Reps to probe Kachikwu over alleged irregularities in oil and gas lease renewal

The House of Representatives on Thursday said it would investigate the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, over alleged irregularities in the ongoing oil and gas lease renewal process.

Nigeria left in the cold as oil partners jostle for position to ride an LNG boom

The Nigerian National Petroleum Corporation (NNPC) joint venture partners that initially indicated interest in participating in the development of two LNG projects are strategically moving away to other places to either help build or acquire equity shares in LNG projects across the world.

Trading of LNG derivatives to benefit industry

With natural gas demand growing faster than for any other fossil fuel, LNG futures may be finally taking off. Derivatives represented about 2 percent of global LNG production at the beginning of 2017 as an array of contracts around the world struggled to gain traction.

Reps probe DPR over alleged oil scam, $10bn loss

The House of Representatives, yesterday, mandated its Committee on Petroleum Resources (Upstream) to investigate alleged irregularities in the renewal of oil leases by the Department of Petroleum Resources (DPR).


Buhari lauds NASS for speedy consideration of minimum wage bill

President Muhammadu Buhari has commended the two chambers of the National Assembly for the prompt attention they accorded the new minimum wage bill.

Reps fault Council of State, insist on N30,000 minimum wage

Members of the House of Representatives on Tuesday faulted the Council of State for approving N27,000 as the new minimum wage when the agreement reached by the government, organised labour and the private sector was N30,000.

Minimum wage: Labour meets today as bill passes 2nd reading

The Organised Labour will hold an emergency National Executive Council meeting today to take a position on Tuesday’s approval of N27,000 as minimum wage by the Council of State.

There should be one National Minimum Wage

THE National Council of State, NCS, unwittingly sowed the seed of confusion on Tuesday, January 22, 2019 when it “approved” two minimum wages for the country – N27, 000 for the lowest paid worker in Nigeria (Grade Level 1 Step 1), and the N30,000 minimum wage the Federal Government proposed for its staff.

Reps step down debate on 2019 Budget till Jan 29

The House of Representatives on Thursday stepped down the debate on the 2019 Appropriation Bill due to the failure of the Ministry of Budget and National Planning to submit a reconciled figure of the budget.

No discrepancies in 2019 budget proposals — Akabueze

The Director-General of the Budget Office of the Federation, Ben Akabueze, on Thursday, said that there are no discrepancies in the 2019 budget proposal which is currently before the National Assembly.

Bad debts: CBN plans tougher bank capital rules

The Central Bank of Nigeria plans to introduce fresh capital rules in the second quarter of this year, threatening to heap pressure on banks already weighed down by bad loans.

Government concessions Warri Port, gets in N36.4 billion

The Federal Government has concessioned the Terminal ‘B’ Warri Old Port, in Delta State, to Ocean & Cargo Terminal Services Limited, in a bid to increase efficiency, improve service delivery, and ensure modernised port development.

Nigeria’s foreign investments inflow down by 36% to $2.2bn in 2018

The United Nations Conference on Trade and Development (UNCTAD) has disclosed that Nigeria’s Foreign Direct Investment (FDI) fell by 36 per cent to $ 2.2 billion in 2018 from $3.5 billion in 2017.