Economy

CBN to Penalize Banks, BDCs, and Others for Refusing Old Dollar Notes

Emeka Udeh - July 2, 2024

The Central Bank of Nigeria (CBN) has issued a directive mandating all Deposit Money Banks, authorized forex dealers, and the public to accept old series and lower denominations of United States Dollar (USD) notes from their customers. This directive...

Economy

Wike warns FCT Senator Kingibe: “You won’t return to the Senate in 2027”

Abbah Umar - July 2, 2024

In a recent event marking the commencement of construction for the Mabushi Bus Terminal in Abuja, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, expressed strong criticism towards Senator Ireti Heebah Kingibe, who represents the territory. Wike...

Economy

“Naira Devaluation: 40% Dip Against Dollar in First Half of 2024”

Mfon Ekanem - June 30, 2024

The Naira faced a significant decline of more than 40 percent during the first half of 2024 in the foreign exchange market. According to FMDQ data, the Naira's value weakened to N1505.30 per dollar on Friday, a sharp contrast...

Economy

SERAP Issues Ultimatum to CBN: Account for ‘Missing’ N100bn Dirty Notes and Other Public Funds Within 7 Days

Mfon Ekanem - June 30, 2024

Socio-Economic Rights and Accountability Project (SERAP) has urged Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), to provide explanations regarding the whereabouts of significant sums of money held in various CBN branches. According to SERAP, the...

Economy

“Shettima Reports Nigeria’s Economy in Turbulent Times”

Abbah Umar - June 30, 2024

Vice President Kashim Shettima has highlighted that Nigeria is currently facing economic challenges. He acknowledged that the situation is not unique to Nigeria alone but is a global issue. He called upon citizens to unite and show support for...

Governance

“Ekiti State Government Refuses 2-Month Power Outage Notice Issued by Electricity Company”

Abbah Umar - June 30, 2024

The Ekiti State Government has firmly opposed the scheduled two-month power outage proposed by the Benin Electricity Distribution Company (BEDC). This comes after the distribution company publicly announced its intention to implement a prolonged power disruption in Ondo and...

Economy

“Nick Imudia’s Family Disputes Suicide Reports, Urges Police Investigation into His Death”

Mfon Ekanem - June 30, 2024

The family of late Nick Imudia, former CEO of Konga, an e-commerce company, strongly disputes allegations that he took his own life. On June 27, reports surfaced claiming Imudia had jumped from a building in Lagos. Benjamin Hundeyin, spokesperson for the...

Economy

NNPC Launches New Business Opportunities for Youth Corps Members

Mfon Ekanem - June 30, 2024

A total of 2,659 members of the National Youth Service Corps (NYSC) across Nigeria have been selected to advance to the final stage of the NNPC Foundation Business Pitching Exercise. This initiative, scheduled to take place from July 2 to...

Economy

AMCON’s Profit Surges to N108 Billion in 2023 from N34 Billion in 2022

Mfon Ekanem - June 26, 2024

In 2023, the Asset Management Corporation of Nigeria (AMCON) reported a significant profit of N108.43 billion, marking a remarkable increase of 202 percent compared to N34.73 billion in the previous year, as disclosed by Jude Nwauzor, head of AMCON's...

Business

NMDPRA Refutes Allegations of Dirty Fuel Imports at Dangote Refinery

Mfon Ekanem - June 26, 2024

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has refuted claims made by the Dangote Refinery leadership regarding the presence of imported dirty fuel in Nigeria. The Authority asserted its commitment to ensuring that only high-quality petroleum products are...

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