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DisCos Struggle To Satisfy Band A Customers Over Gas Shortage

FG to install N3bn power substation in Kwara

Due to a gas shortage that has hindered generation since January, many electricity distribution companies have been finding it difficult to provide Band A customers with 20 hours of electricity. Media findings revealed that while DisCos strive to meet the required …

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Shipowners Eye Foreign Partnership For Fleet Expansion

NIGERIA INDIGENOUS SHIPOWNERS’ ASSOCIATION Determined to boost ship acquisition in the country, the Nigeria Indigenous Shipowners Association has signed a memorandum of understanding with foreign counterparts to enable them to acquire new ships. The President of NISA, Sola Adewunmi disclosed …

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Nigeria’s Oil Production Drops Again, Now 1.23mbpd – OPEC

OPEC+ maintains status quo amid lower output from Nigeria

Nigeria’s crude oil production witnessed the second consecutive monthly decline since the beginning of this year, as it dropped to 1.231 million barrels per day in March, the Organisation of Petroleum Exporting Countries stated on Thursday. OPEC disclosed this in …

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Fresh Borrowings May Push Nigeria’s Debt To N111tn

BEARS: Nigeria's Mountain Of Debts!

The Federal Government’s total debt stock may experience a significant increase from N87.3tn (as of December 2023) to N111.4tn, following fresh borrowings in the first quarter of 2024. According to an analysis by media source, the Federal Government borrowed over N7tn …

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‘Poor Legal Framework Bane Of Port Reforms’

Declare state of emergency on Lagos ports, clearing agents urge government

Lucky Amiwero, President of National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), and the Managing Director, Eyis Resources Limited Lack of legal framework and economic regulation in the port reform of 2006 has created various bottlenecks and hindrances …

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Lagos-Calabar Coastal Highway Costs N4bn Per Kilometre – Umahi

2023: Ebonyi APC backs Umahi's Presidential bid

David Umahi The Minister of Works, David Umahi, has said the government is constructing the Lagos-Calabar coastal highway at a total cost of N4bn per kilometre and not the N8bn per km reportedly claimed by former Vice President Atiku Abubakar. …

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FG May Get $1bn Afreximbank Loan In May

Afreximbank Records $343m Gross Revenue in Half-year

Nigeria is set to receive a $1.05bn syndicated loan backed by oil from the African Import Export Bank next month. The loan is part of a larger $3.3bn prepayment facility arranged by Afreximbank, with repayment terms tied to crude cargoes …

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Reps Pledge To Address Electricity Tariff Hike

The House of Representatives will intervene in the recent increase in electricity tariffs by the Nigerian Electricity Regulatory Commission upon its resumption on April 23, 2024, Deputy Speaker, Benjamin Kalu has said. Speaking virtually on the special edition of “Ben …

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EFCC Probes 50 Accounts Linked To Humanitarian Ministry

The Economic and Financial Crimes Commission is probing 50 bank accounts as it recovered  N30bn in the alleged scandals in the Ministry of Humanitarian Affairs and Poverty Alleviation. The EFCC Chairman, Ola Olukoyede, who disclosed this in an interview published …

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Banks Get Three-Month Deadline To Stop Forex-Backed Loans

CBN forex ban: Nigerians imported N18tn cooking oil, meat, others in seven years – Report

The Central Bank of Nigeria on Monday stepped up its fight to boost foreign exchange liquidity in the economy with a new circular mandating Deposit Money Banks to stop the use of foreign currencies as collateral for naira loans within …

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FG Plans Three National ID Cards For 104m Nigerians June

The Federal Government is to launch three new national identity cards in May this year and has a target of providing them for about 104 million citizens across the country. The three new national identity cards planned by the National …

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Comedian AY, Wife Separate After 20 Years

Popular Nigerian comedian, Ayo Makun, popularly known as AY, and his wife, Mabel, have separated after 20 years of “friendship/marriage”. The comedian confirmed the development in a post on his Instagram page on Sunday. He said he had reached a …

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Nigeria, Spain To Deepen Cooperation On Maritime Security

The Spanish Ambassador to Nigeria,Ambassador Juan Ignacio Sell has declared that the Spanish Government is desirous to deepen cooperation with Nigeria through further collaboration with the Nigerian Maritime Administration and Safety Agency, NIMASA. Ambassador Juan made this declaration while inspecting the two …

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Why Seme-Border Can’t Take Vehicles, Rice Import Now-Compt. Bomodi

Compt. Timi Bomodi Seme and Idiroko borders have been a subject of international politics and economic diplomacy in the hands of fiscal authorities in Nigeria superintended by any sitting president. They are gate -ways to key  West African countries’ market. …

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Electricity Tariff: Step-By-Step Guide On How To Know Your Feeder Band

The Nigerian Electricity Regulatory Commission on Wednesday approved an increase in electricity tariffs for customers under the Band A classification. The Vice Chairman, NERC, Musliu Oseni, said the increase will see the customers paying N225 kilowatt per hour (KW/h) from the …

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FX Crisis: FG To Issue Domestic Dollar Bonds June

Naira depreciated by 10% in 2022 – World Bank

The Federal Government has announced plans to initiate the issuance of domestic bonds denominated in foreign currency in the second quarter of this year, precisely in the month of June. According to a Reuters report, the Minister of Finance and …

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Investors Lose N252bn On Bearish Equity Trading

Stock market dips by 1.2% amid profit-taking

Stock investors lost N252bn as the Nigerian Exchange sustained its bearish trading on Thursday. The market lost about N467bn between Tuesday, when it resumed after the Easter holidays and  Thursday. The bearish trend on the local bourse followed the announcement …

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AfDB, Indorama Seal Deal To Boost Fertiliser Production

AfDB approves $525,000 grant for African fintech firms

The African Development Bank has signed a $75m loan agreement with Nigeria’s Indorama Eleme Fertiliser and Chemicals Limited. The bank announced this in a statement issued on its website on Thursday. According to AfDB, the loan will enable Indorama to …

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Lekki Port Handles 100, 000 Containers In One Year – LFTZ

Lekki Port to improve ports operations

Lekki Port The Lekki Deep Seaport LFTZ Enterprises Limited has disclosed that the port received 75 vessels, including the first LNG-powered vessel and the largest ship to enter Nigerian water measuring 366 LOA and handled 100, 000 containers between April …

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Freight Forwarders Reject New Haulage Rates For Eastern Ports

APFFLON Commends Reps For Reducing Customs Target By N1trn

Clearing agents under the Africa Association of Professional Freight Forwarders and Logistics of Nigeria have rejected the new haulage rates for Eastern seaports approved by the Nigerian Shippers’ Council. In a recent statement, the National President of APFFLON, Frank Ogunojemite, …

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