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Removal of Petroleum Subsidy Challenging but for Long Term Energy Security – Tinubu President Bola Tinubu on Tuesday said the decision to remove petroleum subsidy was a challenging one, but a necessary step to secure long term energy security and foster economic growth for the country. The president said this while officially opening the 7th […]

CBN Hikes Interest Rate by 4% The Monetary Policy Committee (CBN) of the Central Bank of Nigeria (CBN) increased the benchmark interest rate by 4% at the end of the first bimonthly meeting. The aggressive interest rate hike follows a spike in inflation to 29.90% in January, 20204. The authority’s decision to tighten the monetary […]

UMG Buys Majority Stake in Mavin Records Universal Music Group (UMG) has purchased a majority stake in Mavin Global, a record label founded by Don Jazzy. Mr Lucian Grainge, Chief Executive Officer, UMG, made the announcement about the deal in a statement released by the group. The statement, however, did not state the value of […]

CSL Predicts 100bps Rate Hike as MPC Concludes Meeting CSL Stockbrokers Limited said the monetary policy committee of the Central Bank of Nigeria (CBN) is likely to satisfy its hawkish mood with a 100 basis points rate hike after its bimonthly meeting today. The CBN will conclude its first Monetary Policy Committee (MPC) meeting under […]

NGX Down Midday over Big Banks Stock Selloffs The Nigerian Exchange (NGX) equities market capitalisation is trending downward during the intraday trading session as a raft of selling rallies hit banking stocks. The market has been on a decline since last week. The local bourse shed N51 billion on Monday after it posted about N2 […]

Oil Prices Increase as China Boosts Crude Buying Oil prices edged higher in the global commodities market amid expectations of stronger spot crude purchases in China and a stronger physical market in the US, ING said in a Tuesday note. Brent crude surged by 28 basis points to settle at $81.90 per barrel from $81.67 […]

TotalEnergies, Shell, Chevron Double Down on African Oil, Gas Leading IOCs are affirming their commitment to African oil and gas – a positive indication for service providers, drilling contractors and the industry at large. Speaking in Nigeria earlier this month, high-level representatives from TotalEnergies, Shell and Chevron all confirmed multi-million-dollar investment projects in the pipeline, […]

By Raymond Nkannebe Whilst it is yet to fully recover from the fatal blow dealt to its reputation for the better part of last year, the Supreme Court of Nigeria, it would appear, is on the course of a new, and hopefully, glorious future. Assuming the current negative perception of many Nigerians, of the Court […]

President Bola Tinubu on Tuesday launched the Expatriate Employment Levy (EEL), a government-mandated contribution imposed on employers who employ expatriate workers in Nigeria. According to the launched EEL handbook, the levy seeks to balance the benefits of expatriate employment with the protection of Nigeria’s local labour markets and resources. “As imported workforce continues to grow […]

At least 20 students of some boarding public schools in Potiskum, Fika, and Fune local government areas of Yobe State have died from a suspected Meningitis outbreak. It was learnt that the deaths were recorded in Government Science Technical College, Government Girls Science Technical College, and Federal Government Girls College, all in Potiskum LG. A […]

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Bureau De Change (BDC) operations in the country should not be an all comers’ affairs, noting that the apex bank is putting “strict regulations” together to sanitise the market against arbitrage. He stated this on Tuesday in Abuja at the Monetary Policy Committee […]

With the introduction of 15 air-conditioned 60-seater luxury buses fitted with free wi-fi in Abuja yesterday, Minister of the Federal Capital Territory, Chief Nyesom Wike has begun a repositioning process for intra-city transport needs of Abuja residents, the Director of FCT’s ‘Transport For Abuja’ project, Dr. Yakubu Terry has said. Speaking during the inauguration of […]