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Energy

NASS proposing criminalising illegal connection – NERC

THE National Electricity Regulatory Commission has urged consumers to know their rights and obligations within the sector, noting that it will help strengthen the business relationship between the Discos and consumers. Speaking at the Discos and Customers Care Forum in Benin, Edo State on Wednesday, NERC’s Commissioner for Consumer Affairs, Aisha Mohammed, said the mandate […]

100% cashless economy possible in Nigeria - Emefiele
News

Banks refunded over N95bn to customers in 2021 – CBN

The Central Bank of Nigeria on Thursday said cumulative refund by banks to customers as at December ending 2021 stood at N95.2 billion. This is contained in data released by the bank at the opening ceremony of the bank’s 2022 fair held in Jalingo, Taraba State. While urging the public to always lodge complaints with […]

Ports and Airports

Transport ministry opposes 12% revenue allocation to maritime varsity

The Federal Ministry of Transportation has opposed the proposal by the House of Representatives to allocate 12 per cent of the revenue generated by the Nigerian Maritime Administration and Safety Agency to Maritime University, Okerenkoko, in Delta State. The Nigerian Navy has also warned against the proposal to saddle NIMASA with powers to provide security […]

Economy

Russia-Ukraine: Higher food prices may cause unrest in Nigeria -IMF

The International Monetary Fund has said higher food prices as a result of the Russia-Ukraine war might cause unrest in Nigeria, other Sub-Saharan Africa countries, Latin America, the Caucasus, and Central Asia. It added that food insecurity is likely to increase in parts of Africa and the Middle East. It disclosed this in a blogpost […]

FG to end fuel subsidy in 2023 - Minister
Energy

FG’ll tap $2.2bn Eurobond for fuel subsidy funding –Minister

The Federal Government is planning to tap €2bn ($2.2bn) by this month or next of the money it raised in a Eurobond sale last year and targets more local borrowing in 2022 to help fund subsidy on Premium Motor Spirit, popularly called petrol, the Minister of Finance, Budget and National Planning, Ahmed Zainab, has said. […]

Ports and Airports

Reps grill Amaechi over $214m Deep Blue contract

THE Bureau of Public Procurement has told the House of Representatives’ Committee on Navy that it does not possess the documents presented by the HSL International Limited, which the Federal Government awarded the ‘Deep Blue Project’ contract, before the firm was issued a Certificate of No Objection. According to the BPP, the documents on HSL […]

FG spends N40.1bn daily as fuel subsidy hits N600 per litre – Operators
Economy

Fuel scarcity, others raised inflation rate to 15.7% in February –NBS

The Consumer Price Index rose to 15.7 per cent in February from 15.6 per cent in January, latest figures from the National Bureau of Statistics have revealed. The NBS disclosed this in its ‘Consumer Price Index February 2022’ report on Tuesday. According to the NBS, the highest increases were recorded in prices of gas, liquid […]

Power generation dropped 43mw after worker's strike - FG
Energy

Blackout as national grid collapses

Power generation on the national grid collapsed to zero megawatts around 10.40am on Monday, leading to widespread blackout across the country. Different power distribution companies alerted their customers about the grid collapse, stressing that it was what led to the outages. Enugu Disco, for instance, described it as a general system collapse, adding that the […]

Uber settles US lawsuit for overcharging persons with disabilities
News

E-hailing cab drivers halt operations in Rivers

E-HAILING cab drivers have halted operations in parts of Port Harcourt as they protested against an alleged unhealthy work relationship with the e-hailing companies they ride for. About 100 drivers lined the streets of Port Harcourt, Rivers State on Monday to voice their grievances. The cab drivers, who carried placards with several inscriptions, marched through […]

News

FG begins agro-investment scheme for N-Power beneficiaries

The Federal Government on Monday inaugurated the NEXIT/CBN agri-business small and medium enterprises investment scheme for exited N-Power beneficiaries in batches A and B. Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, who inaugurated the scheme in Abuja, stated that out of the 467,183 trainees who indicated interest, 75,600 would participate in […]

New naira'll make ransom payment difficult - CBN
Policy and Regulations

CBN sets N1m limit for cash collection centres

The Central Bank of Nigeria has pegged the minimum transaction limit for corporate and individuals transacting with Bank Neutral Cash Hubs at N1m and N500,000 respectively. The banking regulator disclosed this in a guideline for the registration and operation of Bank Neutral Cash Hubs in Nigeria released on Monday. It said, “The threshold for eligible […]

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