The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has announced that the company’s shares will soon be listed on the stock market as outlined in the Petroleum Industry Act (PIA). Kyari made this known at the ongoing 2024 CERAWEEK in Houston, United States, stating that NNPC would become…
Foreign airlines operating in Nigeria have raised objections to the Central Bank of Nigeria’s (CBN) announcement that it has cleared all outstanding backlog of valid foreign exchange claims. Despite the CBN’s assertion that it settled a balance of $7 million in pending forex backlog, the President of the Association of Foreign Airlines and Representatives in…
The Central Bank of Nigeria (CBN) has achieved a significant milestone by clearing the valid foreign exchange backlog, as announced by Mrs. Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications. This accomplishment, stemming from CBN Governor Mr. Olayemi Cardoso’s promise to address a $7 billion backlog, underscores the bank’s commitment to stabilising the…
Mr. Chinedu Igbokwe, a businessman based in Lagos, recounted his ordeal in court as he testified against Abdulami Isah, a Bureau de Change operator accused of defrauding him of $63,950. Igbokwe, led in evidence by the Economic and Financial Crimes Commission (EFCC) Counsel, Mr. A. A. Usman, narrated that he was introduced to Isah on…
The Central Bank of Nigeria (CBN) has announced that its 294th Monetary Policy Committee (MPC) meeting will take place on March 25 and 26, 2024. This announcement comes amidst the backdrop of continued inflationary pressures in Nigeria. In its previous meeting on February 26 and 27, the MPC decided to raise interest rates by 400…
A Federal High Court in Abuja has granted an interim order requiring Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data of all Nigerian traders on its platform. This order aims to assist the anti-graft agency in investigating alleged money laundering and terrorism financing activities on the cryptocurrency exchange…
The Central Bank of Nigeria (CBN) has made a significant contribution to the agricultural sector by donating over 2 million bags of fertilizers, valued at N100 billion, through the Federal Ministry of Agriculture and Food Security to farmers. The donation was made during a ceremony in Abuja, where CBN Governor Yemi Cardoso handed over the…
The Nigeria Employers’ Consultative Association (NECA) has praised the Federal Government for postponing the implementation of the Expatriate Employment Levy (EEL). NECA’s director-general, Adewale-Smatt Oyerinde, expressed this approval in a statement issued in Lagos on Sunday. Oyerinde applauded the Minister of Interior and Minister of Industry, Trade and Investment for their roles in delaying the…
Sunday Oduntan, the Executive Director of the Association of Nigerian Electricity Distributors (ANED), has revealed that the Nigerian government currently owes approximately N100 billion in outstanding electricity bills. Speaking in an interview with Arise TV, Oduntan emphasized the need for the government to create an enabling environment for energy distributors in the country. According to…
The price of garri, a popular staple food in Nigeria, has skyrocketed by 108 per cent in three months, reaching a record high as cassava production shrinks nationwide. A survey conducted by DAILY POST in major markets in the Federal Capital Territory, FCT, reveals that the average price of a 50kg bag of yellow garri…