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Afreximbank creates payment solution to save traders $5bn
Banking

Afreximbank creates payment solution to save traders $5bn

In order to facilitate instant cross-border payments in local African currencies, the African Export-Import Bank has created a payment solution platform, Pan-African Payment and Settlement System. This was announced by the CEO, PAPPS, Mike Oghalu, while speaking at the post-annual general meeting of the International Chamber for Commerce of Nigeria in Lagos. The PUNCH reported […]

Electricity

Consumers kick as DisCos’payment to Gencos drop by 50%

Electricity distribution companies’ payment to generation companies for electricity generation has dropped by 50 per cent. According to industry data, DisCos were unable to pay GenCos full payment for the quantity of power generated in January 2022. As a result, the generation companies recorded a 50 per cent revenue shortfall. A breakdown of the data showed […]

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

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

Oil operators on Sunday revealed that the Federal Government spends N40.1bn daily when subsidising every litre of Premium Motor Spirit, popularly called petrol by at least N600. According to data obtained from the Nigerian National Petroleum Company Limited, this also means that the government is spending about N1.243tn on fuel subsidies every month. Also, the […]

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  • 27th June 2022
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Oil production: Angola, Libya overtake Nigeria, says OPEC
Energy

57 investors get oil field licences Tuesday –FG

Successful investors in Nigeria’s 57 marginal oil fields of the 2022 bid round would get their various Petroleum Prospecting Licences on Tuesday, the Federal Government has said. On May 31, 2021, the defunct Department of Petroleum Resources issued letters of award to investors for the production of crude oil from 57 marginal fields. In January […]

Buhari unveils SDG financing framework
News

Buhari approves N41.6bn for presidential power programme

The President, Major General Muhammadu Buhari (retd.), has approved and released $100m as a take-up grant for the Presidential Power Initiative. It was also learnt that the $100m (N41.6bn at the official exchange rate of N415.63/$) was part of the $200m approved by the President for the programme, as the balance alongside additional would come […]

eNaira hits 905k downloads
Banking

eNaira may drop remitting cost to Nigeria —IMF

Washington-based lender, the International Monetary Fund, has disclosed that central bank digital currencies could drop the cost of sending and receiving the money to Nigeria and other Sub-Saharan African countries. It stated that Sub-Saharan Africa is the most expensive region to send and receive money, with the average cost pegged at a little under eight […]

China boosts ties with Nigeria, unveils new trade association
Economy

China boosts ties with Nigeria, unveils new trade association

In a bid to strengthen the Nigeria-China relationship, the Counsel General of the People’s Republic of China, Chu Maoming inaugurates Nigeria Anhui Entrepreneurs. According to ThisDay, the association was inaugurated at an elaborate ceremony in Oriental hotels, Victoria Island, Lagos, recently. The association’s Chairman, Wu Da Yang restated that move was thought of to further […]

MTN launches 5G network
Telecommunications

MTN to launch 5G network August 24

MTN Nigeria has announced that it will launch its 5G network by Aug. 24 in line with the directives of the Nigerian Communications Commission. The telecom giant made this known in Lagos on Thursday during the 90th edition of the telecom consumer parliament organised by the NCC. The NCC had in May handed over the […]

IATA welcomes CBN's release of $265m to airlines
Aviation

5G networks may meddle with aircraft landing – IATA

As the Nigerian Communications Commission and telecoms giants prepare for the launch of the 5G spectrum in August, the International Air Transport Association has warned that there may be disruptions to aircraft landing. IATA urged the Federal Government of Nigeria and the governments of other countries to work closely with the aviation industry to ensure […]

New naira: Beware of currency hoarders, EFCC warns BDC operators
Banking

Three ex-bankers connive to defraud bank N20bn

Three former workers of First Bank of Nigeria have been arraigned before a Lagos State Special Offences Court, Ikeja over attempted fraud charges. The Economic and Financial Crimes Commission arraigned the culprits, Ozioma Ugorji, 35; Ugwu Emeka, 32; and Obike Chukwuka, 38, for allegedly attempting to steal N20bn from the bank. PUNCH Metro reported that the […]

Boris Johnson
News

UK appoints new trade commissioner to Africa

The United Kingdom has announced the appointment of Mr John Humphrey as the new Trade Commissioner to lead the UK-Africa trade and investment relationship. According to NAN, the British High Commission in Nigeria made this known via a statement on Thursday. It stated that the new Trade Commissioner for Africa would be responsible for the […]

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