Business

The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to transfer funds in all dormant accounts to the apex bank. A circular by CBN Ag. Director of Financial Policy and Regulations, Mr. John Onoja,…

The Federal Competition and Consumer Protection Commission on Friday imposed a $220 million fine on Meta platforms for violating data privacy laws. The FCCPC said in a statement that Meta’s data-sharing practices on its Facebook and…

Nigeria’s inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19% in June according to the latest report from the National Bureau of Statistics, (NBS). The headline inflation rate in June 2024 increased by 0.24% points…

President of the Dangote Refinery, Alhaji Aliko Dangote, says the refinery is now set to roll out its petrol from August 2024, having resolved its crude oil supply issues through the help of the Nigeria National Petroleum Company…

The Nigerian National Petroleum Company Limited (NNPCL) is in talks for a fresh $2bn oil-backed loan to boost its finances and allow investment in its business, the company’s Chief Executive Officer, Mele Kyari, told Reuters during an…

The Chairman of Dangote Group, Aliko Dangote, has promised that the private sector will “invest heavily” in job-creating initiatives. He added that Nigeria’s economy can be turned around “within a few months” as the “issues are not…

The Nigerian National Petroleum Company Limited (NNPCL) says it has declared a state of emergency on oil production. It said this was a move towards increasing Nigeria’s crude oil production and growing its reserves. Group Chief…

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says rising transaction volumes by non-banks threatens financial stability in West Africa. He stated this on Monday at the 10th meeting of the College of Supervisors…

The Central Bank of Nigeria (CBN) says it will continue to implement more policies to tackle cybersecurity challenges, foster innovation to ensure stability and integrity of the financial system. The Deputy Governor, Financial…

The Chairman of the Dangote Group Aliko Dangote has accused those he described as oil mafia of trying to sabotage the refinery project. Dangote who was speaking at the Afreximbank annual meetings (AAN) and AfriCaribbean Trade and…

A press release issued on Tuesday, by Bayo Onanuga, President Tinubu's Special Adviser on Information and Strategy, sheds light on the recent acquisition of Diageo's majority stake in Guinness Nigeria by Tolaram, a Singaporean…

The Nigerian Deposit Insurance Corporation (NDIC) has disclosed that 99 per cent of Heritage Bank depositors have total balances of less than N5m. The Managing Director of the NDIC, Bello Hassan, made the disclosure on Wednesday in…

Nigerian music superstar Davido's foray into the cryptocurrency world has taken a dramatic turn, with his newly launched token, $Davido, experiencing a staggering 93% value decline within a day of its debut. This sharp drop raises…

The Nigerian economy is showing signs of growth with a Gross Domestic Product growth rate of 2.98 per cent in the first quarter of 2024, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The…

Tony Elumelu, the chairman of Transcorp Group, says power theft is a setback for distribution companies (DisCos) in the country. Speaking at the firm’s annual general meeting (AGM) in Abuja on Monday, Elumelu said DisCos also suffer…