03 July 2018 ( Lagos ):

2018 budget: How National Assembly cut N347.5bn from 4,700 MDAs projects: Facts have emerged on how the National Assembly reduced allocations to 4,700 projects of Ministries, Departments and Agencies of the Federal Government to the tune of N347.55bn. (Source: Punch)

NEITI assists FG to recover US$3bn from oil firms: The Nigeria Extractive Industries Transparency Initiative (NEITI) says it has so far assisted the federal government to recover over US$3bn from oil and gas companies operating in the country. (Source: Punch)

JTF’s clampdown on illegal refineries causes kerosene scarcity: The renewed operations of the Joint Military Task Force in the Niger Delta, codenamed, Operation Delta Safe, has resulted in the shortage of kerosene in some parts of Bayelsa and Rivers states. (Source: Punch)

Equities open second half with N120b loss: Nigerian equities reopened for the second half of 2018 on a negative note as market-wide portfolio rebalancing shaved off N120 billion from market values of quoted companies. Equities had started the second half of 2017 also with a similar loss of N120 billion.(Source:The Nation)

NPA rakes in N3bn from Calabar Port in three months: The Nigerian Ports Authority (NPA) raked in about N3bn from Calabar Port in three months, it was learnt. The amount was realised between January and March this year. Speaking with The Nation at the weekend, a senior official of the ministry of finance said the revenue excluded terminal operators’ huge debts to the NPA. (Source:TheNation)

$200m Content Fund for probe’: The Federal Government has said it will commence forensic audit of oil companies’ contributions to the Nigerian Content Development Fund (NCDF) in which $200 million had been committed.(Source: The Nation)

Banks lose N55.4bn to fraudsters in 15yrs: Nigerian banks lost N55.5billion to fraudsters from 2001 to 2015 while they sacked 7,102 staff over their involvement.(Source: Vanguard)

THISDAY

Zenith, GTBank, FBN, Access, UBA, among Top 1000 Global Banks: Five Nigerian banks which included Zenith Plc, Guaranty Trust Bank Plc (GTBank), FirstBank Nigeria Limited, Access Bank Plc and the United Bank for Africa Plc, were ranked among The Banker Magazine’s 2018 1000 Global Banks. (Source: Thisday)

NMRC Seeks Approval for N440bn Debt Programme: The Nigeria Mortgage Refinance Company (NMRC) plans to seek approval from members by the end of the month to triple the size of its debt programme to N440 billion ($1.44 billion). (Source: Thisday)

NCDMB invests US$10m in 5,000bpd modular refinery: The Nigerian Content Development and Monitoring Board (NCDMB) has signed a US$10m equity investment agreement with Waltersmith Refining and Petrochemical Company Limited for the construction of a 5,000bpd modular refinery to be located at Ibigwe, Imo State. (Source: Thisday)

NERC okays TCN’s bid to procure spinning reserves for grid: The Nigerian Electricity Regulatory Commission (NERC) has reportedly given the Transmission Company of Nigeria (TCN) its approval to procure extra power to serve as spinning reserve that will stabilise Nigeria’s electricity grid when there are unforeseen disturbances. (Source: Thisday)

N149bn exploration commitments in new basins find no commercial oil: Despite gulping about N149.4billion since inception, the search for commercial oil (profitable enough to offset costs) in Nigeria’s new frontier basins remained thin, as the Bida Basin, Niger State foray for hydrocarbon has not yielded anticipated results. (Source: Guardian)

NIWRMC issues 125 licences for power, irrigation projects: The Nigeria Integrated Water Resources Management Commission (NIWRMC) has issued licences to 125 applicants for the construction of hydropower generation plants and irrigation and water supply projects. (Source: Punch)

Nigeria mortgage agency seeks approval for US$1.4bn debt programme: Nigeria Mortgage Refinance Company (NMRC) plans to seek approval from members by the end of the month to triple the size of its debt programme to US$1.44bn, the state-backed mortgage agency said on Monday. (Source: Reuters)

Reporting for EasyKobo on Tuesday, 3 July 2018 in Lagos, Nigeria