CBN agric guarantee hits N131b
The Central Bank of Nigeria (CBN) has guaranteed the sum of N130. 90 billion loan to farmers under the Agricultural Credit Guarantee Scheme Fund (ACGSF) between its inception in 1977 and May, this year. The Chairman of the Board of the ACGSF, Mr. Stephen Okon, gave the update at the
IBEDC commences mass disconnection of electricity over huge debts by customers
The Management of Ibadan Electricity Distribution Company (IBEDC) said it has retooled its revenue drive strategy to ensure that customers with huge debts pay up. The affected customers include those with the issues of non-payment of bills, underpayment of bills, meter bye-passing, use of illicit meters and energy theft. The
Bread producers threaten strike over bakery materials’ price hike
Bread producers and caterers on Friday threatened to withdraw their services nationwide due to the unprecedented increase in bakery materials and the neglect of the Federal Government to this matter. In a communiqué issued by their national body – Association of Master Bakers and Caterer of Nigeria, they stated that
Polaris Bank obeys court order, pays customer N500,000 for failed POS transaction
Polaris Bank on Wednesday paid N500,000 as damages to a customer in Akwa Ibom State who had complained that the bank did not reverse within 72 hours as provided by the law a failed N61,000 Point of Sale (POS) transaction. The bank paid the money in obedience to an order
Oando settles shareholder dispute, releases 2019, 2020 results
Oando Plc yesterday announced the final settlement of a long standing shareholder dispute and the release of its operating results for full year 2019 and 2020. According to a statement announcing this development, “In July 2021, Oando entered into a settlement with the Securities and Exchange Commission, SEC, on all
States to lose N19bn in oil, gas revenues in 2022 – World Bank
The World Bank has said that Nigerian states will likely lose N18.8bn in oil and gas revenues in 2022, as worsening revenue collection at the federation level increases budgetary pressures for the states. The Washington-based bank said this in its Nigeria Development Update report, titled, ‘The Continuing Urgency of Business
Fuel scarcity worsens, black market booms at N300/litre
Fuel scarcity worsened in Lagos, the Federal Capital Territory and other parts of the country on Tuesday, resulting in motorists spending hours at filling stations. For oil marketers, the solution to the worsening fuel queues across the country is for the Federal Government to approve an increase in the pump
Dangote restates commitment to 1.5MT year sugar production
Dangote Sugar Refinery Plc has assured that the company was poised to achieve 1.5 million Metric Tonnes (MT) yearly from locally-grown sugarcane to increase shareholders’ value and in support of the quest for sugar sufficiency in the country by the federal government. At the company’s 16th yearly general meeting held
Google targets Africa’s retail businesses in new initiatives
Google has announced new initiatives to support small retail businesses in Africa. The initiative is part of a month-long commemoration of International Micro, Small, and Medium-sized Businesses Day. This includes a one-hour virtual training event, Shopping Small Business Summit, aimed at helping SMB owners develop skills and tools to compete
Qatar Airways posts record $1.5 billion profits ahead of World Cup
Qatar Airways, one of the Mideast’s largest carriers known for on-board comfort and luxury, said Thursday its profits over the past fiscal year topped $1.5 billion, marking the highest ever earnings for the state-owned carrier as it prepares to see a record surge in travelers for the upcoming FIFA World