Early Monday, a large group of disgruntled MTN subscribers vandalized the telecommunications company’s office in FESTAC Town, Lagos. The unrest was triggered by the network’s blocking of SIM cards due to mismatches between subscribers’ National Identification Numbers (NIN) and SIM registrations. A viral video on social media showed the crowd tearing down a barricade fence…
According to clarification from the Central Bank of Nigeria, accounts can only be designated as dormant and used for investment purposes if they have not been used for more than ten years. Additionally, it said that unclaimed funds and dormant accounts will be managed by a special office. This was made public by the apex…
The Dangote Oil Refinery has denied a report that it was reselling cargoes of crude oil bought from the United States and Nigeria to other traders. The spokesperson for the Dangote Group, Tony Chiejina, described the report as outright falsehood in an interview with The PUNCH. Reuters had reported that three of the four trade…
On Friday, yam vendors in Nigeria’s Federal Capital Territory (FCT) made a plea to the national government to step in and stop the arbitrary hike in yam prices, citing a decline in sales. The vendors claimed that their means of subsistence has been impacted by the ongoing rise in yam prices in separate interviews with…
The naira ended the week lower than it started, continuing its downward trend versus the dollar. The exchange rate lost N5.49 on Friday, falling to N1609.29 per dollar from N1603.80 on Thursday, according to FMDQ statistics. Comparably, in the black market, the value of the naira dropped from N1,590 to N1,595 per dollar on Friday….
Primate Elijah Ayodele, the leader of the INRI Evangelical Spiritual Church, counseled Aliko Dangote, the richest man in Africa, on Tuesday to seek God’s face because his current problem is far from ended. If Dangote want to maintain continuity in his refinery business, Ayodele has charged him to accomplish this. Ayodele issued a warning that…
Amidst continuous issues, Aliko Dangote, the chairman of the Dangote Group, has proposed to sell the Nigerian National Petroleum Company Limited (NNPCL) his $20 billion Dangote Refinery. In a Sunday interview with Premium Times, Dangote bemoaned being called a monopolist in spite of the refinery’s attempts to resolve Nigeria’s fuel import problems. “This refinery can…
Journalist and financial expert Kalu Aja has drawn attention to the startling parallels between the problems that the Dangote Refinery is currently facing and those that have historically beset Ajaokuta Steel. As per Aja’s assertion, systemic ineptitude rather than corruption—as is widely believed—causes the problems. This announcement was made by Aja on Monday in a…
The Naira lost value on the parallel market yesterday, falling from N1,572 per dollar on Thursday to N1,575 per dollar. Similarly, the Naira dropped to N1,596.92 per dollar on the Nigerian Autonomous Foreign Exchange Market (NAFEM). According to data from FMDQ, there was a N30.1, or increase, in the NAFEM indicative exchange rate from N1,566.82…
According to a statement made by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Dangote refinery is still in the pre-commissioning stage and is not yet licensed. In a statement to state house correspondents on Thursday, NMDPRA CEO Farouk Ahmed outlined a number of issues regarding the country’s petroleum product supply. He responded,…
Bank stock prices on the Nigerian Exchange have clearly declined in early trade, which is thought to be the result of investor reaction to the planned 50% tax on foreign exchange gains. Trading data showed notable drops by 12:30 PM: shares of FBN Holding plummeted 3.16%, GTCO had a fall of 0.33%, FCMB saw a…
The deadline for Point of Sale (POS) operators in Nigeria to register has been extended by the Corporate Affairs Commission (CAC) to September 5. The CAC released a statement on Saturday that was signed by its executives announcing the prolongation. According to the organization, the choice was made to give operators enough time to finish…
At the official market, the naira saw a little depreciation on Thursday, trading at N1476.24 to the US dollar. Meanwhile, the naira fluctuated between 1,500 and 1,500 at the Investor’s and Exporter’s (I&E) window. Data from the official trading platform of the FMDQ Exchange revealed that the naira lost ₦2.58. This represents a 0.17 per…
The Chairman of Dangote Group ”Aliko Dangote, has said his $20 billion 650,000 barrels per day Lagos-based refinery will crash the price of fuel as it reduced the price of diesel in Nigeria. Dangote disclosed this at a recent ”Afreximbank” Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas. Asked to speak…
Following the lapse of the March 1 deadline set by the Central Bank of Nigeria (CBN) for linking bank accounts to either the Bank Verification Number (BVN) or National Identity Number (NIN), concerns arise over the potential deactivation of over 91 million bank accounts. The CBN’s directive, issued on December 1, 2023, mandated commercial banks…
The Nigerian naira continued its downward trajectory on Tuesday, hitting N1,825 to the dollar, despite efforts by the Economic and Financial Crimes Commission (EFCC) to combat suspected manipulation and speculation. The EFCC’s recent intervention targeted Bureau De Change operators at the prominent Abuja Zone 4 market, aiming to halt the naira’s rapid depreciation. However, within…
The Nigerian Naira has undergone a significant decline, hitting an unprecedented low of N2040 per Great Britain Pound (GBP) in the parallel market exchange rate. This reflects a notable decrease of 5.39% or N110 compared to the previous day’s rate of N1,930. The depreciation of the Naira is attributed to persistent demand pressures, which continue…
The Economic Community of West African States (ECOWAS) has revealed its intention to create a regional resilience strategy. This strategy will focus on efficient coordination and the implementation of effective early warning systems to address crises within the region. The Director-General, of the National Emergency Management Agency (NEMA), Mustapha Ahmed, made this known at a Consultation…
The Central Bank of Nigeria (CBN) has accomplished the sale of treasury bills valued at an impressive N1 trillion during its bi-weekly auction conducted on Wednesday, leading up to the upcoming February 26 and 27 Monetary Policy Committee meeting. This substantial increase in the volume of treasury bills included an unprecedented N600 billion earmarked for…
The CBN has cautioned authorized foreign exchange dealers, alleging they disseminated inaccurate and misleading information on transactions, prompting a warning against such practices in the market. In a circular released on Wednesday, Aliyu Ashiru, the acting director of the financial markets department at the CBN, highlighted instances of underreporting of transaction rates and the practice…
Securing a job interview is a significant milestone in your career journey, but the real challenge lies in making a lasting impression during the interview itself. Acing a job interview requires preparation, confidence, and effective communication. This article provides ten essential tips to help you navigate the interview process with poise and increase your chances…
