By Ayomide Otitoju MTN Nigeria and other multinational companies have called on the Federal Government to create a level playing field to support sustained investment in the country. The appeal came during a panel session at the 30th Nigerian Economic Summit in Abuja on Tuesday, themed “Navigating Business Growth in a Volatile Environment.” MTN’s Chief…
Ayomide Otitoju The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced on Tuesday that the country’s foreign reserves have increased by 12.74%, reaching $39.12 billion as of October 11, 2024. This was revealed during his appearance before the House of Representatives Committee on Banking Regulation. Cardoso highlighted that Nigeria’s foreign reserves stood…
Nigeria’s headline inflation rate surged to 32.70% in September 2024, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS). This marks an increase of 0.55 percentage points from the 32.15% recorded in August 2024, following consecutive declines in July and August. On a year-on-year basis, inflation rose by…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPC) has agreed to sell Premium Motor Spirit (PMS), or petrol, to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at N995 per litre. This development follows the intervention of the Department of State Services (DSS) in resolving a dispute between the two parties….
By Ayomide Otitoju The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, revealed that petrol smugglers exploited loopholes in Nigeria’s subsidy system, making approximately ₦17 million per truck in neighboring countries. During a briefing in Abuja, Kyari stated that the fuel subsidy created significant opportunities for cross-border smuggling, with…
By Ayomide Otitoju The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the recent spike in the price of premium motor spirit (fuel) to the full implementation of deregulation in the petroleum sector. Speaking on Channels Television’s Sunrise Daily on Tuesday, IPMAN President Abubakar Garima explained that the price adjustment should not be seen…
By Ayomide Otitoju Access ARM Pensions Limited has announced plans to meet with customers across Nigeria to address concerns regarding the recently approved merger between Access Pensions and ARM Pensions. The Managing Director and CEO of Access Pensions Limited, Dave Uduanu, reassured clients during a customer engagement event in Abuja on Tuesday, emphasizing the safety…
By Ayomide Otitoju Yemisi Edun, Managing Director of First City Monument Bank (FCMB), has disclosed that Nigeria needs an annual investment of $100 billion to address its growing infrastructure deficit. She made this statement at the 17th Annual Banking and Finance Conference in Abuja, emphasizing the critical need for increased financing to bolster key sectors…
By Ayomide Otitoju LOTUS Bank Limited, a leading non-interest bank, has launched a new branch in Lekki to improve access to its banking services for customers in the area. In a statement, the bank highlighted the strategic importance of the new location, aimed at serving the rapidly growing community in Lekki and surrounding regions. “We…
