Business

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has directed all self-funded Federal Government Agencies/Parastatals (receiving no allocation from the Federal Government Budget) to remit 50per cent of their gross Internally Generated Revenue (IGR) to the Sub-Recurrent Account. He stressed that the remittance includes all statutory revenue line like tender fees, contractor’s registration, sales of…

Preparations are in top gear for the commencement of production in Dangote Refinery, as the petrochemical company has received the fourth crude shipment of, one million barrels of bonny light crude supplied by the Nigeria National Petroleum Corporation Limited (NNPCL), and expecting the fifth crude shipment, anytime from now. The fresh one million barrels of crude was the fourth consignment…

Nigerian Exchange Group Plc (NGX Group on Friday announced the appointment of Mr. Temi Popoola as the GMD/CEO designate effective January 1, 2024, further to the receipt of the Securities and Exchange Commission (SEC)’s No-Objection to the announcement of the appointment. This announcement marks the succession of Mr. Oscar Onyema, whose tenure as GMD/CEO will conclude on March 31, 2024,…

The Federal Competition and Consumer Protection Commission (FCCPC) on Wednesday said it has sanctioned British American Tobacco (BAT) Nigeria and its affiliate companies $110 million fine over the violations of the Commission Act and other regulations. The commission asserted that the implicated companies had transgressed both corporate regulations and the National Tobacco Control Act, alongside other legal instruments.  The specified…

The government of Sierra Leone has awarded six oil blocks to a Nigerian firm, F.A. Oil Limited, belonging to Apostle Folorunso Alakija. A notice signed by Secretary to the President of Sierra Leone, Julius Sandy obtained by Westernpost stated that following the closure of Sierra Leone’s Fifth Licensing Round and the successful conclusion of the negotiation of terms for a…

The embattled ex-Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has debunked report of withdrawing from the apex bank vault $6.23million based on a false presidential directive bearing the signature of former President Muhammadu Buhari and opening of 593 accounts which were purportedly opened in different parts of the world. Emefiele, who was recently released from Kuje correctional prison in…

The former deputy governor, Central Bank of Nigeria (CBN), Prof.. Kingsley Moghalu, has expressed that the embattled ex-CBN Governor, Godwin Emefiele, is the worst the apex bank has ever produced in the history of the country. Moghalu expressed the views in a lengthy post on his verified X handle on Saturday. He, however, raised a concern about how a report…

A former Governor of the Central Bank of Nigeria, Godwin Emefiele has been released from the Kuje Correctional Centre after meeting up with his bail condition. Our correspondent learnt that Emefiele was released on Friday, December 22 2023. The spokesperson for the Kuje Correctional Centre, FCT, Adamu Duza, confirmed the development to our correspondent on Saturday. “I can confirm to…

The Central Bank of Nigeria (CBN) has issued a warning against Deposit Money banks as well as Point of Sales (POS) merchants over the hoarding of cash in the country.  This was contained in a circular signed by CBN’s acting director of Corporate Communications, Hakama Sidi-Ali, on Thursday.  The apex bank said there is an alleged collusion between the banks…

MTN Nigeria, Airtel Africa, and among others Telecommunications operators in Nigeria have been directed by the Nigerian Communications Commission (NCC) to implement full network barring on all phone lines for which the subscribers have not submitted their national identification numbers (NINs) by February 28, 2024. In addition, those who had submitted their NINs but have not been verified are also…