Business

FMDQ Securities Exchange Limited, through consistent collaboration with its stakeholders, continues to deepen and effectively position the Nigerian debt markets for growth, supporting the realisation of a globally competitive and vibrant economy. In keeping with its commitment to provide a reliable and credible platform to support capital formation, FMDQ Exchange is pleased to announce the approval for the quotation of…

By Innocent Raphael In a rapidly intensifying dispute, billionaire businessman Femi Otedola has clashed with Jim Ovia, chairman of Zenith Bank, over an alleged multibillion naira fraud. Otedola has accused Zenith Bank of unauthorized trading using the account of his company, Seaforce Shipping Limited, dating back to 2011. Otedola’s complaint centers on claims that Zenith Bank conducted transactions on Seaforce…

 The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said it would mandate international oil companies to supply crude oil to Dangote oil refinery. The spokesperson for the NUPRC, Olaide Shonola, said the commission was intervening to ensure the local sale of crude to Dangote and other refineries in the country. Shonola stated this while reacting to a claim by the…

The Nigerian Deposit Insurance Corporation (NDIC) has said the payment of depositors in the recently liquidated Heritage Bank will commence before the end of the week. The Managing Director of NDIC, Bello Hassan, disclosed this in a briefing on the liquidation of the bank in Abuja on Wednesday. Hassan said the total bank deposits at heritage bank stands at N650…

The Federal Airports Authority of Nigeria (FAAN), has announced that power supply will be disconnected at the Lagos airport on June 5, to allow for maintenance work. A statement issued on Tuesday by FAAN’s Director of Public Affairs and Consumer Protection, Obiageli Orah, said the maintenance is necessary to address urgent issues with the bus riser 11 kilo-volt-amperes (KVA) high…

FMDQ Securities Exchange Limited (FMDQ Exchange), known for its commitment to providing a reliable and credible platform for the registration, listing, quotation, trading and reporting of financial securities, has announced the registration of Alpha Mead Facilities & Management Services Limited N5 billion Commercial Paper (CP) Programme on its platform.   Alpha Mead Facilities & Management Services Limited (Alpha Mead Facilities)…

By Innocent Raphael Chairman of the Dangote Group, Aliko Dangote, has revealed that international oil companies (IOCs) operating in Nigeria are hesitant to supply crude oil to his 650,000 barrels per day refinery. In a recent interview with CNN, Dangote attributed this perceived reluctance to the IOCs’ preference for exporting crude oil to generate foreign exchange. Despite the efforts of…

The Central Bank of Nigeria (CBN) has refuted report of revoking the licence of Unity Bank Plc, Keystone Bank and Polaris Bank Plc. The apex bank on Monday revoked the licence of Heritage Bank due to poor performance. “This content is fake and not from the Central Bank of Nigeria,” the apex bank on its official X handle on Tuesday.…

By Innocent Raphael The travel ban between the United Arab Emirates (UAE) and Nigeria has been resolved, according to Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development. Speaking at a welcome dinner for delegates attending the International Air Transport Association (IATA) 80th Annual General Meeting and World Air Transport Summit in Dubai over the weekend, Keyamo announced that the…

Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) on Monday and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator, pursuant to Section 12(2) of BOFIA, 2020, the Corporation announced to depositors of the bank in particular and the banking public in general that it has commenced…