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FAAC meeting ends in deadlock over NNPC’s N37bn underpayment The Federation Accounts Allocation Committee meeting, which was convened on Tuesday to consider and approve the statutory allocation for February, ended in deadlock. NERC orders Discos to engage independent meter providers The Nigerian Electricity Regulatory Commission on Tuesday ordered the 11 power distribution companies to engage the services of the recently approved independent Meter Asset Providers in order to effectively bridge the over 4.74 million metering gap in the country. THISDAY CBN Intervenes in Forex Market with $210m The Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank sector of the foreign exchange market to the tune of $210 million. Egbin Power Station Targets 5,000MW in Five Years The Chairman of Egbin Power Plc, Mr. Kola Adesina has restated the commitment of the board of the company to expand the plant’s generating capacity from 1,320 megawatts to 5, 000MW in the next five years. Benue Has Lost N8bn Worth of Rice to Herdsmen Attacks in 2018’ The Benue state Commissioner for Agriculture, James Anbua has stated that the state has lost over N8billion to herdsmen attack this year. GUARDIAN Seplat, Mobil others top stock market N76 billion loss Price losses yesterday continued to outweigh gains on the trading floor of the Nigerian Stock Exchange (NSE), as most blue-chip companies, especially Seplat and Mobil constituted the losers’ chart, causing market capitalisation to plunge further by N76 billion. Multiple levies, licences threaten N750bn lubricant sector investment Lubricant Producers Association of Nigeria (LUPAN)’s investment of over N750 billion is being threatened by multiple government agencies demanding different levels or licensing of single product – based oil, the group has said. National Assembly defers 2018 budget approval till May The National Assembly has given up on its earlier plan to pass the 2018 budget in April. Instead, it has proposed a new date of May 2018. THE NATION Local firm bids to buy Petrobras’ $2b Nigeria’s oil stake Global oil traders Vitol and Glencore are in talks to financially back Nigerian firms racing to buy assets owned by Brazil’s Petrobras valued at up to $2 billion, several sources familiar with the matter said. NERC: meter regulation effective April 3 The Nigerian Electricity Regulatory Commission (NERC) yesterday said its Meter Asset Provider (MAP) Regulation (Regulation No. NERC/R/112) will become effective on April 3. REUTERS Okomu Oil FY Turnover 20.26 Bln Naira Vs 14.36 Bln Naira Year Ago FT turnover 20.26 billion naira versus 14.36 billion naira year ago.
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