The former deputy governor of the Central Bank of Nigeria (CBN) Kingsley Moghalu has proposed a $20-30 billion International Monetary Fund (IMF) stabilisation facility to solve the lingering foreign exchange (FX) crisis. “To get out of Nigeria’s foreign exchange crisis, the FGN must very carefully consider whether it should take a formal stabilization package of…
The average retail price for refilling a 5-kg cylinder of Liquefied Petroleum Gas (LPG) also known as cooking gas experienced a month-on-month increase of 3.55%, rising from N4,962.87 in December 2023 to N5,139.25 in January 2024. This reflects a 12.00% year-on-year uptick from N4,588.75 in January 2023. Remarkably, Nassarawa recorded the highest average price at…
The Economic and Financial Crimes Commission (EFCC) has implicated banks in approximately 70% of financial crimes in Nigeria. Speaking at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria, EFCC Chairman Ola Olukayode expressed serious concerns about the escalating fraudulent activities within the banking sector. Olukayode,…
Bank of Ghana has announced the suspension of the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective from 18th March 2024, for one month. This decisive action comes in response to various breaches of foreign exchange market regulations, including incidents of fraudulent documentation within their foreign…
Reports from the Nigerian National Assembly indicate that the country’s upper chamber, the Senate was on Tuesday thrown into darkness after a power outage caused by the Abuja Electricity Distribution Company. President of the Senate, Godswill Akpabio who later appealed for patience from his colleagues as the technical department was working on ensuring steady power…
Dangote paid tribute to the deceased, highlighting Wigwe’s dedication and expertise. “To immortalize my beloved friend, my brother, and mentee, I’ve actually decided to name our major refinery and petrochemical road-out of the 120km road, the biggest road will now be named Herbert Wigwe,” Dangote said Wigwe was the group chief executive officer (GCEO) of…
The Dangote Fertilizer plant located in the Lekki free trade zone, has commenced commercial production as the company pushed out a minimum of 120 trucks of Urea fertilize per day across the country, according to a senior official of the company. Group Executive Director, (Strategy, Capital Projects & Portfolio Development) Dangote Industries Limited, Devakumar Edwin,…
Corporate Nigeria and some political titans turned up yesterday to celebrate the life and times of the late Chief Executive Officer of Access Corporation Plc, Herbert Wigwe who all of them described as a titan. In an emotion laden ‘Night of Tributes’ with touching memories, dignitaries from the public and private sectors, led by Africa’s…
A former Governor of Bauchi State, Isa Yuguda, has stated that the federal government still pays subsidy on petroleum products. ”But the subsidy that was removed was the one that was going into private pockets and I decoupled that subsidy that ordinarily shouldn’t have been paid,’Yuguda said In his inaugural speech last year, President Bola…
President Bola Tinubu has arrived in Nigeria after a two-day trip to Qatar at the behest of the Emir Sheikh Tamim bin Hamad Al Thani Tinubu returned to the country on Monday evening. He arrived at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja, around 6:37 pm where he was welcomed by government…
