President Muhammadu Buhari says his administration had spent $9bn (N2.745tn at the official exchange rate of N305 to $1) on power, roads and railways in the country in the last two years. The President made these remarks at the 61st meeting of the United Nations World Tourism Organisation and Commission for Africa in Abuja.

The Central Bank of Nigeria (CBN) says it has paid over N24bn to gas suppliers and released another fund to electricity distribution companies (DisCos) for the purchase of 704,928 electricity meters. The apex bank said it also purchased and installed over 500 transformers to enhance the distribution networks, and over 2,000km of 11kV lines and 130km of 0.45kV lines were rehabilitated.

The Nigerian Naira, on Monday, June 4, maintained its healthy run against the United States of America Dollar at the parallel segment of the Nigerian Foreign Exchange Market. At the end of trading for Monday, the Nigerian currency exchanged at the rate of N363 against the greenback at the black market.

Members of Nigeria Union of Petroleum and Natural Gas Workers, on Sunday gave a 21-day ultimatum to employers in the Nigerian oil and gas sector to address workers’ welfare or witness a total shutdown. The President of the Union, Williams Akporeha who stated this at a news conference in Lagos explained that over 500 union members had not been paid after working for some international oil companies.

IBETO Cement Company Limited has announced its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly traded petroleum exploration and production company.

The company said it acquired 70 per cent of Century Petroleum, resulting in the reverse merger of the cement manufacturer’s assets with the U.S. firm’s.

A reverse takeover or reverse merger takeover is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public.

Mr Ahmed Kuru, the Managing Director, Asset Management Corporation of Nigeria (AMCON) on Friday said the corporation recovered N740 billion from debtors in 2017. Kuru stated this at a news conference on ‘Debt Recovery, Nigeria Economy and the Corporation’ in Lagos. “Up to the financial year of 2017, we have recovered a total of N740 billion. Of course, we have a lot of substantial assets that we are holding in terms of real estate and some other forms of assets.

With no definite date yet, MTN Nigeria is looking forward to raising the sum of $500 million, disposing of about 30% stake in the business by getting listed on the Nigerian Stock Exchange (NSE).

And just recently, MTN Ghana launched an Initial Public Offering (IPO) to raise about $743 million for a 35% stake in the business unit.

It’s obvious that MTN Group is raising more money from its IPO in Ghana than that of Nigeria’s despite the fact that the latter has a significantly higher subscriber base.

The Petroleum Industry Governance Bill has suffered a setback two months after it was passed by the National Assembly. At the plenary on Wednesday, the Senate referred the bill back to the Conference Committee on the Petroleum Industry and Governance to consider the “fundamental issues” raised by the Legal Department of the National Assembly, which recommended a fresh legislative action.

The House of Representatives Committee on Petroleum Resources (Downstream) has directed the full recovery of N9bn into the treasury of the Federal Government from Capital Oil and Gas Limited.

The money is the balance of the N11bn worth of petroleum products, which allegedly disappeared from Capital Oil and Gas storage tanks in 2017.

The products were alleged to have been stored by the Nigerian National Petroleum Corporation in the private firm’s tanks under its various throughput arrangements with tank farm owners.

The United Labour Congress (ULC) on Friday told Labour and Employment Minister Chris Ngige, to explain his `double-speak’ on the planned new minimum wage, to avoid confusion on the issue.

On May 30, Ngige announced that the new National Minimum Wage would not be paid to workers by the end of September, contrary to a previous announcement by the Federal Government.

Ngige’s announcement appears to have dampened the morale of workers, who have been expecting a new wage in September.