The Central Bank of Nigeria (CBN) has denied rumours that it intends to replace circulating naira banknotes with eNaira digital currency in the future. Mr. Osita Nwanisobi, Director of Corporate Communication at the CBN, issued a statement on Saturday stating that the rumours were false. According to him, the eNaira adoption remark allegedly made during a stakeholders’ meeting in Asaba, …
The Nigerian Content Development and Monitoring Board (NCDMB) has finalised arrangements to conduct the Nigerian Content Midstream/Downstream Oil and Gas Stakeholders Summit for the first time. The program’s topic, according to a board statement, would be “Maximizing Potential in the Midstream and Downstream Oil and Gas Sector – A Local Content Perspective.” Read Also: 2023: We Will Give Amaechi 90% of …
Adesuwa Okunbo Rhodes, the Founder and Managing Partner of Aruwa Capital Management, has been named to the global 40 Black Women in Asset Management, BWAM, under 40-year-old lists of women committed to changing the future of asset management. The list honours remarkable Black women in asset management who have shown leadership and achieved great success in their careers. Black Women …
Bureau De Change operators obtained the United States dollar in the Central Bank of Nigeria in N393 but sold it for N494 on Friday, an evaluation from our correspondent has shown. Sources from several commercial banks told our correspondent that the banks have been requested to finance the BDCs at the rate of N393/$ as of Friday. A bank official, …
The Nigerian National Petroleum Corporation (NNPC) says it’s recorded N39.85 billion trading surplus for the month of February 2021. Trading or excessive deficit is based on the deduction of the cost profile from the revenue for the period under review. The amount represents a 314.24 per cent increase from the N9.62billion surplus it listed in January 2021. This is included …
The Central Bank of Nigeria (CBN) on Monday, May 24, 2021, released new permit requirements for Payment Method operators in the nation. This disclosure is included in a record saying the eligibility standards for each permit category in the nation. The new license demands create provisions for capitalization of each supported class, documentation, program and permit fee and the permit …
The Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners — Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration and Production Nigeria Limited (EEPNL) and Nigerian Agip Exploration (NAE) — have executed agreements to renew Oil Mining Lease (OML) 118 for another 20 Decades. An announcement by the …
Through time, the country and by extension, the market, had been crippled by an infrastructural deficit that cut across all sectors. With each administration, attempts to handle it was done in half steps or without political will. However, recently, the Nigerian Sovereign Investment Authority (NSIA), has begun to champion change through interventions that are sustainable. Aside that, the authority, which …
The current boardroom crisis from the 127-year-old First Bank of Nigeria Ltd (FBN) that culminated from the intervention of the Central Bank of Nigeria (CBN) has again raised corporate governance concerns in the financial sector. The country is replete with relics of unsuccessful institutions both in the public and private businesses, occasioned by sundry ills, including poor corporate governance, mind-boggling …
Stakeholders in the country’s maritime industry have lamented the alleged absence of adherence to due process from the suspension of their embattled Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala-Usman. The stakeholders who talked in separate interviews said the suspension was unjustified, describing it as a drawback for girls addition in the marine industry. The stakeholders also opined …
The Econet Group, through its subsidiary, Cassava Fintech International and Mastercard have entered into a strategic partnership to advance digital inclusion around Africa and collaborate with a range of initiatives including the growth of the Africa Centres for Disease Control (CDC) TravelPass. TravelPass is a digital health pass developed by Cassava Fintech and offered along with the Africa Centres for …
The Nigeria Sovereign Investment Authority (NSIA) recorded an income of N160.06 billion last year, signalling 343 per cent more compared to the N36.15 billion income it recorded the preceding year. Announcing its 2020 audited financial reports in a digital platform, Managing Director of NSIA Mr. Uche Orji said despite the challenges of Covid-19, NSIA had a solid year. He attributed …
In a bid to help build a robust health care infrastructure, the Central Bank of Nigeria (CBN) said it has up to now disbursed over N83.9 billion in loans to pharmaceutical companies and healthcare practitioners. Its Governor, Godwin Emefiele, who revealed this at the weekend in Lagos during the launch of the documentary movie, “Unmasked”, lamented that Nigerians’ out-of-pocket expenditures …
The Chairman, Board of Commissioners of Nigerian Communications Commission (NCC), Prof. Adeolu Akande, has said that the full deployment of 5G technology in the country would have a positive impact on Nigeria’s digital economy. He said: “Spectrum plays a crucial part in realising the complete extent of these new capabilities. Therefore, 5G’s complete socio-economic impact depends on access to a …
MTN Nigeria has stated that banks are indebted to it to the song of N40.3 billion as of the end of quarter 2021 on the account of unstructured supplementary service data (USSD).MTN informed that its digital revenue grew by 101 per cent and fintech earnings by 28.5 per cent as clients continued to adopt more digital services and products, a …
Not fewer than five thousand Nigerians would gain from a digital upskilling programme being made possible by a partnership between the Federal Government and the Microsoft Corporation. Additionally, locations in each of the six geopolitical zones in Nigeria would like lively internet connection and cloud services courtesy of this electronic transformation plan. According to a statement issued by Senior Special …
Nigeria and other African nations are becoming a significant investment magnet as fresh discoveries position the continent as a guarantor of energy security to emerging Asian countries, a report from the Journal of Petroleum Technology (JPT) has indicated. Quoting secondary resources, it stated that Africa accounted for 8.8 per cent of the world’s oil production in 2019, whereas Nigeria had …
Taraba State Governor Darius Dickson Ishaku has urged the state’s residents to step up prayers for the actualisation of the proposed Mambilla Power Project in Sarduana Local Government Area, saying it could transform the state. According to a statement by his Special Adviser on Media and Publicity, Ishaku spoke on Tuesday when over 1,000 Mambilla individuals visited the Authorities Home, …
Kano State Governor, Abdullahi Umar Ganduje has trained over 600 Micro, Small and Medium Enterprises (MSME) through the Cottage Industries and Street Hawkers Directorate to enable them to access bank loans. In a statement signed by the Chief Press Secretary to the Governor, Abba Anwar on Wednesday, the Director-General of the Directorate, Alhaji Uba Danzainab disclosed this at an event …
The people of Idheze Community at Isoko South Local Government Area of Delta State, have threatened to close down the operations of Nigeria Agip Oil Company Limited (NAOC) in the community. This is due to the organization’s alleged gross neglect of its responsibilities to the community in the last nine years. Growing by a two-day yearly mini-conference held lately, the …
