The Central Bank of Nigeria has released a regulatory framework for the use of Unstructured Supplementary Service Data (USSD). With most banks in the country now using USSD codes for banking transactions, the regulatory framework is to ensure that the vulnerabilities in the technology world does out customers fund at risk.

The Minister of Power Works and Housing, Babatunde Fashola has attributed the non-improvement of electricity in the country to obsolete power distribution equipment handed over to private investors after the privatization of the sector. The Minister stated this on Wednesday while addressing State House Correspondents after the weekly Federal Executive Council (FEC) meeting.

Nigeria’s Sovereign Wealth Rises To $2bn

The Sovereign Wealth Fund currently stands at $2bn, with the Nigeria Sovereign Investment Authority seeking further growth through agriculture and the addition of asset management. In an interview with Bloomberg on Wednesday in Kazakhstan’s capital, Astana, Chief Executive Officer, NSIA, Uche Orji, said government’s contribution stands at $1.5bn, with the rest, including funds owned by the institution and those managed for several government agencies.

The Nigeria Customs Service has reportedly dismissed five officers suspected to have facilitated the illegal importation and eventual clearance of 661 pump action at the Tin Can Island Port, Lagos. The Public Relations Officer (PRO) of the Service, Joseph Attah who confirmed the development to newsmen stated that the five officers were found culpable in the importation of the arms, having collected bribes.

The Nigerian National Petroleum Corporation, NNPC and its upstream, ExxonMobil are seeking new measures to expand existing operational portfolio. The move is to increase crude oil production and availability of gas for power generation in Nigeria. Group Managing Director of NNPC, Dr. Maikanti Baru said the joint venture with ExxonMobil, which until recently was the highest producer of crude oil in Nigeria, was primed to make a rebound.

The Nigerian National Petroleum Corporation (NNPC) has urged members of the Independent Petroleum Producers Group (IPPG) to participate in the forthcoming bid round for about 30 marginal oil fields. The Group Managing Director of the Corporation, Dr. Maikanti Baru, gave this charge when he received a delegation of IPPG led by its chairman, Engr.

The recovery of the Nigerian economy from recession is an indication that the various policies of government towards reflating the economy, as set out in the Economic Recovery and Growth Plan (ERGP), are yielding fruits, and confidence is returning to the Nigerian economy, the Federal Government said.

NEPZA, Customs, To Harmonise Free Trade Zones Operations

The Nigeria Export Processing Zones Authority (NEPZA) and the Nigeria Customs Service (NCS) on Tuesday proposed to establish a committee to harmonise their operations for efficient operation of Free Zones scheme. The News Agency of Nigeria (NAN) reports that the organisations made the resolution when the NEPZA management, led by its Managing Director, Mr Emmanuel Jimi, visited the NCS in Abuja.

The Naira on Tuesday appreciated against the dollar at the parallel market, News Agency of Nigeria reports. The Nigerian Naira on Tuesday, September 5, appreciated against the dollar and other international currencies, gaining N1 to exchange at N364 to the dollar, stronger than N365 posted on Friday, while the Pound Sterling and the Euro closed at N470 and N430, respectively.

The Nigerian Content Development and Monitoring Board (NCDMB) has said that it had obtained all necessary approvals to re-launch the Nigerian Content Intervention Fund (NCI Fund) with N72 billion ($200m). Mr Sibi Wabote, the Executive Secretary of the Board, disclosed this in a statement made available to newsmen in Lagos. Wabote said the fund, which would be available for lending to qualified oil and gas players, had been increased from $100m to $200m to ensure that more deserving companies would benefit.