Business

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The presidential candidate of the Labour Party, Mr. Peter Obi, has cautioned the President Muhammadu Buhari-led Federal Government against further borrowing for consumption. Obi handed down the words of caution in a series of tweets on his verified twitter handle @PeterObi, yesterday. He said:  “As a matter of urgency, Nigeria must stop borrowing for consumption, […]

The Federal Government has deployed a new technology as a stop-gap solution to the challenges confronting Nigeria’s power grid, the Transmission Company of Nigeria has said. Officials of the company said the technology, comprising Internet of Things and the Virtual Private Network, was deployed by the government through TCN to monitor real-time grid operations and […]

The Nigeria Deposit Insurance Corporation (NDIC) has maintained that all Deposit Money Banks (DMBs) in Nigeria are safe and sound, denying that Polaris Bank has been sold. The reaction from NDIC follows recent media reports that Polaris Bank has been secretly sold to a new investor. The clarification was made by the Managing Director of […]

The President, Major General Muhammadu Buhari (retd.), on Wednesday, reversed his authorisation of the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited. The move puts the Presidency on the side of the Nigerian National Petroleum Company Limited which had earlier declined the $1.3bn transaction. On Monday, a […]

The exchange rate between the naira and the US dollar Thursday, 4th August 2022 closed at N428.12/$1 at the Investors and Exporters (I&E) window, where forex is traded officially. Naira closed higher on Thursday, with a 0.25% appreciation against the US dollar to close at N428.12/$1 compared to N429.2/$1 recorded in the previous trading session. […]

The Federal Government has stated that it is focused on ensuring the completion of the Kano-Kaduna standard gauge rail project. This was disclosed by the Minister of Transportation, Mr Mu’azu Sambo, during an inspection of the rail project in Yako, Madobi Local Government Area in Kano. Sambo said the project was a priority that would […]

The World Bank has committed $8.5 billion to Nigeria to fund critical issues ranging from agriculture to education. Disclosing this on Thursday in Abuja during a summit organised by the Emergency Coordination Center, the World Bank Country Director to Nigeria, Shubham Chaudhuri, noted that the amount was the largest of any country. He noted that […]

Nigerian National Petroleum Company (NNPCLimited) announced Tuesday that it has no plan to lay off workers as a result of its recent transition. The NNPC Limited said this in a statement by GarbaDeen Muhammad, the group general manager, group public affairs division of the company. The development came amid reports that the company had offered […]

The International Monetary Fund (IMF) has held its projection about Nigeria’s economic growth prospect at 3.4 per cent amid growing concern about elevated inflation and the possibility of a technical recession in the year. The position is contained in the July World Economic Outlook (WEO) update released, yesterday. The Fund expects the country’s growth to […]

The Economic and Financial Crimes Commission Operatives has said that its operatives have arrested 24 persons in connection with suspicious illegal oil bunkering in Rivers State. This was revealed by the Commission in a statement on its official Facebook page on Tuesday. The statement noted that the suspects were arrested on July 18, at Abonima […]


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