Category: Business
Reports reaching Nairametrics indicate some commercial banks have started sending new transfer limits to their customers. Emails sent to some customers that were shared with Nairametrics reveal banks are informing customers that they can only deposit $5,000 in cash into their accounts monthly. They also advised the customers to transfer electronically instead of cash deposits. […]
FG to ensure a friendly business environment is created to promote ease of doing business in Nigeria. Digital Identification is one of the keys to driving financial inclusion in Nigeria. This was disclosed by Vice President Yemi Osinbajo during his facility visit to SecureID, a smart card manufacturing and digital solutions company, on Tuesday. According […]
The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation. The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation. Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over […]
WTI oil futures are currently up by 1.34% (WoW) to $65.35 and the Brent oil futures are currently up by 1.87% (WoW) to $68.82. Sequel to the cyber-attack that hit top U.S. fuel pipeline operator, Colonial Pipeline Co., the price of oil has started to improve. During the Asian session on Sunday, WTI oil opened […]
Blockchain technology is an efficient and cheaper platform for governance as it curbs middlemen and bureaucratic channels, makes processes more effective and adequately reduces fraud. A report on the Nigerian budget by BugIT last week revealed that Nigeria’s 2021 budget had 316 duplicated capital projects totalling N39.5 billion, a 14% increase to the security sector allocation with […]
President Muhammadu Buhari is currently in a meeting with heads of security agencies at the State House, Abuja. President Muhammadu Buhari is currently in a meeting with security agencies and others at the State House, Abuja. This was disclosed by the Federal Government via its Twitter handle on Tuesday. President Muhammadu Buhari is currently in […]
The NIPC attributed the surge in investments to the gradual return of investors’ confidence globally after the COVID-induced decline. The investments made in Nigeria have increased by 75%, rising from $4.81 billion in Q1 2020 to $8.41 billion in Q1 2021. There is also an increase of 8.38% compared to the investments made in the […]
Bitcoin and Dogecoin investors suffered losses in 24hours as the two cryptocurrencies dipped, while those of Ethereum continue to gain. The digital assets value declined during the weekend after a bull run during the week. The drop in value had occured as some investors moved to protect their profit in Dogecoin and Bitcoin, causing the […]
Senate Committee investigations showed that MDAs were operating under illegalities in relation to funds remittance to the CRF. The Nigerian Senate stated that Ministries, Departments, and Agencies (MDAs) did not remit over N3 trillion to the Consolidated Revenue Fund (CRF) of the Federal Government between 2014 and 2020. This was disclosed by Chairman, Senate Committee on Finance, […]
Dangote Sugar has revealed it increased prices in the first quarter of 2021 to mitigate the problems of rising inflation and depreciation. One of Nigeria’s largest Sugar manufacturers, Dangote Sugar revealed it increased prices in the first quarter of 2021 to mitigate the problems of rising inflation and depreciation. In a note to investors, the […]
Osinbajo revealed that 17 states have shown interest in the Solar Power Programme, an important aspect of the Economic Sustainability Plan. Vice President Yemi Osinbajo has disclosed that over 2000 hectares of land have been mapped for the proposed Social Housing Programme. The Vice President disclosed this in a statement on Sunday after he presided over a […]
Abbey Mortgage Bank has recorded a Profit-Before-Tax of N76 million in Q1 2021. This is a positive deviation from the loss position of N4 billion as at December 2020. It also grew its deposit from N14.6 billion to N23.5 billion between 31st December 2020 and 31st March 2020, representing a Q-o-Q increase of 60.6%, as […]
The Central Bank of Nigeria (CBN) has issued a warning to Nigerians to desist from defacing the Naira currency. This warning was issued by Mrs Dorothy Onyene, the CBN’s Currency Operations Department, at the CBN Fair at Dora Akunyili Women Development Centre, Awka, Anambra State, on Tuesday. Onyene frowned on the manner Nigerians mutilate, fold, […]
The Chairman of Transcorp Group, Tony Elumelu has made suggestions on how to resolve issues facing the power sector. Elumelu also disclosed that in order for Nigeria to maximise her potentials, the economy needs to increase its electricity generation from about 5,000 to 100,000 Megawatts. This was disclosed during an interview with Arise TV on Wednesday. The […]
On Wednesday morning, Oil prices increased to the highest level for over a month propelled by the news of economic and oil demand rebound in the United States and Europe. Data from oilprice.com showed that as at 02:47am, Brent Crude, Nigeria’s benchmark was trading at $69.74 per barrel up by over 1.25 percent, while the […]
