Paddy prices begin to decline
Over the past three years, the cost of paddy ranged from N9,000 to N20,000 per 100kg bag, influenced by factors such as variety and quality. However, prices surged to between…
Google fires 28 employees after protest over Israeli contract
Google has terminated the employment of 28 employees following a sit-down protest organized by the group “No Tech for Apartheid” against Google’s contract with the Israeli government. The protest, held…
Dangote Refinery utilizes cheaper US oil imports- reports
The Dangote Petroleum Refinery, with a capacity of 650,000 barrels per day, is capitalizing on cheaper oil imports from the United States, accounting for up to a third of its…
Reps urges SEC and FRC to resolve N45 Billion revenue dispute
The House of Representatives Public Accounts Committee has instructed the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) to settle their differences over alleged non-remittance of over…
CBN tightens monetary policy, limits banks’ ability to lend
In Nigeria, the Central Bank (CBN) is taking steps to control inflation by tightening its monetary policy, but it’s having unintended consequences on the economy. By increasing the mandatory reserve…
Access bank to reward 15,786 customers in DiamondXtra campaign
Access Bank has unveiled its Season 16 DiamondXtra campaign, aiming to reward its loyal customers with exciting prizes. The bank has allocated N200 million in cash and three SUVs to…
Tinubu applauds Dangote Group for diesel price reduction
President Bola Tinubu has praised Dangote Oil and Gas Limited for slashing the price of Automotive Gas Oil (diesel), which could have a significant impact on the cost of various…
Tariff increase to worsen economic instability — private sector
The Organised Private Sector (OPSN), composed of prominent Business Membership Organisations (BMOs), has raised alarm over the recent surge in electricity tariffs for Band A customers, warning of its detrimental…
Data shows CBN not defending naira with FX reserves
Recent data from FMDQ Securities Exchange reveals that the Central Bank of Nigeria (CBN) has conducted rare interventions in the foreign exchange (FX) market, sparking doubts about its efforts to…
Devaluation woes sweep 1,600 Nigerians off dollar millionaire list
A recent report by Henley and Partners, a London investment migration consultancy, has revealed a significant decrease in the number of dollar millionaires in Nigeria, citing naira devaluation and economic…
Shippers council implements e-registration to boost port security
The Nigerian Shippers Council (NSC) has announced the introduction of e-registration for regulated port service providers and users, aiming to enhance security measures and eliminate anonymous operators. The NSC emphasized…
IMF: South Africa needs decisive efforts to cut spending
A senior official from the International Monetary Fund (IMF) has highlighted the urgent need for South Africa to take decisive actions to decrease its spending and lower its debt compared…
Social media platform X blocked in Pakistan- Minister
Pakistan’s interior ministry recently revealed that it blocked access to a social media platform, referred to as X, around the time of February’s national election due to national security concerns.…
Tesla again seeks shareholder approval for Musk’s 2018 pay voided by judge
Tesla (TSLA.O) has requested its shareholders to once again approve CEO Elon Musk’s record-breaking $56 billion pay package, which was initially set in 2018 but rejected by a Delaware judge…
Global financial firms lag in monitoring personal messaging apps, survey Shows
A survey released on Wednesday revealed that global financial companies are falling behind in monitoring and archiving all business-related communications using personal messaging apps. The Annual Compliance Health Check conducted…
United Airlines jumps after results beat ‘dramatically low’ expectations
United Airlines (UAL.O) saw a premarket surge of about 5.3% on Wednesday following an optimistic profit forecast for the second quarter and robust first-quarter results, despite facing a $200 million…
Air Peace now connects passenger from Abuja, Asaba, Enugu others to London
Air Peace has expanded its Lagos-London route to include passengers from Abuja, Asaba, Benin, Enugu, Owerri, Warri, and Port Harcourt. This new development allows passengers from these cities to connect…
CAP records 2.5bn profit- Report
Chemical and Allied Products (CAP) Plc, a Nigerian paint and coating company, has announced its highest profit in over 13 years, as per data compiled by BusinessDay. In the past…
Banks witness 260.9% increase in impaired loans
According to data analyzed by BusinessDay, seven listed Nigerian banks, including Zenith Bank Plc, United Bank for Africa (UBA) Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, Guaranty Trust Holding…
Bread prices rise as currency woes and war squeeze bakeries
The Premium Beadmakers Association of Nigeria (PBAN) has identified the volatile exchange rate and Nigeria’s reliance on imported ingredients as key factors driving the increase in bread prices. PBAN President…
We now buy dollars at N980, sell at N1020 – BDCs president
Aminu Gwadabe, the president of the Association of Bureaux De Change Operators of Nigeria, revealed that BDC operators are now selling US dollars at N1,020/$ while buying at N980/$. Gwadabe…
IMF raises Nigeria’s economic growth forecast to 3.3% for 2024
The International Monetary Fund (IMF) has revised Nigeria’s economic growth forecast for 2024 upward from three percent to 3.3 percent. This adjustment was announced as part of the IMF’s World…
FG may revoke unused oil well licences amid $30bn loss
Concerned about the country’s declining oil revenue, the Federal Government has announced intentions to take over all idle oil wells from operators who are holding onto them. The government has…
Minister suspends mining activities at OAU and environs
Dr. Dele Alake, the Minister of Solid Minerals Development, has ordered an indefinite suspension of mining operations at Obafemi Awolowo University (OAU), Obafemi Awolowo University Teaching Hospital, and their surroundings.…
NCCA suspends private jets’ commercial operations
The Nigerian Civil Aviation Authority (NCAA) has suspended the permits for non-commercial flight licenses of three private jets for engaging in commercial operations. Captain Chris Najomo, the acting Director-General of…
FG Clarifies Recent Electricity Tariff Hike
The Nigerian government has explained that the recent increase in electricity tariffs mainly affects a small, affluent portion of the population. Information Minister Mohammed Idris stated that 85% of Nigerians…
$461m investment gap slows Nigeria’s internet coverage
As of January, Nigeria’s broadband penetration dropped to 42.53%, with 92.19 million subscriptions in a country of over 200 million people, revealing a significant deficit in internet access. The Nigerian…
UBA expresses confidence in meeting new N500bn capital base
United Bank for Africa Plc (UBA) has affirmed its confidence in meeting the new capital base set by the Central Bank of Nigeria. During its 2023 Full Year Investors’ Conference…
Royal Exchange Rights Issue Falls Short at 75.83% Subscription
Royal Exchange Plc, a company offering life assurance, health insurance, and credit financing services, saw its recent rights issue close with only 75.83% subscription, as reported by the Nigerian Exchange…
Manufacturers may head for court over unsettled forex backlog – MAN DG
In this interview, the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, discusses the impact of unremitted dollar debts on manufacturing firms. Despite the Central Bank of Nigeria’s claims…