Nigeria’s inflation rate has increased to 33.88% in October 2024, from 32.70% in September, according to the Consumer Product Index report released by the National Bureau of Statistics on Friday. The movement indicated a 1.18 per cent point increase month-on-month. On a year-on-year basis, the headline inflation rate was 6.55 per cent points higher than…
The Federal Executive Council on Thursday approved a $2.2bn external borrowing plan. This is part of the Federal Government’s external borrowing programme for the 2024 Appropriation Act, the Finance Minister, Mr Wale Edun, told State House Correspondents after the FEC meeting at the Aso Rock Villa, Abuja. The financing initiative will combine Eurobond and Sukuk…
United Bank for Africa Plc UBA, has issued 6,839,884,274 ordinary shares of 50 kobo each at N35 per share in a rights issue to raise N239.4bn in a bid to meet the fresh capital requirements of the Central Bank of Nigeria. The rights issue which opened on Friday (today) allows existing shareholders to purchase one…
The trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele resumed on Thursday, November 14, 2024, at the Federal Capital Territory High Court in Maitama. Testifying as the fifth prosecution witness, Kingsley Obiora, former CBN Deputy Governor for Policy, revealed that the new naira notes issued under Emefiele’s tenure deviated from the President’s…
The Economic and Financial Crimes Commission (EFCC) has placed a restriction on the former Delta State Governor, Dr. Ifeanyi Okowa, from leaving the country following the seizure of his passport as part of his bail conditions. Okowa, who was reportedly detained by the EFCC last week over allegations of diverting N1.3 trillion in public funds,…
Barbara Bako, Abuja. The Federal Government of Nigeria has revealed plans to source from the private sector, part of the 10 billion dollars required to provide regular electricity power supply across Nigeria within the next five to 10 years. The Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Oseodion Ewalefoh had the…
The NNPC Gas Marketing Limited (NGML), a subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, has successfully executed a Gas Sale and Purchase Agreement (GSPA) with Dangote Petroleum Refinery and Petrochemicals FZE. The agreement, signed by the Managing Director, NGML, Barr. Justin Ezeala and the President/CEO of the Dangote Group, Aliko Dangote on Tuesday…
Tough days are ahead of Nigerian insurers that cut corners with the regulations and guidelines of the National Insurance Commission (NAICOM). The Executive Chairman of the Economic and Financial Crimes Commission (EFCC) Mr. Ola Olukoyede gave the warning in Abuja on Wednesday when a delegation of the management team of National Insurance Commission, NICOM, led…
Nigeria is pursuing a $5 billion trade facility from Saudi Arabia as part of a broader strategy to strengthen bilateral ties and support its ambitious economic reform agenda. This development comes after President Bola Tinubu met with Crown Prince Mohammed bin Salman in Riyadh, on the sidelines of the joint Arab-Islamic Summit, Bloomberg reports. The…
The Nigeria Customs Service (NCS) has reached a major financial milestone, reporting NGN 5.7 trillion in revenue collections as of Tuesday, November 12, 2024. Comptroller-General of Customs Adewale Adeniyi disclosed this achievement during the 2024 Comptroller-General of Customs Conference in Abuja on Wednesday. The conference, themed “Nigeria Customs Service: Engaging Traditional and New Partners with…
