Business

The Ikeja Electric Distribution Company (IKEDC) has implemented a reduction in electricity tariffs for its Band A customers. The new rates decreased from N225/kWh to N206.80/kWh, as sanctioned by the Nigeria Electricity Regulatory Commission (NERC). The company’s management had released a circular prior to the implementation date, confirming the revised rates and assuring Band A customers of a consistent electricity…

The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, will resume the enrolment of new customers in a few months. This update was provided by CBN Governor Olayemi Cardoso during the 295th Monetary Policy Committee (MPC) meeting of the apex bank in Abuja, when the MPC jacked…

By Innocent Raphael Nigeria and Saudi Arabia have agreed to resume cargo flight operations after a prolonged hiatus. The announcement was made by Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, via his official X (formerly Twitter) account on Tuesday. Keyamo revealed that he discussed the resumption of cargo flights with Saleh Al-Jasser, Saudi Arabia’s Minister of Transport and…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) after its two-day meeting in Abuja on Tuesday raised Monetary Policy Rate (MPR) by 150bassis to 26.25 per cent from previously 24.75 per cent.  MPR is the baseline interest rate in an economy, which banks use to set their interest rates. The committee retain the asymmetric corridor at +100basis…

The 210,000-barrel-per-day Port-Harcourt refinery may finally commence operations by the end of July after several postponements. The new date was disclosed on Monday by the National Public Relations Officer, Independent Marketers Association of Nigeria, Chief Ukadike Chinedu. He stated that the development would stimulate economic activities, reduce the price of petroleum products and ensure adequate supply. Last year in December,…

The African Export-Import Bank (Afreximbank) and MobiHealthCare Limited (MobiHealth) have signed a $1.5 million project preparation facility agreement that is expected to bolster the expansion of Mobihealth’s telemedicine services in Nigeria, and also assess the feasibility of establishing similar services in Egypt, Ghana, Kenya and Cote d’ Ivoire. Under the terms of the agreement, Afreximbank will part-finance project preparatory activities…

By Innocent Raphael United Bank for Africa (UBA), one of Africa’s leading financial institutions, marks its 75th anniversary with an ongoing global press conference at its headquarters in Lagos on Monday. Founded in 1949, UBA has evolved from a single-country operation into a pan-African banking powerhouse, now present in 20 African countries and three major global financial centers: London, Paris,…

The United Kingdom Civil Aviation Authority has written Nigeria’s Civil Aviation Authority (NCAA) stating Air Peace has reportedly violated some aviation safety regulations The development came barely three months after the Nigerian carrier commenced the Lagos-London route. Two mandatory occurrence reports on Air Peace had been reportedly sent to the United Kingdom Civil Aviation Authority. The UK CAA, in turn,…

By Innocent Raphael The Minister of Aviation and Aerospace Development, Festus Keyamo, has said passengers traveling through Murtala Muhammed International Airport (MMIA) in Lagos and Nnamdi Azikiwe International Airport (NAIA) in Abuja can now access free Wi-Fi. Keyamo made this known on Sunday in a statement issued by his Special Assistant on Media, Tunde Moshood. The statement confirmed that the…

…As Dangote Cement, Airtel, Seplat Top Award The Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX RegCo) on Friday held the maiden corporate reporting award, which recognizes the top 30 most capitalized companies listed on the Nigerian Exchange (NGX) for the 2022 financial reporting year. The awards underscored both organization’s shared commitment to fostering transparency, accountability,…