Business

Electricity distribution companies in Nigeria have lamented that no fewer than 20 out of the 36 state governments in the country have refused to pay their electricity bills. The Executive Director of Research and Advocacy, Association of Nigerian Electricity Distributors, Sunday Oduntan, disclosed this while speaking with newsmen on Monday. He noted that most government agencies were used to free electricity before privatisation and as such have refused to adjust. […]

In a recent report by the National Bureau of Statistics, the national average retail price of petrol surged by 28.35% year-on-year, reaching N770.54 per litre in July 2024, up from N600.35 per litre in the same month last year. Month-on-month, petrol prices also saw an increase of 2.72% from N750.17 per litre in June 2024. A state-by-state breakdown revealed that Katsina State recorded the highest average price at N950.00 per […]

Some parts of Rivers and Bayelsa states will experience months of blackout after vandals destroyed thirteen Transmission Company of Nigeria`s tower along the Ahoada/Yenagoa 132kv double circuits. Ndid Mbah, Gerenal Manager of Public Affairs, TCN, disclosed this in a statement on Wednesday. The TCN urged the governments of Rivers and Bayelsa states to assist it of its installations, which has become increasingly alarming and overwhelming. This comes after vandals had […]

Wave of apprehension is sweeping through the international investment community as yields on Nigeria’s Federal Government (FGN), Eurobonds have surged significantly, reflecting growing doubts about the country’s fiscal discipline and economic management. Recall in July, yields on Nigeria’s FGN Eurobonds saw a sharp rise, with short-to-medium duration bonds increasing by 69 basis points, and mid-to-long duration bonds climbing by 75 basis points, this trend marks a stark departure from the […]

The Central Bank of Nigeria (CBN) has reintroduced the publication of several key economic reports. CBN, in a statement on its official X handle and signed by its Acting Director, Corporate Communications, Sidi Ali Hakama, on Tuesday, said the initiative is part of its broader efforts to enhance transparency and support economic growth. The apex bank also reaffirmed its commitment to fostering transparency and accountability in the Nigerian economy. It […]

Report states that the Nigerian equity market closed the first trading day of the week on a negative note, with the All Share Index declining by 0.72 percent to settle at 97,881.75 points. The decline moderated the market’s year-to-date return to 31.87 per cent, the month-to-date to 0.16 per cent, and the week-to-date to -0.72 per cent. Market capitalisation ended at N55.58tn, as investors traded 498,271,393 shares in 10,645 deals, […]

The Nigeria Deposit Insurance Corporation (NDIC) has said it has reimbursed 82.36 per cent of the customers of the defunct Heritage Bank with deposits below the N5 million maximum insured deposit. Disclosing this in a statement, Director of Communications and Public Affairs, NDIC, Bashir Nuhu, said that this was achieved through the use of BVN-linked alternate accounts of the customers of the defunct bank. He stated that the Corporation began […]

Federal Government has lifted the suspension on the operations of Arik Air. Michael Achimugu, the Director of Public Affairs and Consumer Protection at the Nigerian Civil Aviation Authority (NCAA), announced the development in a post on social media on Thursday. This comes more than a week after the airline’s planes were grounded over a dispute between Atlas Petroleum and Arik Air. According to Achimugu, the Minister for Aviation and Aerospace […]

The Central Bank of Nigeria has revealed that the net foreign exchange flows into the country increased to $25.4bn in the first six months of 2024, marking a 55 per cent increase from the figure recorded year-over-year. This new development comes against the backdrop of its $876m auction to 26 banks to resolve unmet FX demands. A statement from the apex bank on Thursday noted that this growth has been […]