Egbin Power Plant Owed $352 Million by Government

The federal government is said to be owing Egbin power generating plant N125 billion ($352 million) even as half of its output is wasted because of inadequate transmission infrastructure. CEO of Egbin, Dallas Peavey Jr, stated that out of the roughly 1,300 megawatts currently generated by the facility’s six units, which is close to full capacity, some 700 megawatts are lost since the grid is overwhelmed.

Allianz SE a German financial services company, plans to pay $35 million for 98 percent stake in Nigerian insurer Ensure Insurance in a push for growth in Africa, where many people are uninsured, according to Reu. According to Reuters, foreign insurers are banking on growing premiums as the continent develops its infrastructure and a consumer class demands protection from risk.

Nigeria Partners With UK To Attract More Investment

The federal government would work with the government of the United Kingdom to stimulate more direct private sector investments into Nigeria. The Minister of Budget and National Planning, Mr. Udoma Udo Udoma, said this in Abuja at a meeting with a delegation from the British government led by the Secretary of State for International Development, Mrs Priti Patel.

Access Bank Write Off Part Of 9mobile Loan

Nigeria’s Access Bank said on Wednesday it had booked a N4 billion ($13 million) impairment on its loan to troubled telecoms firm 9mobile, formerly known as Etisalat Nigeria. Access Chief Executive Herbert Wigwe said the bank had a direct exposure of 11 billion naira to 9mobile, as well as an exposure of 35-39 billion naira to the telecoms firm’s suppliers.

Ethiopian Airlines Bids To Take Over Arik Air

Africa's leading airline, Ethiopian Airlines has submitted a formal offer to take charge of a troubled carrier, Arik Air, which accounts for more than half of Nigerian air passenger traffic.

NNPC Announces “Major Shake Up”

The ongoing restructuring of the Nigerian National Petroleum Corporation (NNPC) received fresh impetus on Tuesday with the appointments and deployments of top executives across the value chain of its operations.

Naira Gains As CBN Injects $547m In One Week

The Central Bank of Nigeria (CBN), on Thursday, raised the total intervention for the week to $547 million as against $195 million offered the previous week, in anticipation of Sallah holiday.

Farmers Task FG, States On Provision Of Storage Facilities

With the onset of the harvest season in some parts of the country, farmers have urged the federal and state governments to provide adequate storage facilities, to prevent wastage. A survey on the prices of foodstuffs conducted by the News Agency of Nigeria (NAN) in the South-West, showed that the harvest of produce had forced down prices.

The Federal Government on Wednesday approved the sum of $5.792bn for the commencement of the Mambilla Hydro Power plant.  The Minister of Power Works and Housing, Babatunde Raji Fashola made this known on Wednesday in a chat with State House Correspondents after the Federal Executive meeting. He lamented that that though the project was conceived several years ago, no administration could inaugurate it.

8 -Man US Delegation Visit Nigeria To Discuss Security, Economy

The United States Embassy in Abuja, Monday, said an eight-member congressional delegation would be visiting the country from August 28 to August 31.