Economy
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Recapitalisation: 32 Banks in Nigeria meet target ahead of deadline, says Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has disclosed that 32 banks in Nigeria have already met the revised minimum capital requirements under the ongoing recapitalisation programme, marking a major milestone in efforts to strengthen the financial system. Speaking at the Monetary Policy Forum held in Abuja on Thursday, Cardoso said the progress reflects “commendable”…
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Investors investing in unregulated schemes won’t be protected by SEC, says official
An official of the Securities and Exchange Commission (SEC) has warned that individuals and businesses investing in unregulated schemes will not be protected. SEC’s head of Lagos zonal office, John Briggs addressed stakeholders at the inaugural VNL Capital investors’ roundtable held recently. The warning comes in the wake of a surge in the proliferation of fraudulent investment initiatives in Nigeria,…
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Dangote Refinery faults IPO speculation, urges public to disregard unverified reports
Dangote Petroleum Refinery and Petrochemicals (DPRP) has raised concerns over the circulation of unauthorised information across media and social platforms regarding a potential Initial Public Offering (IPO). The company in a statement obtained by WESTERN POST said several online platforms and unofficial sources have published unverified and, in some cases, inaccurate information about a possible offering, stressing that such reports…
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Consistent, clear policies ensure stable business performance, says former WTO chief economist
Only steady, clear and transparent policies can provide businesses with much-needed certainty that ensures their long-term performance, former World Trade Organization (WTO) chief economist Robert Koopman has said. The capricious U.S. tariffs and regulatory policies have deepened uncertainty in the business environment, making it difficult for companies to make long-term decisions and form development strategies, Koopman said in an interview…
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Tinubu approves expansion of PiCNG mandate to include electric vehicles
President Bola Tinubu has approved the expansion of the Presidential Initiative on Compressed Natural Gas (PiCNG) to include electric vehicles, as part of efforts to strengthen Nigeria’s clean transportation strategy. With the approval announced on Thursday, the initiative will now operate as the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (PiCNG & EV), with responsibility for coordinating both…
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Nigeria is attracting more buyers for LNG cargoes, says NNPCL
The Nigerian National Petroleum Corporation Limited (NNPCL) has said Nigeria is seeing stronger demand for its liquefied natural gas cargoes. The NNPC Executive Vice President, Olalekan Ogunleye, said this on Wednesday at the CERAWeek energy conference in Houston, according to Reuters. This comes as energy disruptions from the war in the Middle East have opened commercial opportunities for the country.…
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CBN grants IOCs full access to export proceeds, suspends cash pooling rule
The Central Bank of Nigeria (CBN) said it has suspended the cash pooling requirement for international oil companies (IOCs), granting them full access to their export proceeds. Cash pooling is a financial arrangement where a company (or regulator) centralises cash from multiple accounts into one place to manage it more efficiently. In a circular issued, the financial regulator said the…
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Global oil price hits $100/barrel as investors evaluate Middle East ceasefire prospects
The price of Brent crude oil, the global oil benchmark, rose by 3.37 per cent to $100.54 a barrel on Thursday. US West Texas Intermediate also increased by 3.31 per cent to $93.31 per barrel. Oil price had plunged on Monday to $96 a barrel after United States President Donald Trump, said he would postpone any military strikes against Iranian…
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Nigeria supplying about 30% of needed volumes, says Dangote Refinery
The Chief Executive Officer and Managing Director of the Dangote Refinery, David Bird, on Wednesday raised concerns over Nigeria’s inability to supply sufficient crude oil to the facility, disclosing that deliveries under the government’s crude supply arrangement are falling significantly short of agreed volumes. Speaking in an interview on Arise Television, Bird said the refinery, which is currently operating at…
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Court ruling on Union Bank: CBN reiterates oversight, assures stakeholders of stability
The Central Bank of Nigeria (CBN) on Wednesday assured the public of the stability of Union Bank of Nigeria Plc, stating that it will continue to provide regulatory oversight of the bank and review the court judgement regarding its intervention in the bank. Justice Chukwujekwu Aneke of the Federal High Court in Lagos had ruled that the apex bank exceeded…
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