FG approves 300% hike in electricity tariff The federal government is set to increase energy rates by 300 per cent to reduce government spending since it can no longer afford the huge amount it pays to subsidise electricity yearly. According to a report by Bloomberg on Tuesday, electricity companies[Read More…]
Naira appreciates to N1,250/$ at parallel market The naira, on Monday, appreciated to N1,250 per dollar at the parallel section of the foreign exchange (FX) market. The FX rate is a 0.43 percent increase from the N1,280 recorded on March 29. Currency traders in Lagos, also known as bureau[Read More…]
CPPE back CBN’S Recapitalisation move The Centre for the Promotion of Private Enterprise (CPPE) has said banks’ recapitalisation would ensure the safety of depositors’ funds. Muda Yusuf, chief executive officer (CEO) of CPPE, made this known in a statement on Monday. The apex bank, on March 29, increased the minimum[Read More…]
Banks are in good stead to meet CBN’s recapitalisation target – ACAMB The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has assured the banking public that banks in the country have the wherewithal to meet the Central Bank of Nigeria (CBN) recent directives on recapilitalisation[Read More…]
TotalEnergies promises sustainable energy As TotalEnergies clocked 100 years, the company has promised to continue to adjust and adapt to be part of the story of energy for another 100 years. On March 28, 1924, Compagnie Française des Pétroles was founded in France, a country without any[Read More…]
BUA Foods grows profit to N112bn BUA Foods has improved profit after tax by 22.72 per cent to N112.1bn in 2023 from the N91.3bn reported in the prior year. According to its annual report and financial statements for the year ended December 2023 filed with the Nigerian Exchange Limited,[Read More…]
NCC extends NIN-SIM deadline to July 31 The Nigerian Communications Commission (NCC) has extended the deadline for the disconnection of unlinked lines from April 15 to July 31, for subscribers with more than four SIM cards. According to source from the Telecommunication sector the deadline for those with less than[Read More…]
Binance Executive Sues Ribadu, EFCC Detained Binance executive, Tigran Gambaryan, has sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC) over alleged violation of his fundamental rights. According to NAN on Thursday, Gambaryan, in the originating motion dated and filed March 18[Read More…]
Shettima Assures Nigerians of Naira Stability Vice President Kashim Shettima has assured that the naira will continue to stabilise in the coming weeks and months. Shettima gave the assurance at the inauguration of the National Design and Innovation Competition, held at the Presidential Villa, Abuja, on Wednesday. The event was[Read More…]
CBN increases interest rate to 24.75% The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 22.75 percent to 24.75 percent. CBN governor, Olayemi Cardoso, made the rate adjustment announcement at a news conference on Tuesday during[Read More…]
