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CBN fines banks N1m daily over refusal of new naira
Banking

New naira: 50% unbanked Nigerians may lose savings, says report

Oluwanifemi Ojo   A new report by the Inclusion for all Initiative predicts that over 50 percent of Nigerians without access to banking services could lose their savings as the deadline for the naira exchange announced by the Central Bank of Nigeria approaches.   The CBN Governor Godwin Emefiele, announced the introduction of the new […]

News

Mutual Benefits won’t relent on customer experience improvement – Chairman 

  Chairman of Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, has assured key stakeholders and the insuring company that the organisation will continue to offer improve customer services in the Nigerian insurance industry. According to Vanguard, the Chairman made this promise at the 27th annual thanksgiving service of Mutual Benefits Assurance Plc in Lagos. He […]

petrol pump
Oil and Gas

FG empowers NMDPRA to tackle petrol price hike

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has hinted that the Federal Ministry of Justice would gazette three new regulations, this week, to enhance the authority’s capacity to curb fuel overpricing by marketers.   The Guardian reported that the Authority Chief Executive, Farouk Ahmed, issued this warning in Abuja, on Monday, at a stakeholders’ […]

New naira note: CBN insist on January 31st deadline
Business

New naira: Customers flood Kebbi bank one week to CBN deadline

  As the deadline for the use of old naira notes draws closer, some customers in Birnin Kebbi, Kebbi State capital, on Monday, flocked to banks to deposit or withdraw cash and voiced concerns about the new naira notes’ limited availability. According to The Punch, many customers complained that they have been there for more than […]

How Nigerian banks performed first half of 2022
Banking

Banks lending rate to customers hits 29.13%

  As of the end of December 2022, the maximum loan rate in the banking industry was 29.13%, while the return on savings deposits was 4.13%. Data on money market indicators received from the Central Bank of Nigeria were made public on Monday. The report states that the prime loan rate was 13.85% and the […]

FIRS hits record N10.1trn tax revenue in 2022
featured

FIRS hits record N10.1trn tax revenue in 2022

The Federal Inland Revenue Service has announced that it collected over N10 trillion in tax revenue in the year 2022, the highest tax collection ever recorded in its history. Special Assistant to the Executive Chairman, FIRS on Media & Communication, Johannes Wojuola made this known via in its “FIRS 2022 Performance Update,” report signed by […]

10 facts about the Lekki deep seaport
Business featured

10 facts about the Lekki deep seaport

The Lekki deep sea port, a part of the Lagos Project Festival is fully completed and is to be commissioned today in Lagos by the President, Major General Muhammadu Buhari (ret.d). AMBusiness reports that the port is intended to serve as a major hub for cargo and passenger traffic in West Africa and is expected […]

Bayelsa Airport
Aviation

Lagos airport passengers stranded over NAHCO staff strike

  The Nigerian Aviation Handling Company employees, who are being led by the unions, have begun an indefinite strike which is causing several international and local flights at the airport to be grounded. This morning, passengers at the Murtala Mohammed International airport, Lagos, were left stranded at the airport following an industrial action by members […]

Jet A1 hike threatens airlines' existence - Ibom Air COO
News

Subsidy: Petrol may hit N800/litre, says marketers

  Oil marketers have revealed that if the Federal Government goes ahead with its plan to remove the subsidy on Premium of Motor Spirit, popularly called petrol, the cost of the commodity would cross N800/litre. It has been widely reported by those working in the oil industry that the high price of gasoline subsidies has […]

Monarchs begs CBN to extend old naira deadline
Economy

MPC meets over interest rate hike

  The Monetary Policy Committee meeting of the Central Bank of Nigeria is expected to meet on Monday to proffer solutions to the recent rise in interest rates. According to The PUNCH, the meeting is expected to hold between the 28th to 29th in Abuja. Cordros Securities analysts expect a rate hike after the meeting, […]

Business

S’East traders, transporters lament multiple taxes

  Traders and transporters in the South Eastern part of the the country have expressed their grievances over the undue collection of taxes and levies, particularly by touts and market unions in this region. According to Vanguard, these category of residents revealed their concerns in a survey conducted on the Effects of Multiple taxes on […]

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