Sovereign Trust Insurance Commiserates with Families of Train-Bus Accident Victims

L-R: Minister of State for Petroleum Resources (Oil), Senator...

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By Elvis Eromosele Today, everyone is talking about digital loan...

The Federal Government may revoke the licence of money deposit banks indicted in warehousing proceeds from stolen crude oil in the country. President Muhammadu Buhari had said in Abuja that the government has already identified banks and other financial institutions that took in deposits from proceeds of oil theft.

The United States decreased its oil import from Nigeria by 67 per cent in 2014, signaling growing economic pain and sustained pressure on foreign reserves, already down to $29.3 billion as at April 15, 2015, its lowest point since 2010. Figures from the US Department of Commerce suggest that U.S. total trade in 2014 (exports plus imports) with sub-Saharan Africa (SSA) also went down by 18 per cent to $52.1 billion compared to 2013. “In 2014, U.S. imports from SSA decreased by 32 percent, falling to $26.7 billion and representing only 1.1 percent of total U.S. imports from the world. This decrease was mostly due to a 51 percent decrease in U.S. mineral fuel and oil imports from SSA. U.S. imports from SSA originated, for the most part, from South Africa Nigeria, Angola, Côte d’Ivoire, and Chad,” the report says.

The Council of the Commonwealth Telecommunications Organisation (CTO) has...