Business

The Association of Bureau de Change Operators of Nigeria (ABCON) has reacted to the news of the Central Bank of Nigeria (CBN) extending the Foreign Exchange (FX) sale period to May 30. ABCON President, Dr. Aminu Gwadabe, said the move demonstrates the CBN’s commitment to stabilizing the FX market. According to him, it also promotes inclusiveness through the Electronic Foreign…

L-R: Chairman of ExxonMobil Companies in Nigeria, Mr. Shane Harris; outgoing President of ExxonMobil Upstream, Mr. Liam Mallon; President Bola Ahmed Tinubu; incoming President of ExxonMobil Upstream, Mr. Dan Ammann; and Vice Chairman of ExxonMobil Companies in Nigeria, Mrs. Adesua Dozie, during a meeting with President Tinubu at the Presidential Villa, Abuja, on Tuesday.

The Nigerian Civil Aviation Authority (NCAA) has directed Kenya Airways to tender a public apology and compensate a Nigerian passenger over its staff unruly behaviour towards a Nigeria passenger.  A video posted by special adviser to the minister of Aviation, Tunde Moshood captured a verbal altercation between Kenya Airways staff at the transfer desk and a Nigerian passenger identified as…

Foreign exchange (FX) reserves declined significantly by $1.16 billion in January 2025, wiping out the $592.58 million gain recorded in December 2024. The latest figures from the Central Bank of Nigeria (CBN) show that reserves fell from $40.88 billion at the end of December to $39.72 billion as of January 31, 2025. This marks the sharpest monthly decline since April…

The Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama has emphasized that the deployment of blockchain technology will improve efficiency and aid the regulation of the capital market. Agama stated this during a session with a delegation from Algorand Foundation, at the Commission’s headquarters in Abuja. Essentially, blockchain is a decentralized system that enhances trust and security…

The Nigerian equities market on Tuesday sustained the bullish trend, with the overall capitalization increasing by N98 billion. The All Share Index (ASI) gained by 158.05 points, representing a growth of 0.15 per cent to close at 104,788.35 points. Also, market capitalisation rose by N98 billion to close at N64.890 trillion. The upturn was impacted by gains recorded in medium…

The Central Bank of Nigeria (CBN) has extended the deadline for Bureau de Change (BDC) operators to access the Nigerian Foreign Exchange Market (NFEM) for weekly foreign exchange(FX)  purchases. In a circular signed by Dr. W.J. Kanya, the Acting Director of the Trade & Exchange Department at the CBN on Monday, the apex bank announced that the previous deadline of…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that it will henceforth deny export permits for crude oil cargoes intended for domestic refining, if oil companies fail to fulfil their domestic crude obligations. The Commission Chief Executive, Gbenga Komolafe disclosed this in a statement on Monday, insisting that any changes to cargoes designated for domestic refining must receive express…

Omatek Ventures Plc on Monday announced N62.14million loss before tax in its unaudited full year ended December 31, 2024 as against N28.47million loss before tax declared in 2023. The computer-based company on the Nigerian Exchange Limited (NGX) declared a revenue of N6.27 million in 2024 from N1.11 million in 2023. From the balance sheet position, Omatek disclosed N2.45billion total assets…

A Federal High Court in Abuja has ruled against the implementation of the excise duty on carbonated drinks introduced by the federal government, declaring the policy invalid. The ruling follows a lawsuit filed in 2022 by the Nigeria Employers’ Consultative Association (NECA) challenging the N10-per-litre excise duty on nonalcoholic, carbonated, and sweetened beverages. The levy, commonly referred to as the…