Dangote Refinery Begins Direct Petrol Supply Amid Rising Imports
The Dangote Petroleum Refinery has commenced direct sales of Premium Motor Spirit (PMS), or petrol, to various oil marketers, bypassing…
Month: October 2024
First Bank fixes October 26 for system migration
First Bank has announced plans to migrate to a new cloud-based procurement and financial platform, aiming to enhance operational efficiency…
Mainpower DisCo takes over electricity distribution in Enugu State
Mainpower Electricity Distribution Limited, a subsidiary of the Enugu Electricity Distribution Company (EEDC), has received an interim license from the…
U.S. And Nigeria Launch Cryptocurrency Crime Task Force
The U.S. Department of Justice and the Nigerian government have established a Bilateral Liaison Group to address illicit finance and…
Insurance Industry Key to Nigeria’s Economic Transformation, NIA Chairman
The Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, emphasized the critical role that the insurance industry plays…
Protesting staff’s request beyond NAFDAC – Consultant
The ongoing strike by the National Agency for Food and Drug Administration and Control (NAFDAC) employees, organized by the Senior…
Forex crisis stalls Nigeria’s participation in $3.4tn AFCFTA – Exporters
Four months into Nigeria’s participation in the African Continental Free Trade Area (AfCFTA) under the Guided Trade Initiative, local exporters…
Discos responsible for phased-out meters replacement – FCCPC
The Federal Competition and Consumer Protection Commission (FCCPC) has established that power distribution companies are accountable for replacing phased-out meters…
BPP seeks to amend procurement law to boost local manufacturing
The Bureau of Public Procurement (BPP) is taking steps to amend the Public Procurement Act (PPA) of 2007, aiming to…
Oando hails regulators for taking crucial decisions to improve energy sector
Oando Plc, Nigeria’s top integrated energy company listed on the Nigerian Exchange and Johannesburg Stock Exchange, joined industry leaders at…
Nigeria Customs Service Wins Golden World Award for Crisis Communication
The Nigeria Customs Service (NCS) has been honored with the prestigious Golden World Award (GWA) for Crisis Communication, presented by…
Nigeria still borrowing amid high debt costs
Nigeria’s engagement with the global debt market continues to thrive, according to the International Monetary Fund (IMF), despite the hurdles…
Business Journal summit to highlight insurance’s role in economic growth
The Business Journal Annual Lecture 2024 is set to highlight the critical role of the insurance industry in catalyzing sustainable…
UBA grows profit by 20% to N603bn
United Bank for Africa (UBA) Plc announced a 20.2% rise in profit before tax (PBT) for the third quarter of…
MTN Nigeria Urges Telecom Sector Reforms Amid Mounting Financial Pressures
MTN Nigeria’s CEO, Karl Toriola, has highlighted the urgent need for the telecommunications industry to return to profitability, citing escalating…
Nigeria stops Cooking Gas Exports to Address Rising Domestic Prices
The Nigerian government has announced a suspension of the export of Liquefied Petroleum Gas (LPG) to prioritize domestic supply and…
Nigerian Airlines Turn to Dangote Refinery for Local Jet Fuel as Import Costs Soar
Nigerian airline operators have confirmed that, they are sourcing Jet A1 fuel from Dangote’s refinery to curb the high cost…
Cardoso canvasses more skilled finance graduates
Central Bank of Nigeria Governor, Mr. Olayemi Cardoso, has emphasized the need to address the shortage of skilled professionals in…
Inflation Leads To Manufacturers Collapse And Out Of Jobs
Nigeria’s manufacturing sector is grappling with severe challenges, including rising energy costs, aggressive production expenses, and logistical constraints. Energy prices,…
Cooking gas price rises by 114% in 16 months
Since June 2023, the price of Liquefied Petroleum Gas (LPG) in Nigeria has surged by over 114%, climbing from N700/kg…
Petrol marketers import 123m litres, continue talks with Dangote
Between October 18 and October 20, 2024, four vessels carrying a total of 123.4 million litres of Premium Motor Spirit…
Fuel, FX subsidies gone – Finance Minister, Edun shares update on Nigerian Economy
The Nigerian government has officially ended its fuel and foreign exchange (FX) subsidies, according to Finance Minister Wale Edun. During…
FG plans N1.1bn private sector funding in power sector
The Nigerian government, through the Rural Electrification Agency (REA), plans to leverage N1.1 billion in private sector funding to enhance…
Seven Oil Companies Set Up Facilities For Aviation Fuel At Lagos
A consortium of seven oil companies, including Eterna Plc and Techno Oil, has commissioned the Joint User Hydrant Installation 2…
Maritime Workers Union Threatens Strike Over Unpaid Salaries
The Maritime Workers Union of Nigeria (MWUN) has issued a stern warning to the Council for the Regulation of Freight…
$1trn Economy: Analyst advises FG to create structures to meet expected target
As Nigeria strives to achieve a $1 trillion economy by 2030, financial analyst Dr. Afolabi Olowookere emphasized the need for…
Low Pension Fund Investment in Infrastructure Reflects Unattractive Market and Regulatory Constraints
Despite Nigeria’s significant infrastructure deficit, pension fund investments in the sector remain around one percent, far below the 15 percent…
CBN verifying disputed $2.4bn FX claims – Cardoso
The Central Bank of Nigeria (CBN) has launched a re-validation process to address complaints from manufacturers and importers regarding foreign…
Federal High Court Extends Freeze on 818 Bank Accounts Linked to N10 Billion Cyberattack
The Federal High Court in Abuja has extended the freezing of 818 bank accounts connected to a N10 billion cyberattack…
Banks refund N7.05bn, $714,569 to customers – CBN
The Central Bank of Nigeria (CBN) has announced that, through its intervention, Nigerian banks refunded approximately N7.05 billion and $714,569…