The Central Bank of Nigeria has denied plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank. “The content is fake and not from the CBN.” Online reports had claimed that the apex bank would terminate the licenses of the three banks, following the revocation of Heritage Bank’s license. However, the […]
Financial technology (Fintech) companies have resumed onboarding new customers. In separate statements on Monday, OPay and Kuda Microfinance Bank announced the Central Bank of Nigeria (CBN) has authorised them to start enrolling users. On April 29, CBN directed fintech companies to pause enrollment of new customers. This followed the federal government’s effort to address […]
The International Air Transport Association (IATA) has given an update on airline funds trapped in Nigeria, disclosing that 98% of the blocked funds have been cleared. At its peak in June 2023, Nigeria’s blocked funds amounted to $850 million, significantly affecting airline operations and finances in the country. However, as of April 2024, 98% […]
Following a meeting with the Executives of Airline Operators of Nigeria (AON) on the issue bordering on helicopter landing levies collection at aerodromes, helipads, and air strips, among others, the Minister of Aviation and Aerospace Development, Festus, has temporarily suspended the enforcement granted to Messers NAEBI Dynamic Concept Ltd, by the Federal Government as […]
Nigeria may add 480,000 barrels to its daily crude oil output as the Nigerian National Petroleum Company Limited and ExxonMobil took a step towards resolving the disagreement surrounding the sale of the latter’s asset to Seplat Energy. On Thursday, the NNPCL confirmed it had signed a settlement agreement with ExxonMobil companies in Nigeria over […]
Heineken Lokpobiri, minister of state for petroleum resources (oil), says petrol subsidy has been scrapped but the Nigerian National Petroleum Company (NNPC) Limited can intervene occasionally. On May 29, 2023, President Bola Tinubu said the petrol subsidy regime was over — a declaration that pushed petrol costs significantly higher. Speaking on Wednesday during an […]
No fewer than 20 former employees of Dana Air, on Tuesday, expressed grievance over the management’s failure to pay their salaries and contributory pensions. The staff, who were laid off after the Nigerian Civil Aviation Authority, NCAA, suspended the airline’s operations over a runway excursion incident, called for the payment of their pensions as […]
The Central Bank of Nigeria (CBN) has raised the interest rate to 26. 25 per cent. More to follow…
The Nigerian Safety Investigation Bureau (NSIB) has released the preliminary report on the incident involving an MD 82 aircraft belonging to Dana Air which skidded off the Lagos airport runway on April 23, 2024. The report revealed how severe vibration accompanied by a loud noise from the NLG area of the aircraft was noticed […]
The naira appreciated in the parallel section of the foreign exchange (FX) market on Friday. At the Lagos street market, currency traders, also known as bureau de change (BDC) operators, quoted the naira at N1,510 to the greenback. The traders put the buying price of the dollar at N1,480 and the selling price at […]
