19 July 2018 ( Lagos )

Illegal deductions - CBN returns N65bn to bank customers: The Central Bank of Nigeria (CBN) says it has recovered over N65bn (US$179.8m) from commercial banks in the country for wrongful deductions and charges from customers’ deposits and other transactions in the last six years. (Source: Punch)

Nigeria loses N72bn to gas flaring in three months: Oil and gas companies operating in the country flared a total of 85.81 billion standard cubic feet of natural gas in the first three months of the year, causing the country an estimated loss of N72.41bn. (Source: Punch)      

Senate approves N348bn to 74 oil marketers for outstanding subsidy claims: The Senate on Wednesday approved the payment of N348bn (US$962.71m) as outstanding subsidy claims to a total number of 74 petroleum marketers. Of the total, 55 are to receive about N275.75bn (US$762.85m) while the other 19 will get N73.45bn (US$203.19m). (Source: Vanguard)

Senate probes Kachikwu, DPR over oil lease renewal: The Senate has resolved to investigate Nigeria’s imminent loss of $10bn to illegal discounts and rebates granted by Federal Government officials in the process of oil and gas lease renewal. (Source: Punch)

FG seeks to reduce N183bn sugar import bill: The federal government is seeking more private sector investments into the sugar industry to reduce the huge amount being spent by Nigerians on the importation of the product. The Executive Secretary, National Sugar Development Council, Latif Busari, said in a statement issued in Abuja on Wednesday that the council was deeply concerned about the amount of foreign exchange that Nigeria was losing to sugar importation, which ranges annually from US$450m to US$600m. (Source: Punch)

PIGB will enforce drilling of oil blocks — Ex-DPR director: The Petroleum Industry Governance Bill will help to enforce the effective drilling of oil blocks in Nigeria and reduce the number of blocks that are not operating in the oil and gas sector, a former Director, Department of Petroleum Resources, Osten Olorunsola, has said. (Source: Punch)

Moody’s: Pressure Mounts Cement Producers to Reduce Emissions:  Amid efforts to decarbonize the global economy, pressure is increasing on energy-intensive cement producers to reduce greenhouse emissions, Moody’s Investors Service stated in a new report released on Thursday. (Source: Thisday)

Equities Market Hits 8-Month Low on Persistent Sell Pressure: Bearish sentiments persisted at the stock market on Wednesday, driving the Nigerian Stock Exchange (NSE) All-Share Index (ASI) further down by lower by 0.58 per cent to 36,748.18. (Source: Thisday)

BoI to Disburse $750m Afreximbank Loan at Single-digit Rate: The Bank of Industry (BoI) is to disburse the $750 million (N250 billion) syndicated loan facility extended to it by the African Export-Import Bank (Afreximbank) to Micro, Small and Medium Enterprises (MSMEs) at single digit interest rate. (Source: Thisday)

FG unveils new national carrier, Nigeria Air, targets 81 routes: The federal government on Wednesday unveiled the branding for the new national carrier, Nigeria Air, and stated that the airline will be inaugurated at the end of this year. (Source: Punch)

Reps to CBN: mop up mutilated notes: The House of Representatives has ordered the Central Bank of Nigeria (CBN) to immediately begin the withdrawal of all mutilated naira notes from banks across the country. (Source: The Nation)

Wema Bank posts N1.83b half-year PBT: Wema Bank Plc has released its financial results for the half-year ended June 30, 2018 with Profit Before Tax (PBT) of N1.83 billion.(Source: The Nation)

FG makes N343.05m from savings bond in July– DMO: The Federal Government said it made N343.05 million from sales of savings bond in July.(Source: The Nation)

FIRS collects N7.7 trn in 3 yrs, records N2.5trn for H1 2018: The Federal Inland Revenue Service (FIRS) has collected taxes worth N7.7 trillion in the last three years of its operations, its chairman, Mr Babatunde Fowler, has said.(Source: Daily Trust)

Cement price too high, Osinbajo tells manufacturers: Vice President Yemi Osinbajo has decried the high price of cement even as Nigeria is ranked the biggest producer of the product in Africa.(Source: Daily Trust)

FG bans importation of 10-year old haulage vehicles: The Federal Government has placed a ban on importation of haulage vehicles that are 10 years and above old from the date of manufacture. The ban is expected to take effect from 1st of January 2020. (Source: Vanguard)

Reporting for EasyKobo on Thursday, 19 July 2018 in Lagos, Nigeria