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 […]

The Federal Government has disclosed plans to sell off the five electricity Distribution Companies (DisCos) managed by some banks and Asset Management Company (AMCON) to technical power operators, by July 2024. Adebayo Adelabu, the minister of power disclosed this in Abuja on Monday during an oversight visit of the Senate Committee on […]

African countries, with their abundant resources, growing populations, and increasing investments, have emerged as notable economic players. The International Monetary Fund (IMF) report shows the continent’s economic progress and potential. Despite facing individual challenges, concerted efforts in economic diversification, infrastructure development, and institutional reforms are essential to unlock Africa’s full economic potential […]

Two members of the Nigerian Army who were accused of stealing armored cables from the Dangote Refinery in Lagos have been dismissed, according to the army. The suspects were identified as CPL Innocent Joseph and L/CPL Jacob Gani. Dangote Refinery, which is owned by Dangote Group, was inaugurated on the […]

The Federal Competition and Consumer and Protection Commission (FCCPC), on Monday, sealed up an Abuja-based Chinese supermarket located at the China General Chamber of Commerce. The FCCPC officials had shut the supermarket after a visit on Monday. The commission’s officials sealed up the place after interrogating Nigerian workers at the […]

FMDQ data indicated that the Naira depreciated to N1,234.49 per US dollar on Monday compared to N1,169.99 on Friday. Similarly, the parallel forex market tumbled to N1200 per Dollar on Monday from N1,100 on Friday. The development comes after the Naira depreciated three times last week after months of gains. […]