The House of Representatives Committee on Emergency and Disaster Management has directed the Director-General of National Emergency Management Agency (NEMA), Alhaji Mustapha Maihaja, to account for N1.6 billion released by Federal Government for Libya returnees.

The committee in a meeting with the management of NEMA said, though N1.6 billion was released for the purpose, only N1.8 million was utilised with the balance of over N1.42 billion largely unaccounted for.

The money was meant to resettle Nigerian illegal immigrants who were recently repatriated.

The western zone of the Independent Petroleum Marketers Association of Nigeria [IPMAN], has advised the Federal Government to increase the importation of fuel to meet the local demands.

The group also called on the government to deregulate the sector and ensure the full capacity of the depots across the country in order to permanently eradicate the constant shortage of fuel across the country.

The Nigerian National Petroleum Corporation (NNPC) said it has been left alone to import fuel as marketers had abandoned importation of petrol due to the losses they incurred.

Chief Financial Officer of NNPC, Mr Isiaka Razak, disclosed this to the members of Senate Committee on Public Accounts investigating the fuel supply situation in the country.

He expressed worry that the task of importing fuel into the country was left alone to NNPC, saying that for one year, marketers avoided importing fuel because they incurred losses.

Minister of Finance, Mrs. Kemi Adeosun, has revealed that the African Continent loses a whooping $80 billion, annually, to Illicit Financial Flows (IFF).

The minister disclosed this at the on-going conference of the Organisation for Economic Cooperation and Development (OECD) Platform for Collaboration on Tax in New York, United States of America.

In a statement signed by the Special Adviser on Media to the minister, Mr. Yinka Akintunde, Adeosun said Nigeria accounted for a significant percentage of the illicit financial flows out Africa.

Dangote Cement Plc has revived plans for a share sale in London that could raise about $1 billion. According to report from Bloomberg, the Nigerian company, controlled by Aliko Dangote, has approached investment bankers to discuss a potential U.K. listing, said the people, who asked not to be named as the talks aren’t public.

The Infrastructure Concession Regulatory Commission (ICRC) has said that Nigerian ports were now witnessing more efficiency following the reforms of the Federal Government.

Mr Chidi Izuwah, Acting Director-General of the commission said this during an inspection tour of facilities of the Nigeria Port Authority (NPA) in Rivers state.

The acting DG said that the policy of Federal Government on port reform was achieving its targets which includes which includes; increased efficiency, reducing cost of services to port users.

Minister of State for Aviation, Senator Hadi Sirika has disclosed that the federal government plans to establish a national carrier before the end of the year.

Speaking to journalist on development in the aviation sector, Siriki stated that "in the next couple of months, two months maximum, we should be able to have our outline business case of this transaction and then the full business case will follow almost immediately after because we are doing it simultaneously and after that we begin the process to establish the airline.

The Central Bank of Nigeria (CBN), says it has disbursed N55 billion to more than 250,000 farmers within two years of implementation of the Anchor Borrowers Programme (ABP).

The Acting-Director, Corporate Communications Department, CBN, Isaac Okorafor confirmed the figure on Wednesday in Abuja during a media briefing on the implementation of the programme.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Monday said multinational oil firms would not be allowed to export all the crude oil they produce in Nigeria. Kachikwu said this in Abuja at a break-out session of the maiden Nigeria International Petroleum Summit (NIPS) titled “Deepening collaboration in the African oil and gas industry – challenges and opportunities for investment”.

Foreign capital inflows into the economy rose by 148 percent to $4.15 billion, according to a report released yesterday. The Financial Derivatives Monthly Economic Update titled: “Hot Money: Foreign Direct Investment and the Central Bank of Nigeria’s Monetary Policy” attributed the increase to renewed investors’ confidence in the economy. It said a further breakdown showed that foreign portfolio investment (FPI) — hot money —accounted for 67 percent of inflows; foreign direct investment (FDI) and others accounted for the rest.