SECTOR INSIGHT

Forex: Moves On To Stabilise Naira, Says CBN

The Central Bank of Nigeria (CBN) has vowed to resolve the current foreign exchange crises confronting the nation. A statement by its spokesman Osita Nwanisobi in Abuja on Friday said the CBN is “working to manage both the demand and supply side challenges”. Nwanisobi…

29/07/2022 0Comments

Non-Remittance Of Dollars By NNPC Behind Naira Crisis — CBN

Non-remittance of dollars to foreign reserves by the Nigeria National Petroleum Corporation (NNPC) is responsible for naira’s free fall in the official and parallel markets, the Central Bank of Nigeria (CBN) has said. As at the close of work yesterday, the naira…

29/07/2022 0Comments

NCC Expends N500m To Fund Research In Nigerian Universities — Danbatta

The executive vice chairman of the Nigerian Telecommunications Commission (NCC ) Professor Umar Garba Danbatta has said that the commission has invested as much as N500 million to fund Research within the Nigerian University system. He maintained that the commission has invested…

29/07/2022 0Comments

FG Looks To Dangote Refinery, Other Solutions as Jet A1 Hits N1000/litre

Until the Dangote Refinery comes on stream, there may be no respite from aviation fuel crisis rocking both airlines and the industry at large. The Minister of Aviation, Hadi Sirika, said this in reaction to the astronomical rise of aviation fuel, just as…

29/07/2022 0Comments

FG Woos Investors to Developing 42b Barrels Bitumen Reserves

With a global market estimated at $110 billion, the Federal Government has called on investors to explore the development of the nation’s 42 billion barrels of bitumen reserves. Speaking at a virtual clarification session, organised by the Ministry of Mines and Steel Development…

29/07/2022 0Comments

NPA Secures Approval for Designation of Lekki Seaport as Customs Port, Approved Wharf

The Nigerian Ports Authority (NPA) yesterday disclosed that it has secured approval for the designation of Lekki Deep Seaport as Customs Port and Approved Wharf. According to a statement, in keeping to the promise of ensuring the operational take off for berthing of…

29/07/2022 0Comments

Addax Workers Begin Strike

Employees of Addax Petroleum Development Nigeria have embarked on an industrial action over anti-labour practices. Addax, owned by China’s Sinopec Group, has four Oil Mining Licences operating the assets in Production Sharing Contract (PSC) with the Nigerian National Petroleum Company (NNPC) before its…

29/07/2022 0Comments

Geregu Power Announces Successful Issuance of N40.1bn Bond

Geregu Power Plc, a power company primarily engaged in the generation and sale of electric power in Nigeria, has announced its successful issuance of a N40.085 billion Senior Unsecured Bonds under its N100 billion multi-instrument issuance programme. The transaction, which represents Geregu’s debut…

29/07/2022 0Comments

Nigerians To Pay 5% Tax On Calls, SMS, Data As FG Set To Implement New Excise Duty

The Federal Government on Thursday said Nigerian subscribers would start paying 5% tax on every calls, SMS, data and other telecommunication services. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed stated this during a stakeholders forum on the implementation…

29/07/2022 0Comments

Flutterwave, Chipper Cash Not Licensed To Operate Payment Services, Says Kenyan Central Bank

The Central Bank of Kenya (CBK) says Flutterwave and Chipper Cash are not licensed to operate in the country. Patrick Njoroge, CBK governor, said this on Thursday in Nairobi, the country’s capital, at a media briefing following its monetary policy committee (MPC) meeting. Flutterwave…

29/07/2022 0Comments

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