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NDIC to auction defunct Heritage Bank’s landed assets next month
The Nigeria Deposit Insurance Corporation (NDIC) is set to commence the auction of landed properties and chattels belonging to the defunct Heritage Bank, starting Wednesday, December 4, 2024. This initiative is part of…
Fuel price: Dangote refinery still buys crude in dollars – Economist Emmanuel
A renowned economist, Kelvin Emmanuel, has said the Nigerian government has not effectively implemented a Naira-for-crude deal with Dangote Refinery.…
Fitch projects FX rate to increase to N1,993/$ by 2028
Fitch Solutions, a financial intelligence service provider, has predicted that the naira would slide to as low as N1,993 per dollar in 2028, severely impacting Nigeria’s pharmaceutical industry to import medical…
Cost of Cement Rises to N8,800 Amid Skyrocketing Building Material Prices
The cost of building materials in Nigeria has risen sharply, exacerbating the country’s already dire housing crisis and threatening to undermine the government’s efforts to provide affordable homes for citizens. As of…
Bitcoin trades above $80,000 — first time in history
Bitcoin, the world’s most valuable cryptocurrency, surged to over $80,000 for the first time on Sunday. On Wednesday, Bitcoin price cros $75,000, the same day Donald Trump, a Republican Party candidate, won…
Dangote named most tax complaint business organizations by FIRS
...Company, subsidiaries win big at FIRS, FMDQ awards It was a season of award at the weekend for the Dangote…
Businesses Will Suffer, Economy Would Retrogress If States Collect VAT – Oyedele
The Chairman of the Presidential Tax Reform Committee, Mr. Taiwo Oyedele, has raised the alarm that businesses will suffer while the economy would…
Comptroller Olomu leads Apapa Customs to record over N1.8trn revenue
The Apapa Area One Command of the Nigeria Customs Service (NCS) announced Monday that it has collected over N1.8 trillion in…
FX appetite drives up mutual funds assets by 81.5 % to N3.5trn
The obsession for foreign currency, specifically the US Dollar, has driven investors towards dollar denominated financial assets in the mutual funds segment…
South Africa, seven countries queue to lift Dangote refinery fuel
The Dangote Refinery and Petrochemical is set to begin fuel exports to South Africa, Angola, and Namibia, Saturday PUNCH can confirm. A highly credible source, who confirmed this exclusively to one of our…
FCMB Offers ₦30 Million Clean Energy Loans for Homes and SMEs
First City Monument Bank (FCMB) has boosted it’s energy finance loan, offering up to ₦30 million to help Nigerian households and small businesses…
Julius Berger appoints Dr. Mohammed Indimi, OFR, as Non-Executive Director
Julius Berger Nigeria PLC has announced the appointment of Dr. Mohammed Indimi, OFR, as a Non-Executive Director. This was disclosed on November 8, 2024, through an official statement published on the Nigerian Exchange…
No restrictions on converting currency in domiciliary accounts to naira – CBN
The Central Bank of Nigeria (CBN) has, in new guidelines, clarified that commercial, merchant and non-interest banks (CMNIBs) should allow participants to convert their Internationally Tradable Foreign Currency…
FX revaluation woes haunt brewers as losses mount
For about 18 months now, Nigerian companies have been haunted by the devaluation of the Naira. With the Naira depreciating by over 70 percent in less than a year, companies reliant on imported inputs have faced…
CBN grants banks approval to trade idle FX deposits from ‘designated domiciliary’ accounts
The Central Bank of Nigeria (CBN) has given the green light to the commercial, merchant, and non-interest banks operating in Nigeria to trade with tradeable foreign currencies deposited in dorm accounts created…
Nigeria’s FX reserves hit $40bn, highest in 33 months – Cardoso
The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has announced that Nigeria’s foreign exchange reserves have reached over $40bn, marking their highest level in 33 months. He made the disclosure…
Elon Musk’s Wealth Rises By $13bn After Trump’s Win
The wealth of billionaire Tesla and X owner, Elon Musk, has soared by about $13 billion hours after his ally, Donald Trump, won the United States presidential election. Early Wednesday, investors said Trump’s…
Vitol, Trafigura Lead Buyers as Nigeria’s Mega Oil Refinery Dangote Fires Up
Vitol Group, Trafigura Group and BP Plc are the dominant buyers of fuels from Nigeria’s giant new Dangote oil refinery near Lagos that’s reshaping petroleum trading in Africa and Europe. The trio have accounted…
Zenith Bank Says It Now Has best IT infrastructure After Successful Upgrade, Commends Customers
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer…
Naira appreciates to N1,720/$ in parallel market
The Naira yesterday appreciated to N1,720 per dollar in the parallel market from N1,725 per dollar on Monday. Similarly , the Naira appreciated to N1,671.32 per dollar in the Nigerian Autonomous Foreign Exchange…
Deregulation not a license to blend off-spec products, jeopardise national interest – Dangote…
Dangote Petroleum Refinery and Petrochemicals has advised Pinnacle Oil and Gas Limited that deregulation should not be used as a justification for…
N1.3bn Fraud: Abuja Federal High Court Orders Arrest Of Dana Air MD, Hathiramani Ranesh
A Federal High Court sitting in Abuja on Monday ordered the arrest of the Managing Director of Dana Air, Mr. Hathiramani Ranesh. Justice Obiora…
We‘ll Never Sell Substandard Fuel to Nigerians – Pinnacle Oil & Gas
Pinnacle Oil & Gas yesterday stated that it will never sell substandard petroleum products to Nigerians. The statement by Pinnacle…
Nigeria’s FX market yet to stabilise despite CBN’s efforts – Fitch
Nigeria’s foreign exchange market has yet to stabilise despite several initiatives by the Central Bank of Nigeria, Fitch Ratings, a global rating agency, has said. This view slightly contrasts with a report by the International Monetary…