President Bola Tinubu has approved the payment of N25,000 peculiar allowance for medical and dental doctors in hospitals, medical centres and clinics in the federal public service. This is contained in a circular dated July 25, 2023, and signed by the Chairman and Chief Executive Officer of the National Salaries, Incomes and Wages Commission, Ekpo…
The Speaker of the House of Representatives, Dr Tajudeen Abbas, has met with President Bola Ahmed Tinubu on the strike action by the National Association of Resident Doctors of Nigeria (NARD). At the meeting, Dr Abbas briefed the President on the outcome of his meeting with the NARD leadership. He also appealed to President Tinubu…
The Nigeria Labour Congress (NLC) has issued a one-week ultimatum and warning to the Federal Government to reverse the recent increases in the pump price of petrol, school fees in federal schools and the release of 8 months withheld salaries of university lecturers or face nationwide protests and industrial action. This is contained in a…
The Central Bank of Nigeria (CBN) has decided to increase the Monetary Policy Rate (MPR) from 18.5 percent to 18.75%. The decision was announced by Acting CBN Governor, Folashodun Shonubi, following the conclusion of the bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, July 25, 2023. This marks the first decision made by…
African Development Fund (ADF), the concessional lending arm of the African Development Bank (AfDB) Group, has approved $16 million for the innovation of a Youth Entrepreneurship Investment Bank (YEIB) in Liberia. A statement issued on the AfDB website said the fund was approved to unleash the business potential of young Liberians. According to the AfDB…
The exchange rate between the naira and dollar fell over to N888/$1 on Binance a crypto platform. This depreciation comes despite a temporary convergence achieved through the Central Bank of Nigeria’s (CBN) recent actions. Currency restrictions have previously been identified as a major hurdle for foreign investors looking to invest in Nigeria, the largest oil…
Distributors of Petroleum products in Nigeria under the umbrella of the Association of Distributors and Transporters of Petroleum Products (ADITOP) kicked against the alleged rise of truck loading fees for petrol by the Petroleum Tanker Drivers Association (PTD). This was disclosed by its National President, Alhaji Lawal Dan-Zaki in a statement in Abuja on Thursday. They cite an “arbitrary…
Nigeria Labour Congress (NLC), Niger state Chapter has requested for the payment of N50,000 palliative for all categories of workers and pensioners in the state. State Chairman of Niger State, NLC, Comrade Abdulkarim Lafene made the demand while declaring open a one-day workshop, organised by Amalgamated Union of Public Corporations Civil Service Technical and Recreational…
AS over 200 million Nigerians groan and debate to survive under the heavy burden of high pump price of Premium Motor Spirit, PMS, affecting their cost and standard of living, Civil Society Organization, CSO, One Love Foundation, OLF, Wednesday, challenged the leadership of the Nigerian Labour Congress, NLC, and Trade Union Congress, TUC, respectively on…
Nigeria’s money supply heightened to N64.3 trillion in the month of June 2023 the highest we have ever documented in Nigeria. This compares to N55.5 trillion recorded in the month of May or a whopping N8.8 trillion increase. This is according to the latest data from the central bank of Nigeria as contained in its…
The Nigerian National Petroleum Company Limited has indicated the rise in the price of Premium Motor Spirit (PMS) otherwise known as petrol to the market realities. This was made known by the Group Chief Executive Officer of NNPC, Malam Mele Kyari, during an interview with journalists shortly after a private meeting with the Vice President,…
Several Nigerians on Tuesday were astonished with an increase in the pump price of premium motor spirit also called petrol as the product now sells at N617 in NNPCL stations. it was noted that petrol which sold for N537 was adjusted to N617 in Abuja. Some residents in the FCT said it would bring more…
A former president of the Chattered Institute of Bankers of Nigeria (CIBN), Mr. Okechukwu Unegbu, has said that the Central Bank of Nigeria (CBN) will need to do everything within its power to get rid of indecent digital lenders, otherwise known as loan sharks, because they are dangerous to the economy. Unegbu, who stated this…
The Federal Republic of Nigeria hasake do with its financial obligations to the African Union, AU by making full payment of its assessed contributions for the year 2023. The confirmation was made on Saturday by the Permanent Secretary, Ministry of Foreign Affairs, Ambassador Adamu Ibrahim Lamuwa, on the sidelines of the 43rd Ordinary Session of…
The banking index closed the week on a negative statement to emerge as the worst-performing sectorial index with a loss of 14.32%. On a general note, the NGX All-Share Index and Market Capitalization devalued by 0.75% to close the week at 62,569.73 and N34.070 trillion respectively. Similarly, all other indices finished lower except NGX Oil…
The Chairman, of United Nigeria Airlines (UNA), Prof. Obiora Okonkwo has pleaded to the Nigeria Civil Aviation Authority (NCAA) to be more vigilant with the activities of oil marketers delivering Jet A1 (aviation fuel) to airlines in the sector. Okonkwo stated this over the weekend in Lagos following the serious incident encountered by Max Air…
Nigeria’s crude oil income increased to over N1.68 trillion in June 2023 as the country shored up its output last month, according to an analysis of oil production figures released by the federal government. Data released by Nigeria Upstream Petroleum Regulatory Commission (NUPRC) on Thursday, July 13, 2023, showed that crude oil production rose to…
The Nigeria Customs Service, Kwara State Area Command has derived the total sum of Six BillionTwo Hundred and Forty Six Million Four Hundred and Eighty-Five Thousand Eight Hundred and Twenty -Seven Naira Ninety -Seven kobo(N6,246,485,827.97) between April and June this year. Kwara State Comptroller of the service, Kehinde Ilesanmi stated this while speaking with Newsmen…
Standard Chartered Bank and Access Bank Plc (Access) have entered into treaties for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator…
Access Bank Plc has reached an agreement to acquire the sub-saharan assistants of Standard Chartered Bank. In the acquisition deal, Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank as well as its consumer, private & business banking business in Tanzania. Standard Chartered announced last…
Banks and financial institutions are affected as the Competition and Consumer Protection Tribunal sitting in Abuja, has imposed the sum of N120 million fine against the Stanbic IBTC Bank to be paid into the tribunal’s account over failure to make a transfer for a customer. Without consideration on the outcome of the tribunal, the panel…
The Central Bank of Nigeria has modified the tenure of executive directors (ED). Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies. According to the approved guidelines seen by Nairametrics, the cumulative tenure limit of directors (ED, DMD, MD, and NEDs) on the Board of the same bank is twenty-four…
Momoh Oyarekhua, Chairman of CORAN, states that supporting modular refineries will grant Nigerians admission to cheaper fuel, eliminating various costs such as importing refined products and clearing fees. According to Oyarekhua, four modular refineries are functional in Nigeria, producing various petroleum products except fuel (PMS) due to the high cost of obtaining the required reformer….
Another High Court in Abuja has abolished the arrest, detention, and interrogation of the Suspended Central Bank Governor (CBN), Godwin Emefiele, by the Department of State Services (DSS). This is coming barely 24 hours after a Federal Capital Territory (FCT), Abuja, delivered a related judgment on the matter. Delivering Judgement, Justice Bello Kawu held that…
Edited by Damilola Adeleke In a world where the top 5 billionaires on Forbes range from 52 to 92 years old, a group of young individuals have managed to achieve billionaire status before reaching the age of 30 years old. While many of them inherited their wealth, they are poised to become the next generation…
Nigeria has been given a $500 million Eurobond says the Debt Management Office (DMO) In a press released made public in its twitter handle on Wednesday, the DMO re-affirmed that Nigeria was commitment to meeting her debt service obligations. According to the statement, the Eurobond was issued in July 2013 (as part of a dual-tranche…
Dangote Cement stock has become the most capitalized on NGX as market capitalization hits N6.15 trillion as investors react positively to the company’s statement of the Tranche I shares buyback program. The share price of the cement giant gained 9.27% to close trading today at N360.7 per share with a market capitalization of N6.15 trillion….
Apple supplier Foxconn has pulled out of a $19.5bn deal with Indian mining giant Vedanta to build a chip making plant in the country. The move comes less than a year after the companies announced plans to set up the facility in Prime Minister Narendra Modi’s home state of Gujarat. Some analysts saying that it…
Dangote Cement stock surges by 10% to hit 52wk high as the company declares a “share buy-back” program. Dangote Cement Plc shares have progressed 10% during today’s trading hours as the company announces the opening of the Tranche I shares buyback program. Nairametrics earlier reported that Dangote Cement had declared the commencement of the Tranche…
The Independent petroleum Marketers association of Nigeria, IPMAN has issued a cautionary statement to the Nigerian National Petroleum Company Limited (NNPCL), advising against any further increase in the price of petrol. Abubakar Maigadi, the National Vice-President of IPMAN, expressed concerns about market conditions, highlighting the drop in demand for the product. Maigadi urged NNPCL not…
The Federal Government of Nigeria has responded to claims of a reported electricity tariff increase on July 1. According to Mr Michael Faloseyi, the Assistant General Manager, Public Affairs of NERC while responding to an enquiry from News reporter on Monday concerning electricity tariff increase by Electricity Distribution Companies, DisCos, the Nigerian Electricity Regulatory Commission…
