PH Refinery Begin Operations As Shell Supplies Crude Oil

The Port Harcourt Refinery is set to start operations following the supply of 475,000 barrels of crude oil by Shell Petroleum Development Company Limited after the recent rehabilitation and testing to ensure readiness for sustainable operations.

FX Scarcity: Abuja BDC Operators Shut Down Indefinitely

The Abuja branch of the Association of Bureau De Chang (BDC) Operators has announced the indefinite closure of their business activities in Abuja indefinitely from Thursday, February 1, 2024. On Wednesday, the Chairman of the Association, Abdulahi Dauran, said their decision was as a result of the scarcity of US Dollars and also added that online banking transactions and cryptocurrency were behind the unavailability of Dollars.

EFCC Launches Task Force To Combat Dollarization Of Economy

The Economic and Financial Crimes Commission (EFCC) has announced the launching of a task force in a statement released on Wednesday and titled, “EFCC Raises Special Task Force Against Dollarization of Economy and Mutilation of Currency”, which stated that the Special Task Force has been raised in all its Zonal Commands. The statement reads in part, “The Task Force, inaugurated by the Executive Chairman of the Commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption.

FG Approves 499 Licenses For Purchase, Sale Of Solid Minerals

The Federal Government (FG) through the Ministry of Solid Minerals Development has approved about 499 licenses for the purchase and sale of solid minerals in Nigeria in 2023. This was disclosed by Dele Alake, Minister of Solid Minerals Development, during his keynote speech with the theme ‘Digging Deeper: Diversifying Nigeria’s Economy for Wealth Creation’ at Solid Minerals Conference on Tuesday.

President Tinubu Inaugurates 3,112 Housing-units In Abuja

President Bola Tinubu has pledged his willingness to commit to the country's economic prosperity and development. Mr President who said this on Thursday during the inauguration of 3,112 housing-unit Renewed Hope City in Karsana Abuja urged Nigerians not to look back but forward because they have a country that truly cares about them. He said his administration is setting a goalpost that it intends to win because it understands how to propel the engine of growth, stability, and the economic resurgence of Nigeria. "That's all I need to remind you, standing before you as the president of the Federal Republic of Nigeria, I pledge to Nigeria, my country to be faithful and committed to the economic development and prosperity of every one of you. We are given a little trust, but we build on that trust to assure you today, tomorrow, and the day after of prosperity that we can create it.

FOREX: Market Manipulators Will Face Sanctions - CBN Warns

The Central Bank of Nigeria (CBN) has issued a stern warning to authorized dealers of foreign exchange (FOREX) to desist from any type of pricing distortion that results in market manipulation, otherwise risk sanctions. The apex bank acting director of the Financial Market Department, Aliyu, M. Ashiru in a recent circular disclosed that the investigation has revealed instances of underreporting of transaction rates and the practice of ‘second cheques’ on foreign exchange and fixed-income transactions.

Court Orders FG To Fix Prices Of Goods Within 7 Days

A Federal High Court sitting in Lagos State has ordered the Federal Government (FG) to fix the prices of goods such as milk, salt, sugar, spare parts for vehicles and petroleum products including diesel, Premium Motor Spirit (PMS) and kerosene within 7 days. This order was granted by Justice Ambrose Lewis-Allagoa following a motion filed and argued by the applicant, Femi Falana (SAN) against the Price Control Board and the Attorney-General of the Federation (AGF), listed as the first and second defendants.

Naira Free Fall: Manufacturers Considering Fresh Price Hike

Nigeria’s manufacturers project fresh hikes in the prices of commodities in the market in response to the continued free fall of the Naira against the United States dollar in the foreign exchange market. Francis Meshioye, President of the Manufacturers Association of Nigeria, disclosed this in a statement at the weekend while reacting to Nigeria’s persistent forex crisis.

CBN Commences 'House-Cleaning', Uncovers $2.4b Invalid FX Claims, Blocks IMTOs

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso during a media chat with pressmen disclosed that the apex bank discovered $2.4 billion invalid forex outstanding claims which is pressuring the naira, hence causing anxiety in the currency market. He stressed that this was brought to light during an audit by Deloitte, CBN hired consultant. The Governor added that the consulting firm was able to dig up close to $2.4 billion of backlog which consists of fictitious claims, with claimants in certain cases being unable to provide import documentation.

FG Set To Inaugurate Minimum Wage Committee On Tuesday

The Federal Government (FG) is set to inaugurate a committee on national minimum wage, following President Bola Ahmed Tinubu’s approval. This was disclosed in a letter by George Akume, the Secretary to the Government of the Federation (SGF) titled, ‘Inauguration of the Tripartite Committee on National Minimum Wage’ and addressed to the Nigeria Labour Congress (NLC) which stated that inauguration ceremony would take place on Tuesday, 30 January, 2024.