The Naira concluded the week on a high note, strengthening to N1,431 against the dollar as of Friday, 22 March 2024. This improvement marks a significant rally that has persisted for seven days, showcasing a robust recovery phase for the Nigerian currency. According to data from the FMDQOTC, the primary platform for setting the official…
The Minister of Information and Culture, Mohammed Idris, has announced that the federal government has successfully attracted $30 billion in foreign direct investment (FDI) to the real sector of the Nigerian economy. Speaking during a meeting with the business community in Kano, Mr Idris highlighted that these investment commitments in various sectors such as manufacturing,…
The chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, recently made a connection between the collapse of banks and economic and financial crimes, highlighting the urgent need for enhanced monitoring of the banking sector. This clarion call was made during a meeting in Abuja, where Olukoyede played host to Bello Hassan,…
The Nigeria Customs Service (NCS) has announced a significant shift in policy regarding the importation of vehicles, effectively abolishing the 25% penalty that was previously levied on vehicles imported under irregular conditions. This move comes as a direct consequence of instructions issued by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the…
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…
Two executives from Binance, the world’s largest cryptocurrency exchange, are set to remain in detention in Nigeria for at least two more weeks, following their appearance in court on Wednesday. Tigran Gambaryan, Binance’s head of financial crime compliance and a U.S. citizen, and Nadeem Anjarwalla, Binance’s regional manager for Africa and a British-Kenyan, were detained…
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…
In 2023, Nigeria emerged as the leading beneficiary of payments from Shell, receiving a substantial sum of approximately $4.92 billion. This amount, comprising company income taxes, fees, royalties, and production entitlements from various projects within Nigeria, marked a significant increase from the $4.52 billion paid in 2022. Shell’s total payments to governments worldwide amounted to…
A meeting between the Minister of Education, Tahir Mamman, and the leadership of striking workers’ unions in Nigerian universities on Wednesday did not yield the desired outcome of ending the seven-day warning strike that commenced on Monday. The Joint Action Committee (JAC) of the Senior Staff Association of Nigerian Universities (SSANU) and the Non-Academic Staff…
Members of the Nigeria Governors’ Forum (NGF) convened in a virtual meeting on Wednesday, 20th March 2024, to deliberate on pressing national issues. The forum, chaired by H.E Abdul Rahman Abdul Rasaq, the Executive Governor of Kwara State, addressed a range of topics and reached several resolutions. Firstly, the NGF expressed condolences to the Governor…