ABCON Optimistic About Diaspora Remittances with BDC Integration
The Association of Bureau De Change Operators of Nigeria (ABCON) is confident that the Nigerian economy will benefit from increased…
Category: Local
CBN Disputes JP Morgan’s Estimate of Financial Accounts
The Central Bank of Nigeria (CBN) has responded to a recent financial estimate of its accounts by JP Morgan, stating…
FBN Holdings Shareholder Seeks Reversal of Court Order
An aggrieved shareholder of FBN Holdings has filed an application in a Federal High Court in Lagos, seeking to set…
Suspended CBN Governor Godwin Emefiele Pursues Plea Bargain in N6.69 Billion Fraud Case
Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), is reportedly pursuing a plea bargain in his…
NGX Proposes Dollar-Denominated Bonds and Stocks to Ease Currency Access
The Nigerian Exchange Limited (NGX) has revealed plans to allow companies to list bonds denominated in dollars on the stock…
Nigerian Equities Investors Cautious Amid Banking Stock Waiting Game
Investors in Nigeria’s equities market are exhibiting reduced interest in banking stocks as they await the half-year financial results of…
Nigeria’s Excess Crude Account Stands at $473.8 Million; FAAC Highlights Revenue Allocation for July 2023
As of August 22, 2023, Nigeria’s Excess Crude Account (ECA) holds a balance of $473,754.57. The Federation Account Allocation Committee…
Nigeria’s New Minister of Power Outlines Priorities to Address Power Sector Challenges
Nigeria’s newly appointed Minister of Power, Chief Adebayo Adelabu, has taken office with a focus on addressing the country’s longstanding…
Federal Government Renews Leased Port Terminal Agreements Despite Operator Debts and Violations
The Federal Government of Nigeria has reportedly renewed agreements with operators of leased port terminals, disregarding their outstanding debts and…
FAAC Shares N966.11 Billion Among Federal, State, and Local Governments in July Amid Revenue Decline
In July, the Federation Account Allocation Committee (FAAC) distributed a total of N966.11 billion to the Federal, State, and local…
Over 20 Listed Nigerian Companies Penalized for Late Filing of 2022 Audited Financial Statements
According to the X-Compliance Report, a transparency initiative by The Nigerian Exchange Limited (NGX), over 20 listed companies paid a…
Naira Depreciates on Parallel Market, CBN Directs Banks to Stop FCY Secured Naira Overdrafts
The Nigerian naira experienced depreciation to N910 to a dollar on the parallel market, compared to N850 on the previous…
Nigerian Equities Market Reopens on Positive Note, Market Capitalization Rises by N262 Billion
The Nigerian equities market started on a positive note as it reopened, with gains recorded in BuaFoods, Stanbic IBTC, and…
JP Morgan Challenges Nigeria’s FX Reserve Figures, Cautiously Optimistic on Reforms
JP Morgan, a global financial services firm, has raised concerns over Nigeria’s reported foreign exchange (FX) reserve figures, estimating them…
LCCI Urges Shift Towards Asset-Linked Debt, Calls for Economic Reforms
The Lagos Chamber of Commerce and Industry (LCCI) has put forth a recommendation for the Federal Government to restructure the…
New Minister of Finance and Economy Promises to Address Reforms Pain
Wale Edun, the recently appointed Minister of Finance and Coordinating Minister of the Economy, resumed his duties at the ministry’s…
Nigerian Government Vows to Resuscitate Ajaokuta Steel Company
Nigeria’s Minister of Steel Development, Shuaibu Audu, has emphasized the need to revive the Ajaokuta Steel Company, a long-standing moribund…
Stakeholders Call for Urgent Revival of Nigeria’s Refineries to Ease Fuel Importation
Stakeholders in Nigeria have called on the federal government to take immediate action to reactivate the country’s ailing refineries and…
Arbitrary Increases in Petrol Prices Seen in Some Nigerian States – NBS
Several states in Nigeria are facing arbitrary increases in the pump price of petrol beyond the official post-subsidy prices, according…
NEPC Launches Youth-for-Export Program to Harness Youths’ Export Potential
The Nigerian Export Promotion Council (NEPC) has introduced a youth-for-export program aimed at involving young Nigerians in the global export…
CBN Disburses N37.6 Billion in Loans to Mortgage Banks in 2022
The Central Bank of Nigeria (CBN) has provided loans and advances totaling N37.6 billion to mortgage banks in 2022, according…
Experts Call for Widening Tax Net to Boost Nigeria’s Revenue Base
Amid Nigeria’s challenges in income generation, experts have emphasized the need for the Federal Government to expand its tax net…
Employees Joining Contributory Pension Scheme Boost Assets to N16.76 Trillion
The National Pension Commission (PenCom) has reported that the assets of the Contributory Pension Scheme (CPS) have risen to N16.76…
Petroleum Traders May Benefit from Falling Oil Prices and Strengthening Naira
Major petroleum product traders and independent traders could potentially experience relief from rising gasoline importation costs due to a combination…
Nigeria’s Central Bank Introduces Forex Price Verification System
The Central Bank of Nigeria (CBN) has launched a Foreign Exchange Price Verification System aimed at facilitating importers’ access to…
NDIC Trains Law Enforcement Operatives to Probe Revoked MfBs and PMBs
The Nigeria Deposit Insurance Corporation (NDIC) has organized a workshop to train law enforcement operatives and officers responsible for investigating…
Coronation Insurance Delays Shareholders’ Meeting for NGX Delisting Indefinitely
The planned shareholders’ meeting of Coronation Insurance Plc, which was ordered by the court and aimed at discussing the proposed…
CBN’s Efforts Bring Hope for Resolution of Telcos’ USSD Debt Dispute
After a prolonged dispute between Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) over unpaid debts for the use…
Transcorp Group: A Driving Force for Nigeria’s Energy Transformation
Transcorp Group, under the leadership of Chairman Tony Elumelu, is emerging as a pivotal force in propelling Nigeria and Africa…
Seplat Energy Clarifies Ownership Amidst Oil Rig Incident Controversy
Seplat Energy, an independent oil producer, has responded to controversies surrounding the ownership of the Majestic oil rig, which was…