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LAGOS — The Lagos State Chapter of the National Union of Road Transport Workers, NURTW, popularly referred to as Agberos generates about N123.08 billion annually. This was according to the statistical report by the International Centre for Investigative Report. The report also showed that the yearly income of the transport union could service the annual budget of Nasarawa, Niger, and Yobe states put together. Other sources of income excluded from the report were money levied...

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Nigeria lost an estimated N53.26bn in the first two months of this year as international oil companies and local players flared a total of 33.04 billion standard cubic feet of natural gas. The NNPC, in its latest monthly report, said out of the 206.05 billion scf produced in February, a total of 133.06 billion scf was commercialised, consisting of 40.15 billion scf and 92.91 billion scf for the domestic and export market respectively. The oil...

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ABUJA — Lawyers who have won various litigations against the federal government agencies have cried out over non-payment of judgment debts incurred by the government. In a statement issued by the director of Legal Services, Centre for Civic Education, Barrister Agomuo Chimaobi, on behalf of the lawyers, said the unpaid judgement debts were affecting them economically, having used their personal resources to prosecute some of the cases on behalf of their clients. Parts of the...

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The Organisation of Petroleum Exporting Countries and its allies known as OPEC+ have decided to boost oil production by 400,000 barrels per day. The group reached this agreement at the 19th OPEC and non-OPEC ministerial meeting on Sunday. In June, OPEC+ had agreed to increase output in July, in line with the group’s April decision to return 2.1 million barrels per day to the market between May and July. However, the deal which was meant...

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The Central Bank of Nigeria (CBN) has announced that the importation of sugar into the country has been limited to three companies. They are Dangote Sugar Refinery Plc, BUA Sugar Refinery Limited, and Golden Sugar Company, which is owned by Flour Mills of Nigeria Plc. This was disclosed in a statement signed by the director of trade and exchange department of the CBN, Ozoemena Nnaji on Friday, noting that the three companies “have made reasonable...

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The Supreme Court has granted an order of injunction stopping the Federal Government and its agencies from ceding oil wells at Akri and Mbede communities to Imo State Government. The order was granted on Wednesday to stop a purported implementation of the ceding of about 17 oil wells to Imo State, till a suit brought before the court by the Rivers State Government is determined. In the ruling, the Supreme Court restrained the Attorney General...

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ABUJA —The federal executive council (FEC) awarded Dangote Industries, a contract to construct five roads of 274.9 kilometres on Wednesday. The contract which cost a sum of N309,917,717,251.35 is to be advanced by the company as a tax credit. The minister of works and housing, Babatunde Fashola indicated this during a briefing with the state house correspondents. A tax credit is an incentive given to taxpayers, usually subtracted directly from taxes owed or expected to...

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ABUJA — The Federal Capital Territory (FCT) Ministerial Committee on City Sanitation would seek forfeiture orders against livestock traders conducting businesses on major road corridors in the nation’s capital. Mr. Ikharo Attah, chairman of the committee who disclosed this on Friday while leading his team on a raid of an illegal ram market around Dutse Alhaji, said the administration had sacked the market in the past, vowed to confiscate rams found in any illegal market...

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ABUJA — An indigenous oil and gas company, ND Western Limited says its 10,000 barrels per day refinery in Uturogu, Delta State will be completed by 2023. Mr. Eberechukwu Oji, Managing Director, ND Western Limited, made the disclosure while speaking with newsmen at the sidelines of the Nigeria Oil and Gas Conference and Exhibition on Thursday in Abuja. Oji said: ” The Front End Engineering Design for the project which is a Joint Venture with...

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LAGOS — Cutix Plc on Thursday estimated that N1.83 billion in revenue would be realised in the second quarter (Q2) of the Financial Year (FY) 2022. This is contained in a notice posted on the website of the Nigerian Exchange Ltd., titled: Cutix Plc: Second Quarter FY 2022 Forecast for the Period Ended Oct. 31, 2021. The notice was signed by Mrs. Ijeoma Oduonye, Chief Executive Officer and Mrs. Favour Oti, the Chief Executive Officer,...

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