The Central Bank of Nigeria (CBN) has reiterated its commitment to ensuring the stability of the Nigerian financial system. The apex bank gave the reassurance in a statement by Mrs Hakama Sidi-Ali, its Acting Director, Corporate Communications on Tuesday. Ali said that the apex bank had put in place...
BUSINESS
Nigerian Communications Commission (NCC) has said Starlink, a communication company, is facing regulatory heat over unapproved data tariff hike. The NCC said the satellite internet service provider had unilaterally increased its data tariffs without obtaining the necessary approval from the commission. Its Director of Public Affairs, Dr Reuben Muoka,...
Customers of various banks have decried arbitrary debit of their monies by their banks. Some of them who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday said that the charges were becoming exorbitant and unnecessary. Mrs Helen Agodo, a customer with First Bank Plc, said...
The Central Bank of Nigeria (CBN), has announced the introduction of an Electronic Foreign Exchange Matching System (EFEMS), for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM). According to a statement issued by Omolara Duke, the Director, Financial Markets Department , the EFEMS will be implemented...
The equity market on Thursday took a further dip, losing N671 billion due to sell-offs in Dangote Cement and Tier-one banking stocks. The Nigerian Exchange Ltd. (NGX) market capitalisation dropped by N671 billion, or per cent, closing at N55.777 trillion, down from N56.448 trillion. Similarly, the All-Share Index declined...
Google on Thursday said that a recent study, conducted by Public First, showed that Artificial Intelligence (AI) had the potential of contributing $15 billion to the Nigerian economy by 2030. Director, West Africa, Google, Mr Olumide Balogun, said this at its Economic Impact Report Press Roundtable in Lagos. Balogun...
Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, has said the Brass Methanol Project’s Gas Sales Purchase Agreement will inject three billion dollars into Nigeria’s gas sector Ekpo stated this at the National Association of Energy Correspondents Annual Strategic International Conference on Thursday in Lagos. The News...
The World Bank has approved a 500 million dollar loan to support the Sustainable Power and Irrigation for Nigeria (SPIN) project aimed at reducing climate-induced challenges. Mr Chakib Jenane, World Bank’s Regional Director, Sustainable Infrastructure Development for West and Central Africa, announced this during a visit to Water Resources...
MTN Nigeria has unveiled plans to market Nigeria’s tourism assets to the world through a newly established platform, known as “See Naija”. Ugonwa Nwoye, Chief Customer Relations Officer and Ag. Chief Marketing Officer, MTN Nigeria, disclosed this in a statement on Thursday in Lagos. Nwoye said that the platform...
Mr Joko Okupe, Chief Executive officer of Modo Ante, says the Lagos State Government can achieve an annual Internally Generated Revenue (IGR) of five trillion Naira through innovative approaches. Okupe, who said this in an interiew with the New Agency of Nigeria (NAN) on Thursday in Lagos, said that...
The Federal Government has introduced new fiscal incentives to boost foreign investments in Nigeria’s oil and gas sector. The two incentives were unveiled by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun in a statement on Wednesday. According to the statement by the Finance Ministry,...
As Emirates Airline returns to Nigeria after two years, the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, SAN, has said more destination options will be opened for indigenous carriers. Keyamo made the remarks on arrival aboard an Emirates aircraft from the United Arab Emirates (UAE) on Wednesday...
The Naira on Wednesday depreciated at the official market, trading at N1,669.15 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N127.21. This represents an 8.24 per cent loss...
The Bank of Industry (BOI) has announced plans to disburse loans of up to N1 billion to 140 manufacturing companies across Nigeria under the Federal Government’s N75 billion Manufacturing Sector Fund. BOI Managing Director, Olasupo Olusi, made this disclosure at the bank’s inaugural annual public lecture series on Wednesday...
The Nigerian Communication Commission (NCC) on Wednesday said that it was making deliberate efforts to close the digital divide among the youths, underserved and unserved communities. The Executive Vice-Chairman (EVC), NCC, Dr Aminu Maida, said this at the 2024 Nigeria Innovation Summit (NIS) 9.0 in Lagos. The News Agency...
Minister of Arts, Culture and the Creative Economy, Hannatu Musawa, has secured a $200 million financing facility with the African Export-Import Bank to support the growth of the country’s creative industries. Musawa disclosed this in a statement through her media aide, Nneka Anibeze, on Wednesday. The minister said that...
Emirates Airlines has resumed its Dubai-Lagos daily flights after a two-year hiatus. The flag carrier of the United Arab Emirates (UAE) resumed flight operations to Nigeria on Tuesday, October 1, 2024. The airline’s flight landed at the Murtala Muhammad International Airport (MMIA) in Lagos on Tuesday afternoon as Nigerians...
The African Development Bank (AfDB) said on Monday that it approved financing worth 70 million euros for Moroccan lender Bank of Africa, to promote access to trade finance in Africa. The AfDB said in a statement that the trade finance facility comprises a Risk Participation Agreement (RPA) of 50...
The Federal Government has released N122 billion to six gas infrastructure companies with the goal of transforming the midstream gas value chain across the country. The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, said this at the Midstream Downstream Gas Infrastructure Fund (MDGIF)/Promoters Agreement Signing Ceremony, in...
Africa’s Global Bank, United Bank for Africa (UBA) Plc has released its audited financial results for the half year ended June 30, 2024, showing impressive performance across some key financial indicators. The audited financials released to the Nigerian Exchange Limited (NGX) on Monday, showed that the bank recorded double-digit...