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BUSINESS

Federal Government leaving pump price of Premium Motor Spirit (petrol) unchanged in the first five months of this year despite the increase in global oil prices, subsidy on the product is estimated to gulp N500bn in the period.

With the Federal Government leaving the pump price of Premium Motor Spirit (petrol) unchanged in the first five months of this year despite the increase in global oil prices, subsidy on the product is estimated to gulp N500bn in the period. The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, said on March 25 that the Federal Government was subsidising petrol with about N100bn to N120bn monthly. Going by […]

todayApril 20, 2021 1

BUSINESS

The Federal Government is currently subjecting the 50 per cent reduction in the Mambilla Hydroelectric Power project installed capacity to an independent review.

The Federal Government is currently subjecting the 50 per cent reduction in the Mambilla Hydroelectric Power project installed capacity to an independent review. The Minister of Power, Sale Mamman, said that the capacity of the Mambilla project had been revised downward from 3,050 megawatts to 1,525MW, as the review would save Nigeria $1bn from the project. A document on developments in the Mambilla Hydroelectric Power project in Abuja by the […]

todayApril 20, 2021 1

BUSINESS

The Association of Bureaux de Change Operators of Nigeria has said that its annual turnover is now N1tn.

The Association of Bureaux de Change Operators of Nigeria has said that its annual turnover is now N1tn. The President, ABCON, Alh. Aminu Gwadabe, said this during a virtual event with the theme ‘BDCs’ operations: A trillion-naira sub sector, issues of formalisation, regulations and way forward’ organised by ABCON to beam light on key opportunities and challenges faced by the BDCs sub-sector. It also aimed to reiterate the key roles […]

todayApril 15, 2021 1

BUSINESS

The Federal Government has reinforced the level of security at the Abuja, Lagos, Kano and other selected airports across the country.

The Federal Government has reinforced the level of security at the Abuja, Lagos, Kano and other selected airports across the country. Officials of the Federal Airports Authority of Nigeria confirmed on Wednesday that the reinforcement was part of measures deployed to tackle any form of attack by criminals. On Monday the Federal Ministry of Aviation directed FAAN to increase security at airports after the FMA detected plans by criminals to […]

todayApril 15, 2021 2

BUSINESS

The UN peacekeeping mission in Mali (Minusma) has condemned the assassination of a rebel leader who was a signatory to a 2015 peace accord.

The UN peacekeeping mission in Mali (Minusma) has condemned the assassination of a rebel leader who was a signatory to a 2015 peace accord. The mission said Sidi Brahim Ould Sidati "was an important player" in negotiations and implementation of the Algiers peace deal. Ould Sidati was the head of Coordination of Azawad Movements, a mostly ethnic Tuareg alliance that rose against the government in 2012 seeking greater autonomy. He […]

todayApril 14, 2021

BUSINESS

Manufacturing sector’s intervention funds disbursed by the Central Bank rose to N803bn as of February.

Manufacturing sector’s intervention funds disbursed by the Central Bank rose to N803bn as of February. Figures obtained from the CBN reports on the Monetary Policy Committee has revealed. It stated that “Under the N1tn manufacturing intervention stimulus, the total of N803.36bn has been disbursed to 228 projects across various sectors in agro-allied, mining, steel production and packaging industries, among others. In May 2020, the CBN introduced guidelines for the implementation […]

todayApril 14, 2021

BUSINESS

The Federal Airports Authority of Nigeria has said that drivers are prohibited from picking up passengers at the frontage of airport terminals.

The Federal Airports Authority of Nigeria has said that drivers are prohibited from picking up passengers at the frontage of airport terminals. This is as the agency called for compliance with all laid down protocols on COVID-19 to ensure the safety of all airport users. In a statement issued by the General Manager, Corporate Affairs, Henrietta Yakubu, FAAN said drivers can only approach the terminals when they want to drop […]

todayApril 13, 2021 1

BUSINESS

Thirty-two refinery project licences issued to private investors in the country have become invalid in the past three years, according to the Department of Petroleum Resources.

Thirty-two refinery project licenses issued to private investors in the country have become invalid in the past three years, according to the Department of Petroleum Resources. The DPR has said that the number of valid refinery project licenses stood at 23 as of March 2021, down from 44 in April 2018. An analysis of the agency’s new list of valid refinery project licenses and that of April 2018 showed that […]

todayApril 13, 2021

BUSINESS

The Central Bank of Nigeria has said that households and businesses affected by the COVID-19 can now apply for loans under its N50bn Targeted Credit Facility.

The Central Bank of Nigeria has said that households and businesses affected by the COVID-19 can now apply for loans under its N50bn Targeted Credit Facility. It said the stimulus package was to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic, adding that beneficiaries could access up to N25m. This was disclosed in a tweet on Monday by the Nigeria Incentive-Based Risk Sharing System for […]

todayApril 13, 2021 1

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