The Nigerian Electricity Regulatory Commission has imposed a fine of N1.69bn on Abuja Electricity Distribution Company for overbilling customers. The penalty, documented in Order NERC/2024/114, was issued as part of the commission’s September 2024 Supplementary Order. The regulatory document, ORDER/NERC/2024/114, which was dated August 30 and signed by Vice Chairman, Musiliu Oseni, and Commissioner, Legal, […]
The Central Bank of Nigeria has directed all Payment Service Providers to route all transactions from PoS terminals at merchant and agent locations — physical or electronic — through an approved CBN Payment Terminal Service Aggregator. It also issued a 30-day deadline requiring service providers to comply with enhanced routing guidelines for Point of Sale […]
Moniepoint, a financial technology firm (fintech), says 58.9 percent of women-owned businesses in Nigeria struggle to access funding. Moniepoint, in a report focusing on funding for women-owned businesses in Nigeria, said 40.2 percent of women use their funds and savings to run or start their businesses. The fintech said while 16.7 percent of women manage […]
The federal government says over $900 million was raised from its first-ever domestic dollar-denominated bond issuance. Speaking on the results of the issuance on Tuesday, Wale Edun, minister of finance and coordinating minister of the economy, said the bond saw an over 180 percent subscription. On August 20, the federal government offered its first $500 […]
Brent crude oil price has dropped below $70 per barrel for the first time since December 2021. During trading hours on Tuesday, Brent crude, the global oil benchmark, dropped by 3.45 percent to $69.36 per barrel. On the other hand, West Texas Intermediate (WTI) fell by 3.86 percent to $66.06 a barrel. According to a […]
Financial technology companies have started charging levies on electronic transfers into personal and business accounts in compliance with the Federal Inland Revenue Service regulations. In a notice to its customers on Saturday, OPay, one of the fintechs, stated, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will […]
. The Nigeria National Petroleum Company Ltd (NNPCL) on Saturday said there is no guarantee of lower price as it is set to begin lifting petrol from the Dangote refinery. NNPCL would reportedly commence lifting petrol from the refinery on September 15. In a statement by its spokesman, Olufemi Soneye, the company said the pricing […]
The Corporate Affairs Commission has reminded Point of Sale operators across Nigeria that the deadline for business registration, initially announced on July 7, 2024, expired on September 5, 2024. In a statement released on Friday, the CAC expressed concerns over inadequate compliance with the directive, despite the large number of PoS operators in the country. […]
The Dangote Petroleum Refinery will determine the price of petrol from October, Bloomberg is reporting. On Tuesday, Aliko Dangote, chairman of Dangote Industries Limited (DIL), officially announced the commencement of petrol production at his refinery. Dangote had said the price of petrol from his plant would be determined by the federal executive council (FEC) and […]
The Nigerian National Petroleum Company Limited has announced that it has supplied 30 million barrels of crude oil to the Dangote oil refinery, with plans to provide an additional 17 million barrels soon. The Executive Vice President of NNPCL Downstream, Adedapo Segun, disclosed this on Thursday while speaking on Arise Television. According to Segun, the […]
