The Asset Management Corporation of Nigeria (AMCON) has taken over Best Western Hotels in Ikeja and Victoria Island, Lagos over a N27 billion debts, following a court order. The order mandated AMCON to seal up and take over the management of the hotel belonging to embattled Ogun politician, Senator Buruji Kashamu, pending a resolution of the debt.

The Ministry of Power has disclosed that over two thousand mega watts of electricity generated by the various Generation Companies (Gencos) were not distributed to consumers. The Permanent Secretary, Ministry of Power, Louis Edozie made this known on Monday while making a presentation at the Opening ceremony of the 3rd National Council on Power (NACOP), held in Jos, the Plateau state capital.

The National Bureau of Statistics (NBS) reports that between January and June 2017, air passenger traffic across the nation's four major airports dropped significantly due to the impact of inflation. According to NBS, the passenger traffic dropped from 3,489,317 as of the end of December 2016 to 3,033,182 in June 2017.

The Nigerian National Petroleum Corporation (NNPC) has advised motorists against engaging in panic buying of Petroleum products following the decision by the United Labour Congress (ULC) to embark on indefinite strike. The advice which was contained in a statement made available top NAN, assured that the "Corporation has in stock Premium Motor Spirit (PMS) otherwise called petrol, sufficient to serve the nation for 48 days."

Nigerian oil production remains below 1.8 million barrels per day, in compliance with a quota set on the African nation by OPEC earlier this year in response to its explosive output growth through 2017. The Minister for Petroleum Resources, Emmanuel Ibe Kachikwu made the announcement at the Organization of Petroleum Exporting Countries’ headquarters in Vienna. The oil bloc has already agreed to extend output cuts through March 2018, although another extension may be in the works, oilPrice.com reports.

The Nigeria National Petroleum Corporation (NNPC) said the country is losing over 700, 000 barrel of oil daily due to the activities of vandals in the Niger Delta region. The Group Managing Director of NNPC, Dr. Maikanti Baru made this disclosure yesterday in a keynote address at the Maiden edition of the Nigerian International Pipeline Technology ad Security Conference (NIPITECS2017).

The meeting of the joint ministerial monitoring committee of OPEC and non-OPEC countries ended in Vienna, today with the endorsement of further exemption for Nigeria’s crude oil production until it stabilises. Nigeria’s Minister of State For Petroleum Resources, Dr Emmanuel Ibe Kachikwu, told the meeting that although the country’s production recovery efforts have made some appreciable progress since October last year, it is not yet out of the woods.

Aggrieved worker of the liquidated Nigeria Airways on Wednesday morning staged a peaceful protest at the Murtala Muhammed International Airport, Lagos over alleged delay by the Federal Government to settle their outstanding entitlements believed to be around N78 billion.
THE Chairman of Nigeria Airways Chapter of the Nigeria Union of Pensioners, Sam Nzene who addressed newsmen during the protest lamented that government has refuse to clear their entitlement despite the current harsh economic realities.

The Securities and Exchange Commission (SEC), the apex regulator of the Nigerian capital market, Tuesday, imposed a life ban on the Managing Director of Partnership Investment Company Plc and Partnership Securities Limited, Mr. Victor Ogiemwonyi, from holding directorship position in any public company in Nigeria for his unprofessional conduct in the capital market.

The Nigeria National Petroleum Corporation (NNPC) said it has inaugurated eight committees for the rehabilitation of three refineries in the country for optimum level of operation by 2019. They are the Warri, Port Harcourt and Kaduna refineries. In a statement signed by Mr Ndu Ughamadu, Group Managing Director, Group Public Affairs division, on Wednesday in Abuja, it said that the idea was to ensure it met the presidential mandate.