THE Central Bank of Nigeria (CBN) has directed banks and other financial institutions to report the Bank Verification Number (BVN) of a dead customer to Nigeria Interbank Settlement System (NIBSS) within 24 hours of confirmation. The directive is contained in the revised BVN guideline issued by the apex bank and signed...... more
Stakeholders in the shipping sector have stressed the need for Nigeria to fully exploit the inherent opportunities to revive its ‘sleeping’ maritime sector. Board member, Nigerian International Maritime Summit (NIMS), Greg Ogbeifun, while speaking at a press conference ahead of the maiden NIMS event, stressed the determination of some core stakeholders,...... more
Ethiopian Airlines says it would resume flights to Enugu as from Oct. 1, two years after it suspended flight to the South-Eastern state. The airline’s General Manager, Shimeles Arage, who confirmed the proposed resumption in a statement issued in Lagos on Sunday, said that every week there would be a flight on...... more
Amidst the so-called “harsh economy” which has necessitated a poor living condition for most Nigerians, suffice to say that there are still small businesses which can yield an appreciable return on investment (ROI) when viewed against the backdrop of lucrative startups in the country. However, in the day-to-day running of business, players...... more
The Cetral Bank of Nigeria says it has ended the sales of forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and graft. The bank said it will also no longer process applications for BDC licences in the country. Weekly sales of foreign...... more
THE Economic Financial Crime Commission (EFCC) has alleged that suspected internet fraudsters, popularly known as “Yahoo boys”, have been using naked women to distract its operatives. Wilson Uwujaren, spokesman of the commission, said this while reacting to a raid on Parktonian Hotel in the Lekki area of Lagos State. The agency...... more
The country’s external reserves lost $180m in two weeks, the latest figures obtained from the Central Bank of Nigeria showed on Sunday. According to the figures, the reserves, which stood at $33.28bn on July 1, dropped to $33.09bn as of July 12 before gaining slightly to rise to $33.1bn on July...... more
• Currency hovers around N500 to dollar • ‘What CBN should do to ease situation’ The Naira has failed to appreciate as the United States dollar sells above N500 with traders and experts calling on the federal government to take urgent actions in saving the economy from total collapse. As the...... more
Niger Delta Avengers (NDA) has announced its return to the Niger Delta Creeks with Operation Humble designed to destroy targeted oil installations in the region. NDA in a statement it posted on its website at the weekend vowed to “humble” the economy into permanent recession. The statement also said the operation...... more
Nigeria’s local rice production increased from two million tonnes in 2015 to nine million tonnes in 2021. Making the declaration in Kaduna on Thursday, Aminu Goronyo, President, Rice Farmers Association of Nigeria (RIFAN) said with the current production rate, Nigeria was poised to become a rice exporting country. “Before the coming...... more
THE Federal High Court, Abuja, has ordered the Mobil Producing Nigeria Unlimited and the Nigerian National Petroleum Corporation (NNPC) to pay the oil communities in Ibeno Local Government Area of Akwa Ibom cumulative damages of N81.9 billion over oil spillage. Justice Taiwo Taiwo, in a judgment debt, ordered that the payment...... more
The Nigerian Army Operatives, under Operation Hadarin Daji, have intercepted 12 trucks loaded with 154 rustled cows and arrested 44 collaborators in Zamfara State. The Deputy Force Commander, Operation Hadarin Daji, Northwest Region, Air Commander Abubakar Abdulkadir, stated this in Gusau, on Friday, while handing over the suspected rustled animals to...... more
A total of N99.94bn was pulled out by foreign investors from the Nigerian stock market in the first four months of this year as foreign involvement plunged to a four-year low in April. The foreign portfolio investors injected N 78.31bn into the market from January to April this year, according to...... more
Over 620,000 direct and indirect jobs were created in two years as a result of the Central Bank of Nigeria’s (CBN’s) intervention in the Cotton, Textile and Garment (CTG) sector. CBN Governor Godwin Emefiele made this known in Abuja on Tuesday during a stakeholders’ engagement for the resuscitation of the CTG sector....... more
The economic hardship in the country has taken a new dimension as the Association of Master Bakers and Caterers of Nigeria (AMBCN) has directed its members to increase the prices of bread, biscuits and other baked items by 30 percent due to the rising cost of production. Bread and biscuits are...... more
The Nigerian Naira has suffered two consecutive days of melt down in the unofficial market as it tumbles by about N17 for each dollar. The market had some semblance of stability for weeks, selling and buying at between N480-485. But the long suffering Nigerian currency moved south wards after the Central...... more
First Bank of Nigeria Limited, has been awarded the 2021 ‘’Retail Banking CEO of the Year Nigeria”, ‘’Most innovative Retail Banking App Nigeria” and ‘’Best CSR Bank Nigeria” awards by Global Banking and Finance magazine. The respective awards conferred on the bank are in recognition of the indelible roles it plays...... more
Millers and workers at the Abakaliki Rice Mill Limited on Tuesday protested alleged multiple taxation and other ill-treatment by leadership on the company against them. Their protest led to shutdown of business activities at the mill. They lamented the leadership’s actions has made many customers to stop patronising the mill. They...... more
There was palpable fear on Tuesday morning in Ikot Offiong Mbai community of Akpabuyo local government area in Cross River State when irate youths destroyed an Islamic worship centre in the area. Muslim faithful in the area, who spoke with The Nation, expressed surprise over the incident. They noted they have been...... more
The lack of investment in the oil field granted to Addax is said to have caused a great loss to the economy, Director, Nigerian National Petroleum Corporation (NNPC), Senator Magnus Abe, has said. Abe, who was reacting to an online story, said the Department of Petroleum Resources (DPR) was right in...... more
The Central Bank of Nigeria (CBN) has approved the appointment of Tunde Hassan-Odukale as Chairman of First Bank of Nigeria Limited (FBN). CBN also approved the appointment of Remi Babalola as Chairman of FBN Holdings Plc, a subsidiary of FBN. It had earlier announced the removal of Mrs Ibukun Awosika as...... more
Dangote Sugar Refinery PLC (DSR) has reacted to what it described as an online publication claiming that the company is engaging in price-fixing and is not honestly engaged in any Backward Integration Programme,as claimed. In a statement on Thursday, Dangote Sugar vehemently refuted the allegations and assertions in their entirety.The statement...... more
A Federal High Court in Lagos State has barred the Federal Government from blocking SIM cards not linked to National Identity Numbers next month. The Ministry of Communications and Digital Economy had, through the Nigerian Communications Commission, asked operators to block all SIM cards not linked to NIN by April 9,...... more
The United States (US) has described the Dangote Group of Companies’ business strategies as disastrous to the Nigerian economy. Owned by Africa’s richest man, Aliko Dangote, it is the largest conglomerate in West Africa with over 30,000 employees. A report published in 2010 on Wikileak’s website said even though Dangote played...... more
Many Nigerian soldiers were on Monday killed when a Boko Haram terrorist rammed an explosives-laden vehicle into them during a clash in Yobe State. A military source told SaharaReporters that the bomber, believed to be a member of the Islamic State West Africa Province (ISWAP) faction of the group, targeted the...... more
More facts have emerged on why the Central Bank of Nigeria (CBN) decided to ban cryptocurrency trading in the country. The apex bank prohibited dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges last week Friday. Investigations by THISDAY have revealed that, the federal government and the CBN were warned by...... more
The Central Bank of Nigeria has placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country. The prohibition was contained in a circular issued by the CBN on Friday. According to the central bank's notice, the ruling is an extension of earlier warnings from...... more
Nigerians have expressed outrage over the sacking of a female corporal, Olajide Omolola, because she got pregnant out of wedlock. They slammed the Nigeria Police Force over what they described as a discriminatory law and called on rights group to fight for the woman. The police, in a wireless message with...... more
THE National Bureau of Statistics (NBS) has said the average fare paid by air passengers for specified routes single journey increased by 0.42 per cent month-on-month and by 18.54 per cent year-on-year to N36,454.59 last December from N36,301.74 in November, last year. It made this known in its “Transport Fare Watch...... more
The Nigerian Communications Commission (NCC) has started probing data depletion in the telecoms industry in line with its mandate of consumer protection. Its Executive Vice Chairman and Chief Executive Officer, Prof Garba Dambatta ,who spoke on the sidelines of the presentation of ZIK Prize for Leadership Award to him, said reduction...... more
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