Business

Federal government has indicated an intention for an upward review of mining licenses rates and other sundry fees payable by mining operators in the country. The minister of solid minerals development, Dele Alake, who announced this during a consultative meeting with stakeholders in the mining industry, stressed the imperative of the review to boost the capacity of the government to effectively reposition the mining sector. Segun Tomori, the minister’s special […]

The Nigeria Deposit Insurance Corporation, NDIC, has advised depositors to patronize only deposit financial institutions licensed by the Central Bank of Nigeria, CBN The Managing Director of NDIC, Bello Hassan, said this while briefing newsmen on the review of the maximum deposit insurance coverage level for depositors of failed banks in Abuja on Thursday. Hassan said that only the CBN-licensed deposit financial institutions were insured by the NDIC, urging depositors […]

The Nigerian government has begun a 15-day emergency supply to end the fuel scarcity nationwide. The South West Regional Coordinator of the NMDPRA, Engr. Ayo Cardoso disclosed this in a statement. Although the Nigerian National Petroleum Company Limited assured that it had sufficient petrol to go around the country, the scarcity has persisted. Corroborating NNPCL’s position, Cardoso said barely two days ago, the country received 300 litres of Premium Motor […]

Nigeria recorded 227 total and partial national grid collapses from 2010 to April 2024 amid epileptic power supply. Ndidi Mbah, the General Manager of Public Affairs at Transmission Company of Nigeria, TCN, disclosed this in a statement on Wednesday. However, she said grid collapse declined by 76.47 per cent in the last five years, with 20 grid disturbances compared to the previous five years, when there were 85 collapses. Clearly, […]

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to combatting rising inflation through the Loan Deposit Ratio (LDR) strategy. Adetona Adedeji, Acting Director of the Banking Supervision Department, emphasized this stance in a recent podcast on the CBN Website titled "Loan to Deposit Ratio Adjustment." Adedeji explained that the decision to adjust the LDR, reducing it from 65% to 50%, aims to steer money into the real sector […]

Amid worsening fuel scarcity across the country, the Independent Petroleum Marketers Association of Nigeria, IPMAN, has threatened to cripple the supply of Premium Motor Spirit, PMS, also known as petrol, over non-payment of ₦200 billion bridging claims. In a statement signed by its association’s Unit Chairman and spokesperson, Aba Depot, Oliver Okolo, he said the threat was issued with the backing of the national leadership. Okolo claimed that the debt […]

The Central Bank of Nigeria, CBN, has ordered four fintech companies to stop onboarding of new customers pending further notice. The affected fintechs- OPay, Palmpay, Kuda Bank, and Moniepoint have been reportedly linked to allegations of accounts being used for illicit foreign exchange transactions. Representatives from two affected firms confirmed the development on Monday. The development comes amid clamped down on currency speculators in the foreign exchange market. Recently, the […]