For the month of April 2023, Angola has surpassed Nigeria to take the top spot among African producers of crude oil. This is based on information from direct communication contained in the Organization of Petroleum Exporting Countries’ April 2023 monthly oil market report. Angola produced 1.06 million barrels per day of crude oil in April 2023, according to the data. In the meantime, Algeria and Nigeria both registered daily production of 999,000 barrels during...
Contrary to the false rumors spreading that the Bank Verification Number (BVN) issued by the Bank in conjunction with the Nigeria Inter-Bank Settlement System (NIBSS) would expire after ten years, the Central Bank of Nigeria (CBN) has made it clear that the BVN has no expiration date. We want to make it clear that the BVN issued in Nigeria has no expiration date, in contrast to these claims. The apex Bank’s acting director of corporate...
According to the Central Bank of Nigeria (CBN), foreign banks’ representative offices in Nigeria are not permitted to engage in various financial-related services, including those classified as banking businesses in Nigeria. This was stated in a circular sent to all banks and Other Financial Institutions (OFIs) outlining the financial requirements for licensing representative offices, which include an N5 million non-refundable application fee and an N10 million non-refundable licensing fee. An approved representative office of a...
Buhari is pleading with the Senate to grant his request for an 800 million dollar loan. On Wednesday, President Muhammadu Buhari pleaded with the Senate to grant a fresh request for a loan in the amount of 800 million dollars. In a letter that was read aloud in the plenary session of the Senate by the President of the Senate, Ahmad Lawan, Muhammadu Buhari stated that the loan would be used to expand the...
Dr. Bashir Jamoh, the director general of the Nigerian Maritime Administration and Safety Agency, has urged Nigerians living abroad to make investments in the maritime industry of their home nation. Jamoh made the call in Abuja, Nigeria, at the Global African Diaspora Symposium’s closing ceremony, which had as its theme “Building stronger connections between Africa and the global diaspora.” Jamoh, who was represented at the event by Mr. Isichie Osamgbi, Director of Special Duties, NIMASA,...
By linking funding to various investment opportunities, it might also encourage foreign direct investment in the host nation. The Central Bank of Nigeria issued this directive to set forth the conditions for the licensing and operation of authorized representative offices of foreign banks in Nigeria in light of the aforementioned factors. The CBN noted that the rules applied to banks licensed under any foreign law whose registered head office is outside of Nigeria; any financial...
Dangote Sugar Refinery Plc began its fiscal year 2023 with a strong performance in the first quarter (Q1), demonstrating improvement and maintaining its industry leadership position. The company’s unaudited financials for the first quarter of 2023, released on the Nigerian Exchange Limited, revealed a 44.3 percent year-on-year increase in profit after tax, with earnings per share of N1.05 compared to N0.73 in the first quarter of 2022, thanks to a 458 basis point increase in...
President Muhammadu Buhari led the opposition party, the All Progressive Congress (APC), in vehement opposition to the removal of petrol subsidies before he won the 2015 presidential election. President Buhari stated at the time that there was no petrol subsidy and that the government at the time, led by President Goodluck Jonathan, was corrupt and was looking for ways to defraud the Nigerian people in order to enrich itself. President Buhari is leaving Nigeria with...
United Nigeria Airlines stated that it will begin regional and international flight operations as soon as it is listed on the IATA Operational Safety Audit (IOSA) registry. This was revealed by United Nigeria Airlines’ chief operating officer, Maxi Osita Okonkwo, during the presentation of the IOSA award to the airline by representatives of the International Air Transport Association (IATA), West and Central Africa, Dr Samson Fatokun, at the airline’s Lagos office. Okonkwo stated that the...
Senator Hadi Sirika, the minister of aviation, stated yesterday that the Senate is powerless to halt the ongoing demolition of offices belonging to organisations engaged in aviation-related work at Lagos’s Murtala Mohammed International Airport. At the conclusion of the weekly Federal Executive Council, FEC, meeting, which was held in the Council Chamber of the Presidential Villa in Abuja under the chairmanship of President Muhammadu Buhari, Senator Sirika made this statement. His statement came after the...
