Business

The Federal Government has disclosed plans to remove electricity subsidy for 15 per cent of consumers.⁣⁣The move would reduce its N3.3tn cost and save the government…

The federal government’s new gas pricing policy that allows producers to sell at a controlled price regardless of their cost of production and business assumptions has come…

The Central Bank of Nigeria’s (CBN) aggressive stance on the naira defence is projected to lead to an enormous interest payout, with the CBN set to incur approximately N1.01 trillion. This figure emerged from the…

Forbes, the world’s most authoritative voice in wealth reporting, recently released its 2024 list with four Nigerians making the cut.   Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola were the…

After a few days of sustaining a slash in theCustoms exchange duty rate, the Central Bank of Nigeria (CBN) has increased the exchange rate for computing Customs duties at the nation’s seaports by 2.1 percent. The Customs…

Turnover at Nigeria’s foreign exchange market jumped to the highest in a single day since 2017 on Tuesday, as a prolonged dollar shortage that has dampened economic activity for years gives way. Some $1.085 billion…

The shareholders of consumer goods firm, Cadbury Nigeria Plc will get no dividend payment for the financial year 2023 as the firm suffered N19. 09bn loss after tax. According to its annual report and financial statements for…

BusinessDay reported last week that airfares from Nigeria to other countries have seen a significant drop, following the appreciation of the naira…

MTN Nigeria has announced that it will hold an extraordinary general meeting with its shareholders on how to manage the capital loss it suffered in 2023. According to a corporate notice filed with the Nigerian…

• Dealers get one million litres each at N1,225/litre, price drops in Oyo, Lagos, Ogun The pump price of Automotive Gas Oil, popularly called diesel, has dropped from about N1,700/litre which it sold for a few weeks…

The federal government is planning an almost 300% increase in electricity tariffs in the coming weeks in a bid to attract investment into the sector according to reports from Bloomberg.   According to the reports,…

The foreign exchange (FX) resumed on Tuesday after the Easter holiday with the Naira appreciating to 1,238.3 as Bureau De Change (BDC) operators bought at N1,220 per dollar, cash and transfer to customers at N1,265/$.…

The 650,000 barrels per day Dangote Petroleum Refinery has pegged a minimum of one million litres of Automotive Gas Oil (AGO) diesel per marketer as it is set to commence sales of the product today, The Nation…

The naira, on Monday, appreciated to N1,250 per dollar at the parallel section of the foreign exchange (FX) market. The FX rate is a 0.43 percent increase from the N1,280 recorded on March 29. Currency traders in…

Since taking office in late 2023, the new CBN Governor, Mr. Yemi Cardoso has, in not too many words, sprung but a few startling. However, some might argue, that economically necessary and fiscally expedient moves…

The federal government’s subsidy reforms, rather than the expansion of money supply, are a major driver behind the persistent core inflation in Nigeria. This is according to a study by Eric Ismail Otoakhia of the…

FTN Cocoa processor in its audited financial report for 2023 recorded foreign exchange loss of N10.17 billion while recording zero revenue for the year.   In the financial report published on the NGX, the company…

Donald Trump’s net worth took a hit of $1 billion following the 21% decline in shares of his social media venture, prompted by the sluggish revenue performance of Truth Social, the platform launched by the former…

Four banks have disclosed that they will delay the filing of their audited results for 2023. The United Bank for Africa, Zenith Bank, Stanbic IBTC and Wema Bank had announced that they would not meet the deadline for…

The Federal Government, on Monday, announced that the new price of natural gas for power generation companies is now $2.42 per metric million British thermal unit, higher than the previous rate of $2.18mmbtu. Nigeria…

Financial experts have projected that the ongoing bank recapitalisation exercise would worsen unemployment in the country. In separate chats with The PUNCH, the experts also noted the recapitalisation exercise would…

As bankers begin from tomorrow to strategise on how to meet the new capital structure prescribed by the Central Bank of Nigeria, CBN, on the eve of the Easter holiday,…

Dr. Tinuade Sanda, Managing Director/CEO, Eko Electricity Distribution Company, EKEDC, still holds forte as helmsman in the company. There was speculation over the appointment of Mrs. Rekhiat Momoh, as the Acting…

The Central Bank of Nigeria (CBN) has slashed customs import duties on cargoes imported into the country at the nation’s seaports and airports seven times within the space of two weeks. The customs duty dollar-denominated…