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FG to finance 11% of 2017 budget with recovered loot

The Federal Government said on Monday it would use a fraction of the looted funds recovered so far to finance part of the 2017 budget. The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, said this at the 2017 budget breakdown in Abuja. He said the total revenue projected was N5.08tn, with 11 percent coming from the recoveries ... Read More »

Nigerian hackers steal $3b worldwide: Reports

Nigerian cyber criminals and hackers being accused of pilfering $3billion worldwideNigerian hackers and cyber criminals are being accused of masterminding a grand theft of information and money running into billions of dollars, worldwide. According to experts, the Nigerians are able to carry out the heist by sending phishing emails to commercial organizations and industrial enterprises, which they later steal dry. ... Read More »

CBN: $2.2b foreign capital inflow boosts equities

The Central Bank of Nigeria (CBN) has linked the current upbeat performance in the Nigerian Equities market to the inflow of $2.2 billion foreign capital from portfolio investors. The cash came in through the special Investors/ Exporters (I&E) Forex Window launched last April, according CBN Director, Banking Supervision, Abdullahi Ahmad. The creation of the special window is to attract foreign ... Read More »

FG engages foreign investigators to trace illicit funds

The Minister of Finance, Mrs. Kemi Adeosun, on Friday, said the Federal Government had engaged a global investigation agency in a bid to trace illicit funds originating from Nigeria to different parts of the world. Adeosun stated this while in a keynote address at the Nigerian Stock Exchange-Bloomberg CEO roundtable in Lagos. She said, “We have just 40 million active ... Read More »

CBN Sells Treasury Bills Worth N286.8b

The Central Bank of Nigeria (CBN), on Friday, held two auctions to sell Treasury Bills worth N286.8 billion, as the financial regulator moves to tighten liquidity on the money market. The debt sale reduced the level of the Naira’s liquidity in the money market and pushed up the overnight interbank lending rate to 15 percent, up from 6.7 percent where ... Read More »

Etisalat, banks talks deadlocked over $1.2b debt

The fate of Etisalat Nigeria, the fourth largest telecommunications network operating in the country, hangs in the balance as the telecom giant battles to pay its creditors. Etisalat Nigeria had in 2013 obtained a seven-year loan facility of $1.2billion from 13 local banks and their foreign counterparts to refinance a $650 million loan as well as the expansion of its ... Read More »

Ajimobi flags off N70bn Ibadan Circular Road construction

Governor Abiola Ajimobi of Oyo State, on Friday flagged off the construction of the Ibadan Circular Road estimated to cost about N70 billion, which will boost the socio-economic development and transportation system in the state. Speaking at the flag-off held at Badeku Village in Ona-Ara Local Government Area, the governor said the 32km first phase of the 110km road would ... Read More »

AMCON Takes Over Properties In Lagos, Ogun Over N4.68bn Debt

The Asset Management Corporation of Nigeria today took possession of some multi-billion naira properties in Lagos and Ogun states from three property firms and eight others due to an alleged N4.68bn bank debt. The assets including land, houses, cars and generators were seized in execution of a Federal High Court order authorising the receiver/manager, Lanre Olaoluwa, to take possession pending ... Read More »

EU announces €143 million support package for the crisis in North East

The European Union (EU) Commission on Thursday in Brussels, Belgium, announced a support package of €143 million to help the early recovery and reconstruction needs in the North East of Nigeria. The package is for the provision of basic services including energy, education and health, job creation, strengthening monitoring and evaluation systems as well as public financial management systems. Minister ... Read More »