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Tweeps knock FG as fuel scarcity leaves commuters stranded
Oil and Gas

Fuel scarcity won’t spread to Lagos, others – Marketers

Oil marketers have said that the fuel scarcity being experienced in Abuja will not spread to Lagos State and other parts of the country. In an interview on Wednesday, the Major Oil Marketers Association of Nigeria, the Independent Product Marketers Association of Nigeria, and the Depot and Petroleum Products Marketers Association, unanimously said the state […]

News

Fintech startup boosts money management service

Halo Financial Services Limited, a fintech start-up, has launched an innovative service that will help Nigerians manage and grow their money. During a press briefing in Lagos on Wednesday, the Chief Executive Officer and Co-founder, Chidimma Onyeokoro, said that Halo enabled communities to provide financial services to their members. Onyeokoro said, “Halo defines a community […]

News

Nigerian paper mills collapse, imports hit N297bn in six months

Nigerian paper mills have collapsed years after privatisation, forcing the economy to depend on imported paper for its needs. According to data from the National Bureau of Statistics data, Nigeria imported paper and its allied products worth N296.696bn between July and December 2021. While paper valued at N188.137bn was imported in the third quarter of […]

New naira'll make ransom payment difficult - CBN
Banking

Bank loans to govt rise to N16.32tn – CBN

The total net credit by the Nigerian banking sector to the government rose by N2.2tn in the first quarter ended March 2022 to N16.32tn. Figures obtained from the Central Bank of Nigeria’s data on ‘Money and credit statistics’ have shown. According to the data, the net credit to the government rose from N14.12tn as of […]

Debt
Economy

Nigeria, 10 ECOWAS countries in debt distress – Report

A new report by the Nigerian Economic Summit Group and the Open Society Initiative for West Africa has disclosed that Nigeria and 10 other Economic Community of West African States countries are currently in debt distress based on debt sustainability analysis. The 10 other countries are Benin, Burkina Faso, Cabo Verde, the Gambia, Ghana, Guinea […]

Nigeria, Morocco commence 5,600km gas pipeline project
Oil and Gas

Reps kick as Kyari keeps mum on oil swap deal

THE Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday, finally appeared before the House of Representatives’ Ad Hoc Committee on the State of Refineries in Nigeria. However, Kyari could not answer some of the critical questions posed to him by members of the committee, urging the lawmakers to allow […]

Appointments

Afolabi becomes SIFAX Group new board chairman

The board of SIFAX Group has announced the appointment of Dr Taiwo Afolabi as the new board chairman of the company. In a statement, the Group Head, Corporate Communications, SIFAX Group, Muyiwa Akande, said that the appointment was with immediate effect. Afolabi, who was until this appointment the group executive vice chairman, replaces the former […]

FG to end fuel subsidy in 2023 - Minister
News

N1.8bn debt: AMCON takes over Aeroland Travels’ assets

THE Asset Management Corporation of Nigeria said it had taken over assets belonging to Aeroland Travels Limited, and its directors over indebtedness of N1.8bn. A statement from AMCON spokesperson, Jude Nwauzor, said this was sequel to the order of Honourable Justice D.E. Osiagor of the Federal High Court, Lagos Division. It stated that, “It would […]

Nigeria, Morocco commence 5,600km gas pipeline project
Aviation

Jet-A1: NNPC, airlines agree on three-month supply at N480/litre

The House of Representatives on Monday held a stakeholders meeting to resolve the crisis trailing the aviation fuel price increase, with the Nigerian National Petroleum Company Limited and domestic airline operators reaching a deal. It was agreed that the NNPC would supply Jet-A1 to marketers nominated by airline operators for a period of three months […]

Tweeps knock FG as fuel scarcity leaves commuters stranded
Energy

Black marketers sell petrol N300/litre as queues persist in Abuja

Fuel queues persisted in the Federal Capital Territory on Monday as filling stations struggled to control desperate drivers waiting to buy the Premium Motor Spirit, PMS, at the official price. Racketeers had a field day, selling a litre of PMS at N300 in different parts of the FCT. In Kubwa, a litre of fuel went […]

Airports concession: FG moves to proposals request stage
News

Aviation workers commence two-day warning strike

The workers of some agencies under the Ministry of Aviation have started a two-day warning strike from Monday to Tuesday due to unresolved conditions of service. The Chairman, FCT National Union of Air Transport Employees, Mr Dauda Nanbol, said during a protest on Monday that the move was necessary as the notice of strike from […]

Economy

Naira loses to dollar, closes at 419

The Naira on Monday depreciated at the Investors and Exporters window, exchanging at N419 to the dollar, a 0.48 per cent depreciation, weaker than N417 it traded on Friday. The open indicative rate closed at N419 to the dollar on Monday. An exchange rate of N423.00 to the dollar was the highest rate recorded within […]

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