Category: Business
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Adefunke Adeyemi Reelected as AFCAC Secretary General
Adefunke Adeyemi has been reelected as the Secretary General of the African Civil Aviation Commission (AFCAC), cementing Nigeria’s status as a leader in African aviation. The announcement came during the 35th Ordinary Plenary Session held in Brazzaville, Congo, where Adeyemi triumphed with 22 votes in favor and 7 against, reflecting the collective confidence of AFCAC…
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UBA Group Expands to France with New Business Cooperation Agreement
In a landmark move, United Bank for Africa (UBA Group) has inked a groundbreaking business cooperation agreement with the French government, aimed at facilitating the bank’s full-scale banking operations in France. The historic agreement was signed by UBA Group Chairman Tony Elumelu and French Finance Minister Antoine Armand, with Nigerian President Bola Tinubu and French…
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FG Approves New 27,000 BPD Refinery in Gombe State
The Federal Government of Nigeria, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has announced the approval of a license for the construction of a new 27,000 barrels per day refinery. The refinery will be built by a company called Process Design and Development Limited and will be located in the Dole-Wure area of…
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Nigerian Stock Market Plummets ₦209bn After Central Bank Rate Hike
The Nigerian stock market experienced a significant downturn on Wednesday, losing ₦b209 billion in market capitalization following the Central Bank of Nigeria’s (CBN) decision to increase the Monetary Policy Rate (MPR) to 27.50 per cent. The market’s decline was swift and substantial, with the Nigerian Exchange Ltd. (NGX) market capitalization dropping from ₦59.178 trillion to…
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Heritage Bank: Unresolved Database Issues Delay Customer Payments, Says NDIC
The Nigeria Deposit Insurance Corporation (NDIC) has revealed that some former Heritage Bank customers are yet to receive their insured deposits due to several technical challenges, including database inconsistencies and missing Bank Verification Numbers (BVN). “The Corporation is not unaware of the case of some depositors who are yet to access their guaranteed sums,” stated…
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Dangote Refinery Slashes Petrol Price to N970
Nigerian motorists may soon experience lower fuel prices at the pump as the Dangote Petroleum Refinery announces a N20 reduction in its Premium Motor Spirit (PMS) pricing, bringing the cost to N970 per litre for marketers. This adjustment marks the refinery’s first price reduction since beginning operations and signals increasing competition in the domestic fuel…
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CBN Warns Against Use of Fraudulent SWIFT Messages
The Central Bank of Nigeria (CBN) has issued a stern warning to bank customers who utilize unreliable SWIFT messages for dubious purposes, threatening legal action against those making unsubstantiated foreign currency transfer claims. In a statement signed by Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank revealed it has been overwhelmed with…
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Nigeria, India Strengthen Ties with Bilateral Agreements
In a momentous diplomatic engagement that marks a significant stride in Indo-Nigerian relations, Prime Minister Narendra Modi received Nigeria’s second-highest national honour, the Grand Commander of the Order of the Niger (GCON), from President Bola Tinubu during his visit to Abuja on Sunday. This historic visit, the first by an Indian Prime Minister in 17…
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CBN Cracks Down on Banks: Empty ATMs and Cash Hawking Draw Heavy Penalties
The Central Bank of Nigeria (CBN) has launched a severe crackdown on banks that fail to maintain functional ATMs or are caught selling ‘mint’ cash to currency hawkers, following widespread public outcry over empty ATMs while Point of Sale (POS) merchants maintain steady cash supplies. Steep Penalties for Non-Compliance “For the avoidance of doubt, it…
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Okonjo-Iweala Urges Nigeria to Slash Border Agencies, Says 90% Inspection Rate Hurts Trade
World Trade Organisation Director-General Ngozi Okonjo-Iweala has called for a comprehensive overhaul of Nigeria’s border management system, highlighting the country’s unusually high number of agencies at entry points and an inefficient 90% physical inspection rate as major impediments to trade facilitation. Speaking virtually at the 2024 Controller General of Customs Conference in Abuja, Okonjo-Iweala emphasized…