Russia-Ukraine crisis: EU begs Nigeria to close gas supply gap
With oil exports from a critical pipeline on Russia’s Black Sea Coast fully halted last Wednesday, the United States and the EU quickly moved in by creating a task force…
FG’s borrowing from CBN rises by 96.54%, hits N18.16tn
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances has risen by 96.54 per cent or 8.92tn in two years, data collated from…
Cross River decries N34m federal allocation for March
The Cross River State Government received only about 15 per cent of its statutory allocation from the Federation Account in March. Figures released show that out of the state’s gross…
Buhari mourns US Secretary of State Madeleine Albright
The President, Major General Muhammadu Buhari (retd.), has joined the world to mourn the passage of the United States’ first female Secretary of State, Madeleine Albright. In a statement released…
Nigerians need to consume, export what they produce -Emefiele
The Central Bank of Nigeria says Nigerians need to consume what they produce and export the surplus after adding value to it. The CBN Governor, Godwin Emefiele, disclosed this on…
Customs, CBN disagree over e-valuation of imports, exports
THE Nigerian Customs Service has refuted media reports which claimed that the service has adopted the e-evaluator and e-invoicing for importers and exporters introduced by the Central Bank of Nigeria.…
IOCs fear collapse as FG says N1.36tn crude stolen in 14 months
The total value of Nigeria’s crude oil stolen between January 2021 and February 2022 is about $3.27bn (representing N1.361tn at the official exchange rate of N416.25 to the dollar), the…
Capital imports in Q4 2021 increases to $2.187m
According to a statement obtained from NBS website, when compared to the corresponding quarter of 2020, capital importation increased by 109.28 per cent from $1,045.32 million. The largest amount of…
Foreign Airlines’ Trapped Funds In Nigeria Hit N117bn
From $147 million (N61 billion) which the International Air Transport Association (IATA) said was the total foreign airlines’ fund trapped in Nigeria in August 2021, the figure has now nearly…
MTN Names New COO For Nigeria, Appoints Others
MTN Company President and CEO Ralph Mupita remarked, “Today’s announcement reflects the depth of ability within the group, as well as the strength of our succession planning.” Hassan Jaber takes…
How CBN is stabilising Naira –Emefiele
In his virtual goodwill message at the opening of the 32nd Seminar for Finance Correspondents and Business Editors in Akure, Emefiele, who was represented by the Deputy Governor, Corporate Services…
FG disburses N142.6m to 14 tertiary institutions for mineral research
Mr. Olamilekan Adegbite, the Minister of Mines and Steel Development (MMSD), announced on Tuesday that N142.6 million had been distributed to 14 tertiary institutions in Nigeria to perform mineral deposit…
6.4 million applied for N-Power Batch-C programme –FG
Sadiya Farouq, Minister of Humanitarian Affairs, Disaster Management, and Social Development, revealed on Tuesday that the Federal Government received 6.4 million applications for its N-Power Batch-C youth empowerment scheme. N-Power…
Chelsea sanctions spark fresh debate over football finance
The crisis that has engulfed Chelsea as a result of the penalties imposed on Russian billionaire owner Roman Abramovich has prompted a new discussion over the money that fuels Europe’s…
Energy crisis: MAN bemoans power crisis, high cost of diesel
As Nigeria’s energy crisis continues to buffet businesses across the country, the Manufacturers Association of Nigeria (MAN) has urged the federal and state governments to rescue industries from the current…
FG will continue to boost business reforms, private sector investment, says Osinbajo
Yemi Osinbajo has said Federal Government will continue to partner with the private sector to ensure wholesome national development. He disclosed this, yesterday, at the commissioning of the state-of-the-art Toyota…
Russia-Ukraine: Nigerian banks not under any major risk, says S & P
The ongoing Russia-Ukraine conflict will have no major negative impact on the overall operations and assets quality of Nigerian banks. In a review, S & P Global Ratings said given…
Buhari summons Gov. Uzodinma, Power Minister, Economic Adviser
President Muhammadu Buhari on Monday summoned Governor Hope Uzodinma of Imo, Minister of Power, Abubakar Aliyu, and his Chief Economic Adviser, Prof. Doyin Salami, to a meeting at the Presidential…
Brent rises to $115 as EU considers Russia oil ban
Brent crude, the global oil benchmark, rose 7.3 percent, or $7.88, to $115 per barrel at 7.54 p.m. Nigerian time on Monday, as European Union nations pondered joining the US…
FG scraps PCR test for fully vaccinated travellers
The Federal Government announced on Monday that fully vaccinated inbound travelers will no longer be needed to perform a pre-departure PCR COVID-19 test. The FG stated, however, that they will…
Buhari inaugurates 3m metric tonnes Dangote Fertiliser Plant
The President, Major President, Major General Muhammadu Buhari (retd.), has inaugurated the three million metric tonnes Dangote Fertiliser Plant in Lagos. The inauguration took place on Tuesday at the Lagos…
OPEC+ Compliance Jumped To 136% In February, Say Delegates
Compliance among deal-bound members of the Organisation of Petroleum Exporting Countries (OPEC) and allies OPEC+ rose to 136 per cent in February from 129 per cent in January, according to…
Stakeholder: CBN’s $250m Intervention in Discos’, TCN Interface Will Stabilise Power Grid
The intervention of the Central Bank of Nigeria (CBN), in the rehabilitation of interfaces between Nigeria’s transmission and distribution infrastructure to the tune of of $250 million will help in…
FAAC meets today as NNPC deductions threaten states’ allocations
The planned deduction of N242.53bn fuel subsidy from the Federation Account this month by the Nigerian National Petroleum Company Limited is raising uncertainty among states as the Federation Accounts Allocation…
CBN to meet NNPC, finance ministry over petrol scarcity
The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Monday said that the management of the apex would meet with the Nigerian National Petroleum Company Limited (NNPC) and…
Massive oil thefts threatening external reserves, revenue – MPC
The Monetary Policy Committee of the Central Bank of Nigeria on Monday decried the negative impact of the increasing oil thefts on the economy. The Governor, Central Bank of Nigeria,…
Buhari inaugurates Lagos intl airport terminal today
The President, Major General Muhammadu Buhari (retd.), is to inaugurate the newly built international terminal of the Murtala Muhammed Airport, Lagos, on Tuesday (today).The new international terminal is one of…
FG’ll tap $2.2bn Eurobond for fuel subsidy funding– Minister
Crude oil production drops as Nigeria misses OPEC quota again The FG is planning to tap $2.2bn by this month or next of the money it raised in a Eurobond…
Reps go after 77 oil firms over unremitted N2.6tn revenue
The House of Representatives commenced an investigative hearing on the N2.6tn owed the Federal Government by 77 oil companies operating in Nigeria. The House is acting on the 2019 report…
CBN to Introduce Bank Cash Hubs, Releases Guideline
The Central Bank of Nigeria has released a draft guideline for the registration and operation of Bank Neutral Cash Hubs which are to serve as central cash deposit points for…