Friday, October 18

Business

Naira depreciates by 43%, listed among worst-performing currencies in Africa – World Bank
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Business

Naira depreciates by 43%, listed among worst-performing currencies in Africa – World Bank

The Nigerian naira has been listed as one of the worst-performing currencies in Sub-Saharan Africa in 2024.   This is according to the World Bank’s latest Africa’s Pulse report.  As of August 2024, the naira had depreciated by approximately 43% year-to-date, ranking it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound.  The decline is attributed to surging demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements by the central bank.   The report highlights that financial institutions, non-financial end-users, and money managers driving dollar demand have further pressured the naira. Despite Nigeria’s foreign exchange market reforms, including t...
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NNPC Sells PMS To IPMAN At ₦995/Litre
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NNPC Sells PMS To IPMAN At ₦995/Litre

The Nigerian National Petroleum Company Limited (NNPCL) has reached an agreement to sell Premium Motor Spirit (petrol) to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at ₦995 per litre. This development follows the intervention of the Department of State Services (DSS) in the ongoing controversy between the two parties. In an interview with Punch, the National Vice President of IPMAN, Hammed Fashola, expressed gratitude for the DSS’s involvement, stating that their intervention has significantly alleviated many of the challenges faced by marketers. Additionally, Fashola confirmed that through the DSS’s efforts, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has agreed to settle IPMAN’s outstanding ₦10 billion, while also addr...
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MultiChoice unveils new channel, renames three others on DStv, GOtv
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Business

MultiChoice unveils new channel, renames three others on DStv, GOtv

Pay-TV operator, Multichoice Group, has rebranded its SuperSport variety channels on both DStv and GOtv platforms. In a statement on Thursday by the Executive Head of Marketing at MultiChoice West Africa, Tope Oshunkeye, MultiChoice announced that the changes took effect from Wednesday, October 9, 2024. Changes on DStv, GOtv As part of the rebranding, the current SuperSport Select Channel has been renamed SuperSport Africa. undefi A new channel, SuperSport Action, has also been introduced, featuring a broader range of sports content, including UFC matches and additional Champions League games. GOtv packages will see the following changes: On the GOtv Jinja and GOtv Jolli packages, SuperSport Africa will replace Select 2 (Channel 64). On the GOtv Max package, Su...
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CBN sold $543.5m to stabilize FX market in September
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Business

CBN sold $543.5m to stabilize FX market in September

The Central Bank of Nigeria (CBN) has disclosed that it sold a total of $543.5 million to authorized dealer banks in the Nigerian Foreign Exchange Market (NFEM) from September 6 to 30, 2024.  The bank stated that this intervention aimed to mitigate market volatility caused by rising demand for foreign exchange (FX), particularly driven by commodity imports and seasonal pressures. According to a statement issued by Omolara Duke, Director of the Financial Markets Department, the CBN conducted the FX sales over 11 trading days, utilizing a two-way quote system. The transactions were settled under a T+2 arrangement, meaning the exchange of currency took place two business days after the trades were executed. A detailed breakdown of the sales shows that $39 million was sold on Sep...
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JUST IN : Iran Resumes Flight Operations Hours After Missile Attack On Israel
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Business

JUST IN : Iran Resumes Flight Operations Hours After Missile Attack On Israel

International and Domestic flight operations have resumed in Iran hours after its missile strike on Israel. The flights were suspended temporarily for security precautions after the Islamic Republic executed a launch of 200 missiles targeting Israel. This attack represents Iran’s second direct assault on its long-standing adversary after a missile and drone strike that took place in April. However, flights reportedly resumed Thursday morning at 05:00 am (0130 GMT). Jafar Yazarloo, a spokesman for Iran’s Civil Aviation Organisation, confirmed the resumption of flights, attributing it to the removal of the imposed restrictions. “After ensuring favourable and safe flight conditions and ending of the restrictions, airlines are allowed to carry out flight operations,” he sai...
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Nigerian govt removes VAT on cooking gas, CNG, diesel
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Business

Nigerian govt removes VAT on cooking gas, CNG, diesel

The Federal Government has announced the removal of the Value-Added Tax on Liquefied Petroleum Gas (cooking gas), Compressed Natural Gas, Automotive Gas Oil(Diesel) and other reliefs to boost investment and tackle economic hardship in the country. It also announced VAT reliefs for the importation of key energy products and infrastructure, including diesel, feed gas, electric vehicles, Liquefied Natural Gas infrastructure, and clean cooking equipment. The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, announced this in a statement on Wednesday. The statement signed by the Director of Information and Public Relations, Mohammed Manga said the initiative is to lower rising living costs and accelerate Nigeria’s transition to cleaner energy. “The VAT Mod...
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‘FG Extends Sale Of ₦40,000 Rice To Other States’ {DETAILS}
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Business

‘FG Extends Sale Of ₦40,000 Rice To Other States’ {DETAILS}

The federal government is set to commence the sale of its subsidized rice at ₦40,000 per 50kg in some other states of the federation. The states set to be the next beneficiaries of the federal government food subsidy initiative are Lagos, Kano and Borno States. This was made known by a director at the Federal Ministry of Agriculture and Food Security, who spoke to Punch on Monday on the condition of anonymity. It would be recalled that the government, in September, announced the commencement of the sale of rice to Nigerians at the subsidized rate of ₦40,000 per 50kg. The Minister of Agriculture and Food Security, Abubakar Kyari, officially launched the sale and distribution of the subsidized rice in Abuja. However, a Director in the Ministry said the governme...
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NNPCL allocates 48.6m barrels of crude to Dangote Refinery
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Business

NNPCL allocates 48.6m barrels of crude to Dangote Refinery

The Nigerian National Petroleum Company Limited, NNPCL, has allocated a total of 48.6 million barrels of crude oil to Dangote Petroleum Refinery in the past 10 months, Vanguard investigations have revealed. Details of the deliveries contained in official data on the transaction sighted by Vanguard showed that 3.4 million barrels (mb) were supplied in December 2023 while 3.5 million barrels were supplied in February 2024. The details further showed that 3.3md, 3.3mb, 3.0mb, 5.1mb, 5.1mb, 4.8mb and 5.6 were supplied to the refinery in March, April, May, June, July, August and September 2024 respectively. The transaction has already recorded 11.7mb for October 2024 deliveries. However, sources close to the Dangote Refinery said the volume supplied remains low when compared to the...
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BREAKING : Emirates Flight Lands In Lagos For First Time In Two Years
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Business

BREAKING : Emirates Flight Lands In Lagos For First Time In Two Years

Emirates, the flagship carrier of the United Arab Emirates, has resumed its operations in Lagos, marking a significant return after a two-year hiatus. This is coming two years after the suspension of operation by the airline over several issues including unresolved trapped funds belonging to the airline. The flight EK 783 landed at the Murtala Muhammad International Airport (MMIA), Lagos, on Tuesday at 3:32 pm, arriving at the old terminal with several empty seats on its Boeing 777-300ER. Despite the capacity to hold 392 passengers, the exact number of passengers aboard could not immediately be confirmed; however, eyewitnesses noted the visible presence of many unoccupied seats. This sparse passenger load highlights the challenges airlines are facing as they resume operations ...
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Nigeria’s money supply increased by 65% to N107.1tn in August – CBN
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Business

Nigeria’s money supply increased by 65% to N107.1tn in August – CBN

Nigeria’s money supply, M2 increased by 65 percent on a year-on-year basis to N107.1 trillion in August 2024 This is according to the Central Bank of Nigeria’s recently released data. This showed that M2 rose by 0.75 percent month-on-month from N106.3 trillion recorded in July 2024. Also on a year-on-year basis, the N107.1 trillion rise in M2 represents an N65 percent increase from the N64.8 trillion recorded in a corresponding period last year. Reacting to the rise in M2, the CBN Monetary Policy Committee in its 297th meeting held last week unanimously voted for a 50 basis point increase in the Monetary Policy Rate (MPR), raising it to 27.25 percent. The interest rate hike was accompanied by an adjustment to the Cash Reserve Ratio (CRR) of Deposit Money Banks, which was hik...
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Naira-for-crude deal begins Tuesday as Nigerians await reduced fuel prices
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Business

Naira-for-crude deal begins Tuesday as Nigerians await reduced fuel prices

The Nigerian government has confirmed that it will begin the supply of crude in Naira by the Nigerian National Petroleum Company Limited to the Dangote Refinery from Tuesday, October 2024 to reduce the cost of Premium Motor Spirit(Petrol). Dare Adekanmbi, the spokesperson to the Chairman of the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, Zacch Adedeji and the Chairman of the Federal Inland Revenue Service confirmed this in a statement on Sunday. He said, “I can confirm to you that the Chairman, Sub-Technical Committee, Zacch Adedeji, is working day and night to ensure that things go according to plans. He knows how important it is to have the agreement implemented as has been planned for the benefit of Nigerians.” This comes as the committee, on Septe...
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Tinubu Approves ₦10 Billion Take-Off Grant For Federal University Of Education Pankshin
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Business, Education

Tinubu Approves ₦10 Billion Take-Off Grant For Federal University Of Education Pankshin

President Bola Ahmed Tinubu has approved a ₦10 billion take-off grant for the newly established Federal University of Education, Pankshin (FUEP) in Plateau State. The institution, which was recently upgraded from the Federal College of Education Pankshin, received this financial boost to aid its smooth transition and development. Yusuf Adamu Gagdi, the representative of Pankshin/Kanke/Kanam Federal Constituency, announced the approval during the official unveiling of the university. The National Universities Commission (NUC) was present for a site assessment at Pankshin Local Government Area in Plateau State. Gagdi, who sponsored the bill for the institution’s upgrade, expressed his satisfaction, stating that this achievement was long-awaited, as the bill was signed by former ...
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CBN will inject N1.4tn to boost Nigeria’s liquidity, cautions banks Cardoso
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Business

CBN will inject N1.4tn to boost Nigeria’s liquidity, cautions banks Cardoso

The Governor of the Central Bank of Nigeria, Olayemi Cardoso has said that the apex bank will inject N1.4 trillion into the financial sector to boost liquidity in the country. Cardoso disclosed this Tuesday during a press conference at the end of the 297th Monetary Policy Committee. Responding to questions on cash insufficiency in banks’ Automated Teller Machines (ATM), Cardoso said the apex bank is working to provide a solution. According to him, the bank will impose sanctions on banks sabotaging the system. “Another N1.4 trillion is likely to be delivered in another three months to aid that whole process of cash within the system,” he said “… And if they are not, again, there will be sanctions but I believe that at the stage we are in now, everybody realizes that stakehold...
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Nigeria not ripe for total subsidy removal – Economist warns against monopoly
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Business

Nigeria not ripe for total subsidy removal – Economist warns against monopoly

An economist and public affairs analyst, Dr Samson Simon has urged the Federal Government not to heed advice for the total removal of subsidy on petrol. Simon, who is the Chief Economist, Economics & Data Limited was reacting to the interview granted Bloomberg Tv by the Chairman of Dangote Group, Aliko Dangote, wherein he urged the government to completely remove subsidy. He, however, said it was not the right thing to do at the moment considering that the country does not have sufficient local refining capacity. Speaking to DAILY POST in an exclusive interview, he observed that “theoretically, on paper, removal of subsidy is the best thing, it frees up resources to attend to more critical needs of the state, such as education, healthcare, infrastructure. “But we have tried...
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CBN raises interest rate to 27.25 per cent
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Business

CBN raises interest rate to 27.25 per cent

The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent. The monetary policy rate is the baseline interest rate in an economy. Every other interest rate used within an economy is built on the MPR. While speaking to newsmen at a press briefing after the committee’s fifth meeting for the year at the CBN headquarters on Tuesday in Abuja, the governor of the apex bank, Olayemi Cardoso, said the committee members unanimously decided to further tighten monetary policy. This new rate is an increase of 50 basis points from 26.75 per cent announced by the apex bank in July 2024. The new rate reflects an 8.5 per cent increase in interest rates under the current leadershi...
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I regret not buying Arsenal – Dangote {VIDEO}
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Business, News

I regret not buying Arsenal – Dangote {VIDEO}

The Chairman of Dangote Group, Aliko Dangote, has expressed regret not buying Arsenal for $2 billion in the past. Dangote said it appears that the “time has passed” for him to buy the Premier League club. He spoke with Bloomberg’s Francine Lacqua in New York on Monday. “I think that time has passed. The last time we had this interview, I told you that yes as soon as I finished with the refinery, I am going to try and buy Arsenal. “But the issue is that everything has gone up. The clubs are all doing well. Arsenal are doing extremely well now. At that time [that I wanted to buy] they were not doing very well.” “I think I don’t have that kind of excess liquidity to go and buy a club for $4 billion and use it for promotional something. “I would rather do something with the m...
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Recapitalisation: Mixed Sentiments Hit Banking Stocks as Index Recuperates 
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Business

Recapitalisation: Mixed Sentiments Hit Banking Stocks as Index Recuperates 

Following the banking sector recapitalisation exercise announced by the Central Bank of Nigeria in March 2024, the Nigerian Exchange Limited banking sector has witnessed sentiment trading. Kayode Tokede examines the sector’s current status and how investors are taking caution in taking positions amid impressive corporate earnings and dividend payouts   Since the Central Bank of Nigeria (CBN) announced the banking sector recapitalisation this year, investors have cautiously traded the banking stocks on the Exchange.  In the new dispensation unfolded by the CBN Governor, Olayemi Cardoso, commercial banks are facing minimum capital thresholds of N500 billion for international authorisation and N200 billion for national authorisation. In contrast, those wi...
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Naira among 10 worst performing currencies globally
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Business, News

Naira among 10 worst performing currencies globally

Nigeria's local currency, the naira, has been ranked among the 10 worst-performing currencies in the world, according to a report by Bloomberg.  The report highlights that five of the worst-performing currencies globally are from Africa, including the Zambian kwacha, Angolan kwanza, and the naira. The decline in the performance of African currencies has been attributed to several factors, including economic challenges, unstable commodity prices, inflationary pressures, and a lack of dollar liquidity. The report noted that many African economies, heavily reliant on oil exports, are particularly vulnerable to drops in oil prices. Keonethebe Bosigo, portfolio manager at Mazi Asset Management, commented that while oil prices are a significant factor, the real issue lies i...
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We’ve not reinstated Cybersecurity levy on Nigerians – CBN
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Business

We’ve not reinstated Cybersecurity levy on Nigerians – CBN

The Central Bank of Nigeria (CBN) has not reinstated the cybersecurity levy that was previously suspended. The CBN had suspended the enactment of the cybersecurity levy following a decision by the Federal Executive Council (FEC). In a notice in May, the CBN mandated all banks in Nigeria to collect and remit a 0.5 percent cybersecurity levy to the office of the National Security Adviser. However, the Nigerian government ordered the suspension of the levy amid outrage from citizens. Despite the suspension, there have been reports of the apex bank reintroducing the levy. However, the apex bank has denied reintroducing the levy amid outrage from Nigerians. The denial was contained in its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-202...
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Nigeria’s Pension assets hit N20.79tn in July 2024 – PenCom
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Business

Nigeria’s Pension assets hit N20.79tn in July 2024 – PenCom

The National Pension Commission said that pension fund assets under the contributory Pension have risen to N20.79 trillion as of July 2024. The Acting Director General of the Commission, Omolola Oloworaran disclosed this on Wednesday at the Quarterly Consultative Forum for states and the Federal Capital Territory pension bureaus/boards/commissions in Lagos. Oloworaran also revealed that states had collectively remitted over N236.7 billion between January 2020 and the second quarter of 2024. “Pension fund assets under the CPS continue to grow, with total Assets under Management soaring to N20.79 trillion as of July 2024. “We are pleased to note the steady remittance of contributions by States, with over N236.7 billion remitted by States between January 2020 and the second quarte...
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US Federal Reserve announces 0.5% interest rate cut as Nigeria awaits CBN MPC decision
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Business, News

US Federal Reserve announces 0.5% interest rate cut as Nigeria awaits CBN MPC decision

The United States Federal Reserve has finally announced a significant 0.5 percent cut to its interest rates, marking the start of what many analysts anticipate will be a sustained phase of monetary easing. This more aggressive reduction in borrowing costs follows rising concerns about the state of the U.S. job market. In its latest statement, the Federal Open Market Committee (FOMC) expressed greater confidence in inflation moving steadily towards its 2 percent target. The committee believes that risks to meeting both inflation and employment objectives are now more balanced. However, not all officials agreed— Governor Michelle Bowman preferred a smaller 0.25 percent cut. The Fed’s projections indicate further cuts, with another 0.5 percent reduction anticipated by the end of 2...
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CBN confirms implementation of controversial 0.005 Cybersecurity levy on transactions
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Business, News

CBN confirms implementation of controversial 0.005 Cybersecurity levy on transactions

The Central Bank of Nigeria, CBN, has confirmed the enforcement of the controversial cybercrime levy at 0.005 percent on all electronic transactions under its new guidelines for the 2024-2025 fiscal year. Apex Bank disclosed this in its recently released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025. The development comes after the levy was purportedly suspended after it sparked debate among Nigerians. The Cybercrime (Prohibition, Prevention, etc.) Act of 2015, is aimed at bolstering the nation’s cyber security infrastructure. Meanwhile, the percentage has been reduced from 0.5 percent earlier announced in May 2024 to 0.005 percent in the new guidelines. CBN reaffirmed its commitment to mandating banks and other financial institut...
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Nigerians Lose ₦42 Billion To POS, Mobile Phone Frauds Between April, June 2024 – Report
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Beauty Tips, Business

Nigerians Lose ₦42 Billion To POS, Mobile Phone Frauds Between April, June 2024 – Report

Fraud involving computers, mobile devices, and point-of-sale (POS) systems dominated fraudulent activities across Nigeria during the second quarter of 2024.This was revealed in the latest fraud report by the Financial Institutions Training Centre (FITC), which recorded a total of 11,532 fraud cases in the period under review. According to the report, computer/web fraud, mobile fraud, and POS-related fraud emerged as the most frequent, continuing a pattern observed throughout 2023 and into the first quarter of 2024. The total value of fraud in the second quarter was reported at ₦56.3 billion, marking a significant rise from the ₦34.8 billion documented in the first quarter of the year. Of this amount, ₦42.6 billion was successfully stolen by fraudsters, while financial institutions...
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BUSINESS : Major Marketers to import 141million litres of petrol
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Business

BUSINESS : Major Marketers to import 141million litres of petrol

Three major oil marketers in the country are expecting vessels of imported petrol this week despite the availability of petroleum from the local Dangote refinery. According to Punch, the dealers said about 141 million litres of PMS are being conveyed to Nigeria by vessels following the full deregulation of the downstream oil sector by the Federal Government. The marketers said that the recent hike in the pump prices of petrol produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited, NNPCL, on Monday, September 16, has allowed room for PMS imports. The move comes as the Nigerian Midstream and Downstream Petroleum Regulatory Authority declared that all imported PMS would be subjected to at least three major tests by the agen...
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BREAKING : CBN Appoints New Board Chairman, Directors For Keystone Bank
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Business

BREAKING : CBN Appoints New Board Chairman, Directors For Keystone Bank

The Central Bank of Nigeria (CBN) has approved a new chairman and board of directors for Keystone Bank. This was confirmed in a statement on Wednesday by Keystone bank, in which it noted that the move was part of the apex bank’s strategy to ensure sustained growth for the financial institution. The CBN appointed a new board chairman, five non-executive directors and two new directors. the CBN had confirmed in January that it had dissolved the board and management of Union Bank, Keystone Bank, and Polaris Bank. The apex bank, in a statement signed by its acting director of Corporate Communications, Sidi Ali Hakama, said the move became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks ...
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Nigeria’s external reserves at risk due to petrol subsidy removal – CBN
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Business

Nigeria’s external reserves at risk due to petrol subsidy removal – CBN

The Central Bank of Nigeria (CBN) has expressed concerns over the country's foreign exchange reserves, citing potential risks stemming from the removal of the petrol subsidy and lower crude oil earnings.  As of September 12, 2024, Nigeria's external reserves stood at $36.08 billion, according to CBN data. In its newly published ‘Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025,’ the CBN highlighted the challenges posed by increased external debt servicing obligations, which could negatively impact the growth of external reserves during the period. The CBN said;  “Lower crude oil earnings, fuel subsidy removal, rising import bills and increased external debt servicing obligations could pose downside risks for the accret...
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NNPC releases another estimated petrol price breakdown
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Business

NNPC releases another estimated petrol price breakdown

The Nigeria National Petroleum Company Limited has released another version of the breakdown of the estimated price of petrol bought from the Dangote refinery. PUNCH Online earlier reported that in a statement on Monday morning, the NNPC gave a chart breakdown of the refined petrol product it bought from the refinery on Sunday, September 15. The nation’s oil firm stated that it is paying the Dangote refinery in United States dollars for the September 2024 petrol offtake, adding that Naira transactions will only commence on October 1st, 2024. The statement reads, “The NNPC Ltd. has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country. “The estimated prices a...
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It doesn’t make sense for NNPCL to sell Dangote Petrol higher than imported ones — IPMAN
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Business, News

It doesn’t make sense for NNPCL to sell Dangote Petrol higher than imported ones — IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has decried the decision of the Nigerian National Petroleum Company Limited (NNPCL) to sell petrol lifted from the Dangote Refinery higher than imported ones. The NNPCL began loading the first batch of petrol from the Dangote Refinery on Sunday, saying it got petrol at N898 per litre from the private refinery. Dangote Refinery denied selling petrol to the NNPCL at N898.  A spokesman for the refinery Anthony Chiejina in a statement late Sunday described the claim by the NNPCL as “misleading and mischievous”. Before buying petrol from the Dangote Refinery on Sunday, NNPCL retail outlets in Lagos sold petrol for around N855 but on Monday, the NNPC the Dangote petrol will now sell for N950 per litre in Lagos and N...
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BREAKING : Nigeria’s inflation rate declines for second consecutive month in August
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Business, News

BREAKING : Nigeria’s inflation rate declines for second consecutive month in August

Nigeria’s inflation rate dropped to 32.15 percent in August 2024, from 33.40 percent in July. This is according to National Bureau of Statistics, NBS, latest Consumer Price Index and Inflation Data released on Monday. According to the data, the country’s headline inflation cooled off by 1.25 percent in August compared to the 33.40 percent recorded in July. Similarly, the report showed that food inflation stood at 37.52 percent in August 2024, from 39.53 percent in July. According to NBS data, this is the second consecutive time the country’s inflation decreased. The inflation decline comes despite the recent fuel pump price hike. Speaking during a Channels Television interview on Monday, Johnson Chukwu, the Managing Director of Cowry Asset Management, noted that the e...
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NNPCL announces pump prices nationwide after lifting Dangote Refinery petrol
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Business

NNPCL announces pump prices nationwide after lifting Dangote Refinery petrol

The Nigerian National Petroleum Company has released a breakdown of estimated prices of Premium Motor Spirit (Petrol) from Dangote Refinery in retail stations across the country based on September 2024 pricing. The Spokesperson of NNPCL, Olufemi Soneye disclosed this in a statement on Monday. The company confirmed that it is paying Dangote Refinery in United States Dollars for the September 2024 PMS offtake. The state-owned company stressed that the Dangote Refinery Petrol gantry was bought at N898.78 per liter. Consequently, the estimated cost price of petrol in Lagos, plus logistics, will stand at N950.22 per litre. In other locations like Federal Capital Territory (Abuja), Sokoto, and Kano states, petrol will be sold at estimated prices of N999.22 per litre. Rivers, Ba...
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JUST IN : NNPC to sell Dangote petrol N1,019/ litre in Borno, N950 in Lagos
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Business, News

JUST IN : NNPC to sell Dangote petrol N1,019/ litre in Borno, N950 in Lagos

The Nigerian National Petroleum Company Limited has said that it will sell the petrol lifted from the Dangote Refinery at a price above N1,000 per litre in the far north. The NNPC spokesperson, Olufemi Soneye, disclosed this on Monday, in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’. Soneye explained that the price may go for as high as N1,019/litre in places like Borno State, and N999.22 in Abuja, Sokoto, Kano, and others. In Oyo, Rivers and other areas in the South, it will be N960 per litre. The lowest price, according to an infographic released by the NNPC, is N950 in Lagos and its environs. “The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained ...
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Anthony Joshua Insists Daniel Dubois Wasn’t Close To Knocking Him Out
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Boxing, Business, Sports

Anthony Joshua Insists Daniel Dubois Wasn’t Close To Knocking Him Out

While Nigerian-born British heavyweight boxer, Anthony Joshua is preparing to face Daniel Dubois on September 21, there have been strong speculations that the 26-year-old Briton almost knocked out AJ in a sparring session in 2016. Former professional boxer, Anthony Fowler, who witnessed the sparring session, escalated the speculation by saying that Anthony Joshua’s “legs were like jelly” after receiving a hard punch from Dubois. The former boxer went further to reveal that Joshua’s trainer, Rob McCracken, had to force him to stop sparring due to the condition of AJ after receiving the hard punch. “Have a little break, get your legs back to normal, and then spar”, Fowler quoted AJ’s trainer as saying to the Nigerian-born boxer. In his reaction to the speculations, Anthony J...
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CBN directs service providers to commence PoS transaction tracking
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Business

CBN directs service providers to commence PoS transaction tracking

The Central Bank of Nigeria (CBN) has directed payment service providers to begin tracking all Point of Sale (PoS) transactions. In a circular to all Payment Service Providers (PSPs) on connectivity to payment terminal service aggregators, the apex bank handed a 30-day deadline to PSPs to regularise with Payment Terminal Service Aggregators (PTSA).  The circular, dated September 11, 2024, was signed by CBN’s Director of Payments System Management, Oladimeji Taiwo.  It reads partly, “As part of efforts to mitigate the concems regarding channeling all Point of Sale (PoS) transactions through a single aggregator, the CBN on April 19, 2024, granted a second PTSA licence to Unified Payment Services Limited (UPSL).”  The CBN then directed that “acquirers are he...
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We Are Forced To Export 95 Percent Of Our Petrol – Dangote Refinery
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Business

We Are Forced To Export 95 Percent Of Our Petrol – Dangote Refinery

Dangote Refinery has disclosed that it is being forced to export 95-97 percent of its Premium Motor Spirit (petrol). The Refinery explained that this is due to low patronage by marketers in Nigeria. The Vice President, Oil and Gas at Dangote Industries Limited, Devakumar Edwin, disclosed this on Wednesday during an X Space session organized by Nairametrics. The indigenous oil firm revealed that it sells only 2 to 3 percent of its petrol to oil marketers who are willing to purchase from them. Edwin gave insights into the challenges facing the Dangote Refinery and the country’s oil and gas sector. “I’m selling 2 to 3 percent to small traders who are willing to buy, while the rest 95 to 97 percent I’m forced to export,” he said while speaking about the quantity of the r...
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Stakeholders Jubilate As Nigeria Signs Cape Town Convention To Reduce Airline Operation Costs
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Business

Stakeholders Jubilate As Nigeria Signs Cape Town Convention To Reduce Airline Operation Costs

Shettima says Tinubu is bent on promoting Nigeria’s airline industry following the signing of the Cape Town Convention Practice Directions. Nigeria’s federal government on Thursday signed the Cape Town Convention (CTC) Practice Directions in a move to reduce the cost of airline operations in the nation’s aviation sector. The CTC Practice Direction was signed by the Chief Judge of the Federal High Court, Justice John Terhemba Tsoho, during a stakeholders’ meeting of the Presidential Enabling Business Environment Council (PEBEC) chaired by Vice President Kashim Shettima at the State House, Abuja. With the signing of the CTC Practice Direction, the Cape Town Convention becomes actively and fully operational in Nigeria, thereby reducing the cost of insurance for airlines, ...
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Tell Us The Price Of Your Petrol, We Are Anxious – Marketers Tell Dangote Refinery
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Business

Tell Us The Price Of Your Petrol, We Are Anxious – Marketers Tell Dangote Refinery

Local marketers have urged the authorities at Dangote Refinery to disclose the price of fuel from its refinery as they are ready to buy petrol from the facility. The President of the Petroleum Products Retail Outlets Owners Association (PPROOA), Gillis-Harry, who expressed the position of the local marketers, said they can’t simply rely on claims that Dangote’s petrol is cheaper than the imported one without any concrete communication from the refinery. He, however, expressed the readiness of the oil marketers to do business with Dangote Refinery at a price that would be beneficial for both sides. The statement comes as a direct response to the submission by the Vice President of Dangote Industries Limited, Edwin Devakumar, who accused local petroleum marketers of b...
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CBN directs payment service providers to begin PoS transaction tracking
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Business

CBN directs payment service providers to begin PoS transaction tracking

The Central Bank of Nigeria has directed all Payment Service Providers to route all transactions from PoS terminals at merchant and agent locations — physical or electronic — through an approved CBN Payment Terminal Service Aggregator. It also issued a 30-day deadline requiring service providers to comply with enhanced routing guidelines for Point of Sale transactions. This move aims to strengthen the monitoring of electronic transactions across Nigeria and decentralise PoS transaction routing, addressing concerns about the centralisation of such transactions under a single entity. The apex bank, in a circular signed by Oladimeji Yisa Taiwo on behalf of the CBN’s Payments System Management Department on Thursday, stated that all PoS transactions from merchant and agent locations must...
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Senate postpones resumption till September 24
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Business, Education

Senate postpones resumption till September 24

The Senate is set to resume from its annual recess on Tuesday, September 24, 2024. The Clerk of the Senate, Chinedu Akubueze, made this known in an internal memorandum titled “Change in Resumption Date from Summer Break” sent to all the lawmakers on Wednesday. The memo stated that the Red Chamber was earlier scheduled to resume on Tuesday, September 17, 2024, but resumption has been shifted by one week on the directive of the Senate leadership The memo read, Please be informed that the resumption date from the ongoing recess has been rescheduled from Tuesday, September 17, 2024, to Tuesday, September 24, 2024, at 11 am. “Thank you for your understanding and cooperation.” PUNCH Online recalls that the Senate embarked on its annual recess on July 23 and was to resume on Se...
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Nigeria’s top five import destinations revealed
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Business

Nigeria’s top five import destinations revealed

The National Bureau of Statistics has revealed Nigeria’s top five import destinations in the second quarter of 2024. According to NBS foreign trade data for Q2 2024, China is Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands. The data showed that the most traded commodities during the quarter were Motor spirit ordinary, oil, Durum wheat, Butanes and Cane sugar meant for sugar refinery. The value of total imports in the period under review stood at N12,473.53 billion. This represents a decrease of 10.71 percent compared with the value recorded in Q1, 2024 (N13.970.05 billion) and a rise of 97.93 percent from the value recorded in the corresponding quarter of 2023 (N6,301.95 billion). Conversely, Nig...
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IATF2025 Poised To Drive $44bn in Trade and Investment Across Africa
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Business

IATF2025 Poised To Drive $44bn in Trade and Investment Across Africa

The 2025 edition of the Intra-African Trade Fair promises groundbreaking opportunities, expanding markets and showcasing Africa’s economic potential. The countdown to the fourth Intra-African Trade Fair (IATF2025) has officially begun, with Algiers, Algeria set to host the continent’s premier trade and investment event from 4 – 10 September 2025. According to a press statement issued by  the organisers of the IATF, The fair is expected to bring together over 35,000 visitors from more than 140 countries, along with 2,000 exhibitors showcasing a wide range of goods and services. The IATF2025, organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, will focus on...
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FG Begins Sale Of 50KG Rice To Nigerians At ₦40,000 (See How To Buy Yours)
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Business, News

FG Begins Sale Of 50KG Rice To Nigerians At ₦40,000 (See How To Buy Yours)

The federal government has launched the sale of rice to Nigerians at the subsidized rate of ₦40,000 per 50kg. The Minister of Agriculture and Food Security, Abubakar Kyari, officially launched the sale and distribution of the subsidized rice in Abuja on Thursday. According to him, the development is timely and is part of the efforts of President Bola Tinubu to ensure Nigerians do not go to bed hungry. The government made available 30,000 metric tonnes of milled rice to be sold at a subsidized rate to Nigerians. According to the Minister, “This food intervention can be said to be timely considering the times and challenges we are in as citizens of this great nation. “It is my pleasure to welcome you all to this historical, all-important and long-awaited inauguration...
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Bill Gates Foundation Invests $2.8bn To Revolutionise Nigeria’s Healthcare, Agriculture, Nutrition
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Business

Bill Gates Foundation Invests $2.8bn To Revolutionise Nigeria’s Healthcare, Agriculture, Nutrition

Bill Gates has announced a $2.8bn investment for Nigeria, aimed at tackling health, nutrition, and agricultural challenges. Co-Chairman of Bill and Melinda Gates Foundation, Mr Bill Gates, who was invited to the NEC meeting, announced a $2.8 billion investment in Nigeria aimed at enhancing the country’s healthcare, nutrition, and agricultural sectors. Addressing the NEC-in-session, the United States billionaire and philanthropist stressed the critical need to invest in Nigeria’s greatest resource, its people, while addressing the economic challenges the country faces. Gates has been a long-time supporter of development in Nigeria, with his foundation’s commitment to the country now totalling over $2.8 billion, the largest in Africa. His remarks to the NEC highlighte...
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Fuel price hike: Transport fares surge by 50% in Abuja
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Business

Fuel price hike: Transport fares surge by 50% in Abuja

Transportation fares have increased by at least 50 percent in the Federal Capital Territory, Abuja, amid the recent hike in the price of Premium Motor Spirit. This comes as the fuel price was increased to N897 and N980 in Nigerian National Petroleum Company Limited retail outlets and independent marketers filling stations in Abuja from N617 to over N1000. The development has pushed up the cost of transportation in the Nation’s capital. An Abuja resident, Bala Muhammed said he paid N1000 from Kubwa to Bannex Bridge, the same route that goes for N500. Similarly, Adeola Adebayo, a civil servant paid N1500 to Berger Junction from Zuba compared to N1000 previous cost. “The petrol price increase has impacted the fare. Today I paid N1,500 to Berger from Zuba instead of N1,000”, she...
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RobotPlusPlus Unveils HighMate C20 At SMM 2024, Aiming To Transform Maritime Cleaning
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Business

RobotPlusPlus Unveils HighMate C20 At SMM 2024, Aiming To Transform Maritime Cleaning

RobotPlusPlus has introduced the HighMate C20 at SMM 2024, a revolutionary maritime cleaning robot offering efficiency and safety Geekplus in collaboration with SSI Schaefer has implemented its Tote-to-Person solution in Italy for Dr. Max At the SMM 2024 conference, RobotPlusPlus has launched its highly anticipated HighMate C20 Cargo Hold Cleaning Robot, marking a significant advancement in maritime cleaning technology. The new device promises to revolutionise cargo hold cleaning with its ability to perform the work of three people, all while enhancing safety and efficiency. In a press statement released on Thursday, RobotPlusPlus revealed that the HighMate C20 is designed to tackle the demanding conditions of maritime environments, featuring a multi-purpose design...
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Nigeria, Tunisia to begin direct flight in 2026
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Business

Nigeria, Tunisia to begin direct flight in 2026

The Ambassador of Tunisia to Nigeria, Mohsen Antit, has announced that direct flights between Tunisia and Nigeria are expected to commence in 2026. This initiative is part of broader efforts to enhance bilateral relations between the two countries. In an interview on Wednesday in Abuja, Antit emphasized that direct flights are essential for fostering closer business, political, and cultural connections. Currently, flights between Nigeria and Tunisia are primarily operated by non-African airlines. The only recent African airline to offer a direct route is Morocco’s Royal Air Maroc, which launched flights between Abuja and Casablanca in June 2024. READ MORE Kindly Share this story, leave your comment, like and share this story: You can Send your news and e...
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Nigeria emerges third largest debtor to World Bank’s IDA {FUUL LIST}
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Business

Nigeria emerges third largest debtor to World Bank’s IDA {FUUL LIST}

Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), reflecting a significant increase in the country’s borrowing from the institution. According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by 14.4% from $14.3 billion in the fiscal year (FY) of 2023 to $16.5 billion in FY2024. This $2.2 billion increase places Nigeria among the top three IDA debtors for the first time, a notable shift from its previous position as the fourth-largest borrower in 2023. The fiscal year for 2024 runs from July 2023 to June 2024, which means that Nigeria has received at least $2.2 billion from the World Bank under the administration of President Bola Tinubu. This debt is different from any outstanding lo...
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Banks’ Borrowing From CBN Drops By 76% – Report
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Business

Banks’ Borrowing From CBN Drops By 76% – Report

The borrowing by various banks from the Central Bank of Nigeria (CBN) through the Standing Lending Facility (SLF) experienced a significant decline of 76.4 per cent month-on-month, decreasing to ₦4.04 trillion in August from ₦17.12 trillion in July. According to the CBN Financial Data, there was a notable increase in banks’ deposits within the CBN Standing Deposit Facility (SDF), which surged by 270.7 per cent month-on-month, rising to ₦8.12 trillion from ₦2.19 trillion in July. These trends suggest that banks are currently holding excess funds, which are not being utilized by businesses, likely due to the elevated borrowing rates following the recent hike in the Monetary Policy Rate (MPR). This situation arises in the context of the CBN’s recent adjustments to the SDF rates, aime...
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Reaction as NNPCL reportedly hikes pump price above N800, sells fuel at N855 per liter {VIDEO}
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Business

Reaction as NNPCL reportedly hikes pump price above N800, sells fuel at N855 per liter {VIDEO}

There are indications that Nigerians are in for harder times as the Nigerian National Petroleum Corporation Limited (NNPCL) has increased its pump price to N855 per litre. This comes just as the NNPCL management admitted that it was facing a debt challenge to the tune of $6 billion from its supply chain abroad. While the prices have varied since the removal of the subsidy by the Nigerian government, NNPCL had retained its fuel price at N617 per litre. A statement by its Chief Corporate Communications Officer, Olufemi Soneye, subtly confirmed that the debt was the cause of fuel queues springing up at filling stations across the country, lamenting that it is impacting supply sustainability. There were speculations that the national oil company began struggling to meet fuel supply...
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FEC to determine the price of our petroleum product- Dangote {VIDEO}
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Business, News

FEC to determine the price of our petroleum product- Dangote {VIDEO}

Businessman, Aliko Dangote, has said that the Federal Executive Council (FEC) will determine the pricing of petrol produced at his 650,000 barrels per day facility. Aliko disclosed this while rolling out the first petroleum product from his private refinery today September 3. He said that as soon as his company finalises modalities with the Nigerian National Petroleum Company Limited (NNPCL), the product will hit the market. While responding to a question on the price of the petroleum products from his refinery, the businessman said  “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu. As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today...
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BREAKING : Dangote Refinery begins first petrol rollout {VIDEO}
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Business, News

BREAKING : Dangote Refinery begins first petrol rollout {VIDEO}

Dangote Refinery has commenced the rollout of its first Premium Motor Spirit (Petrol) from its 650,000 barrels per day Lagos-based refinery. The President of Dangote Group, Aliko Dangote, disclosed this during a press conference with journalists on Tuesday. He stated that the company’s petrol will substitute import dependence, bring down inflation, and stabilize the Naira against the dollar. According to him, the petrol will hit the Nigerian market as soon as discussions are finalized with the Nigerian National Petroleum Company Limited. “The quality will match that of anywhere in the world. “It is a day of celebration. It is a day to give thanks to God, to give thanks to Mr. President, and also to friends who have been supportive in ensuring that this refinery produces gaso...
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Equities market resumes September bullish, investors gain N123bn
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Business, News

Equities market resumes September bullish, investors gain N123bn

The Local equities market on Monday, resumed the month of September on a bullish note with investors wealth growing by N123.45 billion over bargain hunting in Oando and banking stocks. A the close of Monday’s trading session, the benchmark All Share Index (ASI) and Market Capitalization added 0.22 per cent rising to 96,793.95 points and N55.60 trillion respectively from an opening value of 96,579.54 points and N55.47 trillion This indicates renewed investors’ confidence despite shedding 1.2 per cent value in August. The Year-to-Date returns inched up to 29.16 per cent. The positive performance of the market was largely driven by notable gains in the share prices of Oando, Access Bank, UBA, Zenith Bank, GTCO, and 23 other stocks. These companies also led in trading volume, with UBA ex...
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Fuel scarcity may linger as NNPCL admits its $6b debts may affect supply
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Business

Fuel scarcity may linger as NNPCL admits its $6b debts may affect supply

The Nigeria National Petroleum Company Limited (NNPCL) has acknowledged that its current financial difficulties may jeopardise the sustainability of petrol supply across the country.  This admission comes amid reports that the state oil giant is indebted to fuel suppliers to the tune of approximately $6 billion, leading to reluctance among supply agents to make the product available. Despite the financial challenges, the worsening situation has compelled NNPCL to resort to stock rationing and appeal to major suppliers to continue deliveries. Over the weekend, it was reported that no fewer than five vessels destined for Nigeria refused to discharge their fuel cargoes due to fears of non-payment. The financial strain has also forced the company to seek a $300 million bailou...
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Currency outside banks dropped to N3.7trn in July –CBN
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Business

Currency outside banks dropped to N3.7trn in July –CBN

The Central Bank of Nigeria’s (CBN) has disclosed currency outside the banking system dropped to N3.66 trillion in July, inferring that its ongoing efforts to tighten liquidity and encourage formal banking deposits are showing promising results. The development marks the second significant decline this year, reflecting a shift in public behavior towards increased reliance on banking institutions. The figure represents a 3.32 per cent drop (N130 billion) from June’s N3.79 trillion; a sharper decrease compared to the modest 0.62 per cent (N20 billion) reduction recorded between March and April. The trend suggests that Nigerians are increasingly opting to deposit their money in banks rather than keeping it in cash. Interestingly, while currency outside banks decreased, the total curr...
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FG officially accepts crypto as it grants approvals to operators
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Business

FG officially accepts crypto as it grants approvals to operators

The Federal Government, through the Securities and Exchange Commission (SEC), has officially granted operational approvals to several crypto operators, showing an acceptance of the digital currency. SEC’s approvals come after a series of crackdowns on the crypto industry in 2024, following the lifting of a ban on official crypto transactions in December 2023. The government had targeted crypto operators, blaming them for the naira’s volatility, tax evasion, and terrorism financing On Thursday, August 29, the SEC announced that it had granted approval in principle to two Digital Asset Exchanges to begin operations under its Accelerated Regulatory Incubation Program (ARIP). The SEC said five firms including Busha Digital Limited, Quidax Technologies Limited, Trovotech Ltd, Wrapp...
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Businesses, households expect Nigeria’s inflation rate to rise in coming months – CBN
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Business

Businesses, households expect Nigeria’s inflation rate to rise in coming months – CBN

Nigerian businesses and households expect the inflation rate to rise in the next one to six months. This is according to the Central Bank of Nigeria’s July Inflation Expectations Survey Report released on Tuesday. The survey showed that respondents expect inflation to rise in the review months with indices of 37.4 for the next month, -26.3 for the next two months and -15.8 for the next six months. However, the report showed respondents expect the inflation rate to gradually reduce over the next six months. A further analysis indicated that businesses anticipate that the inflation rate will drop compared to households, with indices of -33.4 and -11.0 points for the next month and next six months respectively. “Overall, both businesses and households believe that the inflation...
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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 28th August 2024
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Business

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 28th August 2024

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 27th August, below. You can swap your dollar for Naira at these rates. How much is a dollar to naira today in the black market? Dollar to naira exchange rate today black market (Aboki dollar rate): The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1605 and sell at N1615 on Tuesday 27th August 2024, according to sources at Bureau De Change (BDC). Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their ...
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FG Appoints 23 Managers To Lead $10 Billion Global Investment Fund
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Business

FG Appoints 23 Managers To Lead $10 Billion Global Investment Fund

The Federal Government of Nigeria has appointed 23 fund managers to oversee the $10 billion Nigeria Global Investment Fund (NGIF). This initiative is a major part of the country’s strategy to attract both international and domestic investments into critical sectors of the Nigerian economy. These sectors include agriculture, manufacturing, energy, infrastructure, and fintech. According to a document made available to newsmen, the NGIF is a cornerstone of Nigeria’s broader industrial revitalization strategy, orchestrated by the Federal Ministry of Industry, Trade, and Investment. The fund aims to diversify the nation’s economy by reducing its reliance on oil revenues and promoting sustainable, inclusive economic growth. The NGIF operates as an umbrella entity, comprising a ser...
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IMF hinges Nigeria’s 3.1% economic growth outlook on stronger reforms
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Business

IMF hinges Nigeria’s 3.1% economic growth outlook on stronger reforms

The International Monetary Fund (IMF), says achieving Nigeria’s projected 3.1 per cent economic growth outlook for 2024 is dependent on the implementation of stronger reforms. Injuries, male colleagues' attitude almost made me quit welding - Zainab Giwa, Yaba Tech graduate Dr Christian Ebeke, IMF Resident Representative, said this at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2024 with the theme: “Invest Nigeria”, on Tuesday in Lagos. Ebeke said that for the country to grow slightly from the 2.9 per cent rate of 2023, further reforms on governance and business regulations were needed. He said that such reforms would transform its growth momentum into something more durable.He, however, said that the country had recorded prog...
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Tomatoes, yam record price drop in Nigeria
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Business

Tomatoes, yam record price drop in Nigeria

The National Bureau of Statistics said that the prices of Tomatoes and yams dropped on a Month-on-month basis in July 2024 NBS disclosed this in its latest report on Selected Food Price Watch in July. The report showed that the price of Tomatoes 1kg was reduced by -26.43 percent to N1,693.83 in July from N2,302.26 in June 2024. Meanwhile, Tomatoes recorded a 203.57 percent increase on a year-on-year basis from N557.96 in July 2023 to N1,693.83 in July 2024. Similarly, the average price of 1kg of Yam tuber decreased by -10.82 percent N1,802.84 from N 2,021.55 in June 2024. However, the price of Yam increased by 234.23 percent on a year-on-year basis from N539.41 in July 2023 to N1,802.84 in July 2024. Also, NBS data showed that the prices of eggs, beans and garri incr...
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FG To Shut Errant Filling Stations As Petrol Sells At ₦1,000/litre
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Business

FG To Shut Errant Filling Stations As Petrol Sells At ₦1,000/litre

Independent oil marketers in Nigeria have hiked the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to between ₦900 and ₦1,000 per litre. This comes amid growing frustration over the disparity in fuel prices, as stations operated by the Nigerian National Petroleum Company (NNPC) continue to sell petrol at much lower prices, ranging from ₦568 to ₦617 per litre. The significant price gap has led to long queues at NNPC stations, where consumers hope to buy petrol at more affordable rates. However, independent marketers have defended their decision, claiming that they are forced to purchase petrol from private depots at exorbitant rates, sometimes as high as ₦850 per litre. One independent marketer who spoke with Punch stated, “We’ve been buying petrol from...
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