Business

Cardoso fires five directors at CBN,  commences reorganization process

Cardoso fires five directors at CBN,  commences reorganization process

The are reports that the Central Bank of Nigeria (CBN) has sacked at least 5 directors in what seems like the commencement of reorganization process at the apex bank. Reliable sources familiar with the internal workings of the bank said the affected officials have already received termination notices since March 15th, 2024. Although details and reasons for the sack of…
BREAKING: Inflation rate increases further to 31.70% in February, says NBS

BREAKING: Inflation rate increases further to 31.70% in February, says NBS

The National Bureau of Statistics (NBS) disclosed that Nigeria’s inflation rate rose by 180 basis points  in February to 31.70per cent year-on-year  (y/y) from 29.90 per cent  reported January 2024. According to NBS, food inflation increased significantly by 251 basis points to 37.92per cent from 35.41per cent. The increase in Food inflation on a year-on-year basis was influenced by an…
Surge in food price : CBN allocates N100bn worth of fertilizer to Ministry of Agriculture

Surge in food price : CBN allocates N100bn worth of fertilizer to Ministry of Agriculture

The Central Bank of Nigeria (CBN) has collaborated with the Ministry of Agriculture and Food Security to mitigate the surge in food prices wiith the allocation of 2.15 million bags of fertiliser, valued at over N100 billion, to the Ministry. The Govenor, CBN, Olayemi Cardoso stated that the apex bank’s fertiliser contribution aims to amplify food production capabilities and foster…
Toriola,12 others confirmed fellows of Nigerian Academy of Engineering

Toriola,12 others confirmed fellows of Nigerian Academy of Engineering

CEO, MTN Nigeria, Karl Toriola has been conferred the title of Fellow by the Nigerian Academy of Engineering (NAE), alongside 12 other distinguished engineers. The announcement was made by the NAE Council on March 7th, 2024. Established in 1997, the NAE serves as a national hub for engineering and technology expertise, offering guidance through research and influencing developmental policies. Its…
NNPC deactivated 6,409 illegal refineries in Niger Delta region, says Kyari

NNPC deactivated 6,409 illegal refineries in Niger Delta region, says Kyari

The Managing Director, Nigerian National Petroleum Corporation (NNPC) Limited, Mele Kyari has revealed that the corporation has deactivated 6,409 illegal refineries in the Niger Delta region. Kyari at a meeting on Monday with Economic and Financial Crimes Commission (EFCC) chairman, Ola Olukoyede said  that going by the volume of oil stolen daily and the brazenness with which the perpetrators operate,…
ETI signs $250m senior bond loan facility

ETI signs $250m senior bond loan facility

Ecobank Transnational Incorporated (ETI), has signed a $250 million senior unsecured bridge-to-bond loan facility with the African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC) acting as Global Coordinators and Initial Mandated Lead Arrangers to support trade finance and the general corporate purposes of the group. Mashreqbank psc. joined the transaction as a Mandated Lead Arranger.   The facility has…
Naira to appreciate to N1,200/$ in 12 months, Goldman Sachs reveals

Naira to appreciate to N1,200/$ in 12 months, Goldman Sachs reveals

Global investment bank Goldman Sachs said it sees the Nigerian naira gain more ground against the US dollar in the next twelve months. The bank projected the exchange rate of the local currency to the greenback at 1200 in the short term on the back of policy reforms that could support the currency’s recovery. In a research note issued by…
Elumelu hails MPC decision on 22.75% interest rate hike

Elumelu hails MPC decision on 22.75% interest rate hike

Chairman of the United Bank for Africa, UBA, Tony Elumelu, has said Nigeria is on the right track economically following the decisions of the Central Bank of Nigeria (CBN) at its last Monetary Policy Committee (MPC) meeting on February 27. CBN had during the meeting, raised the Monetary Policy Rate, MPR, by 400 basis points to 22.75 percent from 18.75…
PHOTOS: Wigwe, wife, son’s corpses arrive Nigeria for burial

PHOTOS: Wigwe, wife, son’s corpses arrive Nigeria for burial

The remains of the late Chief Executive Officer of Access Bank, Herbert Wigwe, his wife and son, have arrived Nigeria. The corpses of the Wigwes arrived the Port Harcourt International Airport from United States, US, on Friday. The funeral of the trio will hold on Saturday at Isiokpo, his hometown, in Ikwerre LGA of Rivers State. Wigwe, alongside his wife,…
Huawei offers solutions on oil production, clean energy with AI

Huawei offers solutions on oil production, clean energy with AI

Kunle Sanni  Chief Technical Officer of Huawei for South Africa, Matamela Aubrey Mashau, told participants at a roundtable on the sidelines of the recently-concluded MWC Technology summit in Barcelona how cutting-edge technology and Artificial Intelligence (AI) can help Nigeria and other oil and gas producing nations around the world increase oil production, efficiently manage energy transition and rapidly recover from…
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