Nigeria’s senate approved the appointment of two deputy central bank governors and three members of the Monetary Policy Committee (MPC) on Thursday, giving the rate-setting panel sufficient numbers to meet for the first time this year. The Senate had held up some of President Muhammadu Buhari’s nominations in a dispute that had left the MPC […]
The Securities and Exchange Commission (SEC) on Wednesday said that the sum of N17.09 million has been disbursed to 297 investors from its National Investor Protection Fund (NIPF). A source close to the commission said the NIPF board at its first meeting on Dec. 14, 2015, approved N25 million from the fund, adding that out […]
Nigeria plans to raise 53.96 billion naira at a treasury auction on Wednesday after repaying the same amount of bills, with the aim of lowering its borrowing costs, traders said. The debt office has said it would repay some treasury obligations in phases as they mature. It plans to repay 482 billion naira of treasury […]
The Nigerian Electricity Regulatory Commission (NERC) has barred all the electricity Distribution Companies (DisCos), its core investors, subsidiaries, directors and affiliates from holding any shares in the new Meter Asset Providers (MAP) companies, Daily Trust reports. The directive is contained in the MAP Regulation 2018, which grants a 15-year license to Meter Asset Providers (MAP) […]
Criminal groups in the oil-rich Niger Delta could be using guns supplied by Jonah Abbey. Nigeria’s secret police says it has arrested a notorious gunrunner who has been on its wanted list for the last ten years. Jonah Abbey is allegedly involved in the arms and ammunition trade and is believed to supply weapons to […]
Despite Central Bank of Nigeria’s (CBN) effort to promote financial inclusion, Nigerian banks lost over 2 million customers between 2016 and 2017. According to statistics from the Nigeria Inter-Bank Settlement System (NIBSS), the number of active bank accounts also reduced by 1.5 million, dropping from 65 million to 63.5 million. The statistics obtained by the […]
Traders who look for future price direction in chart patterns are finding more indicators suggesting the world’s largest digital currency may have further to fall. Bitcoin’s 50-day moving average has dropped to the closest proximity to its 200-day moving average in nine months. Crossing below that level — something it hasn’t done since 2015 — […]
By Foster Obi The Nigerian Communications Commission (NCC) has said that the number of active mobile phone lines in the country rose to 146 million in January 2018, recording an increase of 2,233,467 lines from the 144,631 reached in December 2017 From NCC’s monthly Subscribers Operator Data posted on its website, the number of fixed […]
The Lagos State Government on Thursday bowed to pressure by slashing all levies as regards its new Land Use Charge (LUC) that had attracted open voices of dissent in the state. The reduction came two days after the Ikeja branch of the Nigeria Bar Association in Lagos marched against the new law, with its chairman, Mr […]
Nigeria’s Guaranty Trust Bank and a subsidiary of Royal Dutch Shell have granted a $270 million loan to independent Nigerian oil and gas producer Amni International, Amni told Reuters on Thursday. The terms of loan will give Shell Western Supply and trading sole access to the 16,000 barrels per day (bpd) of oil the company […]