The Central Bank of Nigeria (CBN), says it has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). According to a statement issued by its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali in Abuja on Sunday, the disbursement is in fulfilment of CBN’s commitment to eliminate the backlog of pending […]
The Central Bank of Nigeria (CBN) has approved the launch of the Nigerian naira (cNGN) stablecoin. The cNGN, which will be launched on February 27, 2024, is powered by the Africa Stablecoin Consortium (ASC), a consortium of Nigerian financial institutions, fintechs, and blockchain experts. Stablecoins are cryptocurrencies specifically designed to maintain a constant value. […]
Nigeria spent N2.7 trillion to import premium motor spirit (PMS), diesel and jet fuel in the third quarter of 2023, data by the National Bureau of Statistics (NBS) have shown. Coming amidst the inability to overhaul the country’s refineries, white products have remained the largest import of the country. The total import of PMS […]
Johann Rupert and family have emerged as the richest man in Africa, dislodging Aliko Dangote as the continent’s wealthiest man in a list released by Forbes Magazine. Nigerian billionaires; Rabiu Abdulsamad and Mike Adenuga have lost their spots in the billionaire rankings released by the financial magazine In the list, the Forbes Daily billionaires […]
The Nigeria Railway Corporation says it has completed preparations to begin night operations in the second quarter of 2024. According to the News Agency of Nigeria, the NRC’s Managing Director, Fidet Okhiria, stated this in an interview on Monday. “The night operations are limiting us, and that is not how trains should operate. The […]
Sadiya Umar-Farouq, the Minister of Humanitarian Affairs, Disaster Management and Social Development under former President Muhammadu Buhari will today face the detectives of the Economic and Financial Crimes Commission (EFCC) over alleged fraud to the tune of N37 billion. The former minister was invited last week by the anti-graft agency following a probe that […]
The Managing Director, Nigerian Railway Corporation, Mr. Fidet Okhiria, has said that the corporation will begin six train trips daily on the Standard Gauge Train across the board in 2024. Okhiria disclosed in an interview with the News Agency of Nigeria in Lagos State, on Monday. He said that the train was meant to […]
Preparations are in top gear for the commencement of production in Dangote Refinery, as the petrochemical company has received the fourth crude shipment of one million barrels of bonny light crude supplied by the Nigeria National Petroleum Corporation Limited,NNPCL. And the refinery is expecting the fifth crude shipment anytime now. According to a statement […]
The Nigerian Electricity Regulatory Commission (NERC) says it has not issued any directive on the increase of electricity tariff from January 1, 2023. Few days ago, there were indications that the commission finalised plans to increase the electricity tariff. The reports also noted that electricity distribution companies (DisCos) would soon inform customers about the […]
Port Harcourt Refinery is still test-running to ensure operational readiness before the commencement of commercial operations. The Refinery was expected to resume refining after a Turn Around Maintenance, TAM in December 2023. But checks by Vanguard on Sunday indicated that the exercise, to be followed by crude supply is still ongoing. Chief Corporate […]
