Olabode Sowunmi, Chairman of the Energy Transition Study Group at the Nigerian Gas Association, has cautioned Nigerians against placing excessive expectations on the Dangote Refinery. He emphasized that the refinery is a business venture, not a non-governmental organization (NGO), and its primary goal is to generate profit. During an appearance on Arise Television on Wednesday,…
Nigeria’s total debt burden is expected to rise from N121.67 trillion in the first quarter of 2024 to N130 trillion by December this year. Afrinvest, in its latest report titled ‘Bank Recapitalization, Catalyst for $1 Trillion Economy’, said The investment management firm said the estimate comes amid concerns over the country’s debt-to-GDP ratio. POST DAILY…
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri has said that Nigeria has been selected to host the Headquarters of the African Energy Bank. The minister made this known in a statement on Thursday through his official X handle. According to him, the choice of Nigeria is a testament to the country’s leadership and…
Multichoice Nigeria has appealed a Competition and Consumer Protection Tribunal ruling imposing a N150 million fine and mandating a free monthly subscription. The tribunal’s decision follows Multichoice’s objection to jurisdiction. Multichoice Nigeria has appealed the Competition and Consumer Protection Tribunal’s decision to impose a N150 million fine and mandate a free monthly subscription. The tribunal,…
Manufacturers’ confidence in Nigeria’s economy surged by 53.3 points in the first quarter of 2024, up from 51.8 points last year. Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, recently disclosed this in its CEO Confidence Index report. The quarterly report measures stakeholders’ concerns about changes in economic government policies. In his comment, Ajayi-Kadir…
The United Kingdom Government says it is committed to supporting Nigeria to develop its thriving capital markets and sees its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme as a strong basis for collaboration with Nigeria’s financial sector. It says Nigeria’s capital market can help contribute to the delivery of the country’s economic goals,…
The Central Bank of Nigeria, CBN, has directed 0.005 percent Cybersecurity Levy deductions on electronic transfers. A circular issued by the CBN, yesterday, directed the deductions would become effective from the next two weeks. The circular, issued by the Director of Payment Services, Uzoma Efobi, was addressed to all banks and payments services operators in…
Nigerian commercial banks closed at least 2 million bank accounts in the first quarter of 2024, Q1’24. The move was aimed at eradicating questionable accounts, particularly as some customers failed to comply with regulatory orders on the linkage of their accounts to the National Identity Number, NIN. Theadvocate.ng recalls that the Central Bank of Nigeria,…
