BUSINESS
CBN Revokes Heritage Bank License
The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect. The CBN said the action became necessary due to the bank’s breach of Section 12 (1) of the Banks and Other Financial Act BOFIA, 2020. The apex bank also said the board and management of the bank have not been able to improve the...
MultiChoice To Appeal Tribunal’s N150m Fine, Free Subscription Order
MultiChoice Nigeria has said it will appeal Friday’s ruling of the Competition and Consumer Protection Tribunal in Abuja, which awarded a N150 million fine against it for challenging the court’s jurisdiction. The News Agency of Nigeria (NAN) reports that the tribunal had fined MultiChoice Nigeria the sum of N150 million for disobeying its order. The order had restrained the pay-TV company from...
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...
5,000 Ginger Farmers Get FG Support
The Federal Government through the National Agricultural Development Fund, NADF, has provided agricultural inputs as a form of intervention to smallholder ginger farmers in Kaduna State following the effect of ginger blight disease on their farms across seven local government areas. About 5,000 smallholder farmers made losses during the 2023 farming season due to the effect of ginger blight disease...
NDIC Lists Heritage Bank’s Head Office For Sale
The Nigeria Deposit Insurance Corporation has listed the head office in Lagos and branches of failed Heritage Bank across the country for sale in its role as liquidator of the bank. NDIC announced the sale of the bank properties numbering 48 and its chattel including vehicles, office equipment, plant, and machinery in another 62 locations across the country in an...
FG Considers Fresh Loan Of $500m From World Bank For Rural Roads
The Federal Government is seeking a $500m loan from the World Bank to enhance rural road infrastructure and agricultural marketing across the federation. The international lender said the fund was expected to address the dire need for better connectivity in rural Nigeria, where 92 million people currently lack access to good roads. This request was contained in the final draft of...
Probe Alleged Missing N20trn Stamp Duty Now, Group Tells Tinubu
A non-governmental organisation, Pristine Initiative for Social Development (PRISOD), has called on President Bola Tinubu to probe the circumstances surrounding failure of some government agencies to remit N20 trillion accruing from stamp duty payments to the federation account. PRISOD made the call in a letter addressed to President Tinubu in which it traced the history of the missing fund. In a...
Gombe Govt. Commences Sale Of Fertilizer At 50% Discounted Rate To Farmers
The Gombe State governor, Muhammadu Inuwa Yahaya, Thursday launched the sale and distribution of subsidised fertilisers to farmers in the state. Speaking at the flag-off ceremony at the fertiliser blending plant in Gombe, Governor Yahaya pegged the price at N22,000, a 50 per cent discount, to relieve farmers of their financial burden. He said 50 per cent of the total fertilisers...
International Oil Companies Plotting Failure Of Our Refinery, Dangote Alleges
The Vice President, Oil and Gas, at Dangote Industries Limited, Devakumar Edwin, has accused International Oil Companies, IOCs, in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. He said the IOCs were deliberately and wilfully frustrating the refinery’s efforts to buy local crude by jerking up high premium price above the market price, thereby...
NELFUND Approves Student Loan Disbursement
The Nigerian Education Loan Fund (NELFUND) has approved student loan disbursement to successful applicants. NELFUND held its inaugural board meeting on Wednesday, marking a milestone in its mission to support students with financial aid. Under the leadership of its Chairman, Mr Jim Ovia, the board approved the immediate disbursement of student loans to successful applicants. READ ALSO: FG/ASUU Meet To Avert Strike...
