THE Federal Government is shopping for $4.7 billion to recapitalise the electricity Distribution Companies (DisCos),  Transmission Company of Nigeria (TCN) Managing Director Usman Gur Mohammed said yesterday. The cash will be raised by the Federal Government, shareholders of the DisCos and private investors. It is all to upgrade power distribution facilities. Upon the privatisation of […]

THE Nigerian Electricity Regulatory Commission (NERC) will guard against the misapplication of the $4.7 billion being proposed for the capitalisation of electricity Distribution Companies (DisCos), its Chairman Prof. James Momoh assured yesterday. Speaking with The Nation on the telephone, he said that he was yet to receive any letter on the plan to raise the […]

An official of the Petroleum Authority of Uganda has commended the management of Department of Petroleum Resources (DPR)’s professional conducts in carrying out its regulatory activities in the oil and gas industry. Mrs Betty Namubiru, Manager, National Content, Petroleum Authority of Uganda (PAU), gave the commendation in Lagos, South-West Nigeria, during their official visit to […]

The Federal Government has said that over 392,000 businesses have so far benefited from the Micro, Small and Medium Enterprises clinic. The MSME clinic is one of the strategies of the Federal Government to make it easier to do business in Nigeria. The project brings together key Federal Government agencies to a series of business […]

The exchange rate for Customs duty has increased from N306 per dollar to N326/$, our correspondent has gathered. The rate was reportedly introduced at the Lagos Port on Monday and the Nigeria Customs Service was said to have commenced immediate implementation. Customs sources confirmed that the valuation department of Customs at all Commands had equally […]

The Nigerian Stock Exchange has announced the launch of its online learning platform, X-Academy e-learning, aimed at making quality learning accessible and affordable to individuals, corporations and institutions. The NSE described the X-Academy e-learning as an innovative online learning platform that offers users ease of access to highly structured and comprehensible self-paced capital market and […]

A former Managing Director of the Assets Management Corporation of Nigeria has said the liberalisation of the nation’s power sector will attract over $30bn of investment to the sector in the next three years. Chike-Obi, who is the executive vice chairman, Alpha African Advisory, said this would also make electricity affordable for Nigerians in the […]

The management of the Nigerian Ports Authority has announced the approval of a 10 per cent discount on harbour dues for vessels calling at the eastern ports. According to the agency, this is part of the efforts to increase patronage of the eastern ports. The ports that would be affected by the incentive are Calabar, […]

Power distribution companies require $4.3bn to recapitalise in order to effectively invest in their networks nationwide and improve electricity supply, according to a study conducted by the Transmission Company of Nigeria. TCN also stated that the Federal Government, which owns 40 per cent stake in each of the 11 power Discos in the country, should […]

The nation’s stock market fell further on Monday, extending its losing streak to six consecutive trading sessions. The market opened the week lower as the All Share Index of the Nigerian Stock Exchange shed 0.4 per cent to close at 30,322.19 basis points while the year-to-date loss worsened to 3.5 per cent. The market capitalisation […]