Business

DANGOTE REFINERY, NNPCL RESUME FIGHT OVER $1BN LOAN Dangote Group, owners of Dangote Refinery, and the Nigerian National Petroleum Company Limited, NNPCL, have clashed over a $1 billion crude oil-backed loan. Recall that barely 24 hours ago, in a statement credited to NNPCL spokesperson Olufemi Soneye, the state-owned oil firm said it secured a $1 billion loan backed by crude …

SENATE MOVES TO BAN USE OF DOLLAR, OTHER FOREIGN CURRENCIES IN NIGERIA A bill seeking to prohibit the use of foreign currency in Nigeria has scaled first reading in the PSenate. The bill, titled “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and …

DESPITE LOCAL REFINERIES, NIGERIA SPENDS N9.1 TRILLION ON PETROLEUM IMPORTATION Despite Local Refineries, Nigeria Spends N9.1trillion On Petroleum Importation In Nine Months Which Is Double Of 2023 A review of data from the National Bureau of Statistics (NBS) has shown that Nigeria imported refined petroleum to the tune of N9.1trillion between January and September 2024. In the first quarter of …

NIGERIA LEADS WORLDWIDE IN CRYPTO OWNERSHIP Nigeria leads the world in crypto ownership, according to ConsenSys’ second annual Global Survey. The report indicated that emerging markets like Nigeria and South Africa are driving the global adoption of cryptocurrencies. The percentage of ownership is highest in the Philippines (54%), South Africa (68%), and Nigeria (73%). These countries are at the forefront …

NIGERIA’S INFLATION RATE SPIKES TO 34.60 PERCENT IN NOVEMBER AMID HARDSHIP Nigeria’s inflation rate for the month of November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for Nigerians. This is according to the National Bureau of Statistics’ latest Consumer Price Index and Inflation for November. The report showed that the country’s headline or all-items …

NIGERIA REPAYS $1.22B TO IMF IN NINE MONTHS Nigeria has serviced its debt to the International Monetary Fund with not less than $1.22 billion over nine months, data from the Debt Management Office’s external debt service reports has shown. The payments were made as part of principal repayments for three consecutive quarters, from Q4 2023 to Q2 2024. The breakdown …

CBN MOVES TO IMPOSE N150M FINE ON BANKS INVOLVED IN TRADING NEW NAIRA NOTES The Central Bank of Nigeria has stated that it will iimpose a fine of N150million on any commercial bank involved in trading of new Naira notes to the citizens. This warning was contained in a circular issued on Friday, December 13, 2024, signed by the Acting …

NNPCL REDUCES PETROL PRICE BY N20: FROM N1,060 TO N1,040 PER LITRE The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja.. DAILY POST correspondents who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,040 per litre. …

NIGERIA’S FOREIGN DIRECT INVESTMENTS TO INCREASE IN 2025 – REPORT Nigeria’s foreign direct investments are expected to increase in the coming year, 2025, provided current economic reforms are sustained, analysts at Cordros Securities Limited said. The company disclosed this in its report titled, ‘Nigeria in 2025, Reform to Recovery, Navigating the Rebound.’. A firm warned that existing institutional weaknesses and …

FBI NABS MAN WHO FLED NIGERIA TO GHANA AFTER $6M SCAM The Federal Bureau of Investigation (FBI) has nabbed most-wanted fraudster Abiola Kayode who fled Nigeria to Ghana after $6 million business email racket United States Attorney Susan Lehr announced the extradition of Abiola Kayode, 37, of Nigeria, to the District of Nebraska on a Conspiracy to Commit Wire Fraud …