Economy
Dangote refinery registers 75% of oil marketers for product distribution
Dangote Refinery has officially registered three major oil marketers accounting for approximately 75% of the overall market, to handle the distribution of its refined products. The Dangote Group, in a statement on Tuesday, disclosed the marketers include the Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Major Oil Marketers Association (MOMAN) Nigeria, and the Independent […]
Marketers will pay naira for Dangote fuel, says IPMAN
Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators […]
FG issues N2b savings bonds in 2024’s maiden issuance
The Federal Government has raised about N2 billion from the latest issuance of the monthly retail savings bonds as investors continued to show strong appetite for sovereign securities.The January 2024 tranches of the monthly retail bond issuance, otherwise known as Federal Government of Nigeria Savings Bond (FGNSB), were the first debt issuances by the government […]
CBN holds MPC meeting February 26
The Monetary Policy Committee of the Central Bank of Nigeria will hold its first policy meeting for the year on February 26th and 27th. This is according to a tentative MPC meeting calendar posted on the website of the apex bank. The meeting which will be the first under the leadership of Governor Yemi Cardoso […]
CBN Pays $2bn To Clear FX Backlog, To Sanction Defaulters
The Central Bank of Nigeria (CBN) says it paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum in its bid to clear the backlog of outstanding foreign exchange liabilities. The apex bank said it has also cleared up the entire liability of 14 banks and started settlements with foreign airlines. A CBN […]
Glo Denies Owing MTN N1.6bn
Nigerian telecommunications company, Globacom Ltd has denied the claim regarding unpaid connection charges owed to MTN. News Agency of Nigeria quotes a reliable source in Globacom as saying that the N1.6 billion in question had previously been paid without any issue. The clarification follows a public pre-disconnection warning sent by the Nigerian Communication Commission on […]
CBN disburses $61 million to settle foreign airlines’ trapped fund
The Central Bank of Nigeria said it has disbursed $61.64 million to foreign airlines through deposit money banks. According to a statement by its Acting Director, Corporate Communications, Hakama Sidi-Ali, in Abuja on Sunday, the disbursement is in fulfilment of CBN’s commitment to eliminate the backlog of pending mature foreign exchange in DMBs. Mrs Sidi-Ali […]
Fresh Dust Over Union Bank’s Sale As CBN Investigator Summons Tunde Lemo
The Special Investigator appointed by President Bola Tinubu to probe the Central Bank of Nigeria (CBN) has summoned the Chairman of Titan Trust Bank (TTB), Tunde Lemo, and two other shareholders of the bank over the controversial acquisition of Union Bank of Nigeria. This comes after Lemo, a former deputy governor of the CBN, faulted […]
CBN lifts ban on cryptocurrency transactions
The Central Bank of Nigeria (CBN) has lifted the ban it imposed two years ago on cryptocurrency transactions in the Nigerian banking system. The CBN announced the reversal of the policy in a circular by Haruna Mustapha, its Director, Financial Policy and Regulation. Mustapha said that the apex bank would now provide regulations for financial […]
JUST IN: Port Harcourt Refinery Resumes Operations
The Port Harcourt Refining Company (PHRC) in Rivers State has resumed operations, aligning with the federal government’s commitment to produce refined goods at the plant by December 2023. Initially shut down in 2019, the combined processing capacity of Nigeria’s four refineries in Port Harcourt, Warri, and Kaduna stood at 445,000 barrels per day (bpd). However, […]