NCC to order mobile service providers to refund over N36bn to subscribers
The Nigerian Communications Commission is set to order mobile operators to refund more than N36bn illegally deducted from mobile telecommunications subscribers through forced subscription to Value Added Services. In a statement made available to our correspondent in Abuja on Wednesday, the telecommunications regulator said that it had uncovered a... Read more
2019 budget: Buhari earmarks N305 billion for subsidy
The vexed issue of subsidy for petrol was a significant part of President Muhammadu Buhari’s presentation of 2019 financial estimates to the National Assembly Wednesday, with the president earmarking N305 billion, out of his proposed N8.83 trillion spending plan, for the essential commodity. The president told the 469-member National... Read more
Diamond Bank calls transaction with Access Bank a ‘merger’
Diamond Bank has acknowledged its acquisition by Access Bank Plc in a Press Release today, but called it a ‘merger’ See press release below: STATEMENT REGARDING SCHEME TO MERGE WITH ACCESS BANK The Board of Diamond Bank Plc (“Diamond Bank”) today announces that following a strategic review leading to... Read more
Unavailability of gas: Nigeria loses 2,791.5MW of power in a day
The power sector was deprived of 2,791.5 Megawatts (MW) national grid supply owing to unavailability of gas on December 14, 2018. This was contained in data sheet from the Ministry of Power, obtained by The Guardian yesterday. The document read in part: “The dominant constraint on December 14, 2018... Read more
Access Bank acquires ailing Diamond Bank after 59% drop in profit
Media reports indicate that Diamond Bank has been acquired by Access Bank Plc. The Cable reports that Diamond Bank’s Q3 2018 report had showed that the bank was under some financial stress with profit after tax falling from N3.9 billion in 2017 to N1.6 billion. Founded by industrialist, Pascal... Read more
FIRS generates N5trn, targets N5.3trn by year-end
The Executive Chairman of Federal Inland Revenue Service (FIRS) Tunde Fowler, has disclosed that the agency generated N5 trillion as at the second week of December 2018. By the end of 2018, the agency said it should have made not less than N5.3 trillion. Speaking at the induction of new... Read more
Supply of petroleum products to West Africa rises
Refined oil product arrivals into Nigeria and other West African countries in December so far are 1.19 million metric tonnes as of Wednesday, compared with 1.21 million mt in the whole of November, S&P Global Platts trade flow software cFlow showed. Based on fixtures seen by Platts, of these... Read more
FDI soars by over 50% in three months- NBS
Nigeria’s foreign direct investment (FDI) soared by 50.75 percent between July and September 2018. According to the National Bureau of Statistics (NBS), FDI went up by $269.28 million from $261.35 million to $530.63 million in the third quarter of 2018. However, total foreign investment brought in the country declined by 48.21 percent... Read more
Kenyan president unveils new currency, which costs over N38 billion to print
The president of Kenya, Uhuru Kenyatta has unveiled a new set of currency for his country. They include coins and paper mints. The new generation coins are in the denominations; KES 1 , KES 10 , KES 5 , and KES 20. Ksh1 bears image of a Giraffe, Ksh5 Rhino,... Read more
Fuel Subsidy Debt: DAPPMAN suspends planned shutdown
The Depot and Petroleum Products Marketers Association of Nigerian (DAPPMAN) has suspended its planned shutdown of depots across the country from Sunday midnight. The directive, which has saved Nigerians at least momentarily from fuel crisis, was conveyed in a statement issued by DAPPMAN Executive Secretary, Olufemi Adewole, at about... Read more