Business
NDIC to pay first tranche of liquidation dividends to Heritage Bank depositors this month
The Nigeria Deposit Insurance Corporation (NDIC) has confirmed that it would begin the payment of the first tranche of liquidation dividends to depositors of Heritage Bank from April. It would be recalled that Heritage Bank operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024.…
Read More »Nigeria Posts $6.83 Billion Balance of Payments Surplus in 2024, Signaling Economic Resurgence
The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. According to a statement by Sidi-Ali, Hakama (Mrs.), Ag. Director, Corporate Communications,…
Read More »CBN Reports Strongest Net Reserve Position in Over Three Years
The Central Bank of Nigeria (CBN) has reported a substantial improvement in its Net Foreign Exchange Reserve (NFER) position as of the end of 2024, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence. According to the CBN, NFER stood at $23.11 billion,…
Read More »Dangote Petroleum suspends sales of petroleum products in Naira
Dangote Petroleum Refinery has confirmed that it has temporarily halted the sale of petroleum products in Naira. According to a note by the Management to customers on Wednesday, the company said “This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which…
Read More »Court stops FCCPC from sanctioning MultiChoice over DStv, Gotv tariff hike
The Federal High Court in Abuja has restrained the Federal Competition and Consumer Protection Commission (FCCPC) from sanctioning MultiChoice Nigeria Limited following its recent increase in the DStv and GOtv subscription rates. Justice James Omotosho gave the order after an ex-parte motion moved by Moyosore Onigbanjo, SAN, counsel to MultiChoice.…
Read More »FG Has Not Discontinued Use of Remita as Approved Payment Gateway – OAGF
The Office of the Accountant General of the Federation (OAGF) has clarified that the Federal Government has not discontinued the use of Remita as a Central Bank-approved payment gateway. In a statement signed by the Director of Press and Public Relations, Bawa Mokwa, the OAGF disclosed that Remita will, however,…
Read More »CBN Strengthens Regulatory Oversight to Safeguard Nigeria’s Financial System
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a transparent and resilient financial system by reinforcing regulatory compliance and risk management across Nigerian financial institutions. Speaking at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in collaboration with Citi on February 28, 2025,…
Read More »NNPC Shipping, Stena Bulk, Caverton Launch New Joint Venture
Partnership To Boost Nigeria, Africa’s Energy, Maritime Sectors Concisedailynews – The Nigerian National Petroleum Company (NNPC) Shipping, Stena Bulk, and Caverton Marine Limited have today announced the signing of a new joint venture that will transform Nigerian maritime transportation. The agreement, signed in London last week, aims to create a…
Read More »Seplat Energy Clinches ‘Deal of the Year’ at New Telegraph Award
Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has clinched the ‘Deal of the Year’ Award at the recently held New Telegraph Newspaper Awards. Seplat Energy completed the deal on the acquisition of Mobil Producing Nigeria Unlimited –…
Read More »CBN Governor, Cardoso Champions Stronger Nigeria, Saudi Ties
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reiterated the Bank’s dedication to enhancing economic cooperation between Nigeria and the Kingdom of Saudi Arabia. During a courtesy visit to the CBN headquarters by the Ambassador of the Kingdom of Saudi Arabia to Nigeria, H.E. Faisal…
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