Business

Nigerian National Petroleum Company Limited (NNPCL) on Monday disclosed that the Naira-for-crude deal with Dangote Refinery, among other private refineries was structured as a six-month agreement. WESTERNPOST had reported of NNPCL suspending the naira-for-crude oil swap deal with domestic refiners, including Dangote Refinery and other private operators. The decision, which took immediate effect, has sparked discussions about its implications for…

Naira at the Nigerian Foreign Exchange Market (NFEM) rate on Monday appreciated by 0.9per cent to N1,528.00 against the dollar from N1,542.00 against the dollar it opened for trading. The naira last week had depreciated by 3.6per cent to N1,556.63 against the dollar at the NFEM as the CBN’s intervention — selling c.$59.00 million to authorized dealers — helped limit…

The management of the Eko Electricity Distribution Company on Monday confirmed the persistent load-shedding in the Lagos region. This is as residents across the Lagos region continue to experience significant power disruptions due to ongoing faults on the 330kV transmission lines. In a statement released on its X handle, EKEDC confirmed that the persistent load-shedding is a direct result of…

The Nigerian National Petroleum Company (NNPC) Limited has suspended the naira-for-crude oil swap deal with domestic refiners, including Dangote Refinery and other private operators. The decision, which took immediate effect, has sparked discussions about its implications for Nigeria’s energy sector and the broader economy. The naira-for-crude arrangement, introduced on October 1 2024, allowed local refiners to purchase crude oil in…

Access Bank PLC (Access Bank), a leading African bank, has received the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for its banking headquarters, called Access Tower, located in Oniru, Victoria Island, Lagos. Access Bank’s Head Office has achieved a 20per cent reduction in energy use, a 33per cent reduction in water use, and a 99 per…

Investors lost an estimated N476.01 billion Week-on-Week (WoW) in market capitalisation as profit-taking rocked some blue-chip stocks quoted on the Nigerian Exchange Limited (NGX) . Despite a significant capital infusion from Fidelity Bank’s N175.85 billion listing, the overall market value slipped 0.71per cent to N66.72 trillion from N67.19 trillion. The NGX All-Share Index (NGX ASI) tumbled 1.19per cent to 106,538.60…

Nigerian Exchange Group Plc (NGX Group), in collaboration with Central Securities Clearing System Plc (CSCS), hosted a high-impact symposium to mark International Women’s Day 2025. Themed “Accelerate Action for all Women: Rights, Equality, and Empowerment,” the event rallied stakeholders to drive gender inclusivity in Nigeria’s economy. Minister of Arts, Culture, Tourism, and Creative Economy (FMACTCE), Hannatu Musawa who delivered the…

Commonwealth Business Africa has inducted the Minister of Arts, Culture, Tourism and Creative Economy as a member. At the ceremony attended by the First Lady of Lagos State, Dr. Ibijoke Sanwo-Olu, the Minister delivered a keynote address on the role of women in national economic growth and development. The Minister wrote: “I was deeply honored to be inducted into the…

As the world marks International Women’s Day 2025, United Bank for Africa (UBA) has reaffirmed its commitment to gender diversity and empowerment, with 58% of its latest Graduate Management Accelerated Programme (GMAP) intake being women. At the graduation ceremony held at Landmark Event Centre, UBA’s Group Managing Director/CEO, Oliver Alawuba, emphasized that the milestone reflects the bank’s dedication to fostering…

The Central Bank of Nigeria (CBN) has appointed 16 new directors following a selection process managed by global consultancy firm PricewaterhouseCoopers (PwC). This marks a shift from previous recruitment practices, with PwC overseeing a two-phase process aimed at ensuring transparency and eliminating ethnic or religious biases. A senior CBN official, speaking anonymously, stated that the process prioritized merit and fairness.…