Business

The World Bank has raised an alarm about the negative effect the Naira redesign will have on Nigeria’s economic activity. In a new report titled “Nigeria Development Update”, the international financial institution said the Naira redesign might have an adverse effect on SMEs and poor Nigerians due to its timing …

The Independent National Electoral Commission has reiterated its commitment to address the negative role of money in the electioneering process. he Chairman of the Commission, Prof Mahmood Yakubu, stated this in Abuja at a stakeholders summit aimed at addressing the influence of money on the 2023 general election. In his …

The Association of Mobile Money and Bank Agents in Nigeria has expressed optimism that the Central Bank of Nigeria will reverse its cash withdrawal limits policy before the new year. The AMMBAN National President, Victor Olojo, disclosed this on Sunday that the National Assembly has promised to prevail on the …

Nigeria’s crude oil earnings rose by about N308.6bn within two months following the recent increase in the country’s oil output due to concerted efforts by the Nigerian National Petroleum Company Limited and security agencies to halt oil theft. Data accessed from the Nigerian Upstream Petroleum Regulatory Commission and other international …

The newly redesigned naira notes will go into circulation on Thursday (today) with Deposit Money Banks releasing the bills to their customers via over-the-counter payments. This came about three weeks after the President, Major General Muhammadu Buhari (retd), unveiled the new bills at a weekly Federal Executive Council meeting in …

Osun State Governor, Senator Ademola Adeleke has directed immediate suspension of all mining firms operating the state’s mining licences. This was revealed in a statement issued by Secretary to the State Government, Hon. Teslim Igbalaye, in Osogbo on Wednesday. He said Governor Adeleke reiterated his resolve to recover all fund …

The House of Representatives has called on the Nigerian National Petroleum Company (NNPC) Limited to end the artificial scarcity of petroleum products especially the premium motor spirit in the country within the next one week. The green chamber said the artificial scarcity of petrol has caused untold hardship to millions …

Following controversies trailing a claim of a missing N89.09tn allegedly siphoned from stamp duty charges, the Presidency said such claims were false. It also said the entire banking sector deposits in Nigerian did not amount to half of N89tn. “It is now evident that the consultants and petitioners’ claims of a …

The United States Chamber of Commerce, through its subsidiary, US-Africa Business Center, has signed a Memorandum of Understanding with the African Continental Free Trade Area to advance trade between the US and Africa. The MoU was signed on Tuesday to launch a working group to help advance trade and investment …

Nigeria spent a total of $6.23m on foreign healthcare-related services from January to August 22, 2023. This is according to a report obtained from the Central Bank of Nigeria on the amount spent on health-related and social services under the sectoral utilisation for transactions valid for foreign exchange. According to …