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Electricity trading company seeks five-year licence renewal

Nigerian Bulk Electricity Trading Plc has formally requested the renewal of its operating licence from the Nigerian Electricity Regulatory Commission, emphasizing its significant contributions to the power sector. NBET’s current licence is due to expire on November 21, 2024. The company is seeking an extension of five years. The request was presented during a public […]

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Economic Assembly seeks G20 fund development for low-Income nations

The Economic Development Assembly is urging G20 nations to support the World Bank’s IDA21 to address development challenges in low-income countries. This call will be highlighted at the inaugural Economic Development Assembly, that will hold on October 9-10 in Abidjan, Côte d’Ivoire. The event, themed ‘Advancing Africa’s Future,’ is organized by Global Citizen and Bridgewater […]

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FG, UK sign agreements for N589bn investment in key sectors

The Federal Government of Nigeria and the United Kingdom have finalized eight partnership agreements that will inject N589 billion (£272.6 million) into critical sectors of the Nigerian economy. The agreements was disclosed in a statement signed by the Minister of Budget and Economic Planning, Atiku Bagudu on Thursday in Abuja, according to The Punch. The […]

Dangote Refinery loses N32.5bn after petrol price cut
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NNPC, Dangote refinery near crude sale, product buy-back deal conclusion

The Nigerian National Petroleum Company Limited and Dangote Petroleum Refinery are nearing the final stages of negotiations regarding the sale of crude oil to the Dangote refinery and the subsequent buy-back of refined products in naira. Parties in the deal may conclude discussions next week, the Vice President of Oil and Gas at Dangote Industries […]

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CBN orders payment service providers to implement PoS transaction tracking

The Central Bank of Nigeria has mandated that all Point of Sale transactions from merchant and agent locations be routed through an approved Payment Terminal Service Aggregator. This directive, issued with a 30-day compliance deadline, is designed to enhance the monitoring of electronic transactions and decentralize the routing process. The CBN’s circular, signed by Oladimeji […]

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Fire destroys millions in property at Kogi GSM village

A devastating fire broke out early Thursday morning at the GSM village near Kpata Market in Lokoja, Kogi State, destroying properties valued at millions of naira. According to reports from The PUNCH, the blaze, which is believed to have been caused by a power surge, spread rapidly, leaving shop owners unable to salvage their goods. […]

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FG unveils strategic roadmap to generate $100m in creative sector

The Federal Government has revealed an ambitious plan to generate at least $100 billion annually and create over two million jobs through Nigeria’s creative economy. This was disclosed by the Minister of Art, Culture, and the Creative Economy, Hannatu Musa Musawa at a roundtable event for local and international investors on Wednesday, according to Nairametrics. […]

Dangote Refinery loses N32.5bn after petrol price cut
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Local marketers boycott forced Dangote to export refined products – Refinery

The Vice President of Dangote Industries Limited, Devakumar V.G. Edwin has voiced frustration over the boycott of Dangote Refinery’s products by local marketers, noting that despite the Dangote Refinery’s substantial production capacity, local marketers are purchasing only about 3% of its output In an X space hosted by Nairametrics on Wednesday, Edwin disclosed that despite […]

Guaranty Trust Bank Ltd. has announced that all its branches across Nigeria will close earlier than usual on Monday, June 30, 2025
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GTBank nears upgrade to new banking platform

Guaranty Trust Bank is finalizing its transition to a new core banking platform, Finacle, developed by Infosys. This move marks a significant shift from the bank’s previous software, Basis, which was also utilized by Providus Bank and SunTrust Bank. The decision to adopt Finacle was finalized in September 2023 following a visit by top GTBank […]

CBN sells $10,000 to BDCs at N1,101/$
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Naira jumps 4.8% against dollar, highest gain since July

The Naira saw its largest gain in nearly two months following the federal government’s debut domestic dollar-bond issue, which drew substantial interest. Bloomberg data shows the Naira surged 4.8% against the dollar on Wednesday, marking its biggest increase since July 22. The currency closed at 1,558 naira per dollar, its highest level against the greenback […]

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Marketers, refiners urge complete removal of subsidies

In a significant industry development, Nigeria’s petroleum marketers, refiners, and depot owners have called for the full deregulation of the country’s downstream oil sector. This move aims to eliminate government-imposed price controls and subsidies. The Major Energies Marketers Association of Nigeria, alongside the Depot and Petroleum Products Marketers Association of Nigeria, Crude Oil Refiners Association […]

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Reps to unveil joint NASS committee on petroleum probe

The House of Representatives will inaugurate the Joint Senate/House Ad Hoc Committees on the Petroleum Industry Investigation on September 25, 2024. This was announced was made by the Spokesman for the House, Akin Rotimi Jr. in a statement shared on Wednesday via the lawmakers’ official WhatsApp platform, according to Nairametrics. The new committee formation follows […]

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