Marketers Deny FG’s N74bn Payment, Warn Of Massive Fuel Queues
Oil marketers on Thursday warned Nigeria could witness “the mother of all queues” from next week. This is if the…
Category: Local
Shell Suspends Multibillion-Dollar Assets Sale In Nigeria
Shell Group says it has suspended the divestment of its interest in its Nigeria subsidiary-Shell Petroleum Development Company. The IOC…
Stocks Slide, Dollar Rises As Growth Fears Mount.
Stocks fell and the dollar rose on Friday, beginning the second half of the year much as the first one…
FG Pays N74Bn Bridging Claims To Oil Marketers
The Federal Government on Wednesday said it paid N74bn as bridging claims to oil marketer. This is for the transportation…
FG To Generate N23 Billion In 30 Years From Concession Of Onitsha Port
The Federal Government has signed a deal for the concession of the Onitsha port with the Universal Elysium Consortium. Therefore,…
Bullish Nigerian Exchange Gains N5.64 Trillion In HY’2022
Equity trading on the floor of the Nigerian Exchange Limited (NGX) recorded a gain of N5.639 trillion during the half-year…
Naira Falls Further At The Official Market As Forex Turnover Declines.
Thursday, 30th June 2022: The exchange rate between the naira and the US dollar closed at N425.05/$1 at the Investors…
Italy June Manufacturing Growth Slowest For Two Years -PMI.
Italy’s manufacturing sector grew at the slowest pace in two years in June, as firms reported weak demand and increasingly…
Nigeria, Other ECOWAS Members Secure $2m Grant For Electricity Reforms
The Board of Directors of the African Development Fund (ADF) has approved a technical assistance grant of $2 million to…
CPPE Seeks Legislations To Compel Large Companies To Sub Contract Some Operations To SMEs
The Chief Executive Officer, The Centre for the Promotion of Private Enterprise [CPPE], Dr. Muda Yusuf, said there should be…
Commission Cancels Niger Insurance, Standard Alliance’s Operational Licences
The regulator of the insurance industry, the National Insurance Commission, has cancelled the certificates of registration of Niger Insurance Plc…
Why Nigeria May Not Adopt Bitcoin As Legal Tender
In April 2022, the Central African Republic became the first African country to adopt Bitcoin as a legal tender. The…
Sterling Bank Launches Ethical Investment Platform
Sterling Alternative Finance has launched an ethical investment platform called Altinvest. During the launch in Lagos, Sterling Alternative Finance, which…
FAAC Allocation Declines By 30%, States’ Finances May Worsen
Revenue allocation to federal, state and local governments has declined from a peak of N970.57bn in July 2021 to N680.783bn…
Nigeria Lost N500.6Bn Crude Oil In Five Months – Investigation
Revenues accruable to Nigeria from the sale of crude oil crashed by about N500.6bn between January and May this year.…
FG Approves Reforms To Boost Non-Oil Revenue To N3.8 Trillion Annually.
The Federal Government through the Federal Executive Council (FEC) has approved reforms to boost Nigeria’s non-oil revenue; to N3.8 trillion…
The NGX Closes Flat As Market Cap Declines Slightly By N811 Million.
The NGX closed on a flat note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 0.3…
Rising Inflation, Others Worsening Naira Volatility
The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has said that rising inflation; among other…
Nigeria Boosts Deep Blue Project, Signs $2.7m Deal With Japan.
In a bid to boost the deep blue project, the Federal Government of Nigeria has signed a $2.78m exchange of…
Unity Bank Plans N10m Business Grant In Entrepreneur Initiative- Nigeria.
Unity Bank has said it will commence the eight edition of its flagship Entrepreneurial Development Initiative; Corpreneurship Challenge across 10…
EU Backs Crypto Anti-Money Laundering Rules
European Union negotiators on Wednesday reached a provisional agreement on anti-money laundering rules for cryptocurrencies that would spur crypto firms…
Nigeria’s Unclaimed Dividends Rises To N180 Billion
The Security and Exchange Commission (SEC) has stated that the commission is working to ensure it reduces the level of…
CBN Raises Interest Rate To 13%
The Central Bank of Nigeria on Tuesday raised the interest rate to 13% for the first time in two years.…
Fuel Subsidy, Refinery Rehabilitation Gulped N1.3tn In Five Months – NNPC
The amount spent on petrol subsidy monthly has been depleting the revenues accruable to the Federation Account. Thus limiting the…
NAICOM Revokes Niger Insurance, Standard Alliance Licences, Appoints Liquidators
Following the failure of several palliatives to strengthen both Niger Insurance Plc and Standard Alliance Insurance. The National Insurance Commission…
Rouble Firms Past 52 Against Dollar For First Time Since May 2015
The rouble rallied past 52 against the dollar to a more than a seven-year high on Tuesday as capital controls.…
Nigerian Stocks Lose Over N85 Billion In A Day
The NGX closed on a positive note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 31…
UBA Rewards Customers With N16.6m In Promo
Africa’s Global Bank, the United Bank for Africa Plc, has rewarded its loyal customers in its UBA Super Savers draw…
Electricity Tariff Surge By 58% After N500bn Subsidy Suspension –Report
Findings have shown that electricity tariffs increased by 58% after the Federal Government yanked off a yearly subsidy of N500bn…
Nigeria’s PZ Cussons Fights Off Inflation To Post 277% Rise In Profits.
Leading conglomerate, PZ Cussons Nig Plc, released its Q4 2021/22 unaudited results for the period ended May 31, 2022. Reporting…