The African Development Bank (AfDB) has approved a $1.5 billion emergency programme to alleviate the impact of worsening food insecurity due to the Ukraine war, its director said on Monday.
About 20 million farmers on the continent will benefit from the fund as Africa faces a shortage of at least...
Achieves Mechanical Completion, Flare Start-up of Refinery’s Area 5 Plant
The Nigerian National Petroleum Company (NNPC) Ltd. has fulfilled its pledge of achieving the mechanical completion of rehabilitation work on Area 5 Plant of the Port Harcourt Refining Company (PHRC).
Rehabilitation work has been ongoing at the Refinery for over...
Equity investors have counted gains totalling N720bn as the stock market extended its gaining streak to the eighth consecutive day.
The market capitalisation of equities rose to N13.316tn at the end of trading on the floor of the Nigerian Stock Exchange on Tuesday from N12.596tn on December 24, 2019.
In the...
Cryptocurrency exchange Binance has announced the discontinuation of its naira services, prompting users to take necessary actions before the specified timeline. The decision comes amidst a regulatory faceoff between Binance and the Nigerian government over allegations of illicit financial activities.
Binance, a leading cryptocurrency exchange, has notified users of the...
United Bank for Africa Plc has introduced a product called UBA Connect to deepen intra-African trade and enable customers to make cash withdrawals in local currencies
A statement said the service would enable customers of the bank to conduct traditional banking transactions at any UBA branch in the 20 African...
The Nigerian government has been advised by the International Monetary Fund to eliminate what it has described as hidden subsidies on fuel and electricity.
In a recent report from the IMF, Nigeria was informed that subsidies are expected to consume three percent of the country's Gross Domestic Product in 2024,...
Foreign airlines operating in Nigeria have initiated the unblocking of their low-priced fares on Nigerian routes following the Central Bank of Nigeria's completion of the payment of approximately $7 billion in backlog, which includes over $700 million in unremitted ticket revenue.
The CBN recently announced the clearance of $7 billion...
President, Dangote Group, Alhaji Aliko Dangote, said close to $500m have been expended on the Dangote Sugar Refinery in Tunga, Nasarawa State, with the project when completed, expected to generate 90 megawatts of power, as well as provide direct employment for thousands.
Alhaji Dangote disclosed this when he led the...
Despite the directive of the Central Bank of Nigeria to merchants to stop the deduction of additional N50 on Point of Sales transactions, some outlets have yet to comply with the directive.
Our correspondent who monitored the rate of compliance with the directive observed that many of the filling stations...
Union Bank of Nigeria (UBN) Plc on Thursday announced a dividend recommendation of about N7.3 billion for the 2019 business year, its first dividend payment in 11 years. Shareholders will receive a dividend per share of 25 kobo.
The dividend was a major highlight of considerable improvements in the commercial...
