FG to get $2.25bn loan from World Bank in June The World Bank will, in June 2024, consider and give final approval to Nigeria’s $2.25 billion loan request, the finance ministry said Monday. The loan comprises a $1.5 billion loan in Development Policy Financing and another $750 million in[Read More…]
FG to sell 5 electricity distribution companies managed by Banks to Technical Power Operators The federal government says it would sell off five electricity distribution companies (DisCos) under the management of banks and Asset Management Corporation of Nigeria (AMCON) in the next three months to technical power operators.[Read More…]
Nigeria’s low tax revenue to GDP is problematic, says IMF The International Monetary Fund (IMF) says Nigeria’s low tax revenue-to-gross domestic product (GDP) ratio is “problematic”. Abebe Aemro Selassie, IMF’s director of the African department, spoke at a news conference on Friday, focusing on the firm’s regional economic[Read More…]
Tinubu appoints Emomotimi Agama as New SEC DG, names board President Bola Tinubu has appointed Emomotimi Agama as the director general of the Securities and Exchange Commission (SEC). Ajuri Ngelale, special adviser to the president on media and publicity, disclosed this in a statement on Friday. Agama will take[Read More…]
NNPC, First E&P commence production at OML 85, target 20,000 bpd The Nigerian National Petroleum Company (NNPC) Limited and its joint venture partner in oil mining lease (OML) 85, First Exploration and Petroleum Development Company Limited (First E&P) have commenced oil production from the asset, also known as Madu field.[Read More…]
Customs adjust FX rate for import duties to N1,147/$ The Nigeria Customs Service (NCS) has again adjusted the foreign exchange (FX) rate for duties to N1,147.02 per dollar. This represents a 7.3 percent decrease compared to N1,238.1/$ displayed on April 18. TheCable reports that the rate adopted by customs[Read More…]
Wema Bank removes fintech partners from platform over fraud Wema Bank has said that it has removed and suspended about seven fintech partners from its payment gateway platform over fraudulent activities. This is as the bank unveiled an anti-fraud campaign to protect its customers and other Nigerians against[Read More…]
AltBank, Sterling One Foundation, Lagos Foodbank combat hunger, champion education The Alternative Bank Limited (AltBank) has announced a strategic collaboration with FoodBank and Sterling One Foundation to raise approximately N20 million in support of hunger alleviation and educational initiatives. This initiative aligns with the theme of the African[Read More…]
Court adjourns to May 27, trial of businessman, Ibeto over alleged N4.8bn fraud In anticipation of the Court of Appeal judgement, a Lagos High Court sitting in Ikeja has adjourned the trial of the Chairman of Ibeto Energy Development Company, Chief Cletus Ibeto till May 27. Chief Ibeto was charged[Read More…]
Dangote Refinery crashes diesel price to N1,000 A massive reduction in diesel price has been announced by Dangote Petroleum Refinery, with the product selling at N1,000 as against the N1200 it was previously selling. Recall that the Dangote Refinery had a few weeks ago while rolling out diesel to the[Read More…]
