Author: Segun Oni

In a move aimed at tackling rising inflation, the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 50 basis points (bps) to 27.65% from 26.25%. The decision was announced after the Monetary Policy Committee (MPC) meeting, held on [date], and is seen as a bold step to address the country’s growing inflationary pressures. The hike in the MPR, which is the benchmark interest rate at which commercial banks borrow from the CBN, is expected to have far-reaching implications for the economy. It is anticipated to lead to higher lending rates for businesses and individuals, as…

In a bold statement, Dangote Refinery, Nigeria’s largest refinery, has confidently declared that its diesel product is the best in the country, meeting international standards. The refinery, owned by billionaire businessman Aliko Dangote, made this assertion in a recent statement, highlighting its commitment to producing high-quality petroleum products. According to the refinery, its diesel fuel surpasses Nigerian standards and aligns with global benchmarks, ensuring a superior product for consumers. This claim underscores Dangote Refinery’s dedication to excellence and its vision to become a leading player in the petroleum industry. The refinery’s statement is expected to boost consumer confidence in its…

The Federal Inland Revenue Service (FIRS) has expressed deep concern over the significant loss of revenue resulting from the exit of foreign companies from Nigeria. According to the FIRS Chairman, Zacch Adedeji , PhD the departure of these companies has had a substantial impact on the country’s revenue generation, dealing a significant blow to Nigeria’s economy. The FIRS Chairman revealed that the losses and exits of foreign companies have resulted in a huge decline in revenue collection, making it challenging for the agency to meet its revenue targets. This development has far-reaching implications for the country’s development, as the government…

ECOPlanet, a leading provider of sustainable building solutions, has announced its expansion into new markets, solidifying its position as a global leader in the industry. As a member of the Holcim Group, ECOPlanet is now available in over 35 markets across all regions, supporting the most advanced sustainable building projects worldwide. This significant milestone underscores ECOPlanet’s commitment to providing innovative, eco-friendly solutions to the construction industry. With its global reach, ECOPlanet is poised to make a significant impact on reducing the environmental footprint of buildings and infrastructure projects. The company’s products and services are designed to support sustainable development, reducing…

The Central Bank of Nigeria (CBN) has announced the creation of an “Unclaimed Balances Trust Fund (UBTF) Pool Account” to manage unclaimed balances in commercial banks. The move aims to address the long-standing issue of dormant accounts and ensure that rightful owners can access their funds. According to the CBN, the UBTF Pool Account will be responsible for managing unclaimed balances, which include funds that have been inactive for an extended period. The account will be overseen by a committee established by the CBN, comprising representatives from the banking industry, regulatory bodies, and other stakeholders. The committee will be…

In a landmark declaration, a group of global leaders has urged for an immediate implementation of a debt Jubilee to mitigate the looming economic crisis and provide a beacon of hope to humanity. The leaders, comprising economists, policymakers, and social activists, emphasized the pressing need for a comprehensive debt forgiveness program to address the escalating debt burden that threatens to engulf the world. The leaders pointed out that the current debt landscape is unsustainable, with many countries struggling to service their debts amidst rising interest rates, inflation, and stagnant economic growth. They warned that if left unchecked, the debt crisis…

In a surprising move, Africa’s richest man, Aliko Dangote, has announced that his company, Dangote Group, has shelved plans to invest in the steel sector. The decision, according to Dangote, was taken to avoid accusations of monopolistic practices. Speaking at a recent business forum, Dangote revealed that the company’s board had initially considered investing in the steel sector, given the huge demand for steel products in Nigeria and the wider West African region. However, after careful consideration, the board decided against the investment to avoid being labeled as monopolistic. “We didn’t want to be seen as trying to dominate the…

The Central Bank of Nigeria (CBN) has conducted a series of foreign exchange transactions, injecting liquidity into the market to maintain stability in the exchange rate. According to a statement by the CBN’s Director of Corporate Communications, Osita Nwanisobi, the transactions were conducted within an exchange rate range of N1,498.00/$1 to N1,530.00/$1. The CBN’s intervention in the foreign exchange market is aimed at ensuring the stability of the naira and maintaining a stable exchange rate. The apex bank has been conducting regular foreign exchange transactions to meet the demand for foreign currency by businesses and individuals. The CBN’s foreign exchange…

The Federal Government has announced an unprecedented growth in revenue generation, with a total of N381 billion remitted to the Consolidated Revenue Fund (CRF) from revenue generated. According to a statement from the Ministry of Finance, the revenue growth is a result of the government’s efforts to diversify its revenue streams and improve tax collection. “We recorded an unprecedented growth in revenue generation and remittances to the Consolidated Revenue Fund (CRF) from revenue of N381 billion,” the statement said. The statement attributed the growth to the implementation of various revenue-generating initiatives, including the Voluntary Assets and Income Declaration Scheme (VAIDS)…

The recent recapitalisation of the banking industry has been hailed as a strategic move that will strengthen the financial capacity and stability of the country. According to Mr. Cardoso, a renowned financial expert, the recapitalisation will enable banks to withstand financial shocks, maintain stability in the financial system, and support economic growth. “The recapitalisation of the banking industry is a welcome development that will boost the financial stability of the country,” said Cardoso. “With stronger capital buffers, banks will be better equipped to manage risks, maintain stability in the financial system, and support economic growth.” The recapitalisation exercise, which…