As oil output declines, Nigeria loses N636 billion in revenue.

23 Jun 2024

Since January 2024, Nigeria’s monthly oil output has consistently declined, costing the country approximately N636.3 billion in lost revenue. According to data on oil production obtained from a Federal Government agency, Nigeria produced 1.43 million barrels of crude oil (excluding condensates) in January of this year, but by May, that amount had dropped to just […]

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NDIC Increases Maximum Deposit Insurance Coverage From N500k to N5m

23 Jun 2024

NDIC MD, Bello Hassan   The Nigeria Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage levels for Deposit Money Banks from N500,000 to N5 million. The Managing Director of NDIC, Bello Hassan, announced this in Abuja at a press conference, stating that it takes effect immediately. He said, “For Deposit Money Banks, […]

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Nigeria’s 2024 Oil block license auction attracting huge interest from investors – NURPC

21 Jun 2024

International and local investors have shown a great deal of interest in the 2024 oil block licensing round, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This revelation was made by the commission’s head, Gbenga Komolafe, in a statement on Thursday. Komolafe stated that Nigeria initiated the licensing round in April, offering a total […]

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Naira’s woes : FG mulls suspension of peer-to-peer crypto trading

21 Jun 2024

The Federal Government may consider the suspension of the $56.7bn peer-to-peer cryptocurrency market after a crucial meeting between the Securities and Exchange Commission, and digital asset operators scheduled for Monday. Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of […]

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Femi Otedola increases stake in First Bank Holdings, buys 546.7 million units of shares

20 Jun 2024

By acquiring an additional N546, 674, 034 shares of FBN Holdings, valued at N12.01 billion, Mr. Femi Otedola has increased his ownership stake in the company. The Nigerian Exchange Limited, or NGX, released information on Thursday showing that Otedola paid N21.97 per share at the Exchange for the shares via Calvados Global Services Limited. Prior […]

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GTBank records largest ever 1st quarter profit in Nigerian banking history

20 Jun 2024

Guaranty Trust Holding Company (GTCO), one of Nigeria’s most efficiently run bank, has just announced the largest ever pre-tax profits in Nigerian banking history. According to information contained in its first-quarter earnings, the bank posted a pre-tax profit of N509.3 billion, more than six times the profits it made in the same period in 2023. […]

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Nigerians’ visa ban will soon be lifted by the UAE, says FG

18 Jun 2024

Festus Keyamo, minister of aviation and aerospace development, says the United Arab Emirates (UAE) will soon lift the visa restriction on Nigerian travellers. Keyamo spoke on Saturday during an interview with the State House media. According to him, the nation has followed all procedures to enable the lifting of the visa prohibition. “We have done […]

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GTBank sues 60 bank executives over a N17 billion debt.

17 Jun 2024

While a lawsuit between GTBank and Afex Commodity Exchange regarding a N17 billion loan from the Anchor Borrowers Program remains pending, Guaranty Trust Bank has brought no fewer than sixty senior executives of thirteen commercial banks before the court. The 60 executives, who include the chairmen, CEOs, directors, and company secretaries of the 13 banks, […]

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CBN sells $575m in May, highest in single month

03 Jun 2024

The Central Bank of Nigeria sold $575m in May, its highest dollar sales in a single month in 2024, according to data obtained from FMDQ Securities Exchange and reported by BusinessDay on Monday. This amount exceeds the combined total of $151m in April and $189m in March. Despite this increase, the CBN’s sales only accounted […]

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