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CBN asks FX market participants to submit compliance report before January 31
The Central Bank of Nigeria (CBN) has directed participants in the foreign exchange (FX) market to submit a compliance report on adherence to the Nigeria FX Code by January 31, 2025. This directive is part of the apex bank’s efforts to…
Nigeria’s electricity market open for investment, says Edun
Nigeria’s electricity market is open for investment, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said yesterday. He assured foreign investors that the country’s electricity…
CBN Waives Non-Refundable Licence Renewal Fee For BDCs
The Central Bank of Nigeria (CBN), on Monday, announced that it has approved the waiver of the 2025 licence renewal…
S’Court Affirms Halliburton’s $6.9m Tax Debt To Fed Govt
The Supreme Court has affirmed an almost one-decade Court of Appeal judgment on $6,927,248 tax debt to Nigeria by an oil service firm, Halliburton West Africa Limited (HWAL). The $6.9 million is an additional…
How price of rice rose from N2500 in 2000 to N105,000 in 2024
The Central Bank of Nigeria, CBN, and Rice Farmers Association of Nigeria made history on January 18, 2022, when they co-launched the r me Rice Pyramids on the premises of Abuja Chamber of Commerce and Industry,…
Oando to deploy 5,000 electric buses for public transport in Lagos – Wale Tinubu
The Group Chief Executive Officer of OandO Plc, Wale Tinubu has disclosed that the oil firm is partnering with the Lagos State Government to deploy 5,000 electric buses for public transportation in the state.…
SEC issues red alert on Risevest, Stecs cooperative societies
The Securities and Exchange Commission (SEC) has warned Risevest (Victoria Island) Cooperative Multipurpose Society Ltd. and Stecs (Alausa)…
Tomato prices crash in Lagos amid harvest season glut
The price of tomatoes in Lagos and other parts of Nigeria has significantly dropped due to a glut caused by the ongoing harvest season. Farmers and traders have attributed the price crash to the surplus supply, which…
We have over a billion barrels of oil reserves, says Wale Tinubu
The Group Chief Executive, Oando Plc, Adewale Tinubu, has highlighted the immense prospects of indigenous energy companies taking over the…
Forex spending on foreign education, health defy naira depreciation
•Rises by 26% to $2.3bn in 9mths •Increase driven by panic, front-loading of fx demand — Bank Executive •Indictment on…
Greg Abel named successor to Warren Buffett at Berkshire Hathaway
Greg Abel, Vice Chairman of Berkshire Hathaway’s Non-Insurance Operations, has been confirmed as Warren Buffett’s successor. Abel, a Canadian born in Edmonton, Alberta, in 1962, has been with Berkshire since 2000,…
To Tackle Liquidity Challenges, Boost Lending, Banks Borrow N8.2tn from CBN in 17 Days
As part of the efforts to tackle liquidity challenges in the financial sector and boost lending to the real sector of the Nigerian economy, commercial and merchant banks have borrowed N8.2 trillion from the Central…
Lagos, Rivers, Delta owe 38% of domestic debt
Lagos, Rivers, and Delta states collectively account for 38 per cent of the total domestic debt stock of Nigerian states and the Federal Capital Territory. According to the latest subnational report by the Debt…
Consumers groan as IBEDC bars recharging less than N5,000 on prepaid
• Recharge Benchmark Policy Illegal, Says Expert Some low-income earners in the country are currently living in darkness…
Tax Reform Bills: Stakeholders Reject Governors’ Proposed VAT Sharing Formula
Some stakeholders across different states in the country on Friday met in Abuja, where they rejected the proposed VAT sharing formula by state governors in the tax reform bills presented to the National Assembly by…
Kaduna to become grape-farming hub in Nigeria – Gov
Kaduna State is set to become Nigeria’s grape-farming hub, with Governor Uba Sani promising to provide seedlings, mechanisation, training, and support services to grape farmers to improve their yield per hectare in the…
2024 POS transactions surpassed ATM usage by 603% – CBN
Nigerians made transactions worth N85.91tn through point-of-sale terminals in the first half of 2024, a figure that is over seven times the N12.21tn recorded for ATM transactions within the same period. This data,…
ZENITH BANK ENHANCES STAFF PAY BY OVER 20% AND PROMOTES ABOVE 4,000
One of Africa’s leading financial institutions, Zenith Bank has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing…
Mambilla power project: Obasanjo spreading falsehoods – Agunloye
A former Minister of Power and Steel, Olu Agunloye, has accused former President Olusegun Obasanjo of deliberately spreading falsehoods to obscure his own record regarding the Mambilla power project. Agunloye is currently…
$2.5b Mambilla power dispute: What Obasanjo, Buhari told Paris court
Former Presidents Olusegun Obasanjo and Muhammadu Buhari have told the International Chamber of Commerce Court of Arbitration in Paris, France that the Federal Government at no time awarded a contract in…
Nigeria’s High Interest Rate Is Stoking Inflation – Taiwo Oyedele
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has presented a compelling counterargument…
Setback hits Sunrise Power in $2.35bn Mambilla arbitration as key witnesses fail to show up
Sunrise Power’s hopes of securing a $2.35 billion award against Nigeria in the arbitration proceedings at the International Chamber of Commerce (ICC) over…
Dangote oil refinery to receive 12 million barrels of US crude
The Dangote Refinery in Nigeria is set to receive 12 million barrels of crude oil from the US as it struggles to secure sufficient domestic…
Inflation rebasing drives N2.49trn T-bills oversubscription, expectations of rate cut
Nigeria’s one-year Treasury bill auction was oversubscribed to the tune of N2.49 trillion as investors lock in on current yields as they price in a rate cut after rebasing of inflation rate. This led to a decline…