(AFRICAN EXAMINER) – The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to pay 2.3 million depositors of Heritage Bank approximately N650 billion starting this week. This move follows the recent withdrawal of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) NDIC Managing Director Mr. Bello Hassan made this announcement during a […]
…Targets 5% Increase in Market Share through EPC Projects (AFRICAN EXAMINER) – The NNPC Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC Ltd), has announced a 137 per cent increase in operating profits for the year 2023. This was disclosed by the Chairman of the company’s Board of […]
(AFRICAN EXAMINER) – The Shell Petroleum Development Company of Nigeria Limited, (SPDC,) and its Partner spent more on Social Investments in 2023 with a total of $42.2 million. This was contained in a press statement signed by Communications, Media and NGO Relations Manager of Shell, Bamidele Odugbesan. According to the press release, Shell and it’s […]
(AFRICAN EXAMINER) – Nigeria’s current account balance has experienced a surplus of $1.432bn in 2024, according to a report by the International Monetary Fund (IMF). The report, ‘World Economic Outlook Database’ seen by Channels Television on Wednesday, noted that the increase in the Federal Government’s account for the period, was an improvement from the $1.21bn […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) says there are no plans to withdraw the licenses of three banks. A press statement by the banks Acting Director of Corporate Communications, Haka Sidi-Ali, said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to some information circulating in the public domain, […]
(AFRICAN EXAMINER) – Zenith Bank Plc has been named the “Most Sustainable Bank, Nigeria” in the International Banker 2024 Banking Awards, retaining the title for the second consecutive year. Commenting on the award, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, said: “We are deeply honoured to be recognised […]
(AFRICAN EXAMINER) – In its continued efforts to provide alternative source of fuel for Nigerians and lessen the impact of subsidy removal on petrol, the Federal Government has commissioned a 5.2 million standard cubic feet per day (mmscfd) Compressed Natural Gas (CNG) plant in Lagos. Minister of State for Petroleum Resources (Gas) Rt. Hon. Ekperikpe […]
(AFRICAN EXAMINER) – The Minister of Agriculture and Food Security, Abubakar Kyari, says the scarcity of tomatoes being experienced in parts of Nigeria is caused by “severe infestation known as Tomato Ebola or Tomato Leaf Miner”. Many households reportedly resorted to tomato pastes and other alternatives as the price of fresh tomatoes skyrockets. In a […]
(AFRICAN EXAMINER) – Trading at the Nigerian stock market started the week on a positive note, as all performance indices rose by 0.26 per cent. Specifically, market capitalisation increased by N141 billion or 0.26 per cent to close at N55.359 trillion, as against N55.218 trillion posted previously. Consequently, the All-Share Index which opened at 97,612.51, […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has issued its approved guidelines to regulate the activities of Bureau de Change (BDC) operators in the country. In its new circular released on Wednesday, the minimum capital base for Tier-1 BDCs is N2bn while that of Tier-1 is set at N500m. Also, the mandatory caution […]
(AFRICAN EXAMINER) – ) The Nigerian Civil Aviation Authority (NCAA), has said that it would not hesitate to invoke relevant sections of the organisation’s regulations to sanction Turkish Airlines over mistreatment of Nigerian passengers. NCAA’s Director, Public Affairs and Consumer Protection, Mr Michael Achimugu, disclosed this to newsmen on Wednesday in Lagos. Achimugu said that […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has raised the interest rate to 26. 25 per cent. More to follow…
(AFRICAN EXAMINER)- Air Peace has dismissed reports of alleged safety breach in the United Kingdom, stating that ramp inspection issues were resolved with UK Civil Aviation Authority (CAA). The Lead, Corporate Communications of the airline, Mr Stanley Olisa, dismissed the allegation in a statement made available to newsmen on Monday in Lagos. In response to […]
(AFRICAN EXAMINER) – The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions. The decision of the apex bank to withdraw the circular followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the […]
(AFRICAN EXAMINER) – The Nigerian National Petroleum Company Ltd., (NNPC Ltd) has assured that the fire incident in a depot in Lagos will, in no way, affect petroleum products supply and distribution across the country. Chief Corporate Communications Officer, NNPC Ltd., Mr Olufemi Soneye, said this in a statement on Friday in Lagos. Soneye said […]
(AFRICAN EXAMINER) – Nigeria’s inflation rate rose to 33.69% in April 2024 compared to March 2024 headline inflation rate which was 33.20%. This was according to the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) report released on Wednesday. “In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 […]
(AFRICAN EXAMINER) – The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. In an interview with the Financial Times, Cardoso said that the Monetary Policy Committee (MPC), which he chairs, would do whatever is necessary […]
(AFRICAN EXAMINER) – Trading opened negatively on the Nigerian Exchange Ltd. (NGX) on Monday with the market capitalisation dropping by N297 billion. The market capitalisation closed lower at N55.264 trillion compared with N55.561 trillion, a decrease of 0.53 per cent. Also, All-Share index also went down by 0.53 per cent or 525.02 points to close […]
(AFRICAN EXAMINER) – In line with his commitment to ensure energy security, drive utility, and cut high fuel costs, President Bola Tinubu has directed the mandatory procurement of compressed-natural-gas-powered vehicles by all government ministries, departments, and agencies. Presidential Spokesman, Chief Ajuri Ngelale said the President’s directive is also in furtherance of Nigeria’s effort to transition […]
(AFRICAN EXAMINER) – Nigeria’s revenue from the manufacturing export sector has plunged by 166 per cent to ₦778.4bn from the ₦2.trn height reached in 2019. A newly published report ‘Africa Pulse’ by the World Bank obtained by Channels Television, said the trend since 2019, has been downwards recording a significant decline to ₦960.7bn attributed to […]
