By Seun Ibiyemi The Central Bank of Nigeria (CBN) says 30 banks have met the new minimum capital requirements introduced under its banking sector recapitalisation programme as the March 31 deadline approaches. The Acting Director of Corporate Communications at the apex bank, Hakama Sidi-Ali, disclosed this in a statement issued on Friday in Abuja. According…
By Seun Ibiyemi The Sea Empowerment and Research Centre (SEREC) has called for a review of the recent tariff increase announced by the Nigerian Ports Authority (NPA), warning that the adjustment could further raise the cost of doing business at Nigerian seaports. SEREC’s Head of Research, Eugene Nweke, made the call in a statement issued…
By Seun Ibiyemi The Ooni of Ife, Adeyeye Ogunwusi, has been honoured with the title “Emperor of Yoruba Kings in Africa and the Diaspora” by Yoruba traditional rulers operating under the umbrella of Apapo Oba Yoruba in Africa and the Diaspora (AOYAD). The recognition was disclosed in a statement issued on Friday in Ile-Ife by…
The Abuja Chamber of Commerce and Industry (ACCI) has allotted 50 free exhibition booths to women entrepreneurs as part of efforts to promote gender inclusion and strengthen women-led businesses in Nigeria. The President of the chamber, Emeka Obegolu, disclosed this on Friday in Abuja during a news conference ahead of activities to mark the International…
By Seun Ibiyemi Nigeria’s currency, the Nigerian naira, recorded mixed performance against the United States dollar on Friday as trading closed with slight fluctuations across the official and parallel foreign exchange markets. At the official market, the naira traded around ₦1,385 to the dollar at the Nigerian Foreign Exchange Market, reflecting mild depreciation compared with…
By Seun Ibiyemi President Bola Tinubu on Friday inaugurated an 11-member committee to facilitate the incorporation of the proposed Grid Asset Management Company Ltd. (GAMCO) as part of efforts to strengthen Nigeria’s electricity transmission and grid management system. The inauguration took place at the State House in Abuja following the approval of the company’s establishment…
By Seun Ibiyemi The management of Benin Electricity Distribution Company (BEDC) Plc has expressed concern over the sharp decline in electricity generation from Nigeria’s national grid, saying the development is negatively affecting its operations, customer satisfaction and revenue collection. The Chief Commercial Officer of the company, Mr. Ogunleye Akinleye, disclosed this while speaking with journalists…
The Federal High Court in Abuja has fixed May 11 for judgment in the case filed by the Economic and Financial Crimes Commission (EFCC) against James Nolan, a director in Process and Industrial Development (P&ID) Ltd. Justice Obiora Egwuatu fixed the date on Friday after counsel to the EFCC, Bala Sanga, and defence lawyer, Michael…
By Seun Ibiyemi The Nigerian Shippers’ Council (NSC) has revealed that the Nigeria Port Economic Regulatory Agency (NPERA) Bill has not yet become law, following the identification of conflicting provisions with the Nigerian Tax Administration Act 2025. Executive Secretary of the council, Pius Akutah, made the disclosure on Thursday during the 2026 NSC Management Retreat…
By Seun Ibiyemi The Nigeria Police Force has raided several illegal recycling sites in Onitsha and its environs, arresting suspects involved in the destruction and resale of returnable packaging materials belonging to beverage manufacturers, a development industry stakeholders say is causing major economic losses. The operation, carried out in collaboration with beverage companies, targeted facilities…
