BUSINESS
Naira Gains Further, Exchanges At N461.10 To Dollar
The Naira on Thursday exchanged at 461.10 to the dollar at the Investors and Exporters window. The figure represented an appreciation by 0.02 per cent compared with the 461.17 it exchanged on Wednesday. The open indicative rate closed at N461.25 to the dollar on Thursday. An exchange rate of N462 to the dollar was the highest rate recorded within the day’s trading...
Kaduna Govt Seeks Investment From Saudi Arabia
The Kaduna State Government has canvassed for investment and support from the Kingdom of Saudi Arabia. Deputy Governor, Dr Hadiza Sabuwa Balarabe stated this at an event to celebrate the 93rd National Day of the Kingdom of Saudi Arabia at The Afficent event centre, in Kano on Saturday. In her remarks, the deputy governor thanked the Kingdom of Saudi for the...
CBN Threatens Severe Sanctions Against Banks Hoarding Currency
The Central Bank of Nigeria (CBN) has announced severe penalties for any bank involved in currency hoarding or diversion as part of its commitment to ensuring proper distribution of the nation’s currency. In a circular issued on November 13, 2024, the CBN outlined stringent measures for Deposit Money Banks (DMBs) found to be diverting cash to unauthorised hawkers. Under the new...
Group Condemns Destruction Of Ship With 800,000 Barrels Of Stolen Crude Oil
The Health of Motherland Foundation, HOMEF, has condemned the recent destruction of a vessel loaded with 800,000 barrels of stolen crude oil by a Nigerian military helicopter after the vessel was seized and the crew detained, describing the act as “unacceptable environmental pollution.” HOMEF Executive Director, Ninmong Bassey while reacting to the manner the vessel was burnt in a statement...
Ogun To Commence Payment Of N10,000 Palliatives July To Cushion Fuel Subsidy Removal
Governor Dapo Abiodun of Ogun state, has revealed the state government will begin the distribution of a cash palliative of N10,000 to public servants in the state to cushion the impact of the removal of fuel subsidy, with effect from July. Abiodun disclosed this in an interview, monitored by our correspondent, on Channels Television on Tuesday evening. The governor noted that...
Organic Farming Alone Can’t Feed Nigeria’s Population – AFAN
The All Farmers Association of Nigeria (AFAN) has expressed concern over the viability of organic farming as a sole solution to Nigeria’s food security challenges, citing its limitations in meeting the demands of the country’s rapidly growing population. Speaking in an interview with journalists in Lagos on Friday, Mr. Femi Oke, the chairman of AFAN for the Southwest and Lagos...
Gov. Fubara Presents ₦1.1tn 2025 Budget To Oko-Jumbo-Led Rivers Assembly
Rivers State Governor Siminalayi Fubara has presented the 2025 budget proposal of ₦1.1 trillion to the Victor Oko-Jumbo-led Rivers State House of Assembly. The Appropriation Bill, tagged “Budget of Inclusive Growth and Development”, was presented during plenary on Monday. Arriving at the Assembly complex with members of his cabinet and other top government officials, Governor Fubara was warmly received as the...
FG Not Responsible For Latest Petrol Price Hike — Minister
The Minister of Information and National Orientation, Mohammed Idris has stated that the federal government is not responsible for the latest hike in petrol price. Nigerians are grappling with renewed frustration exacerbated by the latest hike in petrol prices by the Nigerian National Petroleum Company Limited (NNPC Ltd) and other marketers. Speaking on the increase, Idris said NNPCL made the decision...
Shell Sells Stake In Nigerian Oil Block For $533m
The Shell Petroleum Development Company of Nigeria Limited has announced the completion of the sale of its 30 percent interest in Oil Mining Lease 17 in the Eastern Niger Delta and associated infrastructure to TNOG Oil and Gas Limited for a consideration of $533m. The oil major said in a statement on Friday that the completion followed the receipt of...
No Plan To Regulate Market Prices — FG
The Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday said it has no plans to regulate prices in the Nigerian market. FCCPC in a statement by its spokesman, Ondaje Ijagwu, clarified that its recent directives are solely aimed at curbing exploitative practices and maintaining a competitive marketplace. The statement came in response to feedback from the Organised Private Sector and...
