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Customs generates N242bn revenue at Onne Port in 2022

The Nigeria Customs Service has said it generated N242,090,629,309.60k revenue in 2022.The Area Controller Nigeria Customs Service Area ll Command Onne Port, Comptroller Auwal Mohammed made this known, attributing the revenue collection to three key operational indices.Vanguard reported that according to Mohammed, the factors were regular stakeholders engagement, increased compliance level of the port users […]

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How bank borrowing from CBN hit N21.87trn

Data from the Central Bank of Nigeria financial information has revealed that deposit money banks borrowed N21.87 trillion from the CBN in 2020 through the Standing Lending Facility window and the Repurchase Lending platform. When compared to the N5.744tn recorded via the same windows in 2022, this is a 260 percent increase. However, when compared […]

News

A’ibom automobile assembling plant’ll boost economy – Govt

  The Akwa Ibom State Government has promised that the automobile assembly and production facility in the Itu Local Government Area’s Ikot Ukap Itam will improve the state’s economy. According to Vanguard,this was disclosed by the commissioner for Economic Development, Mr Emem Bob, during the facility inspection over the week. Bob, whose ministry oversees the […]

Banking

Mobile bank transfers hit N19.4 trillion in 2022

The Nigeria Inter-Bank Settlement System has revealed that in 2022, Nigerian bank clients sent a combined total of N19.4 trillion in mobile money transfers. According to Nairametrics, the N8 trillion in 2022 represents an increase of 142% over the previous year. The number of mobile inter-scheme transactions increased by 151% between 2021 and 2022, from […]

NPA records N501bn revenue in 2023
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How Nigeria’s non-oil exports hit $4.8bn 2022 – NEPC

Nigeria’s non-oil exports increased by 39.91% to $4.820 billion in 2022. Semi-processed and manufactured goods accounted for 36.61% of exports, exceeding agriculture’s total of non-oil exports of 30.12%. This information was provided on Friday in Abuja during a presentation of the non-oil export performance for the year 2022 by the Executive Director/CEO of the Nigerian […]

Business

NNPC to begin oil drilling in Nasarawa

The Group Chief Executive Officer of the Nigerian National Petroleum Company, Mele Kyari, has announced that official oil drilling in Keana, Nasarawa State will begin from March 2023.   The NNPC group CEO disclosed this on Friday during an official visit by the Nasarawa State Governor, Abdullahi Sule, to the NNPC office in Abuja, according […]

Ondo court orders CBN to freeze Polaris bank account
News

Ondo court orders CBN to freeze Polaris bank account

The Central Bank of Nigeria has been directed by an Ondo High Court to freeze the account of Polaris Bank over a judgment debt of N2,162,561,509.84k. According to the Nation, the verdict was delivered by the presiding judge, Justice Adebusoye, in an application filed by Ondo Attorney General and Commissioner for Justice, Sir Charles Titiloye. […]

E-payment transaction hits N387trn in 2022 –NIBSS
Economy

E-payment transaction hits N387trn in 2022 –NIBSS

  Findings have revealed that Electronic payment transactions in Nigeria rose to N387 trillion in 2022. According to Nairametrics, this was obtained from the data released by the Nigeria Inter-Bank Settlement System. It was gathered that the value recorded on the NIBSS Instant Payment represents a 42% increase over the N272 trillion recorded in 2021. […]

FG target Spanish investors for seven oil blocs
Investment

FG target Spanish investors for seven oil blocs

  The Federal Government of Nigeria on Thursday reached out to Spanish investors in an effort to entice them to participate in Nigeria’s 2022 deep offshore mini-bid round. According to The PUNCH, the government also announced that Spain would provide Nigeria with support in the area of oil and gas sector security. During a meeting […]

NASS inflated 2025 budget with 11,122 'ghost' projects — BudgIT
Policy and Regulations

NASS sends Business Facilitation Bill to Buhari

Following the passage of the Business Facilitation Bill 2022 by the National Assembly, the Clerk has transmitted the bill to the President, Major General Muhammadu Buhari (Ret’d.), for approval.   The Special Adviser to the President on Ease of Doing Business/PEBEC Secretary, Dr. Jumoke Oduwole, said this on a statement on Thursday, according to Vanguard. […]

UAE oil chief named COP28 climate talks president
Oil and Gas

UAE oil chief named COP28 climate talks president

Agency Report The head of the United Arab Emirates’ national oil company was named Thursday as president of this year’s COP28 climate talks, prompting fierce criticism from environmental activists. Sultan Ahmed al-Jaber, who heads up the UAE’s Abu Dhabi National Oil Company (ADNOC), will be the first CEO to take the role at the UN […]

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