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Campus Drive
The Economic and Financial Crimes Commission ( EFCC) has arrested over 200 suspects in connection with foreign exchange scams and manipulation of the financial markets. According to reports, the suspects were arrested by the EFCC for forex scam and manipulation of the financial markets. Recall that the EFCC last week expanded its clampdown exercise on BDC operators, arresting traders in Lagos, Kano and Port Harcourt. The raid of the BDC […]
Members of the Organised Private Sector and economists have expressed fear over the latest hike in the nation’s benchmark interest by the Monetary Policy Committee, saying the decision could significantly hamper economic operators’ ability to repay their loans. At the end of its 295th meeting on Tuesday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who also doubles as the chairman of the MPC, announced the decision of […]
The National Public Relations Officer, Independent Marketers Association of Nigeria, Ukadike Chinedu has disclosed a new date for portharcourt refinery to commence work. Ukadike on Monday stated that the 210,000-barrel-per-day Port-Harcourt refinery may finally commence operations by the end of July after several postponements. He stated that the development would stimulate economic activities, reduce the price of petroleum products and ensure adequate supply. Reca that last year in December, the […]
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has stated that Nigeria’s oil production as of Saturday, was inching towards 1.7 million from 1.28 million barrels per day in April. Kyari stated this during a stakeholders engagement between the Nigerian Association of Petroleum Explorationists and the NNPCL held in Lagos on Saturday, and according to him, the nation’s crude oil production keeps dropping due […]
Eight commercial banks paid N200.19 billion as income tax in the first quarter of 2024 (Q1’24). Data from the First Quarter of 2024 Financial Statements of the banks showed that N200.19 billion represents a 203.7% year-on-year increase (YoY) when compared to the N65.91 billion tax they paid in Q1’23. The banks are Guaranty Trust Bank(GTB), Access Bank, Fidelity Bank, Stanbic IBTC, United Bank for Africa, (UBA), First City Monument Bank, (FCMB) and Wema […]
The World Bank has barred 59 Nigerian companies and individuals for engaging in corrupt practices and other procurement offences. This is according to a document recently released on its website, ‘World Bank Listing of Ineligible Firms and Individuals Notes on Debarred Firms and Individuals’. Among those affected are 39 Nigerian companies previously debarred by the African Development Bank, AfDB, along with 19 individuals identified by the World Bank under the […]
According to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Wednesday, Nigeria’s inflation rate rose to 33.69% in April 2024 compared to the March 2024 headline inflation rate which was 33.20%. The report shows that in April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 headline inflation rate which was 33.20%. Looking at the movement, the April 2024 headline inflation […]
On Tuesday, explosions and sightings of smoke erupted at Shell’s Gbaran facility. The fire in Shell’s Gbaran facility in Bayelsa may raise the price of Liquefied Natural Gas in Nigeria. The facility is the most critical in Nigeria’s LNG gas feedstock project and processes almost 2 billion standard cubic feet of gas daily. This comes against the backdrop of the surge in the country’s price of Liquefied Petroleum gas. Despite […]
Premium electricity consumers categorised as Band A customers are embracing solar power as an alternative source of energy following the recent tariff hike as well as the high cost of fuel, In Nigeria, the average person is gradually losing the ability to afford electricity as they still struggle to pay for other essentials of life. Since April, many people have seen an increase in their electricity costs of over 300 […]
