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New Year: Businesses Should Prepare For More Stress – LCCI
The Lagos Chamber of Commerce and Industry (LCCI) has disclosed that the persistent inflation, reaching a 28-year record high of 34.60 per cent in…
$42.01bn External Reserves Can Finance Importation For Nine Months – CBN
The Central Bank of Nigeria (CBN), on Wednesday, declared that the $42.01 billion external reserves of the country, could finance the…
Dangote Refinery Denies Liquidity Challenges, Dismisses NNPCL’s $1bn Loan Claim
The Dangote Petroleum Refinery and Petrochemicals (DPRP) has dismissed claims that the Nigerian National Petroleum Company Limited (NNPCL) used a $1 billion loan secured through a crude forward sale agreement…
2025 Budget Will Reduce Inflation To 15%, Bring Down Dollar To N1,500 – Tinubu
President Bola Tinubu has set a N1500/dollar target in the 2025 Appropriation Bill presented to the joint session of the 10th National Assembly in Abuja on Wednesday. According to him, the target was to enable the Federal…
Nigerian oil firm acquires Shell Petroleum Development Company
Renaissance Africa Energy Company Limited, a Nigerian oil and gas consortium, has confirmed receiving ministerial consent for the acquisition of Shell Petroleum Development Company (SPDC). The landmark announcement,…
California bans sale of petrol cars from 2035
The U.S. Environmental Protection Agency (EPA), on Wednesday, approved the plan by California to ban the sale of gasoline-only vehicles by 2035 as part of the state’s regulatory efforts towards cleaner…
TotalEnergies, MRS, First E&P… NUPRC announces 2024 oil licensing bid winners
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says winners have emerged in the 2024 oil block licensing bid round. The commission announced the winners at the licensing round commercial bid conference…
Customs announces implementation of zero import duty, VAT on CNG, LPG equipment
The Nigeria Customs Service (NCS) has announced the implementation of a zero percent duty on compressed natural gas (CNG) and liquefied petroleum gas (LPG) equipment imported into Nigeria. In a statement on Wednesday,…
CAC deregistered 300,000 dormant companies in one year
The Corporate Affairs Commission (CAC) has deregistered over 300,000 dormant companies within a year to sanitise the nation’s corporate registration system. The Registrar General, Hussaini Ishaq Magaji (SAN),…
Senate Moves To Ban Dollar Salaries, Foreign Currency Transactions
A bill introduced in the Nigerian Senate, which has successfully undergone its first reading, proposes to amend existing laws to ban the use of foreign…
Banks Restrict Multiple Account Owners To N20,000 Withdrawal
There is no end in sight yet to the low cash supply by commercial banks as customers face increasing difficulty with cash withdrawal, checks by Daily Trust have shown. There are indications that commercial banks have…
Shell’s Bonga $5bn FID sparks hope for assets sale
…Emerges Nigeria’s first deep-water project since 2013 …More FIDs expected in 2025-Verheijen Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell Plc’s recent $5 billion…
UBA donates N500 million to improve security in Lagos
The United Bank for Africa, UBA, has donated N500 million to the Lagos State Security Trust…
FCMB Hackathon: Startups Work on Solutions for Livestock Mortality and Financial Inclusion
For conceptualising and developing actionable solutions to bridge gaps in Nigeria's agribusiness ecosystem, winners of this year's First City…
FG issues N1.1trn Sovereign Sukuk for 124 road projects across Nigeria
The Securities and Exchange Commission (SEC) has announced that the Federal Government of Nigeria has issued six Sovereign Sukuk worth ₦1.1 trillion ($657.6 million)…
BREAKING: Nigeria’s inflation rate rises to 34.6%
The National Bureau of Statistics says Nigeria’s inflation rate rose to 34.6 percent in November — up from 33.8 percent in October. In its…
BREAKING: Shell, Partners Sign FID on 300 Million Barrels Bonga North Deep-water Project
Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell Plc, has announced a final investment…
Dangote refinery, a wonder of modern technology – Japan Ambassador, business community
The Dangote Refinery and Petrochemicals complex has been hailed as an astonishing masterpiece, showcasing Nigeria’s technological…
We’ve exported petrol to Cameroon, Ghana, Angola, South Africa — Dangote Refinery
THE Dangote Petroleum Refinery said it has exported Premium Motor Spirit, PMS, also known as petrol to Cameroon, Ghana, Angola and South Africa. Vice President of Oil and Gas, Dangote Industries Limited, Dr.…
Supply of mint naira to hawkers will attract N150m fine – CBN warns banks
The Central Bank of Nigeria (CBN) says banks facilitating illicit flow of mint naira notes will face N150 million fine per branch. In a circular signed by Solaja Olayemi, the acting director of currency operations…
Old, new naira notes remain legal tender – CBN
The Central Bank of Nigeria (CBN) says all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out. A statement on Friday by CBN’s…
Access Bank to acquire 100% stake in South Africa’s Bidvest Bank
Access Holdings says its banking subsidiary, Access Bank Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of a 100 percent equity stake in Bidvest Bank…
Dangote Refinery exports PMS to Cameroon
…Dangote Refinery, Neptune Oil Announce their first export transaction of Refined Products to Cameroon …
Naira plummets to N1,745/$1, traders blame speculators
The exchange rate between the naira and dollar slid back to around N1,745/$1 on the parallel market a sharp reversal from the sub N1,600 levels recorded at the end of last week. An earlier article by…