Business

The balance in the Excess Crude Account has remained stagnant at about $474m in the last two years despite remittance of N907bn to the Federal Account Allocation Committee by the Nigerian National Petroleum Company Limited. The NNPCL had resumed remittances to FAAC in June after failing to do so due...

…as another firm moves to invest 250m USD on lithium factory Following concerns raised about emerging threats to security around mining sites in part of the state, Nasarawa State Government is partnering with the Nigeria Mining Cadastre Office (NMCO), to regulate mining activities in the state. This came to fore...

The Nigerian Ports Authority (NPA) has generated a total revenue of N191.4 billion from its operations in the first half of 2023, remitting N55.712 billion to the Consolidated Revenue Fund (CRF) of the Federation. These disclosures were contained in a half-year 2023 performance reports released by the NPA Managing Director...

THE Dangote Group of Company has said that it has a reserve of raw materials for cement production at the Obajana Cement Plant in Kogi State that would last for between 65 to 70 years. This is even as the Company has organised a 2-day Environmental Journalism workshop for about...

The price of Petrol has increased to about N617 per litre as at Tuesday, 18th July 2023. A visit to an NNPC filling station confirmed that the fuel price has now been adjusted from N539 to N617 per litre. Nigeria’s have taken to microblogging platform; twitter to vent their anger...

At the backdrop of sustained supply gap in Nigeria’s foreign exchange (forex) market, the local currency, Naira, has hit a new low at the weekend, trading N803.9 to a dollar in the Investors & Exporters (I&E) window which is the official forex market and N822/$ in the parallel market. Financial...

Many Nigerians are currently unable to carry out transactions using their Guaranty Trust Bank (GTBank) applications. This is as a result of a major outage. An aggrieved customer said he started experiencing the problem after GTBank launched a new app for its customers on Wednesday. He said the problem reached...

The Central Bank of Nigeria (CBN) has approved a new code of corporate governance which specified that the tenure of a bank’s managing director or chief executive officer (CEO) can only last for a maximum of 12 years. The CBN made the disclosure in a circular dated July 13, 2023,...

The Central Bank of Nigeria (CBN) has announced the inclusion of the naira, the country’s legal tender, as a payout option for diaspora remittances. The apex bank also directed that the investors and exporters (I&E) window foreign exchange rate should be used in determining the rate for such naira payout....

Max Air, one of the leading airlines in Nigeria, has been put on hold as a result of a suspension by the Nigeria Civil Aviation Authority (NCAA). In a letter NCAA/DG/AIR/11/16/363, NCAA directed the suspension of Parts A3 and D43 with regards to the operation of Max Air’s Boeing 737...