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Business
Stop crude-for-loan deals – Dangote tells govt
The President of Dangote Group, Aliko Dangote, has said that Nigeria needs to stop mortgaging crude oil to ensure the availability of feedstock for local refineries. Dangote, who spoke at a summit organised by…
Access Bank announces temporary service disruption
In an email sent to its customers on Tuesday, the bank stated that the upgrade will take place in phases, starting on Saturday, October 12, at 10 pm and ending on Sunday, October 13, at 6:30 am. The bank added…
Our refinery was built without any government incentive – Dangote
Alhaji Aliko Dangote, President of Dangote Group, stated on Tuesday that the Dangote Refinery was built without any government incentives. Dangote shared this during his keynote address at the Crude Oil Refinery…
FG names Dangote refinery sole supplier of Jet A1
The Federal Government has approved Dangote Refinery as the exclusive supplier of jet fuel for Nigeria’s airline operators. This was disclosed by the Minister of Aviation and Aerospace Development, Festus Keyamo,…
CBN Weighs In: Responds to Attempts to Misinform the Banking Public and Reasserts Its Role as Apex…
In a show of strong support for GTCO and move to debunk false allegations being levelled against the GTCO and its Executive Management…
‘Issued in error’ — NCC withdraws statement on Starlink’s subscription price hike
The Nigerian Communications Commission (NCC) has withdrawn its statement claiming that Starlink did not receive regulatory approval…
Experts, Stakeholders Association React To Baseless and Unfounded Allegations Against GTCO
Stakeholders and financial industry experts have reacted to the series of allegations against Guaranty Trust Holding Company…
Naira expected to stabilize against the dollar in the fourth quarter of 2024 – Report
The naira is projected to stabilize against the US dollar by the end of the fourth quarter of 2024, finishing the year strongly. This projection comes from a recent macroeconomic report by First Securities Discount…
More service disruptions loom as Nigerian banks switch core banking applications
Nigerian bank customers are set to witness more service disruptions in the coming weeks and months as the financial institutions embark on system upgrades to improve their operational efficiency and enhance customer…
NCC to sanction Starlink for increasing subscription price in Nigeria without approval
The Nigerian Communications Commission (NCC) has said it would sanction Elon Musk’s internet company, Starlink, for increasing its subscription price in Nigeria without approval from the regulator. This followed a…
Nigeria crude oil grades sell above $80 amid geopolitical tension
Nigeria’s oil futures, Brass River and Qua Iboe, recorded gains, climbing above $80 per barrel, amid escalating geopolitical tensions and global economic uncertainty. Brass River, a sweet medium light crude,…
Chinese fintechs’ price play boosts mobile money to N42trn
Nigeria’s mobile money transactions have grown nearly 30-fold to N42 trillion over the past five years, thanks to Chinese companies’ discounted offers and transfers. Total mobile transactions between January…
Oando closes in on taking over Trinidad’s national refinery
Oando Plc has been shortlisted by the Trinidadian government as one of three final contenders to take over the country’s state-owned refinery, which was owned by the defunct Petrotrin. Speaking during a budget…
Dangote Refinery Would Propel Africa Out of Poverty – AU’s Ibn Chambas
...a testament to Dangote’s foresight, African entrepreneurship Celebrated diplomat and African Union High Representative for Silencing the Guns, Dr. Mohamed Ibn Chambas, has described…
NNPC quits as middleman in Dangote Refinery petrol purchase
The Nigerian National Petroleum Company Limited (NNPC) is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery,…
Investors shun build-to-let properties as rent defaults grow
Build-to-let, buy-to-let and house-for-rent segment of the real estate market in Nigeria faces an uncertain future as investors shun that segment due to rising rent defaults induced by high cost of living and…
PoS transactions hit N6.23tn in seven months
Point of Sale transactions in Nigeria totalled N6.23tn between January and July 2024, according to data from the Nigeria Inter-Bank Settlement System. This marks a 7.4 per cent decline compared to the N6.79tn…
CBN mops up N1.335trn as money supply hit N107.1trn
The Central Bank of Nigeria (CBN) has taken steps to manage the country’s rising money supply, withdrawing N1.335 trillion from circulation. The measure, often referred to as a “mop-up exercise,” aims to curb the…
Why we floated the Naira – Cardoso
The Governor, Central Bank of Nigeria, CBN, Mr Olayemi Cardoso, has said that the apex bank under him took the bold step of floating the Naira in the foreign exchange market in order to bring the official exchange…
As Dangote petrol circulates across Nigeria, NNPC to implement new price regime
Having lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30, the Nigerian National Petroleum Company Limited (NNPC) is now set to implement a new pricing regime for the product,…
60 million Nigerians engage in gambling daily — Lottery DG
The Director-General of the Cross River StateLottery and Gaming Agency, Michael Eja, has revealed that approximately 60 million Nigerians engage in gambling daily. Eja made this known during the launch of a new…
IT’S OFFICIAL: Nigeria commences crude oil sale in naira
The federal government says Nigeria has officially commenced the sale of crude oil and refined petroleum products in naira. Wale Edun, minister of finance and coordinating minister of the economy, in a statement…
EXPLAINER: Inside NNPC’s crude-backed loans
In pursuit of capital to finance its operations, the Nigerian National Petroleum Company (NNPC) Limited offered a substantial volume of the nation’s crude oil to creditors to secure about $6 billion in loans…
Wema Bank Launches MOWA-SARA Accelerator Programme
...Partners with Federal Ministry of Women Affairs to empower 500,000 women. Through its women-focused proposition, SARA by Wema, Wema Bank, Nigeria’s…