Atedo Peterside, the founder of Stanbic IBTC Bank plc, has said that Nigeria’s Central Bank’s rush to stabilise the naira through dollar sales to Bureau De Change operators will not work. In an exclusive interview with Channels, he stated that the naira’s recent depreciation to N1500/$ is normal and expected. […]

The Federal Inland Revenue Service (FIRS) has fallen short of its tax revenue target for the first quarter of 2024, generating N3.94 trillion as against N4.8 trillion. Zacch Adedeji, the chairman of FIRS made this known while hosting a delegation from the Chartered Risk Management Institute of Nigeria in Abuja. The first three months […]

Adebayo Adelabu, the minister of power has announced the readiness of the Federal government to payoff N130 billion to gas suppliers from over N2 trillion debt owed to them. Adelabu disclosed this at the ongoing Africa Energy Market Place (AEMP) conference in Abuja on Thursday. FG defaults push up power […]

Nigerian commercial banks are shying away from borrowing from the Central Bank of Nigeria (CBN), their last resort, despite the liquidity squeeze in the banking system. Data from the CBN showed that banks borrowing from the apex bank’s lending window, known as the Standing Lending Facility (SLF) declined by 44 percent month-on-month to […]

UPDC Plc, an institutional property company, posted an after-tax profit of N59 million in the first quarter of 2024 compared with a loss of N157 million in the same period of last year, according to its latest financial statements. A breakdown of the revenue by category showed that the company generated N752 million from […]

The African Development Bank (AfDB) has disclosed plans to invest a $1billion policy-based operation fund with significant energy component aimed at supporting the ongoing power sector reforms triggered by the new Electricity Act. Kevin Kariuki, the vice president on Power, energy, climate change at the AfDB disclosed this at the […]

Emirates will resume services to Nigeria from 1 October 2024, operating a daily service between Lagos and Dubai, and offering customers more choice and connectivity from Nigeria’s largest city to, and through, Dubai. The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in […]

Cross River State government, has secured a $3.5 billion funding from the Pan-African multilateral financial institution, African Export-importbank (Afreximbank), for some of its key infrastructure projects in the state. The state governor, Senator Bassey Otu, who was in Egypt, last week for a workshop, also visited the African Export-Import Bank […]

One month after obtaining a court order to recover $24 million lost to unauthorised POS transactions, Flutterwave suffered another security breach that allowed unknown persons to divert billions of naira to several bank accounts. The perpetrators illegally transferred ₦11 billion ($7 million) to several accounts in April 2024, one financial […]