The Trade Union Congress (TUC) has rejected plans by the federal government to impose a 0.5 percent cybersecurity levy on electronic transactions by commercial banks. The Central Bank of Nigeria (CBN) had directed banks to implement the 0.5 percent cyber security levy on electronic transactions with effect from May 20.

International Oil Companies (IOCs) operating in Nigeria could inject up to 50 per cent of their oil and gas export proceeds in the Nigerian foreign exchange (forex) market through direct sales and settlement of several domestic financial obligations. In an update to its forex management policies, the Central Bank of Nigeria (CBN) yesterday permitted IOCs to use 50 per cent of their oil and gas export proceeds to settle specified local transactions and for sale to the Nigerian Foreign Exchange Market (NFEM).

The Federal Government yesterday insisted that the Lagos-Calabar Coastal Highway contract followed the procurement process. Minister of Works, David Umahi, said the 700-kilometre, 10-lane highway was conceived as an Engineering, Procurement and Construction plus Financing (EPC+F) project.

The Central Bank of Nigeria (CBN) has ordered banks to stop charges on cash deposits until September 30, 2024 which was made known in a circular signed by CBN, Director of Banking and Supervision, Adetona Adedeji. Customers of some banks expressed their concern that banks have begun collecting processing fees for cash deposits as of May 1, 2024.

The Nigerian National Petroleum Company Limited (NNPCL) has issued a statement advising citizens against panic buying of premium motor spirit (PMS), commonly known as petrol. The company has reassured the public that it has enough petrol in stock to last for the next 30 days as supply continues to improve across the country. In a press release issued on Tuesday, May 7th, the company stated that measures taken to address supply scarcity have led to a significant reduction in queues at fuel stations nationwide.

The Federal Government (FG) through the Corporate Affairs Commission (CAC) has set July 7, 2024 as the deadline for the registration of Point of Sale (PoS) operators. This development was made known on Monday during a meeting between Fintechs and the Registrar-General of the CAC, Hussaini Ishaq Magaji, who stated that the development was aimed at improving the economy.

Normalcy is gradually returning to the supply and distribution chain of Premium Motor Spirit (PMS) or petrol, following the scarcity of the product in the last three weeks. The Nigerian National Petroleum Company Limited (NNPCL) blamed the development on “logistics” issues. The improved petrol supply across the country, The Nation gathered yesterday, was not unconnected with the opening up of reserves by the NNPCL for supply to the marketers.

The Indigenous People of Biafra has threatened Enugu Electricity Distribution Company, EEDC, to provide electricity or exit the region for reliable supplier. 

The Nigerian Electricity Regulatory Commission (NERC), has unbundled the Transmission Company of Nigeria (TCN) with the establishment of the Nigerian Independent System Operator of Nigeria Limited (NISO). The company disclosed this in an order signed by its Chairman, Mr Sanusi Garba and Mr Muslim Oseni, Vice Chairman in Abuja on Saturday.