Business

Former Minister of Education Oby Ezekwesili's on Wednesday call for an independent audit of the dealings between the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery highlights concerns over transparency and accountability. The revelation by Aliko Dangote that NNPC's equity in the refinery is only 7.2 percent, rather than the expected 20 percent, raises questions about the financial and contractual processes involved. Ezekwesili's on her X, emphasis on […]

The federal government says the proposed 50 percent windfall tax on banks’ foreign exchange gain in 2023 would be a recovery plan to balance the country’s economy. The Chairman of the Federal Inland Revenue Service, Zacch Adedeji disclosed this on Monday at the Senate Committee on Finance, in the company of the Minister of Finance, Wale Edun. He noted that while the banking sector declared FX gains, the manufacturing sector […]

International Monetary Fund (IMF) has cut its forecast for Nigeria’s economic growth in 2024 to 3.1 per cent. The downgrade is contained in a newly released report ‘in the July 2024 World Economic Outlook’ published on Tuesday as the financial institution cited a weaker growth recorded in the first quarter of the year, Q1’24 as reason for the new forecast. The downgrade followed weaker-than-expected Gross Domestic Product, GDP, and growth […]

The naira appreciated on Tuesday for the first time in the week. Reported data showed that the naira gained slightly to N1,576.66 against the dollar at the forex market on Tuesday from N1,577.29 traded on Monday. Meanwhile, on the black market, the naira slumped further, losing N25. Ashiru Dayyabu, a Bureau De Change operator in Wuse Zone 4, said the naira depreciated to N1,585 per dollar on Tuesday from N1,560 […]

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Ogbonnaya Orji, has disclosed that the country lost $1.84bn worth of petroleum products from refineries in nine years. Orji stated this at the opening ceremony of the 2024 NEITI board retreat/meeting in Lagos. According to him, 4.2 billion litres of petroleum products were lost from the refineries as a result of oil theft between 2009 and 2018, and this was […]

The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) on Sunday has expressed concerns over the scarcity of foreign exchange in Nigeria, attributing it as a major factor for the exit of pharmaceutical multinationals like GlaxoSmithKline and Sanofi Nigeria Ltd from the country. They highlighted this issue during a news conference in Lagos about the upcoming 7th Edition of Nigeria Pharma Manufacturers Expo (NPME) scheduled for September 4-5. […]

Senate has quashed a bill seeking to repeal the Foreign Exchange Act, 2004, which is already a function of the Central Bank of Nigeria and establish a Foreign Exchange Market in Nigeria, the bill, read for the first time in February 2024 and sponsored by Mohammed Sani representing Niger East, aims to make provisions for the control, monitoring and supervision of transactions conducted in the Foreign Exchange Market. In his […]

The 4,173 Bureau De Change companies whose licenses were recently revoked by the Central Bank of Nigeria (CBN) have been asked by the Corporate Affairs Commission (CAC) to change their names within three months. Recall the CBN revoked the operational licenses of the 4,173 BDC operators in March due to noncompliance with certain regulatory guidelines. However, CAC, in a notice issued on Wednesday said the failure of the BDCs to […]