Category: Economy

MTN Nigeria Records N740b Forex Losses
March 2, 2024 No Responses

MTN Nigeria Records N740b Forex Losses

MTN Nigeria Plc has reported a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion in 2023.  The company attributed the losses to a massive foreign currency loss of N740 billion up from N81 billion reported in 2022. This...
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CBN Revokes Operational Licenses Of 4,173 BDCs
March 1, 2024 No Responses

CBN Revokes Operational Licenses Of 4,173 BDCs

The Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bankand Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised OperationalGuidelines for Bureaux De Change 2015, has revoked the licenses of...
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Owerri Customs Impounds N5.35b Contrabands In 2023
March 1, 2024 No Responses

Owerri Customs Impounds N5.35b Contrabands In 2023

Between January and December, 2023, the Nigerian Customs Service (NCS), Federal Operations Unit (FOU), Zone C, Owerri, recovered N5.5billion from smugglers and fraudulent importers. A statement on Friday explained that the unit intercepted contraband from smug...
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NLNG Seeks Enhanced Digitalisation In The Nigerian Energy Sector
February 29, 2024 No Responses

NLNG Seeks Enhanced Digitalisation In The Nigerian Energy Sector

Nigeria LNG Limited (NLNG) has called on players in the Nigerian energy industry to draw insights from NLNG’s ongoing integration of digital technologies to improve operational efficiency, reduce emissions, increase revenue and remain competitive as it d...
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Air Peace Unveils London Flight Fares, Offers Return Economy For N1.2m
February 28, 2024 No Responses

Air Peace Unveils London Flight Fares, Offers Return Economy For N1.2m

Air Peace has gone live with its flight schedules for its London service billed to commence on March 30, 2024, with unbeatable fares. The airline disclosed this on Wednesday, February 28, 2024, in a press statement obtained by City Business...
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Market Capitalisation Drops By N51billion
February 27, 2024 No Responses

Market Capitalisation Drops By N51billion

The market capitalisation of the Nigerian Exchange Ltd. (NGX) Monday dropped by N51 billion. Specifically, the market capitalisation opened at N55.861 trillion to close at N55.810 trillion, representing 0.09 per cent decrease.The All-Share Index also dropped b...
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FEC Approves Implementation Of Oronsaye Report
February 27, 2024 No Responses

FEC Approves Implementation Of Oronsaye Report

The Federal Executive Council (FEC) has approved the full implementation of the Stephen Oronsaye Panel report to merge some parastatals, agencies, and some commissions, while others will be subsumed, scrapped or relocated. The decision was made at the FEC meet...
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ECOMOF 2024: UBA Reiterates Support For African Economic Expansion Through Strategic Supports For Mining, Oil Sectors
February 25, 2024 No Responses

ECOMOF 2024: UBA Reiterates Support For African Economic Expansion Through Strategic Supports For Mining, Oil Sectors

United Bank for Africa (UBA) Plc has reaffirmed its unwavering commitment to spearhead economic growth across the continent through targeted policies aimed at maximizing the benefits derived from the mining and oil sectors.  To this end, the bank is poise...
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NESG, ACF Partner To Boost Nigeria’s Energy Transition, Carbon Finance Market
February 23, 2024 No Responses

NESG, ACF Partner To Boost Nigeria’s Energy Transition, Carbon Finance Market

The Nigerian Economic Summit Group (NESG) in partnership with the African Climate Foundation (ACF), held a private sector stakeholder engagement to strengthen public-private collaboration to implement Nigeria’s energy transition plan and develop the carb...
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FG, States, LGs Share N1.15trilion 
February 23, 2024 No Responses

FG, States, LGs Share N1.15trilion 

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1,149.816 trillion January 2024 Federation Account Revenue to the Federal, States and Local Governments. The revenue was shared at the February 2024 meeting of the Federation Account...
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NPA Photo News
February 22, 2024 No Responses

NPA Photo News

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Customs To Distribute Seized Food Items 
February 21, 2024 No Responses

Customs To Distribute Seized Food Items 

The Nigeria Customs Service (NCS) is to distribute some seized food items nationwide as the biting food crisis continues in the country.  According to the National Public Relations, CSC Abdullahi Maiwada, the food items will be distributed after they...
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Ardova’s Ijora Terminal Begins Operations In March
February 19, 2024 No Responses

Ardova’s Ijora Terminal Begins Operations In March

Ardova Plc’s (AP) newly upgraded terminal in Ijora, Lagos, is set to commence operations in March 2024.Mr. AbdulWasiu Sowami, the Group Executive Chairman of Ardova Plc stated this during the pre-commissioning tour of the facility by the Nigerian Midstre...
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Customs Impounds N19.6M Sex Enhancement Drugs
February 17, 2024 No Responses

Customs Impounds N19.6M Sex Enhancement Drugs

The Nigeria Customs Service (NSC), joint border patrol team, sector IV, has seized a consignment of sex enhancement drugs worth N19.6M in Sokoto state. Briefing Journalists in Sokoto, Coordinating Comptroller, Mr. Kolapo Oladeji, explained that trucks carrying...
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