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BUSINESS

Cardoso links depleting external reserves to debt repayments

The Central Bank of Nigeria has clarified reasons for the significant decline in the nation’s foreign exchange reserves, asserting that it wasn’t primarily aimed at defending the naira, as commonly believed, but rather to partially repay debts owed to creditors. The bank further expressed its desire to minimise its involvement in the market, aiming to foster a scenario where prices are determined through the interactions of willing buyers and sellers. […]

todayApril 18, 2024 6

NEWS

Lagos LP politician, Rhodes-Vivour, repays wife’s debt after social media bashing

Labour Party’s 2023 governorship candidate in Lagos State, Gbadebo Rhodes-Vivour, has repaid his wife’s debt following social media bashing. A user on X, Chike Jones, who worked as a writer and social media manager for Afroscientric.com, a project owned by Rhodes-Vivour’s wife, Ify, had alleged that he was owed for over eight months. Reacting to this, Rhodes-Vivour, wrote, “I have spoken to Chika and extended an olive branch in acknowledgement […]

todayJanuary 24, 2024 32

BUSINESS

Power sector gas debt hits $1bn, says NGA

A new gas pricing template for the power sector and gas-based industries has been developed and currently awaits the approval of President Bola Tinubu, the Nigerian Midstream, and Downstream Petroleum Regulatory Authority announced on Wednesday. It was also revealed that the legacy gas debts of the power sector to gas suppliers in Nigeria had risen to about $1bn, as efforts were ongoing to finalise the figures and find a comfortable […]

todayJuly 13, 2023 8

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