Business

The Minister of State for Youth Development, Mr. Ayodele Olawande, has praised the Nigeria Deposit Insurance Corporation (NDIC) for its significant achievements in safeguarding depositors from the adverse impacts of bank failures. He commended NDIC for consistently supporting the Central Bank of Nigeria (CBN) in overseeing the banking sector and contributing to the stability of the nation’s financial system. The…

The Nigeria Customs Service (NCS) has announced a 90 days window for regularising import duties for improperly imported vehicles. In a statement signed on Sunday by the NCS National Spokesman, Abdullahi Maiwada, vehicles seized and condemned will not be released under this arrangement and shall be forfeited to the Federal Government in accordance with existing regulations. According to the Customs…

Nigerian Exchange Limited and NG Clearing Limited recently enabled deeper understanding of the Single Stock Futures product in the Exchange Traded Derivatives market with a virtual workshop. Ag. CEO Nigerian Exchange Limited Derivatives, Jude Chiemeka giving his welcome remarks noted that derivatives play a crucial role in global risk management, with over 90% of leading companies using them. “The derivatives…

The Central Bank of Nigeria (CBN) on Friday said it has revoked the licence of 4,173 Bureau de Changes (BDCs) operators in the country over failure to rendition of returns in line with its guidelines, among others.   3D SCANNERS BDC Ltd, 911 BDC LTD, among others were the notable BDCs suspended by the CBN. The Acting Director, Corporate Communications,…

Breaking the three-day losing streak, the equities market on Thursday posted a gain of N390 billion on bargain hunting in Guaranty Trust Holding Company (GTCO) Plc and 36 others to close trading activities for the month of February. The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 714.28 basis points or 0.72 per cent to close at 99,980.30 basis points.…

Bank depositors whose accounts do not have a Bank Verification Number (BVN) or National Identity Number (NIN) or both risk having them frozen in compliance with the Central Bank of Nigeria’s (CBN) directive which takes effect on Friday, March 1, 2024. The apex bank on December 2, 2023, directed all commercial, merchant, non-interest, payment service banks, Other Financial Institutions (OFIs)…

MTN Nigeria Communication Plc has reacted to its network glitch on Wednesday. Recall that its subscribers   suffered   glitch that impacted user’s efforts across the country.  The glitch caused an uproar among many customers who were not able to carry out business activities using their sims. In a statement published on social media, the telecommunications giant said its engineers are working…

 The negative sentiment continued to dominate the Nigerian equities market as the overall capitalisation lost N721 billion at the end of yesterday’s trading following the Central Bank of Nigeria (CBN) increase in interest rate to 22.75per cent. The All-Share Index declined by 1,316.87 points, representing a decline of 1.31 per cent, to close at 99,266.02 points. Similarly, the overall market…

The group chief executive officer (GCEO),Nigerian National Petroleum Company (NNPC) Limited,  Mele Kyari said all indicators show the country’s energy scarcity will be resolved within the next 10 years. He also said  its role in the divestment of international oil companies (IOCs) from onshore and shallow water assets in the country is that of a facilitator. Kyari spoke during the…

The governor, Central Bank of Nigeria (CBN), Olayemi Cardoso revealed that a total of $400 million was paid on Tuesday to settle some outstanding foreign exchange (FX) commitments. Cardoso disclosed this during a press conference after heading his first monetary policy committee (MPC) meeting of the apex bank. According to him, “…and I can tell you, just today, we paid…