SECTOR INSIGHT

CAC Commences Registration of Two Million Small Businesses

The Corporate Affairs Commission has disclosed that it has commenced the registration of 2 million small businesses as part of measures towards formalising the sector. The CAC, in a statement on Friday, said its Registrar-General, Hussaini Ishaq Magaji, revealed this at a ceremony…

11/02/2024

CBN Gov Declares End to Ways and Means

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the apex bank will no longer give Ways and Means to the President until the previous loans are repaid. Olayemi noted that it was one of the measures taken by…

10/02/2024

Port Harcourt Refinery Gets 475,000 Barrels Of Oil From Shell Ahead Of Restart

In a significant development for Nigeria’s oil and gas industry, Shell Petroleum Development Company Limited (SPDC) has delivered 475,000 barrels of crude oil to the Port Harcourt Refinery, marking a crucial step towards its imminent restart after years of inactivity. The Port Harcourt…

10/02/2024

IMTOs Stop Payment Of Forex Remittances, Pay Only Naira Equivalent

Following the directive of the Central Bank of Nigeria (CBN) barring international money transfer operators (IMTOs) from paying Nigerians in foreing currencies, Nigerians abroad will no longer be able to send dollars or any foreing currency into bank accounts in the country. IMTOs…

10/02/2024

CBN Removes ±2.5% Limit on Interbank FX Transactions

The Central Bank of Nigeria has removed the ±2.5 per cent cap spread on interbank foreign exchange transactions. The CBN disclosed this in a circular dated February 8, 2024, signed by the Director, Financial Markets Department, Dr. Duke Omotunde. The circular notes that restrictions…

10/02/2024

NERC Fines DISCOs N10.5bn For Violating Capping Order For Unmetered Consumers

The Nigerian Electricity Regulatory Commission (NERC) yesterday announced that it had sanctioned the 11 electricity Distribution Companies (Discos) operating in the country over non-compliance with capping of estimated bills for unmetered customers nationwide. In 2020, the industry regulator had in furtherance of its…

10/02/2024

Online Registration Now Mandatory For Regulated Port Service Providers/Users – NSC

The Executive Secretary and Chief Executive Officer of the Nigerian Shippers’ Council (NSC), Pius Akutah, has announced that all service providers and users are required to register and obtain certification to be recognized as legal operators in all the seaports in Nigeria. The CEO…

10/02/2024

Access Bank CEO, Herbert Wigwe, Feared Dead in Helicopter Crash

The Group Chief Executive Officer, Access Holdings Plc, Herbert Wigwe, is feared dead. Wigwe was reported to have died following a helicopter crash in California near the Nevada border, United States of America, The Will reports. There are also reports that his wife and…

10/02/2024

CBN Tells Banks to Notify Customers Before Debt Recovery Moves

THE Central Bank of Nigeria has directed regulated entities to inform customers about outstanding obligations before initiating debt collection. This is to guarantee a transparent, courteous, and equitable debt recovery process. The directive was issued in a document titled “Revised Consumer Protection Regulations” released…

10/02/2024

Our Policies Are Working – Cardoso

The Governor of the Central Bank, Yemi Cardoso says the measures taken so far by the apex bank to stabilize foreign exchange rates have started yielding positive results. He noted that these measures would help to stabilise the foreign exchange rates and minimize…

09/02/2024

SECTOR INSIGHT

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