BUSINESS
Naira To Appreciate, Settle At N600/$1 In Coming Months, Says JP Morgan
According to JP Morgan, an American global financial services organization, the naira is likely to strengthen and trade at around N600 per dollar in the coming months. The estimate was provided by the financial institution in a statement issued on Thursday. The Central Bank of Nigeria announced on Wednesday the unification of all parts of the currency exchange (FX) market, indicating...
Kogi State Govt Talks Tough, Vows To Seal Banks Rejecting Old Naira Notes
The Kogi State government has threatened to close banks, arrest and prosecute anyone rejecting the old naira notes for transactions in the state. This was disclosed in Lokoja on Friday in a statement signed by Kingsley Femi Fanwo, the Commissioner for Information and Communications. The state government directed that those rejecting old notes for business transactions in the state should be...
Buhari Appoints Madein Substantive Accountant General Of The Federation
President Muhammadu Buhari has approved the appointment of Oluwatoyin Sakirat Madein as the substantive Accountant General of the Federation, AGF. This was contained in a statement, dated 19th May, 2023, and signed by the Director, Communications, Mohammed Abdullahi Ahmed, on Friday, in Abuja. The Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan, stated that the appointment took effect...
Emefiele risks jail term over $53m garnishee order
The Governor of Central Bank of Nigeria, Mr Godwin I. Emefiele risks being committed to prison for failing to honour a Garnishee Order Absolute to pay the balance of $53m due and payable under the said Order to Mr Joe Agi (SAN) and team of lawyers that facilitated the Paris Club fund matter for the Federal Government. Justice I. E....
Government Agencies Agree To End Fuel Scarcity
Federal Government agencies and petroleum marketers have undertaken to end the crippling shortage of petrol across the country that has seen pump prices hit N285 per litre. Speaking after a meeting at the Nigerian National Petroleum Company Limited, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, in Abuja on Thursday, the operators said the depots would work for 24 hours...
COVID-19: Economic council meets Buhari, warns of recession
The Presidential Advisory Council on Tuesday warned about dire economic consequences for Nigeria if the raging coronavirus infection was not contained as quickly as possible. The council, which is chaired by Prof Doyin Salami, met with the President, Major General Muhammadu Buhari (retd.), at the State House, Abuja. It said one of the immediate consequences, as shown in the crash of...
Dangote Refinery Announces Fresh Date To Commence Fuel Supply In Nigeria
Dangote Refinery has announced July 10–15, 2025, as the new date to commence supply of Premium Motor Spirit (fuel) to the Nigerian market. The President of Dangote Group, Aliko, disclosed this recently during a tour of the 650,000 barrel per day capacity Refinery by the Governor of Lagos State, Babajide Sanwo-Olu. The new date comes after the refinery had earlier announced...
AI Software Company Cogna Lands $15m Investment From Leading Venture Capitalist
An AI software company which counts Britain's largest gas distribution network among its clients will this week announce it has secured $15m (£11.6m) in new backing from a syndicate of leading venture investors. Sky News understands that Cogna, which launched last year, has landed the funding from Notion Capital, with backing from Hoxton Ventures - an early shareholder in Darktrace...
Leadership Of House Of Representatives Visits Dangote Refinery
The leadership of the House of Representatives have visited the Dangote Petroleum Refinery in Lagos. Speaker of the House of Representatives, Hon. Tajudeen Abbas, led the lawmakers who arrived at the refinery located in the Lekki Free Trade Zone in Lagos around 11am on Saturday. Africa’s richest man and President of Dangote Group, Aliko Dangote, and top executives of the refineries...
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...
