The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, yesterday said the corporation was subsidising fuel because government was not favourably disposed to having the pump price exceed the N145 per litre.

Officials of the Economic and Financial Crimes Commission (EFCC) have arrested the Chief Executive Officer of Innoson Motors, Innocent Chukwuma. The spokesperson of the company, Cornel Osigwe who confirmed the arrest disclosed that his boss was arrested at his residence in Enugu at 9:00 am on Tuesday. Osigwe said Mr. Chukwuma was arrested in connection with an ongoing case with Guarantee Trust Bank.

Nigeria’s first large-scale, project-financed independent power plant – the 459 459MW capacity Azura-Edo IPP located in Benin City, Edo State, the city started generating electricity to the national grid. This was following the successful completion of the first-fire on one of its generation turbines – the 153MW and subsequent synchronisation of same to the national grid. The plant is comprised of three Siemens turbines, each of which is capable of producing 153MW.

The Niger State Governor, Mr. Abubakar Bello says the state is losing over N15bn annually to the Federal Capital Territory (FCT) due to wrongful tax remittance system operated by the Ministry of Finance.  The Governor stated this on Monday in Abuja when he paid a visit to the Minister of Finance, Mrs. Kemi Adeosun. Governor Bello who was accompanied by his Commissioner of Finance among others lamented that the development was adversely affecting the state's internally generated revenue.

The Federal Government on Wednesday approved the release of N739 billions to Ministries, Departments and Agencies for implementation of capital projects captured in the 2017 budget. The Minister of Finance, Mrs. Kemi Adeosun in a released memorandum to the Federal Treasury Department, dated December 20, 2017, directed the immediate release of the sum to the MDAs, thereby bringing the total capital vote releases for the fiscal year to N1.189 trillion.

The Federal Government, through the Debt Management Office (DMO), has launched a N10.69 billion Green bond to fund clean energy projects in the 2017 budget, the first in Africa. The bond has a 5-year tenor and an interest rate of 13.45 percent. Subscription for the bond opened on Monday, December 18 and will close on Wednesday, December 20. Although Kenya announced plans to float a Green bond in 2017, Nigeria is the first African country to float its Green bond.

An Italian judge has ordered oil majors Royal Dutch Shell and Eni to stand trial over alleged corruption, in a case involving the 2011 $1.3 billion purchase of an offshore oil block in Nigeria that is estimated to hold 9 billion barrels of crude. OPL 245 is located offshore field richly endowed with an estimated half a trillion dollars worth of hydrocarbon deposits. The judge in Milan ordered Eni, Shell and key figures such as Eni chief Claudio Descalzi and his predecessor Paolo Scaroni to stand trial in proceedings to begin in March.

The Federal Government has called on the leadership of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to shelve its planned strike expected to commence on Monday over the sack of workers by Neconde Energy Services Ltd. In a statement issued by the Deputy Director, Press in the Federal Ministry of Labour and Employment, Samuel Olowookere the government assured that Neconde had been prevailed upon to engage relevant leaderships with a view to addressing the concerns raised by PENGASSAN.

The Senator representing Kogi West Senatorial District, Sen. Dino Melaye has criticized plans by the executives to borrow money to fund the 2018 budget currently before the National Assembly for consideration and passage. The Senator said the plan by the government to borrow was suspicious more so that some Ministries, Department and Agencies are still 'keeping unutilized funds'.

Guarantee Trust Bank (GTB) has been named the Best Bank in Nigeria and the Best Bank for CSR in Africa by EMEA Finace Magazine. The bank's Managing Director and Chief Executive Officer (CEO), Mr. Segun Agbaje was also named the CEO of the year. The Publisher and Chief Executive of EMEA Finance Magazine speaking while presenting the award said;