Business

The Central Bank of Nigeria (CBN) has extended the deadline for Bureau de Change (BDC) operators to access the Nigerian Foreign Exchange Market (NFEM) for weekly foreign exchange(FX)  purchases. In a circular signed by Dr. W.J. Kanya, the Acting Director of the Trade & Exchange Department at the CBN on Monday, the apex bank announced that the previous deadline of…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that it will henceforth deny export permits for crude oil cargoes intended for domestic refining, if oil companies fail to fulfil their domestic crude obligations. The Commission Chief Executive, Gbenga Komolafe disclosed this in a statement on Monday, insisting that any changes to cargoes designated for domestic refining must receive express…

Omatek Ventures Plc on Monday announced N62.14million loss before tax in its unaudited full year ended December 31, 2024 as against N28.47million loss before tax declared in 2023. The computer-based company on the Nigerian Exchange Limited (NGX) declared a revenue of N6.27 million in 2024 from N1.11 million in 2023. From the balance sheet position, Omatek disclosed N2.45billion total assets…

A Federal High Court in Abuja has ruled against the implementation of the excise duty on carbonated drinks introduced by the federal government, declaring the policy invalid. The ruling follows a lawsuit filed in 2022 by the Nigeria Employers’ Consultative Association (NECA) challenging the N10-per-litre excise duty on nonalcoholic, carbonated, and sweetened beverages. The levy, commonly referred to as the…

A report by Global System for Mobile Communications Association (GSMA) has revealed that despite having access to 4G coverage, 60per cent of Nigerians do not use mobile internet. Sub-Saharan Africa Head of GSMA, Angela Wamola addressed these concerns during an interactive webinar session organized by GSMA over the weekend. She highlighted the disconnect between the availability of 4G coverage and…

In recognition of the critical role financial inclusion plays in national development, the Securities and Exchange Commission (SEC) has reaffirmed its commitment to ensuring that women—whether traders, entrepreneurs, professionals, or investors—have equitable access to financial services, investment opportunities, and the necessary tools to build sustainable wealth. Speaking at the She’s Included Gender Inclusion Conference and Summit 2025, themed “Breaking Barriers,…

The Nigerian Exchange Limited (NGX) has announced the securities of Tourist Company of Nigeria Plc and Union Homes Savings and Loans Plc have been delisted from the bourse. The bourse said in its weekly report that the firms were delisted “on the grounds that they are operating below the listing standards of NGX, and their securities are no longer considered…

The Minister of State for Industry, Senator John Enoh recently joined the management of Coca-Cola Hellenic Global for the commissioning of the Nigerian Bottling Company (NBC) packaging waste collection hub in Lagos State. The Minister on X said, “The establishment of this hub by The Coca-Cola System—comprising Coca-Cola Nigeria and its bottling partner, the NBC—is a milestone in our national…

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, from N950 to N890, effective from Saturday. According to reports, this price change is a reaction to both a notable drop in the price of crude oil globally and positive developments in the global energy sector. According to Dangote Refinery, its…

With the increasing customers deposit, FBN Holdings Plc and four other banks generated N74billion from maintaining customers’ accounts in 2024. This is about 59 per cent increase when compared to N46.61billion generated by these five banks in 2023.  The other banks are: FCMB Group Plc, Wema Bank Plc, Stanbic IBTC Holdings Plc and Sterling Financial Holdings Company Plc. From banks…