Business

First Bank of Nigeria (FBN) has laid off about 100 senior staff members in a major organisational shakeup. According to a report by Nairametrics on Monday, sources familiar with the matter said the bank’s top executives were asked to leave — as part of its corporate restructuring and repositioning plan for 2025 — following the confirmation of Olusegun Alebiosu as…

Telecommunications operators in Nigeria have threatened to shut down their services in some parts of the country by 2025 if the Nigerian Communications Commission (NCC) does not consider their demand for tariff review. The operators disclosed this through a statement signed by the Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Engr. Gbenga Adebayo, on Monday. According to Adebayo,…

In a move to meet the Central Bank of Nigeria (CBN) capital requirement, FCMB Group Plc has announced that it raised N144.66 billion from Nigeria capital market through the public offer. The Group had sought shareholders’ approval to raised N110.94billion but eventually settled for N144.6 billion as it announced the result of the offer for subscription of 15,197,289,219 ordinary shares…

The Nigeria Civil Aviation Authority (NCAA) has announced Ethiopian Airlines, Air Peace and Arik Air, among the aviation firms sanctioned over regulatory infractions. Others are: Aero Contractors, and Royal Air Maroc, said Michael Achimugu, NCAA’s director of public affairs and consumer protection. On December 24, the aviation authority said it sanctioned five airlines, comprising two international and three domestic operators,…

The Nigeria Civil Aviation Authority (NCAA) has debunked media reports suggesting that recent sanctions against five airlines were related to safety concerns, clarifying that the penalties were strictly for consumer protection infractions. In a statement, the NCAA emphasized that the enforcement actions were in line with its commitment to safeguarding passenger rights as stipulated in Part 19 of the NCAA…

The Nigerian Civil Aviation Authority (NCAA) has taken decisive enforcement actions against airlines failing to comply with its regulations, a move that has sparked reactions from industry stakeholders. At a meeting held today at the NCAA Annex in Lagos, Allen Onyema, Chairman of Air Peace, publicly acknowledged the infractions committed by his airline’s staff and pledged to ensure compliance with…

The Nigerian Communications Commission (NCC) has approved the disconnection of Exchange Telecommunications Limited from MTN Nigeria due to unpaid interconnect charges.  A statement titled: Pre-disconnection notice, and signed by NCC Director of Public Affairs, Reuben Muoka, said the decision, based on the Nigerian Communications Act 2003 and 2012 Guidelines, follows Exchange’s failure to provide sufficient justification for non-payment.  Below is…

The Chairman, Access Holding Company Plc, Mr Aigboje Aig-Imuokhuede, has commended the digital innovation efforts of the Nigerian Exchange Group following the successful N351bn Rights Issue completed to comply with the regulatory directive of the Central Bank of Nigeria. According to the statement from Access HoldCo, Mr. Aigboje Aig-Imuokhuede said “By leveraging the NGX’s E-offering platform – NGX Invest, the…

The Democratic Front (TDF) has said that the announcement of a $5 billion final Investment Decision (FID) by Shell on the Bonga North Deep Offshore field is yet another proof of the investment-friendly mindset of the Tinubu administration. In a statement signed by its Chairman, Mallam Danjuma Muhammad and Secretary, Chief Wale Adedayo, the group noted that it showed that…

With the persistent scarcity of naira, Currency in circulation increased to N4.88 trillion as of November 2024, making it an all-time, according to a data by Central Bank of Nigeria (CBN). The ‘money and credit statistics’ of the CBN revealed that Currency in circulation has gained 7.2 per cent Month-on-Month (MoM) and 45.72 per cent Year-on-Year growth when compared to…