Business

NINE NIGERIAN BANKS GENERATE N14TRN IN REVENUE FROM CUSTOMERS’INTEREST IN 2024 Nine Nigerian banks generated a combined interest income of N14.26 trillion in 2024. This is according to an analysis of the audited financial results of the financial institutions. In contrast, the manufacturing sector, referred to as the real sector, laments increasing operational costs amounting to a combined figure of …

MIXED REACTIONS AS ANAMBRA GOVT DEMOYLISHES INNOSON MOTORS’ HEAD OFFICE IN KNEWI Mixed reactions have trailed the recent demolition of the Head Office of the Innoson Vehicle Manufacturing (IVM) at Nnewi-Owerri Road at Nnewi in Nnewi North Local Government Area of Anambra state by the state government. The IVM Head Office building was partly demolished by the state government to …

PARIS CLUB REFUND: CONSULTANT FILES CONTEMPT CHARGE AGAINST CBN GOVERNOR, CARDOSO, OVER FAILURE TO RETURN N220M Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), and Kofo Salam-Alada, the apex bank’s director of legal services, are facing contempt proceedings for allegedly failing to fully comply with a supreme court judgment that ordered the release of funds previously forfeited …

FILLING STATIONS YET TO ADJUST AS DANGOTE REDUCES PETROL PRICE AGAIN For the second time in one week, Dangote Petroleum Refinery has announced a reduction in the price of premium motor spirit (PMS) otherwise known as petrol. With effect from yesterday (April 16th, 2025), the gantry price (ex-depot price) of petrol would now go from N865 to N835.This would be …

CBEX CRASH: TEN TIMES NIGERIANS LOST BILLIONS AFTER FALLING INTO HANDS OF PONZI SCHEMES OPERATORS Nigeria has become a fertile ground target for Ponzi schemes, with millions of unsuspecting investors losing life savings in a cycle of financial deception and unfulfilled promises. From digital platforms to agriculture-based investments, these fraudulent schemes continue to thrive on the hopes of a quick …

TRUMP’S ERRATIC POLICIES RESPONSIBLE FOR FALL IN CRUDE OIL PRICE – NIGERIAN REGULATORY AGENCY Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has disclosed that the recent tariff policies by US President, Donald Trump, is responsible for the recent slump in global crude oil prices. Addressing a press conference at the Presidential Villa, …

NIGERIANS LOSE N1.3TRN AS CBEX TRADING PLATFORM CRASHES Nigerians took to their various social media platforms to lament their losses after a digital asset trading platform, known as CBEX, allegedly swept over N1.3 trillion from investors’ accounts on Monday. This comes as CBEX, operating without legal approval from the Nigeria Securities Commission, crashed on Monday after the money in their …

THEY ONLY KNOW HOW TO DRAIN DATA – TELECOM CONSUMERS LAMENT TARIFF HIKE, POOR NETWORK Some telecommunication services consumers in the Federal Capital Territory, FCT have urged Mobile Network Operators to improve their services to match the recent hike in their tariffs. They made the call in separate interviews with NAN on Monday in Abuja. The subscribers said despite the …

AGAINST LOCAL PROPAGANDA, NIGERIA’S PETROL PRICE DUE TO GLOBAL PRICING Nigeria is on the brink of a rare moment of respite as petrol prices are falling. This respite is rare, and in Nigeria, where petrol costs are dictating the rhythm of daily life from the cost of food prices to transportation, this should be welcome news. But a dangerous narrative …

NERC FINES EIGHT DISCOS ₦‎628 MILLION FOR FLOUTING ESTIMATED BILLING RULES The Nigerian Electricity Regulatory Commission has sanctioned eight DisCos for failing to comply with monthly energy caps for unmetered customers between July and September 2024. The affected DisCos include Abuja, Eko, Enugu, Ikeja, Jos, Kaduna, Kano, and Yola. The commission, in a statement on Thursday, said these DisCos have …