Business

Secretary to the Government of the Federation (SGF), Senator George Akume, has described the Governor of the Year award received by the Ogun State Governor, Prince Dapo Abiodun, as well deserved recognition for a leader who has done so well for his state. The SGF also called on Nigerians to join hands with the present administration of President Bola Ahmed…

The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Sen. Tokunbo Abiru (Lagos East) has received the leadership of the Chartered Institute of Bankers of Nigeria (CIBN), at the Senate. The body of professional bankers in Nigeria led by the President/ Chairman of Council, Dr. Ken Opara, sought the support of the Senate for passage of the amendment Act…

BUA Foods Plc has expressed a challenging business environment over the Nigerian Customs Service (NCS) foreign exchange (FX) rate incessant adjustments on import duties. Speaking to journalists on the impact of the increases, the managing director, BUA Foods, Ayodele Abioye in Lagos recently said the company is “not immune” from the country’s FX crisis. “We’re all impacted, like every other…

The Nigerian National Petroleum Corporation (NNPC) Ltd/TotalEnergies Joint Venture on Thursday said it achieved zero routine gas flare in all its assets. Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye in a statement said the achievement is on the heels of an inspection tour of OML 100 in South-eastern Niger Delta, off Port Harcourt, by a joint NNPC Ltd and TotalEnergies…

The Central Bank of Nigeria (CBN) has banned banks from cash payment of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), a move the apex bank believes will help it track transactions. The apex banking regulating body said authorised dealer banks can pay through electronic channels only. The CBN gave the directive in a circular referenced TED/FEM/PUB/FPC/001/006 titled, ‘Allowable…

The Office of the Accountant General of the Federation (OAGF) has explained that it is consistent in publishing the details of the monthly revenue allocation by the Federation Accounts Allocation Committee (FAAC) to the three tiers of government. A statement issued by Director (Press), OAGF, Bawa Mokwa stated that it is up to date in the publication of the monthly revenue…

The Central Bank of Nigeria (CBN) has directed International Oil Companies (IOC) operating in the country to fund their offshore accounts in two phases. The apex bank disclosed this in a circular dated February 14, 2024, and signed by the Director, Trade and Exchange Department, Hassan Mahmud, which was issued to all authorised dealer banks. Mahmud noted that the IOCs,…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is currently considering relocating some of its units to Lagos. The memo dated February 14, 2024, said the decision was to enhance its service delivery, reduce operational costs, and make adequate utilisation of its assets in Lagos. “In line with our objectives of improving organizational efficiency, driving industry growth, and managing office accommodation…

Africa Finance Corporation (AFC), the continent’s leading instrumental infrastructure solutions provider, today announces the appointment of Mr. Emeka Emuwa as Chairman of its Board of Directors. Emuwa brings a wealth of experience spread over three decades leading and transforming banking institutions across Africa. After completing a sterling 25-year career with Citibank where he left as the Country Officer and Managing…

The Nigeria Deposit Insurance Corporation (NDIC), and the Central Bank of Nigeria (CBN) have commenced supervision of the banking sector to ensure the Non-performing Loan Ratio (NPL) remains below the maximum threshold set. The Managing Director, NDIC, Bello Hassan disclosed this to lawmakers during a retreat to inform the legislature on the activities of the NDIC, with the theme, “Deepening…