SECTOR INSIGHT

NNPCL Denies Adjusting Petrol Price

The Nigerian National Petroleum Company Limited (NNPCL) has described rumours of petrol price adjustment as false. Dispelling the rumours in a statement on Wednesday, the Chief Communications Officer, NNPCL, Olufemi Soneye, urged Nigerians to disregard them entirely. He reaffirmed the NNPCL commitment to sustaining…

28/03/2024 0Comments

Eko DisCo Removes Tinuade Sanda As MD

The managing director of the Eko Electricity Distribution Company (EKEDC), Tinuade Sanda, has been relieved of her appointment with immediate effect. This is according to a letter signed by the chairman of the DisCo, Dere Otubu, In the letter dated March 21, 2024, titled…

27/03/2024 0Comments

NNPC Ltd Eyes 3 Million Barrels Per Day Crude Oil Production

The Nigerian National Petroleum Company Limited (NNPCL) has unveiled plans to raise crude oil production from the current 1.6 million barrels per day to three million barrels per day. This is just as it revealed plans to increase the nation’s crude oil refining…

27/03/2024 0Comments

Binance: Collaboration With SEC, EFCC, NSA Positive, Says CBN Gov

The Central Bank of Nigeria (CBN) says it is the role of the Securities and Exchange Commission (SEC) to regulate cryptocurrency transactions in the country, and not the responsibility of the apex bank. CBN Governor Olayemi Cardoso stated this during the apex bank’s…

27/03/2024 0Comments

CBN Raises Interest Rate To Record 24.75%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent. This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting…

26/03/2024 0Comments

CBN Sells FX To BDCs At N1,251/$1 As Naira Rebounds

As the naira gradually appreciates against the dollar after months of unprecendented uncertainties, the Central Bank of Nigeria (CBN), on Monday, announced the sales of $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate…

26/03/2024 0Comments

Nigerians Should Expect Drop in Airfares – NCAA

The Nigerian Civil Aviation Authority (NCAA) has assured air travelers of an imminent drop in airfares. Michael Achimugu, the Director of Public Affairs and Consumer Protection at NCAA, attributed this expected decrease to various factors, including the release of airlines’ trapped funds…

23/03/2024 0Comments

FBN Holdings Names Five New Directors as Otedola Takes Over

With billionaire Femi Otedola as its new Chairman, First Bank of Nigeria Holdings Plc named two new non-executive directors for the holding company and three for the First Bank on Wednesday. Adewale Arogundade, the company’s Secretary, informed the Nigerian Exchange Group of recent developments within…

22/03/2024 0Comments

SEC Declines PZ Cussons Request To Buy Out Other Shareholders And Delist

PZ Cussons Nigeria’s attempt to delist from the NGX has hit a roadblock as the Securities and Exchange Commission has declined the company’s request for its major shareholder, PZ Cussons (Holdings) to buy out other shareholders. According to a corporate disclosure seen by…

21/03/2024 0Comments

CBN Lifts FX Restrictions on Dairy Products

Central Bank of Nigeria (CBN) has lifted forex restrictions on the importation of milk and dairy products in the country in a move aimed at price cut. This is contained in a circular with the reference number TED/FEM/PUB/FPC/001/010 dated March 12, and sent to…

21/03/2024 0Comments

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