SECTOR INSIGHT

First Bank Debunks Report On Sealing Its Office In Abuja

First Bank of Nigeria Limited has debunked some media reports (not by The Lawyer), that its head office or branch in Abuja was sealed. In a statement made available to The Lawyer, the bank clearly stated; “Branch, head office, not sealed The statement…

05/08/2022 0Comments

Nigeria Secures $1.5bn Loan From US To Boost Solar Power Infrastructure

Nigeria has secured a $1.5 billion loan from the US-EXIM Bank to boost solar power infrastructure in 10 different locations in the country. Chief Executive Officer (CEO) of SUN Africa LLC, USA, Adam Cortese, disclosed this yesterday while speaking with newsmen after…

05/08/2022 0Comments

FG to Generate N160bn From Call, Data Taxes

The Federal Government will generate about N160.46bn from excise duty on telecommunication services in 2023. According to the Nigerian Communications Commission, the combined revenue of operators in the GSM, Fixed Wired, and Internet Service Providers was N3.21tn in 2021. If the government implements…

05/08/2022 0Comments

W’Bank Commits $8.5bn to Nigeria, Faults N6.7tn Subsidy

The World Bank has committed $8.5 billion to Nigeria to fund critical issues ranging from agriculture to education. Disclosing this on Thursday in Abuja during a summit organised by the Emergency Coordination Center, the World Bank Country Director to Nigeria, Shubham Chaudhuri, noted…

05/08/2022 0Comments

It’s Illegal To Disconnect Customers’ Electricity Without 10-Day Notice – FCCPC

The Federal Competition and Consumer Protection Commission (FCCPC) says it is illegal for electricity distribution companies (DisCos) to disconnect customers from the power supply without a 10-day prior notice from the date of bill delivery. According to NAN, Babatunde Irukera, executive vice-chairman…

04/08/2022 0Comments

NCAA Confirms Dire Financial Status of Local Airlines

Nigerian Civil Aviation Authority (NCAA), yesterday, confirmed that the local commercial airlines are in financial dire straits, requiring concerted efforts to avert industry shutdown. Director-General (DG) of the apex regulatory body, Capt. Musa Nuhu, told reporters in Lagos that the twin challenges of…

04/08/2022 0Comments

Oil Price Falls, OPEC Raises Nigeria’s Production Quota

The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Data obtained from OPEC showed that the…

04/08/2022 0Comments

CBN Urges Private Sector Operators To Repatriate FX Earning To Ease Pressure

The Central Bank of Nigeria (CBN) has advised members of the organised private sector (OPS) to always ensure that they repatriate foreign exchange (FX) proceeds back to the apex bank in order to ease FX pressure in the country. Deputy Director, Banking…

04/08/2022 0Comments

Kerosene Hits Over N800/Litre, Nigerians Face Hard Times

The price of kerosene used by several families have jumped to N800 per litre just as the market is beginning to adjust to the newly increased petrol and gas prices. Market survey by The PUNCH on Tuesday showed that one litre of cooking kerosene, sold…

03/08/2022 0Comments

Naira Gains Momentum, Appreciates To N660/$1 In Parallel Market

The naira yesterday continued its recovery on the parallel market, appreciating to N660 per dollar a few days after security operatives raided Bureaux De Change (BDC) hub in Abuja. The nation’s currency had depreciated to about N715 to a dollar on the parallel…

03/08/2022 0Comments

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