The Central Bank of Nigeria has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting new customers over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value, sources familiar told Peoples Gazette on Monday. Sources confided in The Gazette […]

The Minister of Power, Mr Adebayo Adelabu, says the Federal Government requires 10 billion dollars annually in the next ten years to revive the nation’s power sector and end the liquidity challenge. He added that such was not feasible in the country considering the budget size. Adelabu said this in Abuja […]

The Nigerian Electricity Regulatory Commission on Monday released an order on the Deregulation of Meter Prices for meters deployed under the Meter Asset Provider Scheme. It said the prices of meters were deregulated after Meter Asset Providers and other operators requested a further review of meter prices in consideration of […]

The Board of Directors of Seplat Energy has announced the appointment of Mrs Eleanor Adaralegbe as Executive Director effective May 1, 2024. She will also be the Chief Financial Officer effective from May 21, 2024. The board also announced the retirement of Mr. Emeka Onwuka as Executive Director of Seplat Energy effective May 1, 2024. This was […]

The naira depreciated by N79.88 against the dollar at the official foreign exchange market. FMDQ data showed that the naira closed at N1,419.11 per US dollar on Monday, compared to N1,339.23 last Friday. This represents a 5.6 per cent depreciation against the dollar compared to N1339.23 on Friday. Meanwhile, the […]

MTN Nigeria released its Q1 2024 results, showing revenue of N752.9 billion, up 32.5% compared to N568.1 billion for the same period in 2023. However, the company reported a pre-tax loss of N575.69 billion, a sharp reversal from the N162.9 billion profit reported a year earlier. MTN’s swing into loss […]

The Nigerian National Petroleum Company Limited on Monday began offloading 240 million litres of Premium Motor Spirit, otherwise called petrol, as it stepped up efforts to tackle the worsening nationwide petrol scarcity. As the NNPCL began offloading petrol, filling stations sold the product at an average price of N800 per litre […]

The Minister of Power, Adebayo Adelabu on Monday warned that there would be total blackout in the country in the next three months if the proposed electricity tariff hike is not implemented. The minister disclosed this yesterday in Abuja when he appeared before the Senate Committee on Power at an […]

The Biscuit and Bakery Products sub-sector of the Manufacturers Association of Nigeria has said that half the players in the business have crashed out in the last three decades. The revelation was made by the chairman of the sub-sector, Fola Osibo, during the group’s annual general meeting held recently in […]