General Electric Co has pulled out of a long-term concession deal with the Nigerian government to maintain and operate narrow-gauge rail lines in the West African country, a procurement process adviser told Reuters on Wednesday. The Nigerian railway concession project was worth around $2 billion for two lines connecting northern cities to others ... Read more

The Senate Committee on Gas has said that NNPC and Central Bank of Nigeria (CBN) are to submit documents on the withdrawal of $1.2 billion from the NLNG dividends account within the last two years. The committee decried the withdrawal from the Nigeria Liquefied Natural Gas ( NLNG). The Chairman of the committee, Sen. Bassey Akpan, made this k ... Read more

The preliminary reports of the ongoing investigations of the management of the defunct Skye Bank Plc, have revealed serial manipulations of the lender's reports and fraudulent masking of details to deceive the regulators. Specifically, the reports identified fraudulent and false accounting, manipulation of accounting records to present false ... Read more

The Senate has expressed concern over alleged huge reduction, by the federal government, of the refund the Central Bank of Nigeria (CBN) asked telecoms giant, MTN, to make, from $8.1 billion to $800 million. But in a swift reaction last night, the CBN Director, Corporate Communications, CBN, Mr. Isaac Okorafor, denied the alleged reduction of th ... Read more

[B]• Indictment flawed, baseless, says vice president • 'Ex-Gov Shema used N5.7b SURE-P funds for politics'[/B] The House of Representatives ad-hoc committee on Emergency and Disaster Preparedness yesterday offered insight into why it indicted Vice President Yemi Osinbajo on the alleged diversion of N5.8 billion meant for emergency interventi ... Read more

The Economic and Financial Crimes Commission, EFCC, on Tuesday, re-arraigned a former Chief of Air Staff, Air Marshall Adesina Amosu (retd.) and two others before Justice C. J. Aneke of the Federal High Court sitting in Ikoyi, Lagos on an amended 13-count charge bordering on money laundering to the tune of N21bn. Amosu is facing trial alongside ... Read more