ABUJA The Central Bank of Nigeria (CBN) has reported a significant increase in foreign exchange inflow into the economy in February 2024, with marked increments in remittance payments by Nigerians overseas and purchases of naira assets by foreign portfolio investors. Speaking with newsmen in Abuja, the Bank’s Acting Director of …
Read More »Tinubu signs Executive Orders on oil, gas reforms
President Bola Ahmed Tinubu has executed Policy Directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa. A statement by his Special Adviser (Media & Publicity), Ajuri Ngelale did this “in keeping with his dedicated efforts to remove …
Read More »Afreximbank tops loan market rankings in Bloomberg’s 2023 Capital Markets league tables for Sub-Saharan Africa
CAIRO, Egypt, March 4, 2024 African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has been ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets. Afreximbank is ranked as number one Mandated Lead Arranger, Bookrunner, and Administrative Agent for Sub-Saharan Africa Borrower Loans. These rankings recognize the Bank’s leadership …
Read More »Enforce anti-gas flaring regulations in Niger Delta, Nwoko tells FG
By Deborah Coker Abuja, March 5, 2024 Senator Ned Nwoko has called on the Federal Government to urgently enforce the regulations on gas flaring and venting of natural gas in the Niger Delta region. Nwoko, who represents Delta North Senatorial District at the Senate, made the call on Tuesday, during …
Read More »Transcorp Power lists 7.5bn shares on NGX
Management team of Transcorp Power, NGX at the listing of the company on the Exchange on Monday in Lagos By Rukayat Adeyemi Lagos, March 4, 2024 Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), on Monday listed 7.5 billion ordinary shares at N240 per share of 50k …
Read More »Market capitalisation gains N1.86trn as TransPower lists on NGX
By Rukayat Adeyemi Lagos, March 4, 2024 The Nigerian Exchange Ltd.(NGX) equity market on Monday opened positively, as gains in newly listed Transcorp Power Plc and 22 others grew the overall market capitalisation by N1.86 trillion. The News Agency of Nigeria(NAN) reports that Transcorp Power earlier listed 7.5 billion shares …
Read More »Transcorp Group announces listing of Transcorp Power PLC on Nigerian Exchange
Transnational Corporation Plc (Transcorp Group) wishes to announce the listing of its subsidiary, Transcorp Power Plc (Transcorp Power or TP Plc) via listing by introduction on the Main Board of the Nigerian Exchange (NGX), on Monday, March 4, 2024. According to a statement signed by Stanley Chikwendu, the Group Company …
Read More »Tinubu welcomes multi-sectoral agreements with Qatar; Set to receive Qatar’s investment team in Abuja
President Bola Ahmed Tinubu, and His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, on Sunday in Doha, witnessed the signing of historic agreements between both nations, opening a gateway for leveraging the potential of mutual cooperation in pivotal sectors of education, enterprise development, investment …
Read More »Investors oversubscribe CBN N1 Trillion OMO Bills
ABUJA The Central Bank of Nigeria (CBN), on Friday, March 1, 2024, successfully concluded a sale of government securities, issuing N1.053 Trillion (US$680 million) in short-term instruments as part of its liquidity management exercise. The CBN offered N500 Billion at the Open Market Operations (OMO) auction and oversubscribed, selling N1.053 …
Read More »Geometric Power, National Control Centre map out programme on electricity supply to Aba
Geometric Power Ltd and the National Control Centre (NCC) at Oshogbo in Osun State have developed a timetable on how electricity will be supplied to all parts of the Aba Ring-fenced Area in Abia State following the commissioning of the Aba Independent Power Project (IPP) by Vice President Kashim Shettima …
Read More »Gas needed to meet demands of industrialisation in Africa – NLNG
Nigeria LNG Limited (NLNG) on Thursday in Abuja said there is real demand for clean energy such as gas in Africa to trigger a massive take-off for industrialisation, with a growing young population, abundant natural resources, and emerging internal markets. In an industry speech on Day four of the 7th …
Read More »NNPC Ltd advocates collaborative war room to tackle challenges faced by independent producers
The Nigerian National Petroleum Company Limited (NNPC Ltd) has called for deeper collaboration among upstream operators, especially independent producers, to find solutions to the challenges hindering the effective development of divested assets in the nation’s oil and gas industry. The company’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, made the …
Read More »Minister inaugurates NCDMB Governing Council, pledges to increase local content achievements
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri on Thursday in Abuja inaugurated the 4th Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB). The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership …
Read More »Nigeria gets 60% Afreximbank energy sector funding – Oramah; Says Africa Energy Bank coming
By Emmanuella Anokam Abuja, Feb. 28, 2024 The African Export-Import Bank (Afreximbank), says Nigeria is among the largest beneficiaries accounting for about 60 per cent of its US$30 billion funding of the energy sector in Africa. Afreximbank said it has been able to make modest contributions in the oil and …
Read More »NLNG advocates enhanced digitalisation in the Nigerian energy sector
Nigeria LNG Limited (NLNG) on Tuesday in Abuja called on players in the Nigerian energy industry to draw insights from NLNG’s ongoing integration of digital technologies to improve operational efficiency, reduce emissions, increase revenue and remain competitive as it deals with rapid global changes and energy transition. During a panel …
Read More »Monetary policy reforms will check inflationary tide, check foreign exchange distortions – CBN
CBN Governor, Yemi Cardoso By Kadiri Abdulrahman Abuja, Feb. 27, 2024 The Central Bank of Nigeria (CBN), says its on-going reforms will check rising inflationary trend and address distortions in the foreign exchange market. The CBN Governor, Yemi Cardoso said this on Tuesday in Abuja, while presenting the communique from …
Read More »Aba IPP comes on stream, 20 years after conception
By Ijendu Iheaka Aba (Abia) Feb. 27, 2024 The Aba Integrated Power Project (IIP), owned by the Geometric Power Group (GPG), finally came on stream on yesterday, Monday, 20 years after it was conceived by its Chairman/Chief Executive Officer, Prof. Barth Nnaji. The News Agency of Nigeria (NAN) reports that …
Read More »Stampede: NCS suspends distribution of rice
By Martha Agas Abuja, Feb. 26, 2024 The Nigeria Customs Service (NCS) has suspended its food disposal initiative following a stampede that claimed seven lives on Feb. 23. The unfortunate incident occurred during the distribution of 25Kg bags of rice at its Zonal Headquarters, Yaba, Lagos State The service announced …
Read More »CBN amends FX rates for customs duty on importation
By Kadiri Abdulrahman Abuja, Feb. 23, 2024 The Central Bank of Nigeria (CBN), has reviewed the formula for fixing foreign exchange rates for Customs duty on importation. Dr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN said this in a memo addressed to the Nigeria Customs Service …
Read More »Senate confirms Cardoso, others as chairman, members of Monetary Policy Committee
By Naomi Sharang Abuja, Feb. 22, 2024 The Senate on Thursday confirmed the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, as the Chairman of the Monetary Policy Committee (MPC) of the apex bank. The upper legislative chamber also confirmed the appointment of four deputy governors of …
Read More »NLNG, LCCI seek business community’s collaboration to promote respiratory technologies for newborns
By Abiodun Azi and Funmilola Gboteku Lagos, Feb. 21, 2024 The Nigeria LNG Limited (NLNG) and Lagos Chamber of Commerce and Industry (LCCI) have called for increased collaboration between the business community and science and research sector in Nigeria. According to them, this will help to close the gaps …
Read More »DMO raises N1.4 trn in FGN bonds February auction
By Kadiri Abdulrahman Abuja, Feb. 20, 2024 The Debt Management Office (DMO) said on Tuesday that it raised N1.495 trillion from Federal Government of Nigeria (FGN) bonds at its monthly auction of Feb. 2024. The News Agency of Nigeria (NAN) reports that the DMO offered N1.25 trillion seven-year bond, …
Read More »Abia Govt to build tuition-free schools for skills acquisition; Geometric Power Generating Company to be commissioned Saturday
By Ihechinyere Chigemeri-Uwom Umuahia, Feb. 19,2024 The Abia Government says that plans are under way to set up tuition-free schools for skills acquisition in the three senatorial zones of the state. This is as arrangements are in top gear for the commissioning of the Geometric Power Generating Company on Saturday, …
Read More »Dangote Cement trucks wrongfully intercepted in Adamawa – Management
…We don’t need to export to Cameroun where we have an existing cement plant The management of Dangote Cement Plc has stated that two of its trucks that were wrongly intercepted in Adamawa State have been released. The company stated that the two trucks loaded with 900 bags of cement …
Read More »SERAP gives NNPCL 7 days to account for ‘missing $2.04bn, N164bn oil revenues’
Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Mele Kolo Kyari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited to “promptly account for and explain the whereabouts of the alleged missing USD$2.04 billion and N164 billion oil revenues.” SERAP said the allegations are documented …
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