The Central Bank of Nigeria is considering plans to increase the share capital of Bureau De Change operators to N2bn and N500m for Tier 1 and Tier 2 licenses. The currency operators were previously charged N35m for a general license. This was contained in the draft paper of a “Revised Regulatory And Supervisory Guidelines […]
The Nigerian Association of Road Transport Owners has suspended its industrial action. This followed a meeting with the Federal Government on Monday. NARTO members suspended operations on Monday. They have repeatedly raised concerns over the high cost of diesel required to power their trucks for the transportation of petroleum products across the country. Oil […]
The Chief Executive Officer of Nigerian Breweries Plc, Hans Essaadi, has said that the economic situation in Nigeria has deteriorated to the extent citizens can no longer afford to buy beer. Essaadi said this on Monday at the company’s investor call following the release of its 2023 results. “It has been unprecedented year for […]
The Abuja Electricity Distribution PLC has threatened to disconnect the electricity supply of 86 Ministries, Departments and Agencies (MDAs) over a total debt of N47.1bn. Some of the MDAs include the Ministry of Finance, Information, Budget, Works and Housing, barracks, Nigeria Police Force, Presidential Villa, CBN Governor, Economic and Financial Crimes Commission (EFCC), Federal […]
Dangote oil refinery has issued Nigeria’s tenders to sell its first two fuel cargoes for export. According to a report on Wednesday by Reuters, the cargo is the first from the multi-billion dollar refinery. Trading sources with knowledge of the matter told Reuters that the first cargo is 65,000 metric tons of low-sulphur straight-run […]
The Nigerian Breweries Plc has issued a new price review notification to all its customers in the West Zone. According to a letter dated Monday, February 12, 2024, the price review, effective from Monday, February 19, 2024, is deemed necessary to offset the impact of increased production expenses. “This is to inform you that […]
The Corporate Affairs Commission has urged social media content creators, Instagram users, and TikTok users with large followers to register their businesses with the commission in accordance with the Company and Allied Matters Act 2020. This is coming amidst alleged plans by the Federal Inland Revenue Services to onboard media content and influencers into […]
Nigeria’s oil production increased to 1,426,574 barrels per day in January 2024. The country’s drilling performance was published in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The figure represents the highest production level since March 2021 when output was 1,428,613 bpd. According to the NUPRC […]
The Nigeria Civil Aviation Authority, NCAA, today, set up a committee to look into the high cost of airfares. Acting Director General of NCAA, Captain Chris Najomo, said in a video press release posted on the Authority’s official X, formerly Twitter, handle. Najomo said the committee is tasked with reducing cost. He said: […]
The interconnect debt dispute between MTN Nigeria Communications Plc and Globacom Limited has been resolved. The Nigerian Communications Commission disclosed this on Thursday in a statement signed by the Director, Public Affairs Department, Reuben Muoka. This development between both firms occurred within the 21-day grace period the NCC gave Glo in January. 61.54 million […]
