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NNPC confirms helicopter crash in Port Harcourt involved company personnel

The Nigerian National Petroleum Company Limited confirmed that the helicopter operated by East Winds Aviation, which crashed on Thursday in Port Harcourt, Rivers State, was carrying personnel from the national oil company. NNPC spokesman, Olufemi Soneye, confirmed that the helicopter was contracted by the company for the flight. The Sikorsky SK76, registered as 5NBQG, took […]

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US expresses gratitude to Nigeria for Binance executive’s release

The United States government has thanked Nigeria for the release of Tigran Gambaryan, a Binance executive, following a court order from the Federal High Court in Abuja. The acknowledgment came in a statement from Secretary of State, Antony J. Blinken, highlighting the cooperative relationship between the two countries. Gambaryan’s release followed an application from Nigeria’s […]

Reps calls for gradual withdrawal of old naira notes
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Reps calls for gradual withdrawal of old naira notes

The House of Representatives has urged the Central Bank of Nigeria to begin a gradual withdrawal of old naira notes while introducing new denominations of N200, N500, and N1,000 to the public. This resolution came during a plenary session on Thursday, prompted by a motion of urgent national importance from Mr. Victor Ogene, the representative […]

First Bank denies N550M fraud allegations, blames ex-employee, plaintiff
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First Bank announces service disruption over migration to new platform

First Bank, one of Nigeria’s tier-1 lenders, has announced its transition to a new cloud-based procurement and financial platform aimed at improving operational efficiency and service delivery. In a notice sent to its vendors, the bank indicated that the transition is set to begin on Saturday, October 26, and may result in some service disruptions. […]

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C-of-O: FG threatens land revocation for non-payment of debts

The federal government has issued a 60-day notice to all federal Certificates-of-Occupancy title owners in Nigeria, demanding the payment of outstanding debts or facing full revocation of their land documents. At the 29th Conference of Directors of Lands in Abuja, Minister of Housing and Urban Development, Ahmed Dangiwa, emphasized that the ongoing non-compliance has led […]

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Nigeria’s public debt soars to N134.3tn in Q2 2024

Nigeria’s public debt stock has surged to N134.3 trillion ($91.3 billion) as of the end of the second quarter of 2024, marking a 10.35% increase from N121.7 trillion ($91.5 billion) in the first quarter, according to the Debt Management Office. An official document from the Ministry of Finance, indicates that this rise is primarily attributed […]

Boeing probes cyber attack
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Boeing workers reject new 35% labour contract, continue strike

Boeing machinists have voted against a proposed labour deal that included a 35% wage increase over four years, their union announced Wednesday. This rejection, with 64% of voters opposing the contract, prolongs a strike that has disrupted most of the company’s aircraft production in the Seattle area for over five weeks, according to CNBC. The […]

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Nigeria officially joins BRICS

Nigeria has officially joined BRICS as a partner country, along with 12 other nations, further solidifying its economic ties with the intergovernmental group. This announcement was made at the ongoing BRICS summit in Kazan, Russia, from October 22 to 24, 2024. Nigeria’s inclusion comes on the heels of a substantial rise in foreign capital inflows […]

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IMF urges enhanced tax efficiency in Nigeria, others

The IMF on Wednesday urged Nigeria and other African nations to enhance their tax systems to be more efficient, equitable, and progressive. The Director of the Fiscal Affairs Department, Davide Furceri, made this disclosure during a media briefing at the IMF/World Bank Annual Meetings in Washington, highlighting the necessity for improved revenue mobilization strategies to […]

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FX crisis delays Nigeria’s engagement in $3.4tn AFCFTA

Nigerian exporters are facing challenges in participating in the African Continental Free Trade Area due to the ongoing foreign exchange crisis. Despite the Nigerian government’s efforts to promote exports through the Guided Trade Initiative, exporters are struggling to access the necessary foreign currency. In July, the federal government announced that ten Nigerian companies would begin […]

Dangote Refinery loses N32.5bn after petrol price cut
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Dangote refinery starts direct sales of petrol to marketers

Dangote Petroleum Refinery has commenced the direct supply of Premium Motor Spirit, commonly known as petrol, to select oil marketers, bypassing the Nigerian National Petroleum Company Limited. Sources indicate that while several oil marketers are actively seeking to purchase the product directly from the refinery, others are continuing to import petrol. In fact, hundreds of […]

Tarrif hike: DisCos sweat as manufacturers insist on old rates
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Discos decry FG’s failure to pay electricity subsidies

Electricity distribution companies in Nigeria have expressed concerns that the Federal Government has not fulfilled its commitment to subsidize electricity costs for customers in Bands B to E. This was disclosed by the Executive Director of Research and Advocacy at the Association of Nigerian Electricity Distributors, Sunday Odunta, on Wednesday during an appearance on Arise […]