Business

The Federal Government has threatened to take stringent regulatory measures against traders “unfairly inflating prices” of goods and commodities. The government, through its agency, the Federal Competition and Consumer Protection Commission (FCCPC), expressed worry that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices of goods and…

The Nigerian Civil Aviation Authority (NCAA) has suspended the permit of three private jet operators for engaging in commercial flights. The Acting Director General of the NCAA, Chris Najomo, announced the suspension of the three private operators in a riot act read to all airlines on Tuesday. Najomo said the Minister Aviation and Aerospace Development, Festus Keyamo, gave marching orders for…

The Central Bank of Nigeria (CBN’s) directive stopping the use of Non Export Domiciliary Account Collateral for naira loans will boost dollar liquidity, support reserves accretion and strengthen the financial services sector, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji (Dr.) Aminu Gwadabe has said. According to the CBN directive to banks, the use of foreign currency-denominated…

The family of the late former Chairman of the Nigerian Exchange Group, Abimbola Ogunbanjo, who was killed in a Southern California helicopter crash in February filed a lawsuit on Wednesday, against the US helicopter company. The former Chief Executive Officer of Access Holdings, Dr Herbert Wigwe, his wife and son were also onboard the ill-fated helicopter. The Ogunbanjo family stated…

The Group Managing Director/Chief Executive Officer of Nigerian Exchange Group (NGX Group), Mr. Temi Popoola, has been elected Chairman of Central Securities Clearing System (CSCS) Plc, effective April 1, 2024; succeeding Mr. Oscar Onyema, who retired after thirteen years of exemplary service as Chairman. Popoola, currently the Group Managing Director/Chief Executive Officer of Nigerian Exchange Group, brings a wealth of…

The Minister of Aviation and Aerospace Development, Festus Keyamo has revealed that  Emirates Airlines  has concluded plans to resume flights with Nigeria. This followed numerous visits from President Bola Tinubu to UAE over the communication breakdown between both countries. Featuring on Arise Television on Monday, Keyamo, said the Emirates Airline had already indicated its readiness in a letter sent to…

Tshe Capital Market Integrity, Transparency and Good Governance Group has written a petition to the President Bola Tinubu demanding the sacking of the management team of the Securities and Exchange Commission (SEC) over what it described as the poor performance of the Nigerian capital market. The group made the claim in a petition titled “Call for the removal of the…

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1. CBN in a circular stated that each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. This suggests…

By Innocent Raphael The Eko Electricity Distribution Company (EKEDC) has released the list of consumers who will be affected by the recent price adjustment of tarrif in Lagos State. EKEDC disclosed the list in a post via its X handle on Sunday, responding to several requests of concerned electricity consumers over an earlier post made by the company on Thursday.…

The Nigerian Electricity Regulatory Commission (NERC) has taken enforcement action against the Abuja Electricity Distribution Plc (AEDC) for noncompliance with the Supplementary Order to the April 2024 Multi-Year Tariff Order 2024 for power distributing company. AEDC has been fined N200 million for failure to comply with the prescribed customer band classifications for the tariff billing. The management of NERC in…