Business

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…

One of the domestic carriers, Ibom Air, has announced the suspension of its flights over the ongoing nationwide strike by the organised labour. The airline expressed regrets over the disruption to flight operations, saying it could not operate any of its flights as a result of the ongoing situation. “Ibom Air regrets to inform our esteemed passengers that, due to…

https://www.westernpost.ng/wp-content/uploads/2024/06/VID-20240603-WA0189.mp4

The Central Bank of Nigeria (CBN) on Monday said it has revoked the licence of Heritage Bank Plc with immediate effect. This is according to a statement from the Acting Director, Corporate Communications at the CBN, Mrs Hakama Sidi Ali on Monday. The statement read: “ The Central Bank of Nigeria (CBN), in accordance with its mandate to promote a…

By Innocent Raphael The International Air Transport Association (IATA) has confirmed that the Central Bank of Nigeria (CBN) cleared $831 million of funds trapped by foreign airlines since June last year. This development reduces the global amount of trapped funds for international airlines to approximately $1.8 billion, according to IATA. The Geneva-based association also reported that Nigeria’s peak of about…

By Innocent Raphael Africa’s richest man and owner of the $20 billion Dangote Refinery, Aliko Dangote has said that individuals profiting from fuel importation are hindering the construction of refineries across the continent. In an exclusive interview with CNN’s Eleni Giokos at his refinery in Lagos, Dangote highlighted the alarming lack of new refineries in Africa, despite the continent’s status…