Business
NNPC jerks up fuel price
The Nigerian National Petroleum Company Limited has increased the price of Premium Motor Spirit, petrol, across its retail outlets. DAILY POST on Tuesday gathered that NNPCL filling stations have jerked up their petrol to N999 per litre from N965 in the majority of their outlets in the Federal Capital Territory, Abuja, and Akwa Ibom State. […]
CBN introduces DocFlow, Naira Payment Solutions for improved MDAs efficiency
The Central Bank of Nigeria (CBN) has introduced two innovative initiatives: the Document Flow (DocFlow) System and the Naira Payment Solution for Ministries, Departments, and Agencies (MDAs). These initiatives aim to enhance efficiency and lower operational costs within the civil service. A statement from the CBN on Thursday revealed that the launch took place at […]
CBN sanctions nine banks for failing to dispense cash via ATMs
The Central Bank of Nigeria (CBN) says it has sanctioned some Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. According to a statement by Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, this is a clear message of zero tolerance for cash flow disruptions. […]
NGX delists Flour Mills of Nigeria from Daily Official List after December 16 suspension
The Nigerian Exchange has informed investors and the public that the entire issued share capital of Flour Mills of Nigeria has been delisted from the Daily Official List of the NGX. This announcement follows an earlier bulletin issued by the exchange on December 16, 2024, which informed the public about the suspension of trading in […]
Telcos, ICT firms owe Nigerian banks N1.69tn as calls, data tariffs loom
Nigeria’s information, communication, and technology firms, including telecommunications companies in Nigeria, owed deposit money banks N1.69 trillion as of September 2024 amid telecommunication operators’s calls for a hike in the tariff payable by subscribers for data and voice calls. This is according to the Central Bank of Nigeria’s quarterly statistical bulletin. The document from CBN […]
FG, 21 states eye N2.5tn VAT revenue in 2025
Nigeria’s federal government and 21 out of the 36 states in the federation have targeted a combined Value Added Tax revenue of N2.5 trillion for 2025 in their respective budget estimates. This figure was derived from financial reports released by the Federation Account Allocation Committee between October 2023 and March 2024. An analysis of the […]
First Bank shareholders move to remove Femi Otedola over alleged fraud
Some shareholders of First Bank of Nigeria Holdings Plc., on Wednesday called for the removal of chairman, Femi Otedola. The group of shareholders, who own 10 per cent shares in the company, called for an Extra-Ordinary General Meeting to be held within 21 days, as provided by Section 215 (1) of the CAMA law, to […]
Adelabu blames vandalism for failure to increase power generation to 6,000MW
The Minister of Power, Adebayo Adelabu, has attributed the failure to increase power generation to 6,000 megawatts (MW) as promised to the rampant vandalism of infrastructure. The 26 electricity plants on the national grid, electricity generation peaked at 4,450MW yesterday. While the Nigerian Electricity Regulatory Commission (NERC) had earlier this year increased the tariff to […]
Nigeria leads worldwide in Crypto ownership
Nigeria leads the world in crypto ownership, according to ConsenSys’ second annual Global Survey. The report indicated that emerging markets like Nigeria and South Africa are driving the global adoption of cryptocurrencies. The percentage of ownership is highest in the Philippines (54%), South Africa (68%), and Nigeria (73%). These countries are at the forefront of […]
Banks Extend N74.0trn Credit To Private Sector Amid Tightened Monetary Policy
Banks’ credit to the private sector rose to N74.0 trillion in October 2024, marking a 16 per cent year-on-year increase despite a tightening monetary policy, according to the Central Bank of Nigeria (CBN). This growth, however, reflects a slowdown from the previous month’s rate of 27 per cent and a two per cent month-on-month contraction. […]