Category: Business
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No plans to redenominate Naira – CBN clarifies
The Central Bank of Nigeria (CBN) has categorically denied any plans to redenominate the country’s currency, the Naira, effective from January 2023. Isa AbdulMumin, the Director of Corporate Communications at CBN, issued a statement on Tuesday refuting claims circulating about the bank’s intention to redenominate the Naira. The statement clarified that the CBN has no…
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“NLC, TUC, NECA Urge FG to Address Naira Depreciation”
By Milcah Tanimu The Nigeria Labour Congress (NLC), Trade Union Congress of Nigeria (TUC), and the Nigeria Employers’ Consultative Association (NECA) have expressed serious concerns over the continuous depreciation of the Nigerian naira. They are calling on the Federal Government to take immediate and effective measures to stabilize the national currency. The NLC, in particular,…
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Reversal of 43 banned items, a policy summersault: MAN VP
* Says reversal dangerous, poisonous to nation’s economy Dr. Kamoru Yusuf (MON), who is the Group Managing Director of KAM Holding Limited, located in Ilorin, the Kwara state capital, is also the Vice President of the Manufacturers Association of Nigeria (MAN), South-West Zone, as well as Chairman Basic Metal, Iron and Steel and Fabricated Metal…
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Katsina State Governor Appoints New Liaison Officer to Strengthen State-Government Relations
By Lateef Taiwo Katsina State Governor, Malam Dikko Umaru Radda, has appointed Alhaji Bashir Umar Ibrahim as the State’s Chief Liaison Officer in the Federal Capital Terrotory effective October 12, 2023. Mr. Bashir Umar, a distinguished public administrator and management professional with a Master’s Degree in Information Management from Ahmadu Bello University, Zaria, brings a…
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CBN Reverses Forex Ban on 43 Items, Focuses on Enhancing Market Liquidity
The Central Bank of Nigeria (CBN) has decided to lift the foreign exchange restrictions on the importation of 43 specific items, emphasizing its dedication to bolstering liquidity within the foreign exchange market. In a statement released by Dr. Isa Andulmumin, the Director of Corporate Communications at the CBN, it was announced that “Importers of all…
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“NDIC Disburses Over N1 Billion to Depositors of Failed PMBs and MfBs: 29,573 Beneficiaries Receive Funds”
By Milcah Tanimu The Nigeria Deposit Insurance Corporation (NDIC) has disbursed approximately N1.084 billion to over 29,000 depositors of 179 Microfinance Banks (MfBs) and four Primary Mortgage Banks (PMBs) whose licenses were revoked by the Central Bank of Nigeria (CBN) as of September 22, 2023. The NDIC began liquidating the banks and disbursing insured sums…
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Nigeria Strengthens Security Cooperation with the European Union
By Milcah Tanimu The Federal Government of Nigeria has expressed its readiness to enhance bilateral relations with the European Union (EU) in the field of security cooperation. This announcement was made in a statement released by Mr. Hope Attari, Acting Director of Press and Public Relations at the Ministry of Defence in Abuja. During a…
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“Cooking gas prices surge 17%, with further hikes expected. Operators seek stability solutions.”
By Milcah Tanimu The price of cooking gas has increased by 17%, with the price of 1 kg rising by 11% to N900 from N800, and the 3 kg price rising by 18% to N2,500 from N2,050. Operators in the industry anticipate a further 43% rise to N1,500 per kg if measures to achieve supply…
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Nigeria Grants First Gas Supply License to Ohuru Trading Limited Under PIA
Nigeria’s Government Grants Ohuru Trading Limited First Wholesale Gas Supply License for 500 Million Cubic Feet of Gas per Day, Enhancing Gas Utilization in Accordance with the Petroleum Industry Act (PIA). Section 142 of the PIA provides for the issuance of such licenses to guide commercial activities along the gas value chain. The Chief Executive…
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Nigeria Government are extremely jealous of Biafrans plan to exit Nigeria
The Nigerian government’s attitude towards the Biafran independence movement is causing concerns and disagreements. There is a perception that the government is envious of Biafra’s oil resources, natural wealth, and its desire for independence from Nigeria. This has led to a series of negative actions by the Nigerian government, including efforts to tarnish the image…