The Debt Management Office, DMO has revealed the reason why the Federal Government borrowed over N2.32tn in 2017. The DMO in its 2017 Annual Report obtained in Abuja on Monday said the total amount was borrowed from both the domestic and the foreign debt markets.

The House of Representatives has called on the federal government to take immediate steps to discourage the importation of sugar into the country.

This followed a motion by Rep. Iboro Ekanem (Akwa Ibom-PDP) at the plenary on Thursday on the need to regularise the importation of sugar, while boosting domestic production and economic growth.

Ekanem said billions of naira was being lost to sugar importation annually.

Teleology Holdings Finally Takes Over Ownership of 9Mobile

Following approval from the Nigeria Communications Commission (NCC) Teleology has formally taken over control of Nigeria’s troubled telecommunication company, 9mobile. 

The Supreme Court on Thursday struck out GTBank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that GTBank pays over N6 Billion into an interest yielding account at the Court of Appeal.

Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account now stood at over N14billion.

The Senator representing Kaduna Central Senatorial District, Shehu Sani has thrown his weight behind the refusal by President Muhammadu Buhari to sign the African Free Trade Agreement, (AFCTA).  His position is coming barely a day after former President Olusegun Obasanjo, berated President Buhari over his refusal to sign the Agreement.

Gains persisted on the Nigerian Stock Exchange, NSE, for the third consecutive session today, with the All Share Index, ASI, posting 1.53 percent return to 38,435.20 points as investors continued to hunt bargains across major sectors. Nigerian Breweries for the third consecutive day has maintained its leadership position on the Nigerian Stock Exchange (NSE).

Nigeria's Economy Safe Under President Buhari – Sen. Udoma

The Minister of Budget and Planning, Senator Udo Udoma has assured Nigerians that the nation's economy was safe under President Muhammadu Buhari, stressing that the positive trends recorded in the country’s economic indicators since the launch of the Economic Recovery and Growth Plan (ERGP) indicated that the plan was working.

Equities Sustain Rally By N329 Billion

The Nigerian equities market extended its upward trend at the close of transactions yesterday, with a gain of N329 billion.

The All-Share Index (ASI) gained 907.82 points, representing a growth of 2.46 per cent to close at 37,854.92 points from 36,947.10.

Bitcoin Headed For Big Breakout, Tom Lee Stands Firmly On Prediction

Managing partner and the Head of Research at Fundstrat Global Advisors still isn't ruling out his end-of-year Bitcoin price prediction of $25,000.

Earlier in the year, Lee declared that Bitcoin would reach $20,000 by the middle of the year before ending 2018 on a high note by setting a new record high. With the first half of the prediction looking unattainable, the Fundstrat analyst is refusing to back down.

Peugeot To Commence Car Assembling In Nigeria By 2019

Peugeot Citroen is set to commence the assembling of cars in Nigeria by early next year under the Dangote-Peugeot Automobile Nigeria Limited (DPAN), according to reports.

A joint venture of PSA Peugeot Citroen, Dangote Group and five state governments in Nigeria will lead to the assembly of about 3,500 cars in 2019.