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The house of representatives has approved the revised N43.56tn 2024 budget after adopting the report of the house committee on appropriations. The approval followed the conclusion of clause-by-clause consideration by the committee of supply and the passage of the budget for third reading at plenary on Tuesday. Tajudeen Abbas, speaker …

The federal government has filed money laundering and illegal funds concealment charges against a former attorney-general of the federation and minister of justice, Abubakar Malami and his son, Abubakar Abdulaziz Malami, before the Federal High Court in Abuja. The charges arise from allegations of money laundering involving funds of unlawful …

The Nigerian naira experienced a market-wide rally on Tuesday as foreign transactions and import payments eased. The Central Bank of Nigeria (CBN) has been funding rising demand for US dollars amidst a sustained decline in FX inflows. FX data published today showed that the naira strengthened by 0.45% to ₦1,449.99/$ …

BY BLAISE UDUNZE By any standard, Nigeria’s ongoing bank recapitalisation exercise is one of the most consequential financial sector reforms since the 2004-2005 consolidation that shrank the number of banks from 89 to 25. Then, as now, the stated objective was stability to have stronger balance sheets, better shock absorption, …

SIFAX Group and the Port Authority Police (Western) Command have resolved to work together to strengthen security at the Lagos ports. According to Dr. Taiwo Afolabi, Chairman, SIFAX Group, while receiving the new Commissioner of Police, Port Authority Police (Western) Command, Mrs. Oluwatoyin Iyabode Agbaminoja, who paid the company a courtesy visit, there is a need for all stakeholders in the nation’s port ecosystem to support the operations of the Command in a bid to ensure security of lives and property, safeguard port infrastructure and guarantee conducive environment for legitimate commercial activities within the nation’s ports. …

Dangote Petroleum Refinery has announced the launch of a dedicated hotline for Nigerians to report any MRS Oil Nigeria Plc filling stations selling Premium Motor Spirit (PMS) above the approved pump price of ₦739 per litre. This initiative underscores the refinery’s commitment to ensuring transparency, affordability, and consumer protection in …

Stanbic IBTC Bank, a member of Standard Bank Group and one of Nigeria’s foremost financial institutions, reaffirmed its deep commitment to the nation’s creative economy by serving as a key partner of ‘An Evening of Fashion, Art & Lifestyle’, an exclusive celebration of African luxury fashion and contemporary art. The …

… Warns Against Artificial Scarcity, urges Nigerians to report MRS’s non-compliant stations   Dangote Petroleum Refinery has commenced nationwide sales of Premium Motor Spirit (PMS) at a pump price of ₦739 per litre across all MRS Oil Nigeria Plc filling stations. This move represents a significant milestone in the refinery’s …

  Fidelity Bank Plc has reinforced its commitment to community safety and sustainable ecological practices through the donation of essential firefighting and preventive equipment including hoses and gasoline water pumps to the Ikoyi Fire Service Station in Lagos.   The donation was made under the Fidelity Helping Hands Program (FHHP) …

BY BLAISE UDUNZE Nigeria’s refining crisis is one of the country’s most enduring economic contradictions. Africa’s largest crude oil producer, strategically located on the Atlantic coast and home to over 200 million people, has for decades depended on imported refined petroleum products. This illogicality has drained foreign exchange, weakened the …