Business

The Central Bank of Nigeria (CBN), Governor, Olayemi Cardoso disclosed that diaspora remittances through international money transfer operators  (IMTOs) reached $4.22 billion between January and October 2024. The figure is 61 percent or $2.62 billion higher than the amount recorded during the same period in 2023. Cardoso  told the senate committee on banking, insurance, and other financial institutions during an…

Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) product to N899.50k per litre. This was announced in a statement, on Thursday morning. The company said the decision was taken to “provide much-needed relief for Nigerians ahead of the holiday season”. “Africa’s first privately-owned oil refinery, which previously lowered the price to N970 per litre on…

 The Lagos State Internal Revenue Service (LIRS) has announced that its Executive Chairman, Mr. Ayodele Subair, has been conferredwith a doctorate degree in Business Administration (honoris causa) by the Adekunle Ajasin University, Akungba-Akoko (AAUA).  Subair received the prestigious award at the institution’s13th convocation ceremony and 25th anniversary recently.  L-R: Vice Chancellor, Adekunle Ajasin University,Akungba-Akoko (AAUA), Prof Olugbenga lge, member representing…

The Dangote Petroleum Refinery has stated that the Nigerian National Petroleum Company Limited provided inaccurate and misleading information regarding the details of its $1bn investment in the refinery’s operations, stressing that the facts were misrepresented in a manner that misguides stakeholders and the public about the nature and extent of the investment. The company clarified that the $1billion crude-backed loan…

…1965 facility modernized into a state-of-the-art plant, hailed as a significant achievement. Former Group Managing Directors (GMDs) of the Nigerian National Petroleum Company Limited (NNPC) have praised the current management team, led by Mr. Mele Kyari, for the impressive rehabilitation of the Port Harcourt Refinery. After an on-site inspection of the facility, they described the transformation as “magic.” The former…

KPMG has identified Nigeria, South Africa and Kenya as the top destinations for future investments in the next two years in sub-Saharan Africa. In its report titled ‘Doing deals in sub-Saharan Africa 2024,’ KPMG conducted a survey among international and domestic investors. KPMG said more developed African nations are likely to benefit when it comes to the location of future…

Nigerian Exchange Group (NGX Group), in collaboration with the Securities and Exchange Commission (SEC) Nigeria, has taken a significant step toward enhancing global partnerships within the Nigerian capital market. This was achieved through high-level engagements with the National Stock Exchange (NSE) of India and key players in India’s financial ecosystem. The two-day visit, held recently at the NSE headquarters in…

The electricity subsidies paid by the federal government have increased to N199.64 billion in December 2024. This is according to data sourced from the Nigerian Electricity Regulatory Commission. According to the newly released report, ‘December 2024 Multi-Year Tariff Order,’ electricity subsidies rose by 2.76 per cent to N199.64 billion this month from N194.26 billion in November. NERC explained that the rise…

The management of Nigeria Deposit Insurance Corporation (NDIC) led by MD/CE NDIC, Mr. Bello Hassan on Tuesday visited the Minister of State Finance, Dr. Doris Uzoka-Anite in Abuja.

The Federal Competition and Consumer Protection Commission (FCCPC) has urged the Competition and Consumer Protection Tribunal to dismiss Coca-Cola Nigeria Limited’s (CCNL) amended appeal against the N186.7 million penalty imposed for its labelling and marketing practices, among other issues. According to Nairametrics, the Commission had written reply to the amended appeal. It was previously reported that the FCCPC had imposed…