Category: Business

BREAKING: CBN to Change N200, N500 and N1000 Notes Effective December 15

ADEOLA YUSUF

The Central Bank of Nigeria has announced the withdrawal of N200, N500 and N1000 notes commencing with immediate effect, and that they would be replaced with newer notes from December 15 this year In a special announcement made today, the CBN governor, Godwin Emefiele said the old notes would cease to be legal tender from January 31, 2023. He said the apex bank has received the approval of FEC to effect the change of the notes. He said Buhari is expected to launch the new naira notes. Emefiele said the…

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Why fuel is now selling at N200/litre – IPMAN

ADEOLA YUSUF

Following fuel scarcity that has resurfaced in many cities, the Independent Petroleum Marketers Association of Nigeria (IPMAN), Western Zone, has attributed the increase in the pump price of Premium Motor Spirit to the hike in private depot prices. IPMAN Chairman in the Western Wone, Alhaji Dele Tajudeen, disclosed this an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos. READ ALSO: Actor Kunle Afod’s Marriage Crashes Father Breaks 8 Week-Old Baby’s Arm For Disturbing His Sleep Nigerian Editors and Writers as Free Community Laborers, By Farooq Kperogi…

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BREAKING: Fuel Queues Resurface In Lagos

ADEOLA YUSUF

Long queues of vehicles for Premium Motor Spirit (PMS) otherwise known as petrol on Tuesday morning resurfaced in Lagos, Nigeria’s commercial capital. Platforms Africa reports that while more filling stations shut their gates against motorists, a few that dispensed the product became centres of struggle as about one hundred vehicles lined up to get the product. READ ALSO: Buhari’s Fuel Subsidy Spending Balloons To N11trn in 8 Years Indian, Kenyan Roots, 42; Meet Rishi Sunak, Youngest UK PM in 200 Years Customs Boss Queries NNPC’s ’60m Ltrs’ Daily Consumption Figure…

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Buhari’s Fuel Subsidy Spending Balloons To N11trn in 8 Years

ADEOLA YUSUF

The President while campaigning in 2015, kicked against the fuel subsidy scheme that was implemented by the previous administration   The subsidy spending on Premium Motor Spirit, popularly called petrol, by the administration of the President Muhammadu Buhari, will hit N11 trillion from when it came to power in 2015 till May 2023, baring any unforseen circumstances that could make it more. Already the government has, according to a report by Punch, spent about N6.88tn in subsidising the commodity, according to data obtained from the Nigerian National Petroleum Company Limited…

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Nigeria Evacuates 542 Stranded Citizens From UAE

ADEOLA YUSUF

The Federal Government through the Nigerians in Diaspora Commission on Sunday announced that a total of 542 stranded Nigerians were evacuated from the United Arab Emirates. The commission made this known via its official twitter handle @nidcom_gov. “A total of 542 stranded Nigerians in the United Arab Emirates evacuated by the Federal Government arrived Nnamdi Azikiwe International Airport, Abuja, on board the @MaxAirLtd Charted flight. “The plane touched down at 4:29 am today, October 23, 2022. The evacuees consisted 79 males, 460 females and three infants,“ the commission made this…

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Eazi Travels: How Tourists, Others Can Travel Now, Pay Later – ATCT Boss

ADEOLA YUSUF

Eazi Travels, a web-based marketplace that would reach out to more travelers globally, has been launched in Lagos, Nigeria’s commercial capital with revelations on problems the scheme has come to solve. Chairman ATCT Group, Chief John Adebanjo, told Platforms Africa at the Lagos Continental Hotel venue of the launch of Eazi Travels that there is also a hotel bouquet added to this and other packages. READ ALSO: Africa’s Aviation in Turbulence, Bumpy Flights Why Nigeria’s Local Aviation Doesn’t Run 24-Hour Operations – FAAN Dinka Ethnic Group: Tales of World’s Tallest…

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Shell Resumes Oil Exports At 400,000 b/d Forcados Terminal

ADEOLA YUSUF

Nigeria’s revenue earnings from crude oil may jump up soon as Shell Petroleum Development Company (SPDC) has resumed export operations at the Forcados Oil Export Terminal, where repair works on the pipeline has been going for some days. The Forcados Export pipeline, which has a capacity to export over 400,000 barrels of crude per day was vandalized by crude oil thieves, and this has hampered the functionality of the pipeline thereby hindering the transportation of crude oil through the pipeline to the export terminal. Confirming the resumption of export operations…

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Polaris Bank Acquired for N50bn

ADEOLA YUSUF

New owner of Polaris Bank, SCIL, To Pay N1.3trn in 25 Years The Strategic Capital Investment Limited (SCIL) has paid N50 billion for the acquisition of 100 per cent equity in Polaris Bank. The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) on Thursday formally announced the completion of a Share Purchase Agreement (SPA) of the bridge bank. CBN’s Director, Corporate Communications Department, Osita Nwanisobi, in a statement on behalf of CBN and AMCON, stated that they have accepted the terms of the agreement for…

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NCC Reverses 10 Percent Tariff Increase On Voice, Data Services

ADEOLA YUSUF

The Nigerian Communications Commission (NCC) has reversed the unilateral increase of voice and data services by some Mobile Network Operators (MNOs), saying it was without the final approval of the Board of the Commission. The Commission, in a statement in Abuja by its Director of Public Affairs, Reuben Muoka, acknowledged the operating environment, which precipitated the upward tariff adjustment but insisted that all processes for such approval must be followed. “The consideration for 10 percent approval for tariff adjustments for different voice and data packages was in line with the…

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Cement Giant, Lafarge, Pleads Guilty To Supporting Terrorist Group

ADEOLA YUSUF

The firm agreed to a $777.8m (£687.2m) penalty for payments it made to keep a factory running in Syria after war broke out in 2011.         Lafarge has pleaded guilty in the United States (U.S.) to supporting the Islamic State and other terror groups. The firm agreed to a $777.8m (£687.2m) penalty for payments it made to keep a factory running in Syria after war broke out in 2011. Prosecutors said it marked the first time a company had pleaded guilty in the US to aiding terrorists.…

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