CBN warns Nigerians against unlicensed investors
By Dooshima Fidelis The Central Bank of Nigeria (CBN) has advised Nigerians to shun unlicensed financial operators offering mouthwatering returns on investments. On Monday, the CBN, through its Financial Services Regulation Coordinating Committee (FSRCC), advised Nigerians to stop dealing with such firms. It noted that many Nigerians have fallen victims
FG’s N1.3trn electricity intervention fund underperformed—Finance Minister
The minister of finance, budget and planning, Zainab Ahmed, said that the N1.3 trillion intervention fund the federal government provided for the power sector has not yielded any significant result. On March 1, 2017, the federal government had approved the sum of N701 billion as a power assurance guarantee fund
Electricity: Power generation plunges to 495MW with 3 plants on grid
Nigeria’s electricity challenge worsened yesterday as grid power generation crashes to 495.20 Megawatts with just Jebba Hydro (335MW), Olorunsogo NIPP (107.20MW) and Sapele (53MW) on the grid as at 3pm. Earlier checks by the Energy Reportdaily on data from the National System Operator, NSO, showed that as at 2pm total
Crude oil prices: Nigeria’s Bonny light, other OPEC grades drop
Despite significant rises in the world’s leading crude oil grades in the international market yesterday, Nigeria’s crude oil grade, Bonny light, declined to $110 per barrel from $111.5 per barrel recorded last Friday. Crude oil prices in the international market witnessed an average three percent rise yesterday as the release
High diesel prices add strain to battered economy
A popular, large modern grocery in Surulere Lagos shut down for days because it couldn’t find diesel to power generators, leaving fresh food to rot. An Indian business owner in Nigeria travels to Mumbai for medical checks and the cause of his high-blood pressure was traced to his constant worry
Two million people’ll start receiving N20bn monthly from June -FG
Two million people will start receiving about N20bn from June this year as basic cash transfers and conditional cash transfers. Under the National Cash Transfer Programme, the Federal Government has said. It was gathered that the Federal Government would pay the two million people N5,000 each under the basic cash
National carrier: Emirates Airlines ready to partner Nigeria – FG
Emirates Airlines has of recent made an offer to partner with Nigeria in its quest to establish a national carrier. Special Assistant to Senator Hadi Sirika, Minister of Aviation, Mr. James Odaudu, stated in Abuja on Monday that the President of Emirates Airlines, Mr. Tim Clark, made the offer
FG urged to provide conducive business environment for SMEs
Stakeholders have urged the Federal government to give more support to Micro and Small Medium-scale Entrepreneur SMEs. By providing the enabling infrastructure like roads and electricity to diversify and improve revenue for the country. A statement quoted the President of the Organisation of Youths of International Trade and Commerce, Mr
Food imports exceed exports by N2.23tn in 12 months
Food imports, the total international trade in agricultural goods in the country stood at N3.24tn in 2021, with the import exceeding export by N2.23tn. Despite interventions by the Federal Government to diversify the economy and increase food production in the country, security concerns have driven a lot of farmers out
PenCom to fine PFAs over pensioners’ delayed payment, others
The PenCom has vowed to sanction Pension Fund Administrators over delays in the payment of pension benefits, among related infractions. The commission stated this in its ‘Revised regulation on the administration of retirement and terminal benefits.“A PFA that fails neglects or refuses to enlighten the retiree on the features of