BUSINESS
UAE Extends Grace Period For Residency Visa Violators
Federal Authority for Identity and Citizenship extends the period of exemption for being fined until December 31 The UAE on Tuesday announced an extension to the grace period for residents whose visas have expired. The Federal Authority for Identity and Citizenship (ICA) issued a decision to extend the period of exemption for being fined for "all violators of the entry and...
Markets Forces At Play, NNPC Says After Increasing Fuel Pump Price To N617
The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has attributed the increase in petrol pump price from N540 to N617 per litre to market forces. He spoke with State House reporters on Tuesday after a meeting with Vice President Kashim Shettima at the Presidential Villa Abuja. Kyari said the increase was not based...
Abuja Bureau De Change Operators Shut Operations As Dollar Scarcity Worsens
Bureau De Change operators have announced shut down of operations in Abuja as a result of unavailability of dollars, reports the Daily Trust This was announced by the association’s Chairman, Abdulahi Dauran, on Wednesday. The naira closed at an all-time low of N1,482 against the United States dollar on the official window on Tuesday while on the parallel market, it remained...
NERC Urges Electricity Prepaid Customers To Update Their Meters
The Nigerian Electricity Regulatory Commission (NERC) has urged citizens with prepaid meter to update them before November 2024. The regulatory body said users who fail to update their meters before the said date won’t be able to recharge their prepaid meters. NERC, in a post on X, formerly known as Twitter, said updating the meters attracts no cost. The regulator said electricity...
MTN, Airtel Secure Approval For Payment Service Bank
MTN Nigeria and Airtel Africa have secured approval in principle to operate a payment service bank (PSB). The telecommunications giants disclosed this in regulatory filings on the Nigerian Exchange Limited (NGX) on Friday. They are required to fulfill some conditions for the Central Bank of Nigeria (CBN) to issue them regulatory licenses for commencement of operations.
Togo, Benin Yet To Remit $14m Electricity Bill Owed To Nigeria — FG
None of the four international bilateral customers being supplied by the power generation companies in the Nigerian electricity supply industry made payment against the cumulative invoice of $14.19m issued by the market operator for services rendered in the first quarter of 2024. The Nigerian Electricity Regulatory Commission revealed this in a report sighted by our correspondent. The foreign companies are Para-SBEE...
Banks borrow N19.6tn from CBN amid rising liquidity problems
Commercial banks borrowed a total of N19.64tn from the Central Bank of Nigeria in 2019, an increase of 73 per cent from the N11.36tn borrowed in 2018. This has raised concerns among analysts following the rising liquidity problems in the financial services sector. This happened barely one month after the World Bank warned the CBN against supporting undercapitalised banks indefinitely. According to...
Tinubu’s Implementation Of Fuel Subsidy Removal, Coup In Niger Was Poor — Obasanjo
Former President Olusegun Obasanjo has knocked the administration of President Bola Tinubu over poor implementation of the removal of subsidy from petroleum products as well as the floating naira. Obasanjo said though the policies were necessary, they were wrongly implemented. According to a statement made available to journalists on Sunday by his Special Assistant on Media, Kehinde Akinyemi, Obasanjo also condemned...
Ban Tomato Importation, Dangote Tells FG
The Managing Director of Dangote Tomato Processing plant in Kadawa, Kano State, Abdulkarim Kaita has on Thursday called on the Federal government to ban the importation of tomato paste-like it ban rice importation into the country. This was as he decried importation of tomato paste which he said was still thriving as the commodity was being imported from Cameroon and...
You Can’t Receive Our Revenues Again, Soludo Tells Parks, Market Executive
Governor of Anambra State, Chukwuma Charles Soludo has banned all markets and parks executives from collecting revenue in the state for the government. In a statement issued by the Press Secretary to the governor, Christian Aburime on Thursday, Solud...
