Category: Business News
-
Banks compelled to refund over N89bn to customers over complaints
The Gov. of Central Bank of Nigeria (CBN) Dr Godwin Emefiele on Thursday disclosed that at the end of June 2021, commercial banks in Nigeria refunded N89.2 billion to customers over complaints. Emefiele made the disclosure during a CBN Fair held simultaneously in Cross River and Akwa Ibom with the theme “Promoting financial stability and…
-
JUST IN: FG approves $1.4bn for rehabilitation of Warri, Kaduna Refineries
The Federal Executive Council has approved contracts for the rehabilitation of Warri and Kaduna refineries at a cost of $1.4 billion. The breakdown shows that $897 million is earmarked for the Warri refinery and $586 million for Kaduna refinery. Nigeria has four refineries – including two in Port Harcourt – but all have struggled to…
-
FG announces plans to ‘unbundle’ NIPOST into Courier Services, Microfinance Bank
The Federal Government has unveiled plans to unbundle the Nigerian Postal Service (NIPOST) into a courier service, microfinance bank among others. The Minister of Communications and Digital Economy, Isa Pantami, disclosed this on Tuesday during the unveiling of NIPOST’s N50 revenue stamp for denoting transactions in the country. He listed other aspects of NIPOST unbundling…
-
Nigeria exits West, Central Africa maritime organisation
Nigeria has exited the Maritime Organization for West and Central Africa (MOWCA), the Federal Government has announced. Eric Ojiekwe, a spokesperson for the Ministry of Transportation, explained that the decision followed the disregard for Rules of Procedure regarding the eligibility of candidates nominated for the position of the Secretary-General of the organisation. He noted that…
-
You have rendered selfless service to Nigeria, Buhari salutes Emefiele at 60
President Muhammadu Buhari has sent his felicitations to Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, who clocks 60. In a message to the CBN Governor, Buhari acknowledged the contributions of Emefiele to the economic well-being of the country, noting he has had to pilot the affairs of the nation’s apex bank through…
-
30 out of 65 verified private jets in Nigeria liable to pay duties to FG – Customs
The Nigeria Customs Service (NCS) has said that 30 out of 65 private airplanes verified are liable to pay required duties to the Federal Government. This is according to the Customs Public Relations Officer, Joseph Attah during an ongoing verification exercise on Monday in Abuja. Attah explained that some of these planes came into the…
-
Abuja banks comply with CBN forex directive, sell dollar at N412
In compliance with the new Foreign Exchange (FX) regulation by the Central Bank of Nigeria (CBN), commercial banks in Abuja have set up dedicated teller points for FX transactions in their branches. Recall that the CBN had last week stopped sales of FX through Bureau de Change Operators and announced that foreign exchange would now…
-
NNPC records petroleum product sale of ₦234.63bn in March
The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded ₦234.63 billion revenue from the sale of white products in the month of March 2021. TheNewsGuru.com (TNG) reports the sum represents a 24.7% increase from the ₦188.15 billion sales recorded in the previous month of February…
-
2021 Half Year Results: Transcorp Hotels grow revenue as hospitality sector recovers
Transcorp Hotels Plc has announced its un-audited financial statements for the half year ended June 30, 2021. The results published on the Nigerian Exchange Group showed that revenue rose by 84% to N8.4bn from N4.5bn in June 2020, while total assets rose by 5.27% to N119bn from N113bn during the period under review. Shareholders’ funds…
-
Anxiety over Naira’s free fall, now exchanges for N525/$1 at parallel market
Following the Central Bank of Nigeria’s decision to ban foreign exchange sales to Bureau De Change (BDC) operators in the country, Nigeria’s naira has continued to experience a sharp loss to the dollar. As of yesterday, July 28, black market dealers were selling the naira at ₦525 per dollar up from N505 to $1 on…