Nigerian Naira Plunges to Record Low of N925/$1 on Parallel Market Amid Supply Scarcity
The Nigerian Naira has spiraled to an unprecedented low of N925 against the US Dollar on the parallel market, largely…
Category: Local
NDIC commences payment of depositors in 183 banks closed by CBN
The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of closed microfinance banks (MfBs) and mortgage banks of the prompt…
WTO Director-General Ngozi Okonjo-Iweala Assures Support for Nigeria
World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala has pledged her support for Nigeria during its difficult economic challenges. After a…
Rising Costs Impact Nigeria’s Housing Market
Nigeria’s housing market has experienced a sharp increase of about 40% in the cost of leases and sales in the…
Nigeria Loses N20 Trillion Annually Due to Tax Gaps
Nigeria is reportedly losing an estimated N20 trillion annually due to tax gaps, as revealed by Taiwo Oyedele, Chairman of…
Nigerian Banks Deposit N822.34 Billion with Central Bank Amid Excess Liquidity
Nigerian Deposit Money Banks (DMBs) deposited N822.34 billion with the Central Bank of Nigeria (CBN) in July 2023, marking a…
Sanlam Private Equity Acquires Majority Stake in Danny’s Auto Body Parts
Sanlam Private Equity (SPE), the private equity branch of Sanlam Investments, has successfully acquired a majority share in Danny’s Auto…
Dangote Cement and BUA Cement’s Fuel and Power Costs Surge Amid Rising Inflation
During the first half of 2023, Dangote Cement Plc and BUA Cement Plc collectively spent a substantial amount of N204.925…
Apapa and Tincan Island Ports Account for Majority of Nigeria’s Trade in Q1 2023
Customs licensed agents have explained why the Lagos ports of Apapa and Tincan Island accounted for 89.9% of Nigeria’s total…
Eterna Plc Records 21.2% Revenue Growth in H1 2023, but Reports Loss Before Tax
Eterna Plc, in its IFRS Financial Statements for the half-year ended June 30, 2023, reported a revenue growth of 21.2…
President Tinubu Approves Over N275 Billion to Revitalize Manufacturing and MSME Sectors
President Bola Tinubu has authorized the release of over N275 billion to revive the manufacturing and Micro, Small, and Medium-sized…
NDDC and NLNG Collaborate to Drive Sustainable Development in Niger Delta Region
The Niger Delta Development Commission (NDDC) and the Nigeria Liquefied Natural Gas Company (NLNG) are set to sign a Memorandum…
President Tinubu’s Nation Address: Economic Reforms and Commitment to Citizen Welfare
President Bola Ahmed Tinubu addressed the nation, assuring Nigerian workers of an upcoming salary review to improve their welfare amidst…
Nigeria Collects $85.1m from Gas Flare Penalties, Emphasizes Flare Elimination Drive
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the total gas flare penalties collected from oil and gas companies…
Insecurity Threatens Crude Oil Exports, Warn Petroleum Engineers
Petroleum engineers in Nigeria have voiced concerns over the decline in crude oil exports, attributing it to the ongoing security…
ECOWAS Responds to Coup in Niger with Sanctions and Demands for Restoration of Constitutional Order
The Economic Community of West African States (ECOWAS) has demanded the full restoration of constitutional order in Niger following the…
Meridiam Completes Acquisition of Rift Valley Energy, Strengthening Clean Energy Portfolio in Tanzania
Infrastructure investor, Meridiam, has successfully concluded the acquisition of Rift Valley Energy Tanzania (RVE), an infrastructure platform with a 30-MW…
Inadequate Bunkering Activities Cost Nigeria N200bn Monthly, Stakeholders Say
Stakeholders reveal that Nigeria is losing approximately N200bn monthly due to inadequate bunkering activities in the country. The President of…
NECA Warns of 25% Inflation Rate by End of 2023 Amid Rising Concerns
The Nigeria Employers Consultative Association (NECA) issues a warning that inflation could reach 25% by the end of 2023 if…
FCCPC Cautions PoS Operators Against Price-Fixing Amidst Indiscriminate Charge Increases
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to point of sales (PoS) operators, particularly in…
Nigeria’s Excess Crude Account Stagnant at $474m Despite Remittance of N907bn
The Excess Crude Account (ECA) in Nigeria has remained stagnant at approximately $474 million over the past two years, even…
Nigerian House of Representatives Launches Investigation into $9.05 Billion Revenue Loss from Gas Flaring
The Speaker of the House of Representatives, Rep. Tajudeen Abbas, has initiated an Ad hoc Committee to conduct a comprehensive…
Nigerian National Petroleum Company Clarifies N1.3tn Debt Status
The Nigerian National Petroleum Company Limited (NNPCL) clarified that the outstanding N1.3tn debt owed by the Federal Government has no…
Nigerian Government Earns N80.86bn from Electronic Transfer Levies in Six Months
Data from the Federation Account Allocation Committee shows that electronic transfer levies generated N80.86 billion for the three tiers of…
Nigeria’s Money Supply Surges to Record N64.36 Trillion Amid Increased FAAC Proceeds
The money supply in Nigeria, known as M2, has reached an unprecedented N64.36 trillion, surging by 31.62% year-on-year in June…
FBN Holdings Announces Plan to Raise Capital Through Rights Issue
FBN Holdings Plc, a financial services group, will seek approval from shareholders to raise fresh capital at its upcoming annual…
Investors Speculate Ahead of Central Bank of Nigeria’s Monetary Policy Committee Meeting
Investors are closely watching the upcoming meeting of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), following the…
NAICOM to Encourage Specialized Insurance Products for Nigeria’s Oil and Gas Industry
The Nigerian Insurance Commission (NAICOM) has revealed its plans to promote specialized insurance products tailored to meet the unique needs…
eTranzact Records Over N50 Trillion Transactions in 2022, Assures Shareholders of Regional Dominance
eTranzact International Plc achieved remarkable financial growth in 2022, processing transactions worth over N50 trillion, a significant increase from N39…
Nigeria Plans to Reduce Revenue Collection Agencies and Simplify Tax System
The Nigerian Organised Private Sector has raised concerns about the burden of multiple taxation from various government entities. As a…