Capital importation into Nigeria stood at $2,14 billion in Q4 2018, representing a decrease of 25.05% compared to Q3 2018 and a 60.24% decrease compared to Q4 2017. Data from the NBS shows that the total value of capital importation into Nigeria was $16.812 billion in 2018 compared, which was 37.49% better than the $12.229 billion imported in 2017. The most capital imported by type were portfolio investments, which accounted for 70.20% ($11.802 billion) of total capital importation. FDI, accounted for 7.11% ($1.195 billion of the total capital imported in 2018. Capital importation by shares dominated 2018 reaching $10.425 billion of the total capital imported in 2018. The UK was the top source of capital investment in Nigeria in 2018 with $6 billion.
Nigeria will recruit Indian companies for the Turn Around Maintenance of its moribund refineries, the NNPC said, during a courtesy visit by a high profile commission of the South Asian country. Maikanti Baru, the NNPC’s GMD, also urged the Indians to expand their reach in Nigeria’s petroleum industry as he assured NNPC’s commitment to further strengthen the existing relations between both countries in the energy sector. A report by Independent quoted Baru stating that the country’s refineries have not had Turn-Around Maintenance in the last 42 years.
The Code of Conduct Tribunal has issued an arrest warrant for suspended Chief Judge Walter Onnoghen for failing to appear for trial over alleged breaches of asset declaration rules. The CCT had ordered chief judge Walter Onnoghen to appear for trial on Wednesday. The tribunal issued the warrant for Onnoghen to appear tomorrow. The CCT said on 12 January that Onnoghen would face six counts of alleged non-declaration of assets. The allegations were initially made by Dennis Aghanya, who served as Buhari’s media aide between 2009 and 2011. The charges are yet to be disclosed.
The FG plans to stop the monthly payment for revenue shortfalls to power generation companies as it ordered them to find and sell their power directly to identified customers instead of waiting for electricity distributors to sell the power or for payments from the government for the shortfalls in their (Gencos) revenues. The Permanent Secretary, Federal Ministry of Power, Works and Housing, Louis Edozien, said that the Electric Power Sector Reform Act never intended that the government would continue to pay for shortfalls. In 2017, the FG announced a commitment of ₦702 billion through NBET to guarantee the payment of electricity generated and supplied by power generation companies.