NEITI Investigates Actual Petrol Consumption in Nigeria

By Aduragbemi Omiyale The Vice President, Mr Kashim Shettima, has said Nigeria is in dire need of foreign direct investment (FDI) more than ever before, tasking domestic and foreign investors to make Nigeria their investment hub because efforts are being made to formulate business-friendly policies. Mr Shettima, while speaking when he hosted the management of First Surat Group, as well as top management of MTN Nigeria at the presidential villa in Abuja, charged MTN Nigeria to facilitate and spearhead digital mobile money and digital education. He assured that President Bola Tinubu was willing to partner with various stakeholders in the

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion from the revenue generated by the nation in August 2023 for September to enable the three tiers of government; the federal government, states, and local government councils, to have funds to pay salaries and others. The allocation of the funds was confirmed by the Office of the Accountant General of the Federation on Friday following FAAC’s September 2023 meeting. According to a statement by the OAGF’s Director of Press and Public Relations, Mr Bawa Mokwa, there was “N1100.101 billion (N1.1 trillion) total distributable revenue.”

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya The Naira recorded a bad outing against the Dollar at the unregulated segment of the foreign exchange (forex) market on Wednesday. Business Post reports that the local currency depreciated by N5 against the greenback at the parallel market as the forex hawkers exchanged the Naira to the Dollar at N515/$1 in contrast to N510/$1 they sold it at the previous session. It was gathered that FX traders on the streets took advantage of the demand pressure on the government-regulated channels to hike the price of the foreign currency when they were approached by end-users. However, against the

By Modupe Gbadeyanka The Islamic Economy has seen tremendous increase in recent years transcending its traditional geographic boundaries, its entrance into East Africa could revolutionize the region’s finance & banking sector, Tourism, and Hotel sector and Fast moving consumer goods. To explore how East Africa can tap into the Islamic Economy, with an  estimated global value of $2.3 trillion, Kenya will host the 2nd edition of the East Africa Islamic Economy Summit (EAIES 2017) on the 10th & 11th April 2017 (www.EAIFS.com). Another platform endorsed by East Africa’s Private and public sector leadership with speakers drawn from Governments, international experts

By Dipo Olowookere The Managing Director/Chief Executive Officer of Guaranty Trust Bank (GTBank) Plc, Mr Segun Agbaje, has been described as a blessing to the financial institution, shareholders and stakeholders. This year, Mr Agbaje would have been in the position for 10 years and within the period, he has made GTBank stronger in the banking industry. Over the weekend, the bank held its Annual General Meeting (AGM) in Lagos and at the gathering, shareholders unanimously approved the payment of a total dividend of N3.00 per share for the financial year ended December 31, 2020. The lender had proposed a final

By Modupe Gbadeyanka As part of efforts to ensure appropriate planning and energy security for economic and urban development, the Lagos State Government, through the Ministry of Energy and Mineral Resources, has commenced a comprehensive enumeration of petroleum product facilities and storage depots within the State. A statement issued Wednesday by the Ministry urged all stakeholders to cooperate with the staff of the Ministry in carrying out the exercise, stressing that the enumeration exercise which is aimed at sanitizing the siting of petroleum product storage facilities, is being carried out with the consent of IPMAN, MOMAN, NALPGAM, NLPGA and other

The arraignment of Managing Director of Access Bank Plc, Mr Herbert Wigwe and eight others by the Special Fraud Unit (SFU) of Nigeria Police over alleged $6.3 million fraud at a Lagos High Court in Ikeja was stalled on Thursday due to the absence of some the defendants. Mr Wigwe is standing trial alongside Cast Oil and Gas Limited, Seyi Sanni, Adekunle Adebayo, Access Bank Plc, Titi Oshontoki, Chinyere Bishop-Adigwe, Sunny Amos Affiong and Augusta Energy Nigeria Limited for allegedly defrauding former Petroleum Minister, Chief Don Etiebet through his company Top Oil and Gas Development Limited. They are facing a

By Adedapo Adesanya With emerging payment systems, such as Request for Payment (RfP) and deployment of contactless solutions likely to see equally strong adoption in Nigeria, the Central Bank of Nigeria (CBN) has advanced plans to tap into budding technologies. This was contained in a document titled Nigeria Payment System Vision (PSV) 2025, which includes provisions for regulating the industry as well as a review of the core payments infrastructure and central switching platform to ensure continued capability to meet payment demands. Instant payments have created a fundamental shift in the adoption of electronic payments in many countries, and Nigeria,

By Modupe Gbadeyanka Over the weekend, those who matter in the business community gathered at the prestigious Lagos Continental Hotel for the 2019 edition of BusinessDay Nigerian Business Leadership Awards. During the glamorous ceremony, those who have contributed immensely to the nation’s economy in different ways were recognised and honoured by the organisers. Two of those rewarded for their contributions to the Nigerian service industry were the Group Managing Director of Artee Group, Mr Haresh Keswani, and SPAR. While Mr Keswani went home with the Lifetime Achievement Award, SPAR, the retail store brand of the group, was given the Retail

By Dipo Olowookere UAC of Nigeria Plc has announced the resignation of Mrs Awuneba Sotonye Ajumogobia from its board as an independent non-executive director with effect from July 31, 2019. A statement issued by the firm thanked Mrs Ajumogobia for her nine years of hard work, integrity and meritorious service to UAC. Until her resignation, she chaired UAC’s risk management committee. It was disclosed in the statement that Mrs Ajumogobia has been appointed to the board of directors of CAP Plc, a subsidiary of UAC with effect from August 1, 2019. Meanwhile, Mrs Suzanne Olufunke Iroche has joined the board