Business

… for competitive pump price Attracted by the bulk-purchase agreement incentives being offered by the Dangote Petroleum Refinery, more oil marketers in the country are jostling to be listed as beneficiaries of the agreement. The bulk-purchase agreement, the petroleum marketers reasoned, offers a guaranteed price stability as against purchase from depot owners whose price is opened to incessant upward review…

As part of the ongoing “Digital First” transformation initiative launched by Governor Olayemi Cardoso in December 2023, the Central Bank of Nigeria (CBN), introduced two digital initiatives—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution—at the Bank’s headquarters in Abuja. According to a press statement released today, Cardoso emphasised the pivotal role of the…

The minister of communications, innovation, and digital economy, Bosun Tijani says a hike in telecomunications tariff will not exceed 60 percent. Amid a push for an upward adjustment in tariff, Tijani had declined a 100 percent increase as demanded by telcos. Speaking on Politics Today, a programme on Channels Television, the minister said any increase would range between 30 percent…

Nigeria’s foreign exchange reserves sharply declined by $359.81 million in just seven days to settle at $40.56 billion as of January 13, 2025. The steep decline, which follows unsustained high of $40.91 billion on January 7, highlights a downward trend as revealed in the latest data from the Central Bank of Nigeria (CBN). Starting the year on relatively solid footing…

 The Federal High Court, Port Harcourt Judicial Division, has ordered the arrest of the entire cargo onboard the Floating Production Storage and Offloading (FPSO) Vessel Tamara Tokoni, located in Rivers State, linked to General Hydrocarbons Limited (GHL).   Justice E.A. Obile issued the ruling in an ex parte motion filed by First Bank of Nigeria Limited (FBN) on January 9, 2025,…

The Nigerian Communications Commission (NCC) has issued a directive to telecommunications companies to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine financial institutions. This action comes in response to the banks’ failure to settle a staggering debt of N200 billion that has been accumulating since 2019. In a public notice dated 15th Day of January 2025 and signed…

The Minister of Power, Adebayo Adelabu has revealed that the Transmission Company of Nigeria (TCN) needs approximately N2.77 trillion to complete 149 ongoing projects across the country. In a statement, the spokesman for the minister, Bolaji Tunji revealed that during a budget presentation at the National Assembly, Adelabu expressed that the completion of these projects would significantly enhance the country’s…

Customs aims to generate N6.58 trillion in revenue for 2025, having collected N6.11 trillion in 2024. Meanwhile, the National Assembly anticipates a revenue target of N12 trillion for Customs in the appropriation bill for 2025. The Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, revealed on Tuesday that the agency achieved a remarkable revenue milestone of N6.11 trillion in 2024. This…

The Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) have signed a memorandum of understanding (MoU) on telecommunication (telcom) consumer protection. The Executive Vice Chairman/CEO, FCCPC Tunji Bello and the Executive Vice Chairman/CEO, NCC, Aminu Maida signed the MoU on behalf of their respective commissions at the FCCPC headquarters in Abuja. In his speech at…

No fewer than nine Deposit Money Banks (DMBs) were each sanctioned N150million monetary fines by the Central Bank of Nigeria (CBN) for failure to upload Naira notes on their respective Automated Teller Machines(ATMs) across the country. This, according to the apex bank, was a clear message of zero tolerance for cash flow disruptions, hence, was fined N150 million for non-compliance,…