The Securities and Exchange Commission (SEC) has rolled out new governance measures aimed at strengthening corporate oversight and ensuring a clear separation of roles within Nigerian public companies. A significant aspect of these new regulations is the introduction of a three-year cooling-off period for Chief Executive Officers (CEOs) who wish to become Chairmen of the…
Petroleum product marketers and filling station owners in Nigeria have raised the price of Premium Motor Spirit (PMS), It was gathered that several major filling stations in the Federal Capital Territory, Abuja, and found that members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have increased their fuel prices by N35 to N45 per…
Aliko Dangote, President of Dangote Group, has attributed the refinery’s growing dependence on crude oil imports from the United States to a decline in domestic crude supply. He made this statement during a visit from the Coordinator of the One-Stop-Shop for Naira-for-Crude and her team to the $20 billion Dangote Refinery on Thursday. Dangote praised…
On Thursday, investors enjoyed a substantial gain of N677 billion as the Nigerian stock market continued its upward trajectory. Market capitalization rose by 0.92%, closing at N74.358 trillion, up from N73.681 trillion the previous day. Market data revealed that the All-Share Index (ASI) increased by 1,074.26 points, or 0.92%, reaching 117,861.13, compared to 116,786.87 on…
The Nigerian government, through the Presidential Compressed Natural Gas Initiative (PCNGI), has announced the establishment of 65 CNG stations across the country. This initiative coincides with the launch of a new gas pricing framework aimed at making compressed natural gas more accessible and affordable for Nigerians. Michael Oluwagbemi, the Chief Executive of PCNGI, shared this…
Ajibola Olarinoye The United Bank for Africa (UBA Plc), is currently dealing with the fallout from a major system failure that led to unauthorized withdrawals exceeding ₦180.5 million from customer accounts,. As reported by Thewitnessngr.com, the bank, founded in 1961 and headed by Tony Elumelu, has initiated legal proceedings to recover the lost funds. This…
As the June 30 deadline for Companies Income Tax (CIT) filing approaches, the Federal Inland Revenue Service (FIRS) has announced extended weekend services. This initiative aims to provide businesses with additional time to meet their obligations as the deadline nears. From Saturday, June 14, to Sunday, June 29, 2025, FIRS offices nationwide will be open…
Ajibola Olarinoye The Central Bank of Nigeria (CBN) has instructed banks operating under regulatory forbearance to suspend dividend payments and bonuses to their foreign subsidiaries and ventures. This directive was communicated in a circular released on Friday by Olubukola Akinwunmi, the director of banking supervision at the CBN. The CBN stated that this action is…
Ajibola Olarinoye The Central Bank of Nigeria (CBN) has announced a six-month extension for the recapitalization of Bureau De Change (BDC) operators, pushing the new deadline to December 31, 2025. This decision comes as the naira appreciates against the dollar in the foreign exchange markets, as reported by BDC operators in their group chat. However,…
Ajibola Olarinoye The Independent Petroleum Marketers Association of Nigeria (IPMAN) has suggested that Dangote Refinery should price premium motor spirit (PMS) at approximately N770 per litre. Chinedu Ukadike, the spokesperson for IPMAN, made this statement on Monday in response to remarks from businessman Aliko Dangote, who claimed that Nigeria’s petrol is relatively inexpensive, with his…
