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Economy Energy

Diesel: Telcos lament high operational cost, seek intervention

Telecommunication providers under the aegis of the Association of Licensed Telecommunications Operators of Nigeria have said the rising cost of diesel has impacted negatively on their operational costs and that they are set to approach the Federal Government for special interventions. The President of ALTON, Mr Gbenga Adebayo, disclosed this during a press conference on […]

Banking

Nigeria has over 70 online lending apps – FCCPC

THE Federal Government has said there are about 70 to 90 online lending applications currently operated by various firms in Nigeria. The Executive Vice Chairman, Federal Competition & Consumer Protection Commission, Babatunde Irukera, made the disclosure in Lagos on Thursday, during a collaborative engagement with the media to review and analyse the state of the […]

Banking

Four banks lost N1.77bn to fraud in 2021, says report

Four Nigerian deposit money banks lost a total of N1.77bn to fraudulent activities involving the banks’ employees and consumers in 2021. This was contained in the 2021 financial statements of the banks. The banks are Access Bank Plc, Guaranty Trust Bank Plc, First Monument City Bank, and Wema Bank. The Nigeria Inter-Bank Settlement System, a […]

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

Subsidiaries summons: NNPC has nothing to hide, Kyari tells lawmakers

The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, has said the NNPC has nothing to hide and will comply with the request of the House of Representatives Committee on Public Accounts. Kyari disclosed this following the request by the House of Representatives Committee on Public Accounts seeking the appearance of […]

News Policy and Regulations

Senate threatens Akpabio, NDDC boss arrest over N2.2bn contractors’ fees

THE Senate’s Committee on Ethics, Privileges and Public Petitions has summoned the Minister of Niger Delta Affairs, Godswill Akpabio, and the Sole Administrator of Niger Delta Development Commission, Mr Effiong Akwa, over non-payment of N2.2bn to contractors. The committee said it was acting on petitions filed by Akom Survey Services Limited over alleged refusal by […]

News

Tribunal stops MultiChoice from increasing DStv, GOtv tariffs

A Competition and Consumer Protection Tribunal sitting in Abuja has restrained Multi-Choice Nigeria Limited from increasing its tariffs and cost of products and services scheduled to begin on April 1. The three-member tribunal presided over by Thomas Okosun, gave the order following an ex-parte motion moved by Festus Onifade, a legal practitioner, on behalf of […]

Why Nigeria must save oil revenues - IMF
Ports and Airports

Russia-Ukraine war: Soaring shipping costs may worsen inflation in Nigeria, IMF warns

THE International Monetary Fund has said rising shipping costs as a result of the ongoing war between Russia and Ukraine may worsen inflation in Nigeria, and other nations in the world. The Washington-based lender disclosed this in a report titled, ‘How soaring shipping costs raise prices around the world.’ It added that the cost of […]

100% cashless economy possible in Nigeria - Emefiele
News

Emefiele, a serious contender, says Harvard economist

AN Harvard University economist, Oliver McPherson-Smith, has described the Governor of the Central Bank of Nigeria, Godwin Emefiele, as a serious contender for the position of President of Nigeria in the forthcoming 2023 general elections. In an opinion piece, McPherson-Smith said Emefiele’s supporters had seen the potential of the CBN boss and had continued to […]

News

Telcos warn of disruptions in 11 states over Kogi’s clampdown

THE Kogi State Government through its Kogi State Internal Revenue Service agency has shut down a number of critical telecommunications sites in the state in a bid to force telecom operators to pay more taxes and levies. According to the Association of Licensed Telecommunications Operators of Nigeria, this is likely to cause a potential communications […]

Banking Policy and Regulations

Commission freezes over 30 accounts of loan sharks

The Federal Competition and Consumer Protection Commission says it has frozen no fewer than 30 bank accounts operated by illegal loan organisations. The Executive Vice Chairman of the Commission, Mr Babatunde Irukera, made this disclosure at a media briefing in Abuja on Tuesday. Irukera also said that the commission had engaged Google and Apple Stores […]

Appointments

Credit Bureau appoints Adesalu as subsidiary’s MD

CRC Credit Bureau Limited has appointed Ademola Adesalu as the managing director of its newly established subsidiary, CRC Data & Analytics Limited. A statement said the appointment was necessary with CRC operating under a group structure with diversified business interests in credit reporting, and data and analytics. The statement said the newly established subsidiary, CRC […]