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Naira down to N1,510/$ in parallel market
The Naira yesterday depreciated to N1,510 per dollar in the parallel market from N1,505 per dollar last weekend. But the Naira appreciated to N1,499 per dollar in the Nigerian Foreign Exchange Market (NFEM)Data…
Nigerians enjoy subsidised fuel as NNPC, Dangote engage in price war
• Stakeholders seek regulatory intervention, fear anti-competition strategies In what appears as retaliation against initial price reduction by Dangote Refinery, the Nigerian National Petroleum Company Limited…
FG dumps REMITA, unveils new revenue collection platform today
The Federal Government will today, March 4, 2025, unveil a new payment platform to replace REMITA, which has been used for revenue collection. This was revealed in a memo from the Office of the Accountant…
In Bid for Full Capacity, Dangote Refinery Buys 1m Barrels of Oil from Algeria
Nigeria’s 650,000 barrels per day Dangote refinery has bought its first cargo of Algeria’s light sweet Saharan Blend…
Dangote refinery to absorb N16bn loss by refunding N65 per litre to oil marketers
Dangote Petroleum Refinery has announced plans to refund oil marketers who purchased premium motor spirit (PMS) at rates higher than the…
PoS revolution: How traders, shop owners are sidestepping banks
…Add PoS to their business …No longer deposit money with banks …As many more Nigerians shun banking halls, ATMs …PoS business deepening financial…
Dangote Cement grows revenue to N3.58tn
Dangote Cement Plc has reported a revenue of N3.58tn for the financial year ended December 31, 2024, representing a 62 per cent increase from N2.21tn recorded in 2023. The company’s financial statement,…
‘How my late dad founded Wema Bank 80 years ago’
Alaba Adegboyega Okupe is the son of Chief Matthew Adekoya Okupe, the founder of Wema Bank plc, formerly Agbonmagbe Bank Limited. In this interview with Ibrahim Apekhade Yusuf, Alaba, the eldest surviving…
Fraudsters exploit BVN loopholes to steal over N1b – NIBSS report
A new report by the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that fraudsters exploited weaknesses in the banking system to steal over N1 billion using Bank Verification Numbers (BVNs) illegally…
Wema at 80: 80 customers emerge winners in 80th daily draw
In anticipation of the grand celebration of its 80th anniversary, Wema Bank, Nigeria's most innovative bank and pioneer of Africa's…
Adesanya Writes Tinubu for Amicable Settlement of $2.3bn Mambila Hydro Project Dispute
*Seeks negotiated exit of Sunrise from 3,050MW power project *Says ICC president supports amicable settlement by both parties Following the intervention of some elder statesmen and influential…
Will CBN Embark on Monetary Easing Amid Inflation Moderation?
With a relative decline in headline inflation, the Central Bank of Nigeria is under pressure to cut interest rates, James Emejo writes The National Bureau of Statistics (NBS) recently rebased the Consumer…
After $5bn Bonga North FID, FG Eyes $2bn New Investments in Oil Sector by End of Q1, 2025
*Set to rework electricity subsidy structure to benefit the poor *Says Nigeria’s wealthiest among 25% enjoying huge tariff underpayments The federal government at the weekend remained upbeat about the…
Why exchange rate, not interest rate, may be CBN’s best tool against inflation
The excessive use of mathematics in economics has often been criticised as akin to killing an ant with a…
Three factors driving Nigerian Eurobond yields lower
Nigerian Eurobonds have sustained their rally this year as large investors' appetite drove average yields to 8.79…
We Grew Our Capital Base From N20m To N20bn In 10 Years – Navy Bank
The Nigerian Navy Microfinance Bank says it has recorded remarkable financial growth and expanded its capital base from an initial capital of N20 million to N20 billion in assets within a decade. Weekend Trust…
Citigroup accidentally credits customer with $81 trillion instead of $280
One of America’s biggest banks accidentally transferred more than $80 trillion (£64 trillion) to a customer’s account after a “fat finger” input…
Oando wins bid to lease refinery in Trinidad
Oando Plc has been selected as the preferred bidder for the lease of the Guaracara Refinery in Trinidad and Tobago. According to local media reports, Oando defeated Trinidad’s CRO Consortium and INCA Energy, an…
FCCPC Directs MultiChoice To Suspend Subscription Fees Hike
The Federal Competition and Consumer Protection Commission (FCCPC) has directed MultiChoice Nigeria to maintain its current subscription prices until the ongoing investigation into its proposed price hike is…
Electricity: Business owners, CSOs kick as FG plans another tariff hike
Small Business Owners and civil society organisations, NGOs, have said there is no justification for the proposed further hike in electricity tariffs, following disclosure by the Federal Government, yesterday, that…
Naira down to N1,495/$ in parallel market
The Naira yesterday depreciated to N1,495 per dollar in the parallel market from N1,490 per dollar on Wednesday. Similarly, the Naira depreciated to N1,496 per dollar in the Nigerian Foreign Exchange Market (NFEM).…
Nigeria’s assets attract global investors as reforms benefits spread
Investors across the globe are swooping on Nigerian assets as the impact of the Central Bank of Nigeria (CBN) reforms in the financial sector spreads to key sectors of the economy. Nigeria is finally getting a…
Fuel importers face N75bn monthly loss after Dangote price cut
Importers of Premium Motor Spirit (petrol) may lose an average of N2.5bn daily and N75bn monthly following the latest PMS price reduction announced by the Dangote Petroleum Refinery. Findings by The Punch revealed…
Lagos ‘boys’ drive Abuja housing boom
The migration of affluent individuals and politicians from Lagos to Abuja has sparked the capital city’s real estate boom, driving prices of…