Business

The Federation Account Allocation Committee (FAAC) adopted N436.38/$ as exchange rate for the calculation of the forex component of federally corrected revenues for June, TheCable can report. This was based on the advice of the Central Bank of Nigeria (CBN), a development that did not go down well with the...

Financial institutions have been mandated by the Central Bank of Nigeria (CBN) to obtain the social media handles of customers for the purpose of identification. It also asked financial institutions to obtain e-mail addresses, telephone numbers, and residential addresses, among other things, from customers. This is contained in the new...

The management of the Nigerian Ports Authority (NPA) has raised the alarm over plans by some unnamed groups and individuals to embark on a campaign of calumny and smear against some of its officials, especially, the Chief Executive, Mohammed Koko Bello, alleging sharp practices and other financial infractions. In a...

The African Development Bank (AfDB) Group, African50 and the African Union Commission (AUC) have received commendations for creating the Alliance for Green Infrastructure in Africa (AGIA). The AfDB in a statement said the commendation came from World leaders, investors and heads of intergovernmental institutions. The stakeholders spoke during a presidential...

Anambra State Governor, Professor Chukwuma Soludo has advised Anambra indigenes resident in Lagos to return home and invest in their own interest, saying that the state is ready for business. Addressing them during a town hall meeting in Lagos, the governor reminded them that God did not make a mistake...

The Federation Account Allocation Committee (FAAC) has shared a total sum of N786.161 billion May 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils. This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for June 2023; chaired...

The Dangote Coal Mines Limited has donated multi-million naira health and educational facilities to the coal mining communities of Ankpa, Kogi State. The newly launched facilities are located in the host communities of Awo Akpali and Awo Ojuwo, General Manager, Special Duties, Mr. Nuhu Elujah said. Fielding questions from newsmen,...

The Debt Management Office (DMO) has issued a warning to the Federal Government (FG) against additional borrowing, citing that 73.5% of this year’s revenue will be used to service debt. According to the DMO, this high Debt Service-to-Revenue ratio is unsustainable and poses a threat to debt sustainability. The DMO...

The National Bureau of Statistics (NBS) says the number of Electricity Distribution Companies (DisCos) customers in Nigeria increased from 11.06 million in Q4 2022 to 11.27 million in Q1 2023. According to the NBS Nigeria Electricity Report for Q1 2023 released in Abuja on Wednesday, the figure showed an increase...

The African Export-Import Bank (Afreximbank) in collaboration with the African Continental Free Trade Agreement (AfCFTA) inaugurated the Africa Trade Gateway (ATG). A statement issued by BrandComms Agency in Abuja on Wednesday said the ATG was inaugurated on the sidelines of the ongoing 30th Afreximbank Annual Meetings in Accra. The statement...