|Economy|
FG to transfer part of N757bn PHCN legacy debt to DMO: The Federal Government has disclosed its plans to transfer all legacy debts that arose from foreign loans that were left behind by the defunct Power Holding Company of Nigeria (PHCN) to the Debt Management Office (DMO) for cancellation. It also stated that it would write off all debts which the defunct PHCN owed other government agencies, especially debts incurred from gas supplied by the Nigeria Gas Company (NGC), which is a subsidiary of the Nigeria National Petroleum Corporation (NNPC). Source: Thisday

FG requires N79 billion to complete Ajaokuta Steel: The Director of the Steel and Non-ferrous Metals Department, Ministry of Mines and Steel Development, Mr. Also Abdullahi, disclosed that Nigeria needs $513 million (about N79 billion) to complete the Ajaokuta Steel project. He said the Federal Government had spent about $6 billion (about N924 billion) on the plant, adding that the $513 million needed excluded the cost of external infrastructure which included roads, mining sites and railway track. Source: Businessday

|Banking|
Zenith Bank’s $500m Eurobond over-subscribed: Zenith Bank Plc has recorded an over-subscription of 200 percent in its US$500m Eurobond issue under a US$1billion Global Medium Term Note (GMTN) Program announced on April 1, 2014. The bank’s weeklong investors’ roadshow, coordinated by Goldman Sachs and Citibank, received an overwhelming endorsement by a diversified group of global investors from Europe, the U.S., Africa, Asia and the Middle East. Source: The Guardian

|Oil & Gas|
Nigeria compensates Ghana over shortfall in gas supply: Ghana has received a compensation of US$10 million from Nigeria over the failure of the latter to meet gas supply agreements between the two countries. The agreement required Nigeria to supply Ghana with 123 Million Metric British Thermal Units (MMBtu) per day. However, Nigeria was alleged to have failed to meet that target, supplying just about 30 MMBtu/d. Source: The Guardian