Business

In spite of the drop in importation, the Apapa Area 1 Command of the Nigeria Customs Service, NCS, said it collected over N1trillion within the first six months of 2024. Speaking to Newsmen in Lagos, the Area Controller in charge of the Command, Babatunde Olomu, said that the command also made seizures of eleven containers comprising prohibited items such as expired and unregistered pharmaceuticals, footwears, used clothing, armored cables, frozen […]

Naira yesterday depreciated in the parallel market to N1,535 per dollar from N1,530 per dollar last week Friday. Similarly, Naira also depreciated to N1,523.85 per dollar in the Nigerian Autonomous Foreign Exchange Market. Data from Financial Markets Dealers Quotations (FMDQ) showed that the indicative exchange rate for NAFEM rose to N1,523.85 per dollar from N1,509.67 per dollar last weekend, indicating N14.18 depreciation for the naira. The volume of dollars traded […]

According to The Financial Institutions Training Centre (FITC) in its recent report on Fraud and Forgeries Report in Nigerian Banks for Q1 2024, Nigérian banks recorded a significant drop in losses to financial fraud in the first quarter of this year as the amount lost in the period declined by 77.62% compared to the previous quarter. According to the report, Nigerian banks lost N468.42 million in the first quarter, a […]

Nigerian Civil Aviation Authority has suspended the licences of ten private jet operators who failed to comply with the required recertification process. This is contained in a statement issued by the Director of Public Affairs and Consumer Protection, Michael Achimugu, on Thursday night, in Abuja. According to the NCAA, Regulation 18.3.4 of the Nigeria Civil Aviation Regulations 2023 prohibits holders of a Permit for Non-Commercial Flights (PNCF) from utilising their […]

Central Bank of Nigeria has warned against the continued rejection of old series and lower denominations of the United States of American Dollars by its regulated entities in Nigeria and have threatened to sanction lenders that rejected the currencies. This was contained in a circular dated June 27th, signed by the acting director of the currency operations department, Solaja Olayemi, which was recently released on the website of the Apex […]

The Nigeria Climate Innovation Centre, a global network of the World Bank’s Community Innovation Centres and a member of the Climate Bus Innovation Network, has said that the proposed 10 percent green tax on single-use plastics in Nigeria would affect production and consumption through increased pricing to consumers and households. The centre in a statement on Monday explained that green taxation is a policy tool used by governments to promote […]

The Nigerian Upstream Petroleum Regulatory Commission has removed five oil blocks from the ongoing licensing round due legal disputes, as investors begin registration for the 2024 Licensing Round, The Nigerian Upstream Petroleum Regulatory Commission confirmed that the five oil blocks are said to be under various litigation. The affected assets are PPL3008, PPL3009, PML51, PPL267, and PPL268. Reports state that the five blocks were among the 12 initially announced by […]

Federal Government on Thursday said the disbursement of 150 Billion Naira loans to micro, small and medium enterprises and manufacturers would commence by the end of July. The Minister for Industry, Trade and Investment, Doris Uzoka revealed the latest information in a post via her official X handle on Thursday. It also disclosed that 60 per cent of the proposed one million beneficiaries of the Presidential Conditional Grant had received […]

The Nigerian National Petroleum Company Limited (NNPCL) has been blamed for the crude oil supply issues faced by Dangote Refinery, as well as broader economic challenges in Nigeria. According to Kelvin Emmanuel, a Lagos-based economist, NNPCL has failed to fulfill its commitment to supply 300,000 barrels of crude oil per day to the refinery as part of its $1.7 billion equity contribution. The Chairman of the Dangote Group, Aliko Dangote, […]