News and analysis of global and local business trends, markets, and industry developments.
On Tuesday, the naira traded at N1,339.33 to the dollar in the official market, maintaining the same rate as the previous day. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicated that the naira’s value remained unchanged from Monday to Tuesday. The volume of currency traded, however, saw a…
Organised Labour has once more rejected the Federal Government’s proposal of a N60,000 minimum wage. Comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), Organised Labour has turned down the latest offer of N60,000 as the new minimum wage. In a recent development, Organised Labour reduced its demand from N497,000 to N494,000….
The Central Bank of Nigeria (CBN) has reportedly dismissed 200 staff members amidst the country’s economic difficulties. A senior staff member, who requested anonymity, confirmed this development to newsmen on Friday night, stating, “Over 200 staff members were issued sack letters from the Central Bank of Nigeria on Friday. However, the exact number of dismissed…
The Federal Government is poised to finalize a $20 billion deal to enhance oil and gas production in Nigeria, according to the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri. Lokpobiri made this announcement on Thursday in Abuja during a courtesy visit by a delegation from Schlumberger (SLB) Ltd., led by its global…
Chief Executive Officer (CEO) of TotalEnergies, Patrick Pouyanne, has explained why they will be investing $6 billion in energy projects in Angola instead of Nigeria. Explaining why they took the decision, Pouyanne who spoke with panellists of the Africa CEO in Kigali, Rwanda, said the inconsistency in policy making decisions led to the diversion of…
The Debt Management Office (DMO) has successfully raised N4.5 trillion for domestic borrowing out of the N6 trillion earmarked to support the 2024 budget. Patience Oniha, Director-General of the DMO, announced this achievement during a strategic meeting with Primary Dealers Market Makers (PDMMs) in Lagos, aimed at enhancing the nation’s economic growth. Oniha emphasized the…
The Federal Government, on Monday, urged the United Arab Emirates to invest in the renewal and reconstruction of the more than 50-year-old oil pipelines in Nigeria, stressing that the facilities had outlived their lifespans. It also stated that Nigeria and the UAE were on the same page concerning oil exploration as crude oil drilling would…
The Nigerian Meteorological Agency (NiMet) labor unions have suspended their planned strike, which was set to commence on Monday, May 20. This decision followed an agreement and resolution reached during a special session convened by the House Committee on Aviation and Technology. Committee Chairman Mr. Abiodun Akinlade Ishaq announced the resolution after a nearly nine-hour…
The Nigeria Labour Congress has warned that it would rather mobilise workers to remain at home with their families or offer free services than accept the paltry N48,000 new minimum wage being offered by the Federal Government when they meet on Tuesday. On Wednesday, the NLC and the Trade Union Congress had walked away…
The United Kingdom Civil Aviation Authority has written Nigeria’s Civil Aviation Authority stating Air Peace has reportedly violated some aviation safety regulations The development came barely three months after the Nigerian carrier commenced the Lagos-London route. Two mandatory occurrence reports on Air Peace had been reportedly sent to the United Kingdom Civil Aviation Authority. The…
The Accountant General of the Federation, Oluwatoyin Madein, has revealed that the Federal Government amassed a total revenue of N318.5 billion in the first quarter of 2024. Mrs. Madein disclosed this information during a session held by the House of Representatives Committee on Finance, convened to monitor revenue generated by various agencies of the Federal…
Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has commended President Bola Tinubu for the courage and vision in ending fuel subsidy, saying the decision has led to increased investments in unlocking the Nation’s huge gas potential for the benefit of citizens, the economy and environment. The minister stated this in an address at the…
The World Bank has barred 59 Nigerian companies and individuals for engaging in corrupt practices and other procurement offences. This is according to a document recently released on its website, ‘World Bank Listing of Ineligible Firms and Individuals Notes on Debarred Firms and Individuals’. Among those affected are 39 Nigerian companies previously debarred by the…
The Cross River State Government has secured $3.5 billion in funding from Afreximbank in Cairo for the Bakassi Deep Seaport Project. Governor Bassey Edet Otu announced this development via his official X (formerly Twitter) handle on Tuesday. According to Governor Otu, the collaboration between the state government and Afreximbank will foster economic growth and development…
Renowned crypto analyst and FX Pro trader, Alex Kuptsikevich, has warned that Bitcoin could witness a massive panic sell-off if it drops below the $60,000 level in the coming days. According to market sentiments, Crypto traders are targeting a break of above $65,000 before the market can be deemed bullish. According to CoinDesk, Bitcoin briefly…
The Nigerian Ports Authority (NPA) has announced that it has successfully cleared the notorious decade-long gridlock on the Mile 2-TinCan-Apapa corridor, home to the TinCan and Apapa ports. The announcement was made through a post on the NPA’s official X (formerly Twitter) account on Monday. According to the NPA, this success was made possible through…
The Neo Black Movement, NBM of Africa, has lauded President Bola Tinubu for his decision to suspend the proposed 0.5 per cent cybersecurity levy on electronic transactions nationwide. In a statement released in Benin City, the National President of the organization, Olorogun Ese Kakor, expressed support for President Tinubu’s directive to the Central Bank of…
Sen. Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, has urged Planning Officers nationwide to embrace technology-driven approaches to enhance budgeting and planning procedures, particularly in rural areas. During a visit to Abuja by Muktar Ahmed, the Commissioner of the Kaduna State Planning and Budget Commission, Sen. Bagudu emphasized the importance of leveraging…
The Economic and Financial Crimes Commission has barred foreign missions based in Nigeria from transacting in foreign currencies and mandated them to use Naira in their financial businesses. The EFCC has also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses. The anti-graft agency said the move is to…
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, has stated that the audit of the oil, gas, and mining industries is aimed at mobilizing domestic resources for the government. This was revealed during a sensitization workshop in Port Harcourt for the conduct of the 2022-2023 industry reports in…
The International Monetary Fund (IMF) has released its projection for Nigeria’s growth rate in 2024, estimating it to be at 3.3%. This forecast is underpinned by anticipated improvements in both oil and agriculture sectors, coupled with enhanced security measures. According to a statement from the IMF headquarters in Washington D.C., Nigeria’s financial sector has shown…
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have jointly issued a stern ultimatum to the Nigerian Electricity Regulatory Commission (NERC), demanding an immediate reversal of the recent electricity tariff hike to N65/kwh. In an official statement released by NLC President, Comrade Joe Ajaero, and TUC President, Comrade Festus Osifo, the ultimatum requires…
As unresolved complaints rises 7.5% Five leading commercial banks in Nigeria were forced to refund about N1.18 billion to their customers in their bid to resolve complaints in 2023. The amount refunded represents a 736 percent year-on-year (YoY) increase when compared to N141.14 million refunded in 2022. Analysis of data contained in the banks’ 2023 Financial Statement showed…
American Express Co. is launching its first business credit card in Nigeria in partnership with local neobank O3 Capital, potentially improving access to dollars in the West African nation. O3 Capital and Amex unveiled the product on Thursday in Lagos, the commercial capital, offering the business card with a spending limit of $10,000 and a…
The Corporate Affairs Commission (CAC) has issued a directive requiring all Point of Sales (PoS) agents affiliated with major financial technology firms in Nigeria to formalize their businesses through registration. Failure to comply may lead to arrest by law enforcement for engaging in unauthorized transaction activities. During the official launch of the CAC’s registration initiative…
Global cryptocurrency platform Binance has accused top Nigerian government officials of demanding a $150 million bribe in crypto to settle criminal charges filed against the company. The allegation was made public by Binance Chief Executive Officer, Richard Teng, in a blog post published by the New York Times on Tuesday. According to the report, Tigran…
One person has been reported dead as tragedy struck in the Akko Local Government Area of Gombe State following a destructive windstorm that swept through Wuro Juli, Wuro She, and other suburban areas of the state. Witnesses recounted the horror of the windstorm, which brought devastation to the region shortly after the first rain of…
The Chief Executive Officer of Binance, Richard Teng, has described the detention of its employee, Tigran Gambaryan, by the Nigerian government as ‘unjust’ and that it was a “dangerous precedent” for international businesses. Teng also said that despite Binance’s repeated efforts at constructive engagement and cooperation with Nigerian authorities, Gambaryan remains in detention for ‘spurious’…
Edited By Margret Oshinowo NERC announced an eight percent reduction on electricity tariff paid by customer in Band A from N225/kWh to N206.8/kWh on Monday. In a statement made by the commission in Abuja, It was said that the reduction was as a result of changes in macroeconomic indices in the month of April, especially…
Nigerian subscribers of DSTV and GOtv have been notified of impending service disruptions from Sunday, May 5, to Tuesday, May 7, due to ongoing construction activities on the Lagos-Calabar Coastal Highway. While acknowledging the inconvenience, DStv assured its customers through a social media announcement that efforts would be made to minimize service interruptions during the…
Edited by Hannah Afolabi FCMB Group Plc has reported a considerable increase in profit before tax, demonstrating a 186% Year-on-Year growth compared to the previous year. Growth was observed across various sectors such as Banking Group, Consumer Finance, Investment Management, and Investment Banking. The company has proposed a dividend of 50 kobo per share for…
