Experts Stomp as 40 Presidential Panels Gulp N20bn
Between 2015 and April 2023, research revealed that over N20 billion was set aside for presidential committees under the Office of the Secretary to the Government of the Federation’s supervision.…
According to NPA, Port Renovation will Cost $800 million.
Mohammed Bello-Koko, the managing director of the Nigerian Ports Authority, has provided an explanation for why the organization may spend up to $800 million on the renovation of some of…
PFAs Lower Pension Funds’ Bank Investments to N1.6 trillion.
The Contributory Pension Scheme’s funds invested in fixed deposits and bank acceptance were lowered by the Pension Funds Administrators to N1.6 trillion in February. The National Pension Commission reported that…
NBS: 5G Increased Foreign Investment in Telecoms by 325%.
Foreign investments in the telecom sector increased by 325.12% in 2022 as a result of increased 4G and 5G rollout. According to the National Bureau of Statistics’ data on capital…
Nigerian Unemployment to Reach 41% in 2023, According to KPMG.
According to KPMG, the continued influx of job seekers into the labor market will cause Nigeria’s unemployment rate to soar to 40.6% in 2023 from its current level of 37.7%…
Notwithstanding its 2060 Carbon Emission Pledge, Nigeria Resumes Coal Exploration.
The federal government has indicated that coal mining would resume in the nation despite its goal to achieve net-zero carbon emissions by 2060 by listing five coal blocks in Enugu…
The Petroleum Ministry Seeks Closer Cooperation with NIPSS for Knowledge Sharing.
The National Institute of Policy and Strategic Studies (NIPSS) and the Ministry of Petroleum Resources have committed to working together to forge closer linkages in order to promote efficient knowledge…
Russia Declares a 700,000 Bpd Reduction in Oil Production in March.
According to Bloomberg, Russia claims to have reduced oil production by 700,000 barrels per day in March, significantly more than was initially anticipated. That represents a greater decrease than the…
NCAN: Cashew Production in Nigeria can Generate Over $2.7 billion Annually.
According to Mr. Joseph Ajanaku, President of the National Cashew Association of Nigeria (NCAN), Nigeria could earn about $2.7 billion annually by raising its production capacity to roughly 1 million…
Nigerians are to Grow Interest in Digital Payment Methods.
The implementation of the cashless policy may have had its problems, but the rising use of digital and electronic payment methods has given the nation’s payment system a new lease…
PenCom Disowns ASSOPEP, Warns that the Group is not Authorized to Process or Pay Retirement Benefits.
The Association of Pension Desk Practitioners of Nigeria (ASSOPEP) is not associated with the pension business and does not have the commission’s permission to conduct pension transactions, according to the…
UBA, Zenith Bank, and Four Other Institutions Announce N389.8 Billion Dividend in Two Years.
Six out of the 13 listed banks on the Nigerian Exchange Limited (NGX) declared a combined N389.8 billion in dividends to shareholders between the 2022 and 2021 fiscal year, despite…
FG Prohibits Internet Banks From Accessing the Contacts and Images of their Customers.
On May 31, 2023, loan apps on the Play Store won’t be able to access the contacts or photographs of its users. The Federal Government announced that it will enforce…
Four Days of Bearish Trading Result in Investor Losses of N674bn.
After four days of trading last week, investors on the Nigerian Exchange Limited lost N674 billion.Due to the Federal Government of Nigeria’s declaration of Friday and Monday (today) as Public…
Senate: Budget Office Paid Four MDAs N19 billion Without Authorization.
The Minister of Finance, Budget, and National Planning’s consent was not obtained before the Budget Office of the Federation distributed N19 billion to four unnamed Ministries, Departments, and Agencies, according…
Operator: CBN’s Strict Monetary Policy is Limiting Bank Profitability.
According to Johnson Chukwu, CEO of Cowry Asset Management, more local lenders would pursue cross-border expansion in response to the Central Bank of Nigeria’s adoption of a hawkish monetary policy.…
Worldwide Food Costs Decreased by 2.1% in March.
The UN Food and Agricultural Organization stated that in March, global food prices fell for the 12th month in a row. The FAO’s comprehensive food price index fell to 2.1%…
In 2022, Debt Servicing Increased by 14.68%-DMO
According to DMO, N2.93 trillion was spent in 2021 on payments for servicing both domestic and foreign debt. Remember that the DMO had previously said that as of December 2022,…
Investors Demand Insurance and Pension Growth.
The necessity to expand the insurance and pension sectors has been discussed by financial sector stakeholders. They spoke on the topic of “Customer satisfaction in growing penetration in insurance and…
Contributory Pension Assets Increased by N1.68 trillion in a Year.
The Contributory Pension Scheme’s assets increased by N1.68 trillion, from N13.76 trillion at the end of February 2022 to N15.45 trillion at the end of February 2023. This information was…
Reps Seek Compulsory 5 Year service to Nigeria by Doctors before Going Abroad.
The House of Representatives has approved a bill in second reading that would limit the number of medical and dental professionals with Nigerian training who migrate to other countries. The…
FG Laments that Only 30% of Women in Technology Industries.
The federal government has voiced its displeasure over the low representation of women in innovation and technology, bemoaning the fact that only 30% of the technological space is owned by…
Obasanjo: The Next Administration must Work to End Ethnic Division in Nigeria
Olusegun Obasanjo, a former president, believed that the future administration would have its work cut out for it in terms of bridging the gaps left by the country’s divide following…
Rewane: Two US Banks’ Collapse Will Squeeze Funding for Nigerian Fintechs, Startups.
According to Mr. Bismarck Rewane, the Managing Director/Chief Executive Officer of the Financial Derivatives Company Ltd (FDC), the failure of Silicon Valley Bank (SVB) and Signature Bank in the United…
Sterling Bank Relists on the NGX as HoldingCo.
The continuing conversion of Sterling Bank Plc into a financial holdings business has reached a critical milestone, according to the company’s announcement. On the floor of the Nigerian Exchange, all…
UBA Plans to Sell Abuja Disco to Repay a $122 million Debt.
In order to recoup a $122 million debt that the Disco owes it, the United Bank for Africa has made arrangements to sell the Abuja Electricity Distribution Company. With government…
World Diesel Prices are Declining as the Economic Recession gets Worse.
As the economy sputters, additional refineries start operating, and exports from Russia are rerouted and replaced by fuel from the Middle East, middle distillates prices around the world are plummeting.…
The East Coast Refineries Get Rare Cargoes of Forties Crude.
The latest indication that Russia’s invasion of Ukraine is altering global oil supplies is that U.S. and Canadian refiners have started using North Sea “Forties” crude oil for the first…
$800m W’Bank Support: NECA Requests that Repairing Refineries Be Given Priority Over Sharing Palliatives.
The Nigeria Employers’ Consultative Association (NECA) has urged the federal government to fix the nation’s paralyzed refineries before sharing $800 million in World Bank funding to remove the gasoline subsidy…
BUA Foods’ Sales Rises to N418 billion
The consumer goods company BUA Foods reported that its full-year revenue for 2022 increased by 26% to N418.3 billion from N333.2 billion in 2021. Also, it stated that its profit…