Category: Finance
Katsina State Government Begins Disbursement of Outstanding Gratuities for Retirees
In a significant move aimed at addressing the long-standing issue of unpaid gratuities, the Katsina State Government has commenced the disbursement of outstanding payments for retirees from both the state and local government services (ULGS). According to the plan, the payments will be made in two installments, ensuring that retirees finally receive the benefits owed…
Dangote Refinery Agrees to Sell Crude and Buy Fuel in Naira Amid Potential Losses
In a bold move aimed at supporting Nigeria’s economy, Aliko Dangote, Africa’s richest man and owner of the Dangote Refinery, has agreed to the federal government’s proposal to sell crude oil in naira and buy fuel in the local currency, despite the likelihood of incurring significant financial losses. The Vice President of Dangote Group, Edwin…
EFCC Chairman Pledges Strict Enforcement of Financial Regulations to Cleanse Nigeria’s Banking Industry
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has committed to rigorously enforcing financial regulations in a bid to clean up Nigeria’s banking sector. Speaking at the Chartered Institute of Bankers of Nigeria’s (CIBN) Annual Banking and Finance Conference, Olukoyede issued a stern warning to senior officials involved in financial misconduct, stressing…
FG Allocates N438 Billion to States and FCT for NG-Cares Program
Abuja, Nigeria – In a major move to bolster economic resilience and support vulnerable communities, the Federal Government has allocated N438 billion to the 36 states and the Federal Capital Territory (FCT) under the Nigeria Community Action for Resilience and Economic Stimulus (NG-Cares) Program. The NG-Cares Program, formerly known as the Nigeria COVID-19 Action Recovery…
Dangote Refinery Delays Petrol Production Start to Mid-July
Lagos, Nigeria — June 10, 2024 — The commencement of petrol production at the $20 billion Dangote Refinery in Lagos has been postponed from June to mid-July, according to Aliko Dangote, the President and CEO of Dangote Group. During a meeting with journalists on Monday, Dangote confirmed the shift in the production timeline, attributing it…
Dangote Refinery Targets 500,000 Barrels Daily Production by July, Eyes Stock Market Listing by December
LAGOS, Nigeria — The Dangote Oil Refinery is gearing up to reach a production capacity of 500,000 barrels per day by July, marking a significant milestone for the $20 billion facility. The refinery, which is set to become one of the largest in the world, aims to list on the Nigerian Stock Exchange by December…
Significant Surge in e-Payment Transactions Recorded in Nigeria in Q1 2024
The digital payment landscape in Nigeria witnessed a remarkable surge in the first quarter of 2024, with electronic payment transactions reaching a staggering N234 trillion. This substantial figure represents an impressive 89.3% increase compared to the N123.8 trillion recorded during the same period in 2023. Data released by the Nigeria Inter-Bank Settlement System (NIBSS) revealed…
Nigeria Launches New Fiscal Incentives to Revitalise Oil & Gas Sector, Aiming to Attract $10 Billion Investment
In a significant move aimed at reviving Nigeria’s oil and gas industry and bolstering its contribution to the economy, Wale Edun, OFR, Minister of Finance and Coordinating Minister of the Economy, presided over a signing ceremony endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector. The ceremony took…
Central Bank of Nigeria Raises N7.7 Trillion in Q1 2024 Through Treasury Bills and OMO Sales
In a bid to manage surplus liquidity in the banking sector, the Central Bank of Nigeria (CBN) has achieved a significant milestone by generating N7.7 trillion through Nigerian Treasury Bills (NTBs) and Open Market Operations (OMO) in the first quarter of 2024. This marks a remarkable surge of 383% compared to the N1.59 billion acquired…