The Nigerian National Petroleum Company Limited (NNPC) yesterday signed a contract with African Refinery Port Harcourt Limited (ARPHL) to build a 100,000bpd refinery within the Port Harcourt Refinery and Petrochemical Complex in Rivers state. The national oil company disclosed the deal on its social media handle, indicating that the Executive Director, Downstream of […]

Tanzania has shut down five hydroelectric stations to reduce excess electricity in the national grid, the prime minister Kassim Majaliwa has said. According to Majaliwa, the main plant, Mwalimu Nyerere Hydroelectric Station, has alone generated enough electricity to power major cities. Among the cities that are being powered is Dar es […]

Nigerians will have to pay more for cable TV as MultiChoice implements another price increase for its DStv and GOtv services. This is the company’s first price increase in 2024, but it marks its third in almost a year. It attributed the latest increase, effective May 1, 2024, to increased […]

Dollar supply for foreign educational and health-related expenses from the Central Bank of Nigeria rose by 49.22 percent to $1.81 billion in the nine months spanning January to September 2023. According to CBN data, Nigeria’s spending on overseas health-related issues and foreign education increased marginally to $1.81 billion from $1.76 […]

Despite recent price cuts by Africa’s richest man, Aliko Dangote, on his Dangote Industries conglomerate’s diesel, many Nigerians are still struggling with the high cost of the fuel. This essential commodity, used to power generators, trucks, and machinery, remains frustratingly expensive for many, impacting businesses and everyday lives. Take Ngozi Uzordike, a baker […]

The Nigeria Civil Aviation Authority has imposed a suspension on the Air Operator’s Certificate (AOC) of Dana Air with immediate effect. This is contained in a letter issued by Chris Najomo, the acting DG, NCAA issued to Dana Air on Wednesday. Festus Keyamo, minister of aviation and aerospace development has earlier directed […]

First City Monument Bank (FCMB), a tier 2 lender, recorded its highest profit in 10 years. The company’s profit grew by 206 percent to N95.52 billion from N31.13 billion in 2022. FCMB saw a growth in its profit before tax of N101.46 billion in the full year 2023, representing a 177.4 percent […]

Many petroleum products marketers are currently facing difficulty in getting loans needed to finance the lifting of diesel and aviation fuel in larger volumes from the Dangote Refinery due to the new 45 per cent Cash Reserve Ratio (CRR) recently introduced by the Central Bank of Nigeria (CBN). It was […]

The Naira yesterday depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, indicating N65.66 depreciation for the […]

The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele. EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 […]