Business

FG GIVES NIGERIANS NINE MONTHS TO DEPOSIT DOLLARS IN BANK Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed a new government policy that would permit Nigerians who currently hold dollars outside the formal banking system to bring those funds into the financial system. Edun said such individuals have a nine-month grace period to comply with …

OIL MARKETERS ADJUST PETROL PUMP PRICE FROM N1,010 TO N1,050 The price of Premium Motor Spirit (PMS), commonly called petrol, has been raised by major oil marketers from N1,010 to N1,050 per litre, reflecting a 4% increase in Lagos and neighboring areas. This adjustment comes amidst ongoing economic challenges and fluctuations in global oil prices, which have put pressure on …

NO DEADLINE ON CIRCULATION OF OLD NAIRA NOTES – CBN The Central Bank of Nigeria has announced that there is no deadline on the circulation of old N200, N500 and N1000 bank notes. The spokesperson of CBN, Sidi Ali Hakama disclosed this in a statement on Thursday. This comes amid speculations that the old Naira notes will cease to be …

TINUBU WANTS FILLING STATIONS CONVERTED TO CNG OUTLETS, MINISTER Minister of State for Petroleum Resources (Gas) Ekperipke Ekpo, has said that President Bola Tinubu wants filling stations converted to compressed natural gas (CNG) outlets. Ekpo spoke at the State House after the Federal Executive Council (FEC) meeting on Wednesday, presided over by the President. The minister said Tinubu “gave a …

, US COURT ACQUITS AIR PEACE BOSS, ALLEN ONYEAMA, SLAMS MAYFIELD $4,000 FINE, SHEHU SANI HAILS JUDGEMENT The District Court in Atlanta, Georgia has exonerated Allen Onyema, the Chief Executive of Air Peace, of any business fraud. This is after three years of investigation involving about five agencies of the American government and the subsequent legal fireworks. The court, which …

BREAKING: ENUGU STATE ELECTRICITY COMMISSION ASSUMES REGULATORY OVERSIGHT OF EEDC In a historic move, the Enugu State Electricity Regulatory Commission, EERC, Tuesday, assumed full regulatory oversight of the Enugu State electricity market following the lapsing of the transition period for the transfer of regulatory oversight from the Nigeria Electricity Regulatory Commission (NERC) to the state agency. This development, which makes …

FG DECLARES END OF FUEL, FOREIGN EXCHANGE SUBSIDIES The federal government has officially ended fuel and foreign exchange subsidies, Minister of Finance and Coordinating Minister of the Economy Wale Edun revealed on Thursday. The minister made the announcement during the presentation of the Nigeria Development Update by the World Bank in Abuja. The subsidies, the government said drained the country’s …

TINUBU GOVT PLANS 25% TAX ON WEALTHY NIGERIANS EARNING N100M MONTHLY The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that 90 percent of those paying tax are those who should not be paying in the first place. He made this declaration at the 30th Nigeria Economic Summit organised by the Nigerian Economic Summit …

WTO SELECTS UNN, OTHERS FOR TRADE RESEARCH PROGRAMME The World Trade Organisation (WTO) has expanded the WTO Chairs Programme to include five new academic institutions located in previously under-represented regions. The new beneficiary institutions includes the University of Nigeria, Nsukka, Nigeria. The others are Universidad Iberoamericana, Dominican Republic; Hamad Bin Khalifa University, Qatar; Université de Lomé, Togo; and National University …

HIKE IN FUEL PRICE: TINUBU LISTENED TO DANGOTE – IPMAN CHAIR The National President of the Independent Marketers Association of Nigeria, Abubakar Garima, has revealed that the Nigerian National Petroleum Company Limited is currently asking oil marketers to buy petroleum products from its depot at N1,010 per litre in Lagos State. He stated that the price peg is significantly higher …