As part of a new economic directive from President Tinubu, the Nigerian government begins crude oil sales in naira to local refineries, signaling a shift in the country’s oil trade policies In a significant policy shift, the Nigerian government has officially commenced naira-based crude oil sales to local refineries, including Dangote Refinery, following a directive…
The cost of landing petrol in Nigeria has seen a reduction as the naira strengthens against the US dollar, impacting fuel prices nationwide. The petrol landing cost drops from N981/litre on September 25, 2024, to N945.63/litre as of September 27, 2024. This decline is linked to the strengthening of the naira, which appreciated against the…
During a workshop organized for the Finance Correspondents Association of Nigeria (FICAN) and Business Editors in Lagos, NDIC’s Managing Director/CEO, Bello Hassan, emphasized the corporation’s critical role in protecting depositors’ funds. He stated, “The closure of Heritage Bank highlights the vital role the NDIC plays in ensuring that depositors are reimbursed swiftly. In line with…
The Federal Government has announced the second phase of disbursements to nearly one million Nigerians under the Direct Benefit Transfer (DBT) initiative. This programme, overseen by the Presidential Panel on Social Investment, is aimed at providing much-needed financial aid to some of the country’s most vulnerable citizens. During a high-level meeting held in Abuja on…
Federal High Court dismisses debt claims against Onyema Okonjo and PC Outlet, orders return of security In a significant ruling, the Federal High Court in Lagos has cleared the Managing Director of PC Outlet, Onyema Okonjo, of a N168 million debt owed to the Asset Management Corporation of Nigeria (AMCON). The decision was delivered by…
In a strategic move, Cardoso lures foreign investors with historic OMO yields as the Central Bank of Nigeria (CBN) introduces a groundbreaking offer on one-year OMO bills. Yielding at 32%, the bill marks the highest return since the inception of the CBN’s OMO (Open Market Operations) and aims to attract substantial foreign portfolio investments to…
The Nigerian National Petroleum Company is struggling to provide crude to Dangote Refinery after ex-President Buhari used oil reserves as collateral for foreign loans The NNPC crude supply challenges are currently impacting the Dangote Refinery, a key oil processing plant in Nigeria. According to Festus Osifo, the President of the Petroleum and Natural Gas Senior…
Nigerian retirees under the Contributory Pension Scheme invest over N798 billion in life annuity as part of their retirement strategy By the second quarter of 2024, Nigerian retirees invest in life annuity totaling N798.58 billion under the Contributory Pension Scheme (CPS). This growing investment, involving 129,435 retirees, marks a 20% increase compared to N665.13 billion…
The Central Bank of Nigeria (CBN) has commenced the sale of $20,000 to eligible Bureau De Change (BDC) operators across the country at an exchange rate of ₦1,590 per dollar. In a circular issued on September 25, 2024, the CBN emphasized that this move is aimed at injecting “additional liquidity” into the foreign exchange market…
The Nigerian government confirms it will not intervene in the ongoing pricing dispute between NNPC and Dangote Refinery, emphasizing market deregulation The Nigerian government has made it clear that it will not intervene in the ongoing dispute between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery over petrol pricing. According to the Presidency,…
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