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Senator Natasha urges reciprocal visa measures for South African

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FG approves partial settlement of N150bn contractors’ debt

The Federal Government has agreed to pay 35 percent of the N150 billion owed to indigenous contractors upfront, in a move aimed at resolving outstanding payment disputes. The President of the All Indigenous Contractors Association of Nigeria, Mr. Jackson Nwosu, confirmed the development after a meeting with the Minister of Finance, Mr. Wale Edun, according […]

Business

Nigeria’s banks maintain strong liquidity despite CBN N2.36tn OMO withdrawal

Nigeria’s banking system liquidity remained above N8 trillion despite the Central Bank of Nigeria withdrawing N2.36 trillion through its Open Market Operations, signaling the continued abundance of funds in the financial system. Mid-week data from the apex bank, following its OMO auction on March 23, 2026, show that the central bank’s aggressive intervention has had […]

Business

NUPRC approves major offshore project targeting hydrocarbon development

The Nigerian Upstream Petroleum Regulatory Commission has granted Petroleum Exploration Licence 5 to SeaSeisGeophysical Limited, in partnership with TGS, to carry out the acquisition and processing of new 3D seismic and gravity data. The initiative is designed to enhance the exploration activities and accelerate the development of Nigeria’s hydrocarbon resources. The agreement was formally signed […]

Business

AfCFTA picks Nigeria to pioneer simplified trade framework

The Secretariat of the African Continental Free Trade Area has designated Nigeria as the pilot country for the rollout of its Simplified Trade Regime in West Africa. The initiative aims to streamline cross-border trade procedures for small-scale traders, improve their access to regional markets, and promote deeper economic integration across the continent. The Nigeria Customs […]

Huawei revenue drops 6% in 2022 first half
Business

Tetracore, Huawei, Inspirive partner for $400M tier III data centre

Tetracore Energy Group has unveiled a strategic partnership with global tech leader Huawei and Inspirive Technologies to build a $400 million Tier III data centre. Located within the Tetracore Energy Park in Ogun State, the project introduces a groundbreaking “energy-to-digital” approach aimed at addressing the persistent power instability affecting Nigeria’s technology sector. In a statement […]

Business

Global trade ministers gather in Cameroon to discuss WTO reform

Trade ministers from around the world are convening in Cameroon on Thursday to begin key discussions on reforming the World Trade Organization, with warnings that failure to reach a consensus could undermine the global trade body. The WTO’s 14th Ministerial Conference (MC14) is set to run from March 26 to 29, 2026, in Yaoundé, Cameroon. […]

Business

CBN to review court ruling on Union Bank, confirms stability

The Central Bank of Nigeria announced that it will review the recent court ruling concerning Union Bank of Nigeria Plc, emphasizing that the bank remains stable and continues to operate normally. The disclosure was made on Wednesday in a press statement by the Acting Director of Corporate Communications, Hakama Sidi Ali. The CBN noted that […]

Finance

Nigeria’s capital inflows jump 88.5% amid reforms

Capital inflows into Nigeria rose sharply by 88.5 per cent year-on-year to $23.21 billion in 2025, compared to $12.31 billion recorded in 2024, indicating renewed foreign investor confidence driven by foreign exchange market liberalisation and increased portfolio investment activity. According to data released in the Capital Importation Report for 2025 by the National Bureau of […]

Oil and Gas

Crude-for-naira: Dangote refinery gets only five of 15 cargoes, CEO laments

The Chief Executive Officer of the Dangote Refinery, David Bird, has called for greater transparency in Nigeria’s crude oil allocation system, warning that supply shortfalls are forcing the refinery to buy Nigerian crude at higher international premiums. Speaking in an interview with Arise News on Wednesday, Bird said the refinery is currently operating at its […]

Banking

Court nullifies CBN’s dissolution of Union Bank board

Justice Chukwujekwu Aneke of the Federal High Court sitting in Lagos on Wednesday nullified the January 2024 dissolution of the board and management of Union Bank of Nigeria by the Central Bank of Nigeria, declaring the action ultra vires. In his judgment, Justice Aneke set aside all decisions taken by the CBN-appointed board and ordered […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
Banking

Nigerian banks raise ₦4.61trn ahead of recapitalisation deadline

Nigerian banks have raised a combined N4.61 trillion in fresh capital ahead of the March 31, 2026, banking recapitalisation deadline. This was disclosed by Olayemi Cardoso, governor of the Central Bank of Nigeria. Cardoso spoke on Tuesday at the International Monetary Fund/Africa Regional Technical Assistance Centres (IMF/AFRITAC) West 2 high-level forum in Abuja. He said […]

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