Naira Devaluation Boosts Crypto Transactions to $56.7 Billion Despite CBN Ban
A report by Chainalysis reveals that the devaluation of the Naira in 2022 led to a year-on-year surge in crypto…
Category: Local
Nigerian Electricity Regulatory Commission Orders DisCos to Reimburse Meter Acquisition Costs
The Nigerian Electricity Regulatory Commission (NERC) has mandated electricity distribution companies (DisCos) to refund customers who have paid for the…
Fidson Healthcare Reports Strong Financial Performance in 2022, Declares Increased Dividend
Fidson Healthcare Plc, an indigenous pharmaceutical manufacturer, has posted impressive financial results for the year 2022. The company reported a…
Central Bank of Nigeria Introduces Online Platform for Microfinance Bank License Applications
The Central Bank of Nigeria (CBN) has introduced the CBN Licensing, Approval and Other Requests Portal (CBN LARP) to streamline…
Delisting of Major Companies to Reduce NGX Capitalization by Over N205 Billion
The planned delisting of prominent companies including GlaxoSmithKline (GSK) Plc, PZ Cusson Plc, Oando Plc, Coronation Insurance Plc, and Capital…
Nigerian Equities Market Records Slight Decline, Losing N13 Billion
Nigeria’s stock market experienced a marginal dip, with a 0.03% decrease equivalent to N13 billion in market capitalization at the…
President Bola Tinubu Advocates for Africa’s Prosperity and Sovereignty at the UN General Assembly
In his debut speech at the 78th United Nations General Assembly, President Bola Tinubu of Nigeria highlighted critical issues facing…
Nigerian Trade Unions Threaten Strike Action Amid Unresolved Demands
The Trade Union Congress of Nigeria (TUC) has issued a one-week ultimatum to the Federal Government, warning of potential industrial…
Nigeria’s Solid Minerals Sector Falls Short of Trillion Naira Revenue Mark in 15 Years
Despite being rich in 44 different types of commercially viable minerals, Nigeria’s solid minerals sector failed to generate up to…
U.S. judge orders Chicago State Uni to release all documents on Tinubu
Judge Jeffrey Gilbert of the Northern District of Illinois Court in the United States has ordered the management of Chicago…
New Central Bank Governor Faces Economic Challenges in Nigeria
The incoming governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, will take office amidst significant economic challenges. Rising…
FAAC Investigates NNPC’s Handling of NLNG Profits
The Federation Account Allocation Committee (FAAC) has launched an investigation into the actions of the Nigerian National Petroleum Corporation (NNPC)…
Nigeria’s 5G Subscriptions Reach 500,000, Broadband Coverage Target Set at 50%
The Nigerian Communications Commission (NCC) announced that subscriptions to 5G services in Nigeria have reached 500,000, showcasing significant progress in…
President Bola Ahmed Tinubu to Ring NASDAQ Closing Bell in New York
President Bola Ahmed Tinubu of Nigeria is set to ring the Closing Bell of NASDAQ in New York, United States,…
U.S. Treasury Deputy Secretary Outlines Four Economic Reform Priorities for Nigeria
The U.S. Deputy Secretary of the Treasury, Mr. Wally Adeyemo, has highlighted four economic reform priorities for Nigeria during a…
SEC Projects Non-Interest Market Value to Reach N5 Trillion Within Two Years
The Securities and Exchange Commission (SEC) has stated that the market value of non-interest products in Nigeria could potentially reach…
CBN Warns International Money Transfer Operators Against Sharp Practices
The Central Bank of Nigeria (CBN) has issued a warning to International Money Transfer Operators (IMTOs) regarding arbitrary rate quotes…
Federal Government Reopens D Wing of Old International Terminal at Lagos Airport
The Federal Government has officially reopened the D Wing of the old international terminal at the Murtala Muhammed International Airport…
Suspended Central Bank Governor Godwin Emefiele Resigns, Clearing the Way for New Appointment
Godwin Emefiele, the suspended governor of the Central Bank of Nigeria, reportedly resigned from his post last month. This move…
Nigerian National Petroleum Company Limited Reports N18.4 Billion Profit in Q1 2023 Post OVH Energy Acquisition
The Nigerian National Petroleum Company Limited (NNPCL) announced a profit of N18.4 billion in the first quarter of 2023, less…
Nigeria’s Inflation Rises to 25.80% in August, Food Prices Surge
In August 2023, Nigeria’s inflation rate surged to 25.80% from 24.08% in July, according to the National Bureau of Statistics.…
Nigeria’s Currency in Circulation Reaches Highest Level in 2023 Amid Rising Inflation
The Central Bank of Nigeria (CBN) reported that currency in circulation in Nigeria increased to N2.66 trillion in August, marking…
NNPC and Indorama Sign MOU for $18 Billion Hydrocarbon Exploration Deal
The Nigerian National Petroleum Company Limited (NNPCL) and Indorama Eleme Petrochemicals Limited have entered into a Memorandum of Understanding (MOU)…
Nigeria’s Telecom Sector Relies Heavily on Imports, New Report Reveals
A recent report from the Nigerian Communications Commission (NCC) highlights that a significant 84% of equipment and devices used in…
Private Employers Caution Against Impending Nigerian Labour Congress Strike
Private employers of labour in Nigeria have cautioned against the proposed strike by the Nigerian Labour Congress (NLC), emphasizing that…
42 Companies Awarded Flare Sites in Nigerian Gas Flare Commercialisation Programme
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has awarded flare sites to 42 companies operating in the petroleum sector as…
Naira Dips Further, Closes at 950/$ at Parallel Market
The naira’s value against the dollar took another hit as it closed at 950/$ in the parallel market, further dropping…
Fidelity Bank Seals 100% Acquisition of Union Bank UK in Global Expansion Move
Fidelity Bank Plc has successfully acquired a full stake in Union Bank UK Plc (UBUK), marking a significant step in…
Nigeria’s Oil Production Falls Short of OPEC Quota Despite Rising Prices
Despite a surge in oil prices, Nigeria’s production remains below its OPEC quota. Brent Crude reached $92.28 per barrel due…
Nigerian Stock Market Records N757 Billion Loss Due to FTSE Downgrade
Investors in the Nigerian Exchange Limited (NGX) have faced losses of N757 billion over two days following the downgrade of…