Business

CEMENT BAG IS TOO COST, REDUCE PRICE TO ₦‎7,000 PER BAG – UMAHI The Minister of Works, David Umahi, has lamented the skyrocketing price of cement, stating that it has had a significant negative effect on ongoing infrastructure projects across the country. The minister also appealed to cement manufacturers to reduce the price from N9,500 to N7,000, urging that such …

FG SPENT $8BN TO SUPPORT THE NAIRA – REWANE The Federal Government has spent approximately $8 billion in an attempt to stabilize the naira amid ongoing economic pressures. This was made known by the CEO of Financial Derivatives Company, Bismarck Rewane. Speaking on Channels Television’s News at 10, Rewane highlighted the substantial interventions made to manage exchange rate volatility and …

BABANGIDA JUSTIFIES $12.4BN GULF OIL WINDFALL MISMANAGEMENT DESPITE OKIGBO REPORT Former military President, Gen Ibrahim Babangida, says Nigeria failed to maximise its oil boom years due to what he described as a nationwide “profligacy” and “conspicuous consumption” that undermined the economy’s long-term development. He also justified the spending of the $12.4bn oil windfall by his government. “What I have done …

CBN DIRECTS BANKS TO PUBLISH DETAILS OF DORMANT ACCOUNTS, UNCLAIMED BALANCES Amid efforts to sanitise the financial sector, the Central Bank of Nigeria, CBN has directed all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites. The apex bank disclosed in a recent circular, titled “Guidelines on Management …

‘I’VE BEEN FIGHTING BATTLES’, DANGOTE OPENS UP ON HIS REFINERY Oil mogul and billionaire Businessman, Alhaji Aliko Dangote, has opened up on his determination to see his $23bn refinery succeed despite all odds. The 650,000 barrels per day capacity is Africa’s largest. According to the Kano-born richest black man on earth, “I’ve been fighting battles all my life and I …

TINUBU SETS BALL OF SOUTH EAST DEVELOPMENT COMMISSION ROLLING AS OKOYE PILOTS AFFAIR In a bold move to bridge a gap that has persisted for over 50 years in the South-east, President Bola Ahmed Tinubu signed the South-East Development Commission (SEDC) Bill into law, appointing Mark Okoye II as the commission’s pioneer Managing Director and Chief Executive Officer. Okoye’s inauguration, …

ONLY TWO BANKS MEET CBN’S NEW CAPITATION REQUIREMENTS – FITCH Only two banks have so far been able to meet the new capital requirements prescribed by the Central Bank of Nigeria (CBN), with most of the other banks still in need of huge capital injections, international rating agency, Fitch Ratings, has said in its latest report. According to Fitch, while …

ONLY TWO BANKS MEET CBN’S NEW CAPITATION REQUIREMENTS – FITCH Only two banks have so far been able to meet the new capital requirements prescribed by the Central Bank of Nigeria (CBN), with most of the other banks still in need of huge capital injections, international rating agency, Fitch Ratings, has said in its latest report. According to Fitch, while …

MTN NIGERIA REVERSES 200% DATA BUNDLE TARIFF HIKE Nigeria’s telecommunications giant, MTN, has reversed its 15G data plan 200 percent tariff hike. The company disclosed this in a statement through its official X account on Thursday. Recall that on Tuesday, MTN commenced implementation of a 200 percent tariff hike for the 15G data bundle alongside other data plans. The hike …

CBN INCREASES ATM TRANSACTION FEES BANKS BEGIN IMPLEMENTATION MARCH 1 The Central Bank of Nigeria (CBN) has announced a review on the transaction fees for automated teller machines (ATMs) In a circular signed by John Onojah, acting director of financial policy and regulation department, the CBN said the revised charges will take effect from March 1. The regulator said the …