House of Reps to probe $17bn oil loot

Yakubu Dogara, Speaker House of Representatives

Nigeria’s lower house ordered a probe to investigate whether $17 billion of petroleum and fuel exports were stolen.

Most of the oil and liquefied natural gas ended up in the U.S. and some went to China and Norway, Johnson Agbonayinma, a lawmaker, told the House of Representatives in the capital, Abuja, on Thursday. The missing products include about 58 million barrels of oil and 727,000 tons of LNG, he said.

'Travelex to improve naira' - Bureau de Changers

Anthony Wagerman, CEO Travelex

The Association of Bureau De Change Operators of Nigeria says it foresees the naira on the path of recovery by Monday due to the introduction of Travelex, a licensed Forex dealer.

The President of ABCON, Alhaji Aminu Gwadabe, said on Thursday in Lagos that a licensed Forex dealer would enhance transparency in the distribution network.

Travelex, an international money transfer organisation, was officially directed by the Central Bank of Nigeria to distribute Forex to Bureaux De Change operators by Monday.

NNS Unity for Off-shore Patrol

Chief of Naval Staff is Vice Admiral Ibok Ekwe Ibas

In furtherance to improving on the nation's defences, government had considered the acquisition of various military hardware to make the country's armed forces better ready to defend its national integrity. One such step taken is exploiting the country's cordial relationship with China. 

Consequently, the Nigerian Navy Offshore Patrol Vessel (OPV), NNS UNITY, which was under construction in China has been completed. It is on its way to join the Nigerian Navy fleet.

Adieu Doctor Nkem Ezeilo medical practitioner to Nigerians in Diaspora

By Tunde Oyedoyin, London

Nkem EzeiloNkem Ezeilo

Members of the Nigerian community in the United Kingdom continue to mourn 43-year-old Harley Street-based general medical-practitioner, Dr. Nkem Ezeilo, who died of cancer last Sunday.

Nigeria sues foreign oil firms

Nigeria has filed a lawsuit against Italian energy firm ENI , U.S. major Chevron and other international oil firms over some crude exports, ENI, Chevron and a government official said on Tuesday.

"The claim dates back to last March and refers to a request to our subsidiary in Nigeria for a payment of about $160 million," ENI said by email.

Buhari accused of protecting corrupt aides

President Buhari and his Chief of Staff, Abba Kyari

President Muhammad Buhari has received concrete evidence that his Chief of Staff (CoS), Abba Kyari, took N500m from operators of MTN to help the telecommunications giant mitigate the fine imposed on it by the federal government, according to information from Sahara reporters.

Rent-to-own accommodation debuts

One of the prototypes of a Mass Housing Scheme

A new concept to the Nigerian housing sector has been introduced by the alternative asset investment company, NatanelFlorens Limited, which unveiled a rent-to-own initiative known as Rent-Own-Earn. The company’s Executive Director, Marketing Services, Mr. Yinka Daramola, said at a meeting to announce the unveiling of the initiative and other investment opportunities offered by the firm, that owning a property in the country had been a challenge for decades.