SECTOR INSIGHT

CBN Clears ‘Valid’ FX Transactions To Eliminate Legacy Backlog

The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of s$7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications,…

21/03/2024 0Comments

Oil-Producing States 13% Derivative Fund Hits N85bn In February – NBS

Funds earmarked to nine oil-producing states as the 13 per cent derivative from oil and gas revenue, rose to about N85bn in February 2024, according to data sourced from the National Bureau of Statistics (NBS). According to the Bureau, NBS the N85bn 13…

20/03/2024 0Comments

Subsea Cable: Services Successfully Restored – MTN

Bayobab Group, a subsidiary of MTN Group, has announced the successful restoration of its services following subsea cable disruptions. The telecom operator disclosed this in a statement on Tuesday. It said that despite the challenges occasioned by the cable disruptions, its subsidiary demonstrated its…

20/03/2024 0Comments

Abuja and Kogi Hit by Blackout Following Power Station Collapse

Power outages are currently affecting some residents of the Federal Capital Territory, Abuja, and certain areas in Kogi State due to technical issues. These regions are within the service area of the Abuja Electricity Distribution Company. A technical fault on the 33kv feeder k6…

20/03/2024 0Comments

Zenith Bank Appoints Adaora Umeoji As Its First Female GMD/CEO

Zenith Bank has named Adaora Umeoji as its first female Group Managing Director/Chief Executive. Her appointment, subject to the approval of the Central Bank of Nigeria, takes effect from June 1, 2024, according to the bank. “She takes over from Dr. Ebenezer Onyeagwu, whose…

20/03/2024 0Comments

Voice, Data Services Restored After Undersea Cable Cuts – NCC

The Nigerian Communications Commission (NCC) says voice and data services affected by undersea cable cuts along the Cote d’Ivoire and Senegal coasts have been restored. In a Monday statement, the NCC Director of Public Affairs, Rueben Muoka, said that services have now been…

19/03/2024 0Comments

CBN to Dismiss 19 Directors, Gives Reason

Nineteen directors at the Central Bank of Nigeria (CBN) are set to be dismissed in the coming days, following the recent termination of seven directors last Friday. While two of the terminated directors have accepted their fate, the other five are planning to…

19/03/2024 0Comments

NDPC Investigates Alleged Privacy Breach At NIMC

The National Commissioner, Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji, has ordered a full-scale investigation in respect of allegations of unauthorised access to personal data of enrollees in the database of National Identity Management Commission (NIMC). The investigation is a further regulatory…

18/03/2024 0Comments

DMO Denies Appointment of Eurobond Transaction Advisers

The Debt Management Office has faulted recent news reports suggesting the appointment of transaction advisers for a potential Eurobond issuance. The DMO made its position known in statement made available to press on Friday. It was earlier reported that the Federal Government has enlisted…

18/03/2024 0Comments

Fertiliser Donation Not Direct Intervention – CBN

The Central Bank of Nigeria has said that it has not introduced a new intervention as a result of the fertiliser it donated to farmers recently. The CBN donated the fertilisers through the Ministry of Agriculture and Food Security. The apex bank disclosed this in a…

17/03/2024 0Comments

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