democratic Party, PDP, and the gale of defections in the National Assembly, NASS, are the […] More
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