The Nigerian National Petroleum Company Limited finally admitted the company’s “significant debt to petrol suppliers”, saying it poses a threat to the sustainability of fuel supply. There have been reports that a $6 billion debt the NNPCL owes petrol suppliers has worsened petrol scarcity in Nigeria, a perennial feature since the beginning of 2024. At […]
The Securities and Exchange Commission (SEC) on Thursday granted “Approval-in-Principle” for two Digital Assets Exchanges to commence operation under its Accelerated Regulatory Incubation Programme (ARIP). The commission said the move would deepen the capital market while guaranteeing the protection of investors. Five firms were also admitted to test their models and technology under the SEC’s […]
The Federal Competition and Consumer Protection Commission has given a one-month moratorium to traders and other market stakeholders involved in exploitative pricing to crash the prices of goods. The newly appointed Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said this at a one-day stakeholders engagement on exploitative pricing on Thursday in Abuja. According […]
The Nigerian Electricity Regulatory Commission has authorised six additional states to regulate their electricity markets. The states are Enugu, Ekiti, Ondo, Imo, and Oyo. A statement by the regulator on Wednesday said the states have set up electricity regulatory agencies, and will be regulating the electricity market in their respective states. Last week, Channels Television […]
Over 31.8m Nigerians are suffering from acute food insecurity compounded with malnutrition among women and children in the country. According to statistics provided by the 2024 Cadre Harmonise report, the surge in food commodity prices which is a result of the removal of fuel subsidy in addition to security challenges, has placed millions of Nigerians […]
The U.S. Embassy in Abuja and the U.S. Consulate General in Lagos have transitioned to a new visa services provider. The decision was announced through the Embassy’s official website. It was earlier disclosed that for those with non-immigrant visa interviews scheduled on or before August 16, 2024, no additional action is required; and that individuals […]
Technology ride-hailing firm, Bolt, says it has blocked an undisclosed number of accounts involved in requesting fake rides and cancelling them.The ride-hailing app also restricted inter-country ride requests following an escalation of such requests in Nigeria and South Africa. Early Thursday morning, Nigerians and South Africans’ online debacle took a new dimension after both divides […]
Oando Plc has completed the acquisition of Eni’s subsidiary, Nigerian Agip Oil Company (NAOC), for $783m. The company announced this on Thursday in a statement by its Chief Compliance Officer and Company Secretary, Ayotola Jagun. The deal sees Oando, which is listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange, take ownership of 100 […]
Fidelity Bank has disputed data breach allegations levelled against it by the Nigerian Data Protection Commission (NDPC). In a statement on Wednesday, a spokesman for the bank, Meksley Nwagboh, said no data law was violated to warrant the imposition of a N555.8m by the commission. The NDPC had alleged that the bank violated some customers’ […]
None of the four international bilateral customers being supplied by the power generation companies in the Nigerian electricity supply industry made payment against the cumulative invoice of $14.19m issued by the market operator for services rendered in the first quarter of 2024. The Nigerian Electricity Regulatory Commission revealed this in a report sighted by our […]
