Business

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 …

CBN FINES MONIPOINT, OPAY ₦1B EACH AS NIGERIA TIGHTENS FINTECH REGULATION In a continuation of the Central Bank of Nigeria’s (CBN) increased scrutiny of fintech startups, two of the country’s most prominent unicorns, Moniepoint and OPay, were fined ₦1 billion each in the second quarter of 2024, sources with direct knowledge of the matter told TechCabal. While several other fintech …

NAIRA APPRECIATION MAY FORCE PRICE REDUCTION, INFLATION DECLINE – ECONOMISTS Nigerian economists are optimistic that the Naira’s appreciation against the dollar, if sustained, may lead to a drastic reduction in the prices of imported goods, by extension the country’s headline inflation, which stood at 33.88 percent in October, 2024.The Chief Executive Officer of SD & D Capital Management, Gbolade Idakolo, …

TURMOIL IN FIRST BANK AS OTEDOLA WIELDS BIG STICK Folake Ani-Mumuney was asked to resign as First Bank’s global head of marketing and corporate communications by Femi Otedola, the chairman of the holding company, insiders have told TheCable. A top employee of the bank informed TheCable that Otedola was “seriously irked” when he learned that a whopping sum was spent …

DANGOTE, PH REFINERIES: NIGERIANS VOICE OUT FRUSTRATIONS AMID HIGH FUEL PRICE Reactions have continued to trail the persistent high cost of Premium Motor Spirit, PMS, commonly known as petrol in Nigeria despite having two functional refineries in the country: Dangote and Port Harcourt refineries. Many Nigerians say the price of fuel was expected to reduce with the coming on board …

NAIRA GAINS RAPIDLY AGAINST DOLLAR AS SELLERS STRUGGLE TO FIND BUYERS The exchange rate between the naira and the dollar continued its rapid appreciation on the official EFEM market, closing at N1,535/$1 on Friday, December 6, 2024. This marks a significant milestone, as the naira strengthens further following three consecutive days of appreciation since the Central Bank of Nigeria (CBN) …

NNPC BEGINS EXPORT Of PETROL TO DUBAI FROM PORT HARCOURT REFINERY The PH Refinery ships its first export of petroleum products to Dubai.The company is expected to load the cargo in the coming days onboard the Wonder Star MR1 ship, signalling the commencement of operations at the plant and the exportation of petroleum products. The ship will load 15,000 metric …