Business

The Central Bank of Nigeria (CBN) has revealed that the Federal Government spent N8.9 trillion on debt servicing in the nine months of 2024, accounting for 47per cent of total expenditure during the period. The quarterly statistical bulletin of the CBN showed that the amount represents a 56.8per cent increase from the N5.69 trillion spent in the same period of…

The Chairman of General Hydrocarbons Limited (GHL), Prince Nduka Obaigbena, has accused First Bank of Nigeria of serious breaches of contract and misconduct in their joint oil exploration deal. In a detailed letter addressed to the Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, dated November 7, 2024, Obaigbena outlined the origin of the dispute and accused…

The Dangote Petroleum Refinery is building eight new storage tanks with a combined capacity to hold 6.3 million barrels of crude oil to store imported crude. According to an exclusive report by Africa Report, the 650,000-barrel-a-day capacity refinery struggles to get an adequate local supply of crude, hence it is increasing its crude import this year. The Vice president for…

By Kunle Sanni The National Bureau of Statistics (NBS) has announced that its upcoming rebased gross domestic product (GDP) data, set to be unveiled by the end of January, will incorporate modular refineries, illegal activities, and other previously excluded sectors. The rebased GDP will also capture contributions from the Nigerian Social Insurance Trust Fund (NSITF), digital economic activities, pension fund…

The Central Bank of Nigeria (CBN) has suspended the extension of export proceeds by banks on behalf of exporters. Ag. Director of Trade and Exchange Department, Dr. W.J Kanya, disclosed this yesterday   in a circular   to Authorised Dealers and the general public,  adding that   that the decision was Pursuant to provision of Memorandum 10A (23a) and Memorandum 10B (20a) of…

The equities market on Thursday recorded its largest daily gain since the year begins as it gained N792 billion, buoyed by buy interest in MTN Nigeria Communication Plc and 33 others. As a result, the All-Share Index (ASI) gained 1,300.01 basis points or 1.25 per cent to close at 105,530.74 basis points. Also, market capitalisation rose by N792 billion to…

The management of FBN Holdings Plc, on Thursday reacted to publication, calling for Extraordinary General Meeting (EGM) by two of the Company’s shareholders. THISIDAY had reported that a group of shareholders at the FBN Holdings, with 10 per cent of the company’s shares, yesterday, formerly requested the company to call an Extra-ordinary General Meeting (EGM) under section 215 (1) of…

….says NCC will come up with modalities The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has said the Nigerian Communications Commission (NCC) would come up with modalities for tariff adjustment in the telecoms industry. Tijani confirmed plans to increase telecoms tariffs but assured Nigerians it won’t be by 100% as requested by operators. The Minister of Communications, Innovation,…

The Minister of Communications, Innovations, and Digital Economy, Bosun Tijani, is currently meeting with representatives of telecommunications companies to discuss pressures to increase telecom tariffs in the country. TheNation in a report gathered that representatives of major telecom companies such as MTN Nigeria, Airtel, Globacom, 9Mobile, and others were attending the meeting. It was learnt that the meeting, which started…

The Permanent Secretary of the Federal Ministry of Aviation and Aerospace Development, Dr. Ibrahim Abubakar Kana, has clarified his earlier comments on the National Carrier Project, dismissing claims that he proposed reviving the controversial Nigeria Air deal with Ethiopian Airlines. Speaking in a press statement on Tuesday, Dr. Kana addressed public inquiries following his inaugural statement during the handover ceremony…