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…
Category: Business
$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…
High petrol price pushes inflation to 32.70% – Report
Nigeria’s headline inflation rate rose to 32.7% in September 2024, marking a marginal increase of 0.55% from August, as reported…
Employers remit N692bn pension contribution – PenCom
In the first half of 2024, employers across Nigeria’s public and private sectors contributed a total of N692 billion to…
Stanbic IBTC Holdings appoints Kunle Adedeji as Acting Chief Executive
Stanbic IBTC Holdings has appointed Dr. Kunle Adedeji as Acting Chief Executive Officer, following regulatory approval. This comes as Dr.…
FG removes VAT on diesel, CNG, electric vehicles, others to crash prices
The Federal Government of Nigeria has announced value-added tax (VAT) exemptions for several energy products, including diesel, Liquefied Natural Gas…
Saudi warns of $50 oil if OPEC+ fails to honour cut deal
Saudi Arabia, the leading member of the OPEC+ alliance, has warned that global oil prices could drop to $50 per…
Nigeria’s FX crisis fuels crypto usage as transactions hit $59bn
Cryptocurrency usage in Nigeria continues to grow rapidly, fueled by a weakening national currency and high inflation, according to a…
Court hears Barbican, FBN N5.4bn shares dispute Oct 21
A Federal High Court in Lagos has scheduled October 21, 2024, for the hearing of pending applications in a lawsuit…
BOI disburses N77.56bn loans to MSMEs
The Bank of Industry (BOI) has disbursed N77.65 billion in loans to nearly 1,000 medium, small, and micro-enterprises (MSMEs) across…
Why FG is yet to approved fixed FX rate for Custom import duties — Taiwo Oyedele
The Nigerian government has explained why it cannot use a fixed exchange rate for import taxes, which are the fees…
Oando Emerges First Nigerian IOC, Valuation Hits $4 Billion
Oando Plc, a leading Nigerian oil and gas company, has become Nigeria’s first indigenous International Oil Company (IOC) after expanding…
Nigeria’s Used Car Imports Drop by 83% Due to New Tax
Nigeria’s spending on used vehiclears, fell significantly by 83% in the first half of 2024 compared to the same period…
Cardoso, World Bank, IMF Brainstorm to Craft New Strategies for Inclusion Growth in Africa
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, participated in the prestigious Bretton Woods at 80…
Bank, Fintech Must Partner To Activate Nigeria’s $1trn Economic Target’
To help Nigeria reach a $1 trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC) and…
FG plans tax incentives for MSMEs
The Federal Government of Nigeria has reiterated its commitment to helping micro, small, and medium enterprises (MSMEs) grow by offering…
Sugar Masterplan Attracted $1 Billion Investments, 15,000 Jobs, Says NSDC Boss
The National Sugar Development Council in Nigeria has announced exciting news about the country’s sugar industry. They shared that a…
Intel, US to finalise $8.5 bln in chips funding by year-end, FT reports
Intel is close to securing $8.5 billion in direct funding from the U.S. government, with finalization expected by the end…
China launches late stimulus push to meet 2024 growth target
China’s central bank lowered interest rates and injected liquidity into the banking system on Friday as part of a major…
NDIC pays 94% insured depositors of Heritage Bank
The Nigeria Deposit Insurance Corporation (NDIC) has paid 94% of the people who had money in the closed Heritage Bank.…
Reduce interest rates on industrial loans, MAN urges govt
The Manufacturers Association of Nigeria (MAN) is asking the government and the Central Bank to review how raising interest rates…
ExxonMobil Unveils $10bn Deepwater Investment Plan in Nigeria, Shettima Ecstatic
The Nigerian government is working hard to bring more businesses and money into the country. Recently, ExxonMobil, a big oil…
SEC, NGX give Flour Mills approval for minority shareholders buyout
Flour Mills of Nigeria (FMN), a big food company in Nigeria, has received approval from the Securities and Exchange Commission…
Petrol landing cost drops to N981/litre
The landing cost of Premium Motor Spirit (PMS), also known as petrol, has dropped to N981 per litre, as of…
Nigeria’s exports to six countries hit N8.88tn in Q2 – Report
In the second quarter of 2024, Nigeria sold a lot of goods to six major countries: Spain, the USA, France,…
Equity market halts gaining streak with N267bn loss
On Thursday, the Nigerian Exchange faced a setback, losing N267 billion and ending its three-day rally. This drop was mainly…