Business

6Sep By snowmediatvNo Comments

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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5Sep By snowmediatvNo Comments

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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5Sep By snowmediatvNo Comments

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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4Sep By snowmediatvNo Comments

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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4Sep By snowmediatvNo Comments

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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4Sep By snowmediatvNo Comments

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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4Sep By snowmediatvNo Comments

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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3Sep By snowmediatvNo Comments

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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3Sep By snowmediatvNo Comments

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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3Sep By snowmediatvNo Comments

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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3Sep By snowmediatvNo Comments

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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2Sep By snowmediatvNo Comments

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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30Aug By snowmediatvNo Comments

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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29Aug By snowmediatvNo Comments

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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28Aug By snowmediatvNo Comments

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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28Aug By snowmediatvNo Comments

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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28Aug By snowmediatvNo Comments

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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28Aug By snowmediatvNo Comments

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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27Aug By snowmediatvNo Comments

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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27Aug By snowmediatvNo Comments

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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27Aug By snowmediatvNo Comments

Business

Airfare Hike: Domestic Flight Prices Climb To ₦98,561, Marking 25% Annual Increase

Domestic air travel costs in Nigeria saw a significant increase in July 2024, with fares rising by 25% compared to the same period last year, according to the Nigerian Bureau of Statistics (NBS). In its Transport Fare Watch Report for July, the NBS revealed that the average domestic airfare for a single journey jumped to ₦98,561.74, up from ₦78,775.74 in July 2023. The report also highlighted a 9.65% increase in fares from June to July 2024. The rise in airfares comes amid the federal government’s recent decision to increase tax charges, despite ongoing concerns from the Airline Operators of Nigeria regarding multiple taxation. Interestingly, while airfares surged, prices for other modes of transportation, such as bus, motorcycle, and waterway journeys, saw a decline during the...

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26Aug By snowmediatvNo Comments

Business

I earned N7m from growing tomatoes, pepper — Gombe farmer

Mr Saleh Maikudi, a 35-year-old farmer from the Bula community in Akko Local Government Area of Gombe State, says he earns over N7 million annually from growing tomatoes and pepper. Maikudi, in an interview with NAN on Monday in Bula community, claims he became a millionaire from growing vegetables. He said his investment in tomato and pepper farming yielded good returns. Maikudi said he spent over N1.5 million on 30 hectares of farmland which he cultivated in 2023. “In 2023, I made N7 million from cultivating tomato and pepper. “I only spent N1.5 million as the total cost of preparing and planting the vegetables. “I cultivated tomato, bell pepper (Tatashe), chilli pepper, Cayenne pepper (shombo) and Scotch bonnet (hot pepper) on my farmland.” Maikudi, who is also ...

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26Aug By snowmediatvNo Comments

Business

Nigeria has received $774.99m, about 16% of $4.95 billion World Bank loans approved under President Tinubu, new data reveals

The Federal government has received only 16% of the total loan approved by the World Bank under the administration of President Bola Tinubu. An analysis of disbursement data from the website of the World Bank shows that as of July 31, 2024, only $774.99 million had been disbursed. The loans were approved for various projects aimed at economic stabilization, infrastructure development, and social welfare. In total, these loans amount to $4.95 billion, with a substantial $4.16 billion still awaiting disbursement. The World Bank data analysis shows that the first project approved under Tinubu’s administration, the Power Sector Recovery Performance-Based Operation, secured on June 9, 2023, has only received $1.12 million of its $750 million allocation. It is important to...

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26Aug By snowmediatvNo Comments

Business

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 26th 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 25th 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 N1600 and sell at N1610 on Sunday 25th 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 r...

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26Aug By snowmediatvNo Comments

Business

SEC urges investors to secure dividends through enhanced e-portal

The Securities and Exchange Commission, SEC, has encouraged investors to take advantage of the revamped e-dividend portal to mandate their accounts, emphasising the platform’s security and user-friendliness. This was contained in a statement by SEC Director General Emomotimi Agama, who stated that the portal is a secured means for investors to manage their dividends and mitigate the growing issue of unclaimed dividends. According to him, the portal is accessible through the SEC official website or the Nigerian Interbank Settlement System platform, and it is fully protected against cybersecurity threats. “If you access that portal from the SEC website, it is genuine. The only other website that is genuine is the NIBSS platform because the portal was built in conjunction with them. ...

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24Aug By snowmediatvNo Comments

Business

Nigeria Customs announces fresh managerial appointments

The Comptroller General of Customs of the Nigeria Customs Service, Adewale Adeniyi, has approved the appointments of the key management team. Abdullahi Maiwada, the NCS spokesperson, disclosed this in a statement on Friday. The appointments come following the retirement of some key management team members in Customs. BM Jibo has been appointed as the Deputy Comptroller-General in charge of finance administration and technical services. “OA Alajogun, acting DCG enforcement, inspection, and investigation; IG Umar, acting ACG headquarters; OA Salefu, acting Assistant Comptroller-General, training and doctrine command; BA Makinde, acting ACG, human resource development; Timi Bomodi, acting ACG enforcement, inspection, and investigation”, the statement reads. You ...

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23Aug By snowmediatvNo Comments

Business

Fidelity Bank faults NDPC data breach allegation

Fidelity Bank has denied allegations of data breach and disputed the fine imposed by the Nigerian Data Protection Commission. The Divisional Head of Brand and Communications, Fidelity Bank, Meksley Nwagboh, in a statement signed on Wednesday, said the bank “conducted itself to the highest ethical standards by ensuring full compliance with extant laws on data protection”. On Wednesday, NDPC said it imposed an N555.8 million fine on Fidelity Bank for allegedly violating data privacy laws. According to the National Commissioner of NDPC, Vincent Olatunji, the bank’s “arrogance ultimately led us to impose the full penalty”. Reacting to the fine, the bank said the alleged data breach was investigated, and it was discovered that “an account opening request was received online, but...

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23Aug By snowmediatvNo Comments

Business

CBN faces multiple court cases over sacked staff

The Central Bank of Nigeria, CBN, is facing multiple court cases from staff who were recently relieved of their jobs under the reorganisation of the apex bank by the current administration of President Bola Tinubu. Over 100 suits have so far been filed by personnel recently sacked by the bank to challenge what they termed an unjust termination of their service. They are also seeking payment of all their entitlements. DAILY POST recalls that the Central Bank of Nigeria laid off over 200 staff on May 24, 2024, through a letter titled “Re-Organisation.” The lead counsel to some of the affected staff on Thursday, after filing some of the cases before the National Industrial Court Abuja, Mr Ola Olanipekun, SAN, said his claimants approached the court to enforce their right as workers t...

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22Aug By snowmediatvNo Comments

Business

FG Issues Additional Requirements To Investors

The Federal Government has announced that investors interested in the country’s new financial instrument are required to meet specific identification criteria in order to participate in the offer. this fresh information was shared in a Frequently Asked Questions document released by the Debt Management Office on its official website. As outlined in the FAQ, all Nigerian citizens, including those living overseas, must have a Bank Verification Number (BVN) and a National Identification Number (NIN) to participate in the subscription for the domestic dollar bond launched on Monday. This bond is part of a larger $2 billion initiative, with the government aiming to raise $500 million from both local and international investors in this initial phase. Eligible participants encompa...

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21Aug By snowmediatvNo Comments

Business

Garri, tomatoes prices fall in Anambra, Ebonyi, Enugu

The prices of garri, a major staple food, and tomatoes, have dropped significantly in Anambra, Ebonyi and Enugu States, bringing some respite to many households in the area. A survey carried out by the News Agency of Nigeria in major markets in Awka, Anambra, showed that a bag of garri now costs N75,000 as against N90,000 in June. Also, a basket of tomatoes, which sold for N100,000 in June, has come down to between N80,000 and N85,000. A paint bucket of the commodity came down from N12,000 in June to between N7,000 and N6,000. #endbadgovernanceinnigeria Day 2: Moment Little Boy Was Spotted At Ojota Protest Ground Today 0:00 / 0:00 Similarly, the price of a bag of chili pepper reduced from N120,000 to N60,000, while a paint bucket that sold for N8,000 now sells for N3,500....

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19Aug By snowmediatvNo Comments

Business

Ted Baker to close remaining stores Britain and Ireland

In a significant blow to the British retail landscape, Ted Baker, the once-celebrated clothing chain, will close its remaining 31 stores in the UK and Ireland, leading to job losses for more than 500 employees. The news was confirmed by the company’s administrators on Monday, August 19.  The decision comes after Ted Baker entered administration in March due to mounting debts and challenging trading conditions across Europe. The consultancy firm Teneo, which is overseeing the administration process, announced that the store closures will begin on Tuesday, August 20, marking the end of the brand’s physical presence in the region. This latest development follows the closure of 15 Ted Baker stores in Britain in April, which resulted in the loss of 245 jobs. The ongoing financial str...

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19Aug By snowmediatvNo Comments

Business

FG To Begin Sale Of Crude Oil In Naira To Dangote Refinery October 1

 the Federal Ministry of Finance made this known in a statement via its X handle on Monday. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, noting that his directives are on track for implementation from September. The latest development comes amidst controversies on the sale of crude oil to the Dangote refinery, with claims of sabotaging the refinery operations. The statement reads, “The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today led the Implementation Committee meeting on the transition to Crude Oil Sales in Naira. The meeting reviewed progress on key initiati...

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19Aug By snowmediatvNo Comments

Business

NNPC declares N3.3trn profit for 2023

The Nigerian National Petroleum Company (NNPC) Limited has announced a significant profit of N3.3 trillion for the 2023 fiscal year, marking a notable increase from the N2.54 trillion profit reported in 2022.  This announcement was made by Pius Akinyelure, chairman of the NNPC board, during a media briefing on the company’s 2023 audited financial statements on Monday. Akinyelure highlighted that the N749 billion rise in profit underscores the company's financial resilience and strategic foresight. This positive trend is a stark contrast to the losses posted in previous years, with the company recording a loss of N803 billion in 2018 and N1.7 billion in 2019. The turnaround began in 2020, with NNPC posting a profit of N287 billion, followed by N674.1 billion in 2021. N...

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19Aug By snowmediatvNo Comments

Business

NNPC gets Tinubu’s approval to spend federation’s dividends on petrol subsidy

President Bola Tinubu has approved the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies, the Cable reports. The president also ordered a halt on the payment of 2024 interim dividends to the FG to help boost NNPC’s cash flow. A forecast by NNPC seen by the publication, showed that the total petrol subsidy expenses from August 2023 to December 2024 will amount to N6.884 trillion, leaving the company unable to remit N3.987 trillion in taxes and royalties to the federation account. Under the Petroleum Industry Act (PIA), the NNPC is obligated to pay taxes and royalties as well as dividends to the federation, its sole shareholder. In June 2024, NNPC told Tinubu that the subsidy pay...

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19Aug By snowmediatvNo Comments

Business

Nigerians groan as fuel scarcity spreads nationwide

Several petrol stations in many parts of the country have remained shut with claims they do not have the product to dispense. The scarcity has led to disruption of commercial and social activities. Although Nigerian National Petroleum Company Limited (NNPCL) had said the shortages were caused by “distribution” challenges, it did not specify the cause of the current spike, which had lingered in Abuja and environs for over four weeks. The lingering scarcity of petrol which surfaced in Lagos and Abuja over a month ago has spread to many parts of the country with the product selling as high as over N1000 in some parts of the country. Black market operators are now making brisk business as they selling a ten litre jerrycan of petrol for as high as N12, 000 while the private fuel stati...

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19Aug By snowmediatvNo Comments

Business

BREAKING : FG Moves To Introduce New Tax Law

The executive chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has disclosed the Federal Government’s intentions to enact a new law aimed at transforming the revenue administration framework in Nigeria by the forthcoming month.  Adedeji revealed this development in his address at the 2024 stakeholders’ engagement, a forum organized by the Intergovernmental Relations Department of the FIRS, under the auspices of the Senate and House Committees on Finance, with the theme “Repositioning The FIRS To Achieve Its Mandate”. Speaking at the event, the FIRS boss expressed dissatisfaction regarding the absence of a legal framework governing the digital market, particularly in the realm of cryptocurrency within Nigeria. Adedeji elaborated on the government’s strategy to ...

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19Aug By snowmediatvNo Comments

Business

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 19th 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 18th 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 N1610 on Sunday 18th 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 r...

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18Aug By snowmediatvNo Comments

Business

Nigerian government rakes in N582bn from FX difference

The Nigerian government raked in N581.710 billion in revenue from foreign exchange differences in July 2024. This is according to July’s Federation Account Allocation Committee communique. DAILY POST earlier reported that federal, state and local governments received N1.358 trillion as allocation for July 2024. The disbursed fund is a fraction of the N2.613 trillion total gross revenue for the period under review. Accordingly, exchange differentials, which represent accrued income to the government or bank holding foreign currency reserves arising from differences between the sale and purchase of FX, contributed N581.710 to the N1.358 trillion disbursed in July. The revenue was also drawn from statutory revenue of N161.593 billion, value-added tax revenue of N528.3...

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17Aug By snowmediatvNo Comments

Business

Bread sold in markets failing laboratory tests, NAFDAC raises fresh alarm

The National Agency for Food and Drug Administration and Control (NAFDAC), has revealed that bread sold in the markets is failing laboratory tests because producers are using saccharine due to the high cost of sugar. NAFDAC warned water producers, patent medicine dealers and other manufacturers of regulated products against selling fake and substandard products. Speed Painting, like medicine, leaves no room for error — Dr. Ojeabuo, A Speed Painter Mrs Roseline Ajayi, NAFDAC Southwest Coordinator, gave the warning during a stakeholders engagement meeting organised by the agency, on Friday, in Ibadan. Ajayi said that the report gathered by the agency during its recent operation revealed that some patent medicine dealers were selling restricted drugs and unregistered products....

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16Aug By snowmediatvNo Comments

Business

Aviation workers threaten nationwide strike over 50% revenue slash

Nigerians may soon experience flight disruptions as Aviation workers have announced plans to embark on a nationwide strike on August 21, 2024, to protest the Federal Government’s continued deduction of 50 per cent from the internally generated revenue of key aviation agencies. The unions made this known in a letter dated August 14, 2024, titled, “Save Aviation From Collapse”, and released to journalists on Thursday, August  15. The affected agencies in the sector include the NCAA, Federal Airports Authority of Nigeria, Nigerian Airspace Management Agency, Nigerian Meteorological Services Agency, Nigerian College of Aviation Technology, and the Nigerian Safety Investigation Bureau. The letter in part reads; “All workers of the NCAA, FAAN, NAMA, NiMet, NCAT, and NSIB, joined b...

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15Aug By snowmediatvNo Comments

Business

UPDATED : GTBank Confirms Attempted Website Hack, Reassures Customers Of Data Security

Guaranty Trust Bank Plc (GTBank), has confirmed an attempted breach of its website domain, which occurred just a day after the bank renewed its domain name. The attempt led to a temporary disruption of the website, leaving customers unable to access online services and sparking concerns about the potential compromise of customer data. On Thursday, the bank issued a statement to address the situation, clarifying that while there was an attempt to compromise its website, the incident was unsuccessful, and the website was not cloned. The bank reassured its customers that their data remains secure, emphasizing that no customer information is stored on the website. GTBank also noted that its Information Security experts are working diligently to restore the domain settings and ensur...

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15Aug By snowmediatvNo Comments

Business

BREAKING : Presidency speaks as French court orders seizure of three Nigerian presidential jets

The Presidency on Thursday said it is aware of the failed attempts by a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, to take over offshore assets of the Federal Government of Nigeria through subterfuge. It clarified that the Federal Government is not under any contractual obligation with the company, noting that the case in which Zhongshan tries to use every unorthodox means to strip the country’s offshore assets is between the company and the Ogun State Government. This was contained in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy. The statement comes after a Chinese company, Zhongshan, had successfully petitioned for the seizure of three Nigerian presidential jets. According to the report, a French court au...

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15Aug By snowmediatvNo Comments

Business

‘It’s false’ – GTB debunks hackers seizing website, customers’ data

Nigeria’s leading commercial bank, Guarantee Trust Bank, has described as entirely false report of its website being seized by hackers. A top GTB executive, who is not authorized to speak, disclosed this to DAILY POST exclusively. The clarification comes amid a report that its website has been compromised by hackers and customers’ data intercepted in a massive phishing operation. However, the source told DAIlLY POST that the claim was entirely untrue. He clarified that the bank was having a connectivity issue but that it had nothing to do with hacking. “It’s false. What we are experiencing is a connectivity issue and has nothing to do with the alleged hacking”, he told DAILY POST. You can Send your news and eye witness report, Contact us SNOW TV NEWS via s...

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15Aug By snowmediatvNo Comments

Business

UPDATE : GTB Speaks On Hackers Seizing Website, Customers’ Data

One of Nigeria’s commercial banks, Guaranty Trust Bank (GTBank), has described reports of its website being seized by hackers as entirely false. on Wednesday night showed that the GTBank website, gtbank.com, was no longer accessible. This issue arose just a day after the domain was renewed for another five years, extending its validity from August 13, 2024, through March 21, 2029, according to several online platforms that track domain information. No hacker group has claimed responsibility for the alleged hack on the website. According to Peoples Gazette, the alleged attackers may have set up a fraudulent version of the website in an attempt to phish customers’ sensitive information. A cybersecurity expert familiar with Nigeria’s banking sector indicated that the compromise...

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15Aug By snowmediatvNo Comments

Business

FG begins duty-free import of food items

The Nigeria Customs Service has been directed to start the implementation of the zero per cent import duty and exemption of Value-Added Tax on basic food items, The PUNCH reports. This was after President Bola Tinubu approved the implementation of zero per cent import duty and exemption of Value-Added Tax on basic food items. The Ministry of Finance confirmed the approval in a letter to the Nigeria Customs Service dated August 8, 2024. The Nigeria Customs Service also confirmed the development in a document shared with one of our correspondents on Wednesday. Responding, the Comptroller-General of the NCS, Bashir Adeniyi, instructed officials of the service to commence enforcement measures. 608 How Lawyer Was Arrested After Married Female Friend Visited His Hotel Room In ...

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14Aug By snowmediatvNo Comments

Business, News

BREAKING : GTBank Website Down, Hackers Attack Suspected {FULL DETAILS}

The website domain name of Guaranty Trust Bank (GTBANK) have become inaccessible in what Nigerians believed to be a suspected attack on the commercial bank by hackers. Wednesday night shows that the GTBank website, gtbank.com, was no longer accessible. This issue arose just a day after the domain was renewed for another five years, extending its validity from August 13, 2024, through March 21, 2029, according to several online platforms that track domain information. No hacker group has claimed responsibility for the alleged hacker on the website. According to Peoples Gazette, the alleged attackers may have set up a fraudulent version of the website in an attempt to phish for customers’ sensitive information. A cybersecurity expert familiar with Nigeria’s banking sec...

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14Aug By snowmediatvNo Comments

Business

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 14th 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 13th 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 N1593 and sell at N1598 on Tuesday 13th 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 th...

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11Aug By snowmediatvNo Comments

Business

JUST IN : NDIC gives N5m each to defunct Heritage Bank customers 

The Nigeria Deposit Insurance Corporation says it has disbursed the insured deposits of N5 million each to 82.36 per cent of the total customers of the defunct Heritage Bank. It also noted that 17.64 per cent of the insured deposits still pending payment mainly belong to depositors with accounts that have Post-No Debits instructions or lack a Bank Verification Number. This was disclosed in a statement signed by the Director, Communication and Public Affairs, Bashir Nuhu, on Sunday in Abuja. On June 3, 2024, the Central Bank of Nigeria revoked the banking license of Heritage Bank Plc due to persistent financial instability and regulatory breaches. The decision, according to the apex bank, is in line with the CBN’s mandate under Section 12 of the Banks and Other Financi...

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10Aug By snowmediatvNo Comments

Business

Dutch Auction: CBN sells $815.36m to 26 banks at N1495 per dollar

The Central Bank of Nigeria sold $815.36 million to end users through 26 banks in its inaugural Retail Dutch Auction System at N1495 per dollar rate. The apex bank disclosed this on Friday in the rDUS results signed by its Director of Financial Market Department, Omolara Duke. The bank said it received a total of $1.191 trillion in its rDUS commencement on Tuesday. While $815.36 million worth of bids scaled through, $375.7m valued bids were disqualified over late submission. “After the collation, the Committee of Governors of the Central Bank of Nigeria approved a cut-off bid of N1495.00/US$ with the total successful bids of US$815,362.006.30 (Eight Hundred and Fifteen Million, Three Hundred and Sixty-Two Thousand and Six US dollars and Thirty Cents). “The range of succe...

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9Aug By snowmediatvNo Comments

Business, News

Dangote accuses IOCs, Nigerian Govt agency of frustrating refinery

The President and Chief Executive of Dangote Group, Aliko Dangote, has revealed that the Dangote Refinery’s crude oil supply problem lies with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the International Oil Companies (IOCs) in Nigeria. Africa’s richest man disclosed this in a statement on Thursday. He was responding to a report that theNNPC supplies Dangote Refinery with about 60 percent of the 50 million barrels lifted. In the statement, Dangote noted that the primary challenge confronting the refinery is NUPRC’s reluctance to enforce domestic supply obligations by IOCs in Nigeria. He explained that when Dangote Refinery approached the IOCs for crude supply, they either redirected the company to a third party or responded that their cargoes wer...

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9Aug By snowmediatvNo Comments

Business

Dangote Issues Formal Statement On NNPC’s Crude Oil Supply To Refinery

Dangote Refinery has addressed recent media reports concerning the supply of crude oil to its facility. The refinery refuted claims that it acknowledged receiving 60 per cent of the 50 million barrels it lifted from the Nigerian National Petroleum Corporation (NNPC). Speaking via a statement by its Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery explained that it has never accused NNPC of failing to provide crude oil. The company explained that their issue lies with the the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its enforcement of the domestic crude supply obligation as outlined in the Petroleum Industry Act (PIA). Chiejina said, “For September, our requirement stands at 15 cargoes. “NNPC has allocated six cargoes to us....

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9Aug By snowmediatvNo Comments

Business, News

CBN demands evidence for all divestments, foreign investments’ repatriation

The Central Bank of Nigeria has clarified that all divestments, repatriation of all Certificate of Capital Importation and related transactions must provide Evidence of electronic CCI and Evidence of redemption of investment in local currency assets. The apex bank made this clarification in a circular on Thursday signed by its Acting Director of Trade and Exchange Department, W. Kanya. The circular is to bring clarity to its Foreign Exchange Manual, Memorandum 20 section 2, which spells out the procedure for portfolio investment. “This is to clarify that the Foreign Exchange Manual, Memorandum 20 section 2 (vi) applies to both divestments and repatriation of all Certificate of Capital Importation (CCl) related transactions. “For the avoidance of doubt, every divestment or r...

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8Aug By snowmediatvNo Comments

Business, Life Style, Technology

Apple makes changes to App Store

Apple on Thursday announced changes to its App Store after the European Union accused the iPhone maker of breaking the bloc’s landmark new digital rules. The EU said the App Store terms prevented app developers from freely steering consumers to alternative ways to pay, making Apple the first-ever tech firm to face accusations of breaching a new law known as the Digital Markets Act (DMA). Now Apple says there will be changes to comply with the DMA and address the findings of the European Commission, the EU’s powerful antitrust regulator. At the time, Brussels said developers could only steer customers through a link in their app that redirected the user to a web page to conclude any contracts. Regulators said Apple placed “several restrictions,” meaning app developers could ...

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8Aug By snowmediatvNo Comments

Business

NNPCL, Dangote rift probe: Bribery allegations unsettle Reps

On Monday, the Speaker of the House of Representatives, Abbas Tajudeen, sacked a powerful ad hoc committee probing NNPC Limited after weeks of infighting among members. In the past couple of weeks, the House had been divided between lawmakers supporting the Group Managing Director of NNPC Limited, Mele Kyari, and the anti-Kyari team, forcing the leadership to take action. The joint committee, co-chaired by Ikenga Ugochinyere and Henry Okojie, had become powerful due to the tasks it was given by the House. Worst still, the committee became tainted with allegations bothering on inducement prior to the inauguration of the House’s standing committees. Until its unceremonious disbandment, the Committee was investigating the alleged importation of adulterated petroleum products, ...

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7Aug By snowmediatvNo Comments

Business

Nigerian govt targets $1bn subscriptions from $500m Dollar-dominated bond

The Nigerian government has unveiled its Series I Domestic dollar-dominated Bond with a plan to raise at least $500 million from local and international investors. According to a recent Auction circular, the government targets $1 billion in subscriptions in this round of auction. Meanwhile, this auction comes at a time when five of Nigeria’s Eurobonds were ranked among the worst performers in the Bloomberg index of emerging and frontier sovereign debt. A detailed breakdown of the bond program showed that it has a total size of up to $2.0 billion, which can be upsized depending on the issuer’s discretion. The bond is five-year tenured, offering a medium-term investment opportunity for investors looking for stable returns. Accordingly, it was also stated that the bond’s coupon...

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7Aug By snowmediatvNo Comments

Business

‘There’s no budget allocation’ – Nigerian govt rules out fuel subsidy return amid protests

The Nigerian Government has ruled out the return of fuel subsidies amid the hunger protests. The Minister of Finance, Wale Edun disclosed this on Tuesday during an interview on AIT. His comment comes amid demand by protesters for the return of fuel subsidies as a solution to the rising cost of living. However, Edun said fuel subsidy is not in the 2024 national budget. He stated that there are signs that the country is on the right path economically. “There is no fuel subsidy in the Budget. That is the truth and the technical fact. We have signs that we are going in the right direction. What we must determine to do is to maintain these trends”, he said. Recall that President Bola Ahmed Tinubu in his broadcast to Nigerians at the weekend said the decision to re...

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6Aug By snowmediatvNo Comments

Business

BREAKING : CBN approves Unity, Providus banks merger {FULL DETAILS}

The Central Bank of Nigeria has approved the merger of Providus Bank and Unity Bank. The apex bank, in a statement signed by the acting Director, Corporate Communications, Hakama Sidi, on Tuesday, said the action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007. The development signals the first merger to be approved following a mandate by the apex bank to increase its minimum capital base The apex bank also announced approval of a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. This strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks. The statement read, “The Central Bank of Nigeria has granted approval for a pivota...

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6Aug By snowmediatvNo Comments

Business

Naira appreciates by 0.6% against dollar at official market

The Nigerian Naira has appreciated at the official market, trading at N1,607.15 to the dollar. According to new Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, NAFEM, the Naira gained N9.93, representing a 0.61 per cent gain when compared to the previous trading date on Aug. 2 when it exchanged at N1,617.08 to a dollar. At the Investor’s and Exporter’s (I&E) window, the Naira is now trading between N1,620.50 and N1,570.00 against the dollar. You can Send your news and eye witness report, Contact us SNOW TV NEWS via snowmediatv@gmail.com or WhatsApp on +2348143077239 Kindly Share this story, leave your comment, like and share this story: FOR MORE INFO, TRENDING AND BREA...

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5Aug By snowmediatvNo Comments

Business

BREAKING: Nigerian govt issues travel alert for citizens planning to visit UK

The Nigerian government on Monday, issued a travel alert to its citizens planning to visit the UK. This was contained in a statement signed by the spokesperson to the Minister of Interior, Amb. Eche Abu-Obe. It noted that “There is an increased risk of violence and disorder occasioned by the recent riots in the UK.” It advised Nigerians travelling there to “be extra vigilant and take measures.” These measures include avoiding political processions, protests, rallies and marches. Nigerians have also been warned to avoid crowded areas and large gatherings. You can Send your news and eye witness report, Contact us SNOW TV NEWS via snowmediatv@gmail.com or WhatsApp on +2348143077239 Kindly Share this story, leave your comment, like and share this story: FOR ...

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5Aug By snowmediatvNo Comments

Business

CBN to auction N216.09bn Treasury bills Thursday

The Central Bank of Nigeria is expected to auction N216.09 billion treasury bills on Thursday. This is according to CBN’s recent data on Treasury Bills. Accordingly, the apex bank will be auctioning N16.59 billion for the 91-day tenor, N51.34 billion for the 182-day tenor, and the 364-day 148.15 billion. Recall that at the last Treasury Bill auction, the one-year Treasury Bill yielded 28.36 percent, the highest this year, fueled by an interest rate hike which stood at 26.75 percent in July 2024. Data showed the recent Treasury bills yield of 28.36 percent was a 0.86 percent increase from 26.96 percent at the last auction and higher than the 26.01 percent yields that have been since March. CBN had announced its plan to issue N1.56 trillion in Treasury bills during the third q...

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