The National Petroleum Investment Management Services, (NAPIMS), a subsidiary of the Nigerian National Petroleum Corporation, (NNPC) has disclosed it incurred N126.17 billion expenses in January. Out of the sum, N21.47 billion was spent on oil search in the frontier basins,...
The federal government has increased the cost of fuel at the pump to N212 per litre. This was announced in the March pricing template by the Petroleum Products Pricing Regulatory Agency released on Thursday night. According to...
 The House of Representatives’ ad hoc committee set up to investigate stolen crude oil valued at N5tn on Wednesday grilled the Group Managing Director of the Nigerian National Petroleum Corporation, Melee Kyari. At the investigative hearing, which our correspondent obtained...
The organised labour in Enugu State has kicked against the bill at the National Assembly seeking to decentralise the National Minimum Wage in the country. The union, comprising Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) threatened to “bury...
The United Arab Emirates has extended its ban on Nigerian flights till March 20. A statement from the public relations firm for Emirates made available to our correspondent said customers from both Abuja and Lagos would not be accepted for...
Naira depreciated against the dollar on the black market on Monday by N2, according to data gleaned from abokiFX.com, a website that collates parallel market rates in Lagos. The local currency exchanged for dollar currency at N482, N2 or 0.41...
Indian companies’ financial commitments to their subsidiaries and joint-ventures in Nigeria reached $1.44 million (N591.84 billion) in the first two months of this year. Data from Reverse Bank of India (RBI) obtained by Ripples Nigeria revealed that the investments were...
The Central Bank of Nigeria (CBN) on Saturday introduced a new incentive to encourage inflow of Diaspora remittances into the country. The CBN’s Director of Trade and Exchange Department, Saleh Jubrin, who announced the scheme tagged: “Naira 4 Dollar Scheme,”...
The leadership of the Northern traders’ group under the aegis of Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria has agreed to resume the movement of food items from the northern to the southern part of the country. The...
Digital currency, bitcoin has witnessed an exponential growth in value to reach $50,000 for the first time. Popular cryptocurrency, Bitcoin has made history by rising to $50,000 for the first time ever on Tuesday. According to AFP,...
The Federal Government has been subsidising electricity supply across the country to the tune of over N50bn monthly, the Minister of Power, Sale Mamman, has said. He said the subsidy spendings were because the government was worried by the incessant...
The Department of Petroleum Resources (DPR) has dismissed claims that Shell Petroleum Development Company (SDPC) under-reported two million barrels of crude in its oil production records between 2016 and 2018. The DPR Spokesman, Paul Osu, who reacted to the report...
The Central Bank of Nigeria (CBN) has advised commercial banks to always accept the Machine Readable Convention Travel Document (MRCTD) issued by the Nigeria Immigration Services, as well as Refugee Identity Card Issued by the National Commission for Refugees, Migrants and Internally Displaced...
The Debt Management Office (DMO) said on Wednesday the Federal Government planned to increase its concessionary long-term loans from home and abroad to finance budget deficits and other obligations in the coming years In a statement on the federal government’s...
Timipre Sylva, the Minister of State for Petroleum Resources, has urged Nigerians to be ready to take the pains of increased petrol pump price as crude oil price goes up above $60 per barrel. Sylva explained that with no provision...
The International Monetary Fund (IMF) on Monday urged the Central Bank of Nigeria (CBN) to stop financing the Federal Government’s budget deficits in order to stop soaring inflation. The IMF Executive Board made the call...
Nigeria’s Naira is one of Africa’s low-performing currencies so far in 2021 after dropping 2.85 percent of its value against the United States dollar in the forex market. The Naira closed at 393.4 to a dollar on Friday compared to...
The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist from transacting in Cryptocurrencies. In a statement on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that the CBN circular...
Changpeng Zhao, the founder of the largest cryptocurrency exchange platform in the world, Binance, has provided options on how Nigerians can safeguard their money following a ban on cryptocurrency transactions by the Central Bank of Nigeria (CBN). Every Day News...
In line with the mandate of the National Automotive Design and Development Council (NADDC), to ensure the survival, growth and development of the Nigerian Automotive Industry using both local human and material resources, the first assembled-in-Nigeria electric vehicle “HYUNDAI ELECTRIC” vehicle was unveiled...
The Federal Government has lifted the suspension earlier placed on Emirates Airlines flights in Nigeria. The Director-General of the Nigerian Civil Aviation Authority (NCAA), Capt. Musa Nuhu, who disclosed this in a statement on Friday night, said Emirates Airlines’ suspension...
Twenty six states in Nigeria including Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Katsina, Kebbi, Kogi, and 10 other states governments failed to attract investments in 2020, a report by the National Bureau of Statistics (NBS)...
The Director-General of the Nigerian Civil Aviation Authority (NCAA), Capt. Musa Nuhu, who announced this in a circular dated February 4, said the airline was suspended for violating the COVID-19 protocols put in place by the Federal Government. According to...
The Central Bank of Nigeria (CBN) has reportedly banned the use of Bitcoin and other cryptocurrencies in Nigeria, three months after the country became the second largest market in the world for bitcoin transactions. CBN directed financial companies operating in...
The management of Nigerian Breweries has rejected the ruling by the Ondo State High Court which directed the company to pay N169 million as haulage fee to the state government. In a statement released by the Nigeria Stock Exchange (NSE),...
An economist, Ms Razia Khan, also Managing Director/Chief Economist, Africa and Middle East, Global Research, Standard Chartered Bank, on Tuesday said Nigeria would see a restoration of positive growth. Khan made the assertion in her presentation at the virtual 2020 Market Recap and...
The maverick chief executive of Tesla, Elon Musk, has overtaken Amazon chief, Jeff Bezos, as world’s richest person after shares in the electric car company he co-founded soared on hopes that the United States Senate would usher in a new green agenda.
The World Bank on Tuesday downgraded its outlook for the global economy, and warned the situation could deteriorate if Covid-19 infections accelerate or the vaccine rollout is delayed. The coronavirus pandemic also has worsened the risks surrounding the rising debt load in developing...
Nigerian Electricity Regulatory Commission (NERC) has denied approving a 50 percent increase in electricity tariffs. NERC made the denial in a statement on its Twitter handle – @NERC- on Tuesday, entitled ‘Public notice on purported 50% increase in electricity tariffs’.
The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to make Bureaux De Change (BDCs) payout agents for diaspora remittances. ABCON President, Dr. Aminu Gwadabe, made the call in Lagos, at the...