FX turnover crashes by 21% in first two weeks of August amid CBN’s Retail Dutch Auction
The Nigerian official foreign exchange (FX) market saw a significant decline in turnover during the first two weeks of August…
Author: ayotilewa
CBN unveils new exchange rates for pound, euro as naira settles at N1,579.22/$1
The Central Bank of Nigeria (CBN) announced revised foreign exchange rates, showing slight declines in the naira’s value against major…
Why govt is still subsidising electricity, by Adelabu
Minister of Power, Chief Adebayo Adelabu, revealed that the Nigerian government heavily subsidizes electricity, as the cost to generate 1…
NNPC Pledges 221,000bpd To Repay $5.5bn Loans
The Nigerian National Petroleum Company (NNPC) Limited has pledged 221,000 barrels per day (bpd) of crude oil to fulfill its…
FG to commence naira crude oil sales to Dangote refinery October 1
The Nigerian Federal Government will begin selling crude oil to the Dangote Refinery in naira starting October 1, 2024, marking…
Amidst fuel crisis, NNPC Retail cedes total control to OVH
The ownership of NNPC Retail, the downstream arm of the Nigerian National Petroleum Company Limited (NNPC), has officially transferred to…
NNPC battles deepening fuel scarcity, black market booms
The Nigerian National Petroleum Company Limited (NNPC) promised to resolve the ongoing petrol scarcity by mid-week, despite widespread shortages and…
MTN, others get permits to generate electricity
The Nigerian Electricity Regulatory Commission (NERC) has issued nine new off-grid generation licenses in the first quarter of 2024, totaling…
FG shifts N150bn loan disbursement for manufacturers to September
The Federal Government has delayed the start of a N150 billion loan disbursement for manufacturers and MSMEs to September, as…
NAHCO denies N778m fraud allegations
The Nigerian Aviation Handling Company (NAHCO) has strongly denied allegations of fraudulent activities related to the 2024 Hajj operations. The…
N847bn lost as equity market extends downtrend
The Nigerian equity market continued its decline for the second week, shedding N847.03 billion as the All-Share Index fell by…
External reserves shed $343m in nine days, says CBN
Nigeria’s foreign exchange reserves fell by $342.97 million in just nine days, reducing the total to $36.53 billion as of…
FCMB appoints new board members
First City Monument Bank Limited has appointed Ademola Adebise and Mrs. Olufunmilayo Adedibu to its board of directors, pending approval…
Union Bank begins recapitalisation
Union Bank of Nigeria is kicking off a recapitalisation effort to boost its financial stability. This move comes after the…
NSITF Targets One Million Annual Registration, Settles Over 100,000 Claims
The Managing Director and CEO of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye, announced that the Fund…
Dwindling Telecom investments: NIGCOMSAT proposes strategic partnerships to cushion effects
Nigeria’s telecommunications industry is facing a downturn due to the devaluation of the naira, which has significantly increased the cost…
Delay In Crude Supply To Dangote Refinery Poses Risk To Nigeria’s Economy — EIU Report
The Economist Intelligence Unit (EIU) has raised concerns that further delays in securing crude oil feedstock for the Dangote Petroleum…
SEC to set up special units as unclaimed dividends hit N215bn
The Securities and Exchange Commission (SEC) is launching a special unit and developing a mobile application to address the growing…
Consumer Goods Companies report reduced margins in the first half of 2024, blame higher production
In the first half of 2024, consumer goods companies listed on the Nigerian Stock Exchange (NGX) reported a significant surge…
Nigeria, Equatorial Guinea sign gas pipeline agreement
On Wednesday in Malabo, Nigeria’s President Bola Tinubu and Equatorial Guinea’s President Teodoro Mbasogo signed an agreement for the Gulf…
5,000MW power generation shameful, says minister
Minister of Power, Adebayo Adelabu, expressed strong discontent with Nigeria’s current electricity generation capacity of 5,000 megawatts, calling it “shameful”…
NUPRC sued in 70 cases this year – Official
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been involved in over 70 legal cases this year alone, according to…
GTB confirms hackers attempt to compromise website
Guaranty Trust Bank Plc (GTBank) has confirmed an isolated incident involving an attempt to compromise its website domain, which occurred…
Equity market extends loss to fourth consecutive day
The Nigerian equity market continued its downward trend on Thursday, marking the fourth consecutive session of losses. Investors saw a…
Multi-billion naira Jauri Inland Dry Port to come on mainstream soon – Zulum
Governor Babagana Zulum of Borno State has reaffirmed the government’s dedication to advancing the Jauri Inland Dry Port in Maiduguri.…
Dangote Refinery Denies Setting Petrol Price at N600 per Litre
The Dangote Refinery has dismissed claims that it has set the price of Premium Motor Spirit (PMS), commonly known as…
Chinese firm to invest $50m in tin, others in Nasarawa
Nizhong Mining Company, a Chinese firm, has announced plans to invest $50 million in the exploration and processing of tin,…
Senate to get bill for CBN’s N30trn Ways & Means liquidation
A bill aimed at liquidating the Central Bank of Nigeria’s (CBN) outstanding N30 trillion Ways and Means advances will soon…
FG Approves Implementation of Zero Duty, VAT Exemption on Selected Food Items
The Nigerian federal government has approved a regulation implementing a Zero percent Duty Rate and Value Added Tax (VAT) exemption…
MTN-MUSON Scholarship Program Opens for Music Talents
The MTN Foundation, in collaboration with the Musical Society of Nigeria (MUSON), has announced the opening of applications for the…