The Central Bank of Nigeria has announced a fine of ₦150 million on Deposit Money Banks found guilty of giving out illegal flow of mint naira notes to currency hawkers across the country. The move was after the apex bank addressed recent misinformation about the validity of the old...
BUSINESS
By JOY ADARA, Abuja- The Central Bank of Nigeria (CBN) has said all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out. The CBN’s Acting Director, Corporate Communications, Mrs Sidi Ali Hakama, said in a statement on Friday...
By JOY ADARA, Abuja – The Federation Accounts Allocation Committee (FAAC), has shared N1.727 trillion among the Federal Government, states, and Local Government Councils (LGCs) for November. This is contained in a communiqué issued after the FAAC meeting on Thursday in Abuja. According to the communiqué, the N1.727 trillion...
Members of the House of Representatives Committee on Privatization on Thursday, paid a courtesy visit to the Bureau of Public Enterprises (BPE) in Abuja for oversight duties. They were received by the Director-General of the Bureau, Mr. Ayodeji Ariyo Gbeleyi and other management staff.
JBy OLA MODUPE, Lagos – Justice Ayokunle Faji of the Federal High Court, Lagos on Thursday, dismissed the bail applications by four bloggers accused of blackmailing Guaranty Trust Holding Company and its Group Chief Executive Officer, Segun Agbaje. He also adjourned the matter to January 13 and 14, 2025....
A financial expert, Mr Wale Shonibare, has urged the Federal Government to prioritise power sector infrastructure development to drive the country’s industrial growth. Shonibare, made the call in an interview with the News Agency of Nigeria, (NAN) on the sidelines of the African Investment Forum, Market Days 2024, which...
The domestic bourse rebounded from its previous trading session’s loss, adding N60 billion as investors renewed interest in MTN Nigeria, Oando Plc, Access Corporation and other advancing equities. Specifically, the market capitalisation, which opened at N59.472 trillion, rose by N60 billion or 0.10 per cent to close at N59.532...
The equity market began the week on a bearish note, reversing prior session gains with a loss of N62 billion. The decline was primarily driven by losses in Oando Plc, United Bank for Africa (UBA), Access Corporation, United Capital and Transnational Corporation. Consequently, the market capitalisation, which opened at...
Managing Director of Nigeria Liquefied Natural Gas (LNG) Ltd., Mr Philip Mshelbila, has said Africa’s energy sector needs over 200 billion dollars in annual investments to meet its energy and climate goals. Mshelbila spoke at the networking session reception, hosted by Nigeria LNG in Berlin, Germany, on Monday. The...
The Nigerian Capital Development Fund (NCDF), has concluded plans to spearhead a transformative USD 150 million investment in Agonrin Sea Beach, Badagry West Local Government Area, in collaboration with Eternal Flame Worldwide Limited with headquarters in the United Kingdom. Executive Chairman of the NCDF, Hon. Babatunde Oralusi, and the...
The Dangote Petroleum Refinery and Petrochemicals has sought to amend its suit against the Nigerian National Petroleum Company Limited (NNPCL) and others. The plea to amend the suit followed an application by the NNPCL before Justice Inyang Ekwo of a Federal High Court in Abuja, urging the court to...
The African Development Bank (AfDB) has provided key insights into how Nigeria and other African nations can address their growing debt burdens and foreign exchange challenges. The Bank’s Vice-President for Economic Governance and Knowledge Management, Prof. Kevin Urama, told the News Agency of Nigeria (NAN) that strategic borrowing and...
The Federal Capital Territory Internal Revenue Service (FCT-IRS), has created a dedicated unit for taxation of more than 10,000 High-Net-worth Individuals (HNIs) in the FCT. The acting Executive Chairman of the Service, Mr Michael Ango, announced the development in a circular made available to newsmen in Abuja on Sunday....
The Managing Director, Moniepoint Microfinance Bank, Mr Babatunde Olofin, on Sunday warned Nigerians against falling victims to fraudsters who request account numbers for end-of-year rewards. Olofin gave the advice in a telephone interview with the News Agency of Nigeria (NAN) in Lagos, while advising citizens not to share their...
Air Peace Ltd. has said the operating cost for a one-hour flight exceeds N14 million. The airline’s Chief Operating Officer (COO), Mrs Oluwatoyin Olajide, disclosed at a news conference on Friday in Lagos. Olajide said that N7 million is required to purchase 4,000 litres of jet A1 (aviation fuel),...
The Vice-President, Sen. Kashim Shettima has urged Nigerian Deposit Money Banks (DMBs) to ensure seamless availability of Naira notes to the banking public. Shettima made the call on Friday in Abuja, at the 2024 Bankers ‘ Committee Retreat. He was represented by Tope Fasua, Special Adviser on Economic Affairs,...
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says it has finalised an agreement with Dangote Refinery for the supply of Premium Motor Spirit (PMS) for the upcoming Christmas and New Year celebrations. National PRO, PETROAN, Dr Joseph Obele, made this known in a statement on Friday....
The Bank of Industry (BoI) has secured a 50 million dollars loan portfolio from the African Guarantee Fund (AGF). This is in a bid to empower women entrepreneurs and drive economic growth in Nigeria. This innovative guarantee framework agreement is backed by the African Development Bank’s (AfDB) Affirmative Finance...
The equity market closed on a negative note on Thursday, as the market capitalisation dropped by N36 billion or 0.06 per cent. Specifically, the market capitalisation closed at N59.476 trillion compared to the opening value of N59.512 trillion. Similarly, the All-Share Index (ASI) declined by 61 points or 0.06...
The price of the cryptocurrency, Bitcoin, on Thursday surpassed the 100,000 dollars threshold for the first time on the Bitstamp platform. The oldest and best-known cryptocurrency climbed by about 4.8 per cent more than 24 hours, reaching 103,252 dollars at about 0300 GMT. In the past seven days, the...