Business

The Federal High Court sitting in Lagos on Monday has declared null and void the sale of Nigeria Air Ltd to Ethiopian Airlines Justice Ambrose Lewis-Allagoa in his judgment stopping the sale, ordered that the proposed establishment of a national carrier-Nigeria Air, by the Federal Government, should not be carried out. The judge made the order while granting the reliefs…

The Central Bank of Nigeria (CBN) has announced a strategic initiative through a Retail Dutch Auction System (DAS) that will address the volatility in the foreign exchange market and growing demand for forex by end users. In a circular by the CBN to banks over the weekend, the apex bank directed all authorised dealer banks to submit a comprehensive and…

…to set up situation room in Abuja A coalition of Civil Society Organizations (CSO) at the weekend said it would set up a situation room to monitor the compliance of the Nigeria National Petroleum Corporation Limited (NNPCL) to the presidential directive to sell crude oil to Dangote Refinery in Naira currency. Leaders of the 28 CSOs who were on facility…

The Bank Directors Association of Nigeria (BDAN) has distanced itself from the controversial views of certain bank chairmen on the proposed foreign exchange windfall tax, indicating a deepening divide within the banking industry. The association clarified that the views expressed by some chairmen in support of the tax are personal opinions and do not represent the stance of the entire…

The Nigeria Civil Aviation Authority (NCAA) has addressed recent reports regarding the grounding of three Arik Air aircraft due to a court order. According to a statement signed by Michael Achimugu, Director of Public Affairs and Consumer Protection, the NCAA clarified that this action does not equate to a suspension of Arik Air’s overall operations by the NCAA or the…

Nigeria’s foreign reserves appreciated by $2.61billion in July despite several foreign exchange interventions to strengthen the local currency, according to the latest data obtained from the Central Bank of Nigeria (CBN). The CBN recently approved the sales of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions in a decisive step to strengthen the…

The Federal Competition and Consumer Protection Commission (FCCPC) has said WhatsApp’s assertion that the it’s new order may force it to leave Nigeria is a calculated ploy to sway public opinion and possibly put pressure on the FCCPC to change its mind. The FCCPC’s reaction follows reports that WhatsApp, owned by Meta was considering withdrawing it’s services from Nigeria after…

Chairman of the United Bank of Africa (UBA), Tony Elumelu has saiid he supports the implementation of the federal government’s windfall tax on the foreign exchange (FX) gains of banks. A windfall tax is a higher tax imposed by the government on sectors or businesses that have benefitted from favourable market conditions. Elumelu spoke on Wednesday while Nigeria’s banking sector…

Following Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) $220 million fine imposed on WhatsApp for a data privacy violation, there are fears WhatsApp may suspend operations in the country. Those familiar with the matter told Tech Cabal that Meta, the parent company for WhatsApp is considering “withdrawing certain services” in Nigeria. The implications of such a move is huge…

Students across tertiary institutions in the country under the aegis of National Association of Nigerian Students (NANS) have passed a vote of confidence on the Dangote Refinery describing the recent demarketing of the world’s largest single train refinery by the Nigeria National Petroleum Corporation Limited (NNPCL) as the greatest disservice to the nation’s economy. The students’ position came amidst alleged…