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Business
Lagos e-hailing drivers threaten protest over Bolt’s fare cut
E-hailing drivers in Lagos State have threatened to stage a protest over an alleged 50% fare cut by the ride-hailing company, Bolt. The drivers, under the auspices of the Amalgamated Union of App-Based Transporters…
Geregu makes N137bn, PAT rises 71%, declares N21.25bn dividends
Geregu Power Plc has announced an impressive audited financial year result and accounts for the full year ended December 31, 2024, with its profit before tax at N41bn, an increase of 69 per cent from…
CBN extends timeframe for BDCs to buy $25,000 weekly from banks
The Central Bank of Nigeria (CBN) has extended the timeframe for eligible bureau de change (BDC) operators to access the Nigerian Autonomous Foreign Exchange Market (NAFEM) for foreign exchange (FX). On December…
NUPRC bans export of crude oil allocated for domestic use
Following the inability of oil companies to meet the demand for crude oil by local refineries, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that it will henceforth deny export permits for crude…
DMO offers two FGN bonds at 17.799%, 18.799%
The Federal Government, through the Debt Management Office (DMO), has opened offers for subscription to two Federal Government of…
Naira hits eight-month high as dollar demand eases
…As market sees local petrol refining, EFEMS, inflows effect The naira appreciated to an eighth-month high of 1474.78/$ at the official foreign exchange (FX) market on Friday as dollar demand eases on a raft of…
Wema Bank unveils 80th Anniversary Identity
In preparation for its 80th anniversary, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank,…
Pension fund assets up by N2.4 trillion in 2024
The National Pension Commission (PenCom) said pension assets rose by N2.4 trillion in 2024, from N19.53 trillion in…
Dangote price slash: Marketers with imported fuel fear losses
The decision by the Dangote Petroleum Refinery to reduce the ex-depot price of Premium Motor Spirit (petrol) on Saturday night came at huge costs to many petroleum marketers, The PUNCH reports. Marketers who spoke to…
Nigeria Spent N5.5Trillion On Petrol, Diesel Imports In 4 Months – Report
Reports have revealed that between October 1, 2024, and January 31, 2025, the Nigerian National Petroleum Company (NNPC) Limited and select marketers spent over N5.5 trillion on the importation of Premium Motor Spirit…
‘We’re on our knees financially,’ says MTN Nigeria CEO Toriola
MTN Nigeria Communications Plc, the country’s largest telecommunications operator, has been brought to its “knees financially”, its CEO…
Mobile money: Palmpay, OPay, others process N71.5 trillion transactions in 2024
The latest data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that licensed mobile money operators including Palmpay, OPay, and 15 others processed transactions valued at N71.5 trillion…
Dangote slashes petrol loading price to N890 per litre
Barely three weeks after announcing an increase in the cost of loading Premium Motor Spirit, commonly known as petrol, the…
Nigeria’s stock market kicks off 2025 with N1.95 trillion gain
Despite global and domestic uncertainties, the Nigerian equities market started 2025 on a positive note, recording a N1.95 trillion gain as investors traded with caution. The market capitalisation, which opened the…
CBN approves CFA for repatriation of export proceeds
The Central Bank of Nigeria (CBN) has approved the CFA franc to be captured on Nigeria export proceeds (NXP) form for the repatriation of export proceeds. Nonye Ayeni, executive director of the Nigeria Export…
How Nigerian Central Bank Seeks To Revive eNaira As Digital Currency Hits N18.32billion Transactions
The Central Bank of Nigeria (CBN) has rolled out fresh plans to conduct a "comprehensive review of the eNaira’s implementation to enhance its effectiveness and broaden its economic impact" in the country. According to…
Dangote Refinery challenges NNPCL’s objection against N100 billion Import Licenses suit, calls…
Dangote Petroleum Refinery and Petrochemicals FZE has urged the Federal High Court in Abuja to dismiss the preliminary objection of the Nigerian National…
Naira appreciates to N1,615/$ in parallel market
The Naira on Friday appreciated to N1,615 per in the parallel market. Similarly, the Naira appreciated to N1,474.78 in the official market.…
Nigeria’s non-oil exports hit $5.46b in 2024 — NEPC
The Nigerian Export Promotion Council (NEPC) has reported a significant 20.79 per cent increase in the country’s non-oil exports, reaching $5.46 billion in 2024, up from $4.5 billion in 2023. Nonye Ayeni, the Executive…
Oando reports N47.7 billion pre-tax profit as full-year revenues top N4.1 trillion
Oando Plc has disclosed a full-year pre-tax profit of N47.7 billion in its latest unaudited financial report for 2024, released on the Nigerian Exchange on January 30, 2025. This figure shows a decline from the…
Nigeria’s VAT revenue hits N6.72 trillion in 2024, surges by 84.62%
The Federal Inland Revenue Service (FIRS) has reported a substantial rise in Nigeria’s Value Added Tax (VAT) collections, which reached N6.72 trillion in 2024, reflecting a 84.62% year-on-year (YoY) increase…
31% of businesses in Nigeria now hybrid, Zoho reveals
Leading global technology company, Zoho, has revealed that 31 per cent of Nigerian businesses now operate the hybrid work schedule, while most remote roles are held by individual contributors with limited collaboration…
Nigerian Bank Threatens To Sue EFCC Over Property Recovered From Fraudster ‘That Has Gone Missing’
Ohha Microfinance Bank Limited has issued an ultimatum to the Economic and Financial Crimes Commission (EFCC), demanding that they produce an uncompleted four-bedroom bungalow recovered from a fraudster within…
We Collected N21.6trn Revenue In 2024, Targetting 25trn In 2025 – FIRS
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has revealed that the Service surpassed its revenue target in 2024 by collecting N21.6 trillion. Adedeji made the disclosure at the…