Tag: nigerian energy

In a bid to address the growing unmet foreign exchange (FX) demand from end users, the Central Bank of Nigeria (CBN) yesterday, announced a strategic intervention through a Retail Dutch Auction System (DAS). The announcement by the apex bank came on same day its Governor, Mr. Olayemi Cardoso, said decisions on financial policy, currency convertibility,…

Nigeria’s $20 billion Dangote refinery is set to shake up international crude flows when it reaches full capacity, having already made an impact since coming online in January, trading sources and ship tracking data as shown. Nigeria is sub-Saharan Africa’s largest oil producer, pumping 1.5 million b/d in June, according to the Platts OPEC Survey…

The concerns raised recently by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, over the misuse of private jets for illegal commercial activities have been validated after a government task force uncovered evidence of illegal operations. The task force set up by the minister to investigate the operations is led by the Managing…

Rights activist and Convener of the #RevolutionNow movement, Omoyele Sowore, has urged protesters to continue with the #EndBadGovernance protests nationwide. Recall that Human Rights Lawyer Ebun-Olu Adegboruwa SAN asked youths to immediately suspend the demonstrations. Adegboruwa is one of the lawyers of the Take It Back Movement, one of the groups participating in the nationwide…

The Federal Competition and Consumer Protection Commission (FCCPC) has described its $220 million penalty on WhatsApp and its parent company, Meta Platforms Incorporated as a positive step towards a fairer digital market in Nigeria. FCCPC disclosed this via its X page on Thursday August 1, 2024, representing its latest reactions to the operation of the…

The Kaduna State Internal Revenue Service has sealed the Kaduna Electricity Distribution Company over a N600m tax liability. Speaking to newsmen after the exercise in the early hours of Friday, the Executive Chairman of KADIRS, Jerry Adams, said the operation was an execution of a court order to restrain KAEDCO over the liability due to…

Cryptocurrency has revolutionised the global financial landscape, and Nigeria is no exception. With a growing interest in digital currencies, understanding how they work is crucial for navigating the complexities of modern finance. This article explores the workings of cryptocurrency and its implications for Nigeria’s financial markets. Cryptocurrency is not just a buzzword; it represents a…

The Federal Competition and Consumer Protection Commission (FCCPC) said it has concluded a comprehensive investigation into Coca-Cola Nigeria Limited and the Nigerian Bottling Company Limited (NBC), uncovering significant transparency and consumer communication breaches. The inquiry, initiated in June 2019, centred on the companies’ shift from traditional sugar to non-nutritive sweeteners in their Coke, Fanta, and…

Federal High Court in Lagos has ordered the freezing of Bastanchury Power Solutions Limited accounts in all banks in Nigeria. The court also ordered the company to hold an Annual General Meeting (AGM) under the Company and Allied Matters Act 2020 (As Amended) in 14 days of the order. Justice Kehinde Ogundare made the orders…

One week after Nigeria’s Federal Competition and Consumer Protection Commission imposed a $220 million fine on WhatsApp for a data privacy breach, the company may suspend its operations in the country due to further regulatory demands. Sources close to the situation indicate that Meta, WhatsApp’s parent company, is contemplating the withdrawal of certain services from…

The Police Special Fraud Unit, Ikoyi, Lagos have brought two students – Timothy Fashina Oluwabukola and Anthony Imonina Odemerho – before the Federal High Court sitting in Lagos for allegedly hacking MTN Nigeria Communication Plc’s computers and stealing airtime and data valued at N1.9 billion. Oluwabukola and Odemerho were said to be students of Moshood…

The Court of Appeal in Port Harcourt, Rivers state, has dismissed an appeal filed by the Department of State Services (DSS) against a judgment in favour of Richard Abbey, a pipeline surveillance contractor with Shell Petroleum Development Company (SPDC) in Bonny local government area of the state. In a unanimous decision, the court presided over…

The Federal High Court (FHC) on Tuesday 30th July 2024 held that section 18(2) of the Companies and Allied Matters Act 2020, as amended (CAMA 2020), which allows private companies to have a single shareholder, applies to all private companies, regardless of their incorporation date under the now repealed CAMA 1990. The judgment was delivered…

As the planned nationwide hunger strike is set to begin on Thursday, August 1, 2024, banks and other financial institutions across the country have decided to close their doors. While no official announcements have been made, discussions with bank employees reveal that they have been advised not to report to work as the banks closely…

A High Court of the Federal Capital Territory (FCT) on Wednesday fixed August 5, for hearing in a suit brought by the Asset Management Corporation of Nigeria (AMCON) seeking to stop the seizure of the aircrafts and other properties belonging to Arik Air Limited over $2.5 million indebtedness. AMCON’ action followed Monday’s seizure of Arik…

A High Court of the Federal Capital Territory has restricted participants in the August 1 hardship protest in the nation’s capital to the Moshood Abiola National Stadium. Justice Sylvanus Oriji, issued the order on Wednesday in Abuja while delivering ruling in an ex-parte application brought before him by the Minister of the Federal Capital Territory.…

A Kwara State Court has ordered organisers of the August 1, 2024 protest in Kwara State to restrict themselves to the Metropolitan Square in Ilorin, the state’s capital. Granting an exparte order on Wednesday, July 31, 2024, the court said it agreed with the state’s Attorney General and Commissioner for Justice, Ibrahim Sulyman, Esq that…

REPRESENTATIVES of leaders of Nigeria’s banking sector on met with President Bola Tinubu at the Presidential Villa, Abuja, to seek clarifications on the recently imposed Windfall Levy. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, explained that the team includes Chairman of the United Bank for Africa, UBA, Tony Elumelu, and…

The Federal Capital Territory High Court in Abuja has dismissed a claim brought by Profix Benelux B.V, a Netherlands-based company, against Gojopal Nigeria Limited. Profix Benelux had sought declarations that Gojopal was indebted to it for €255,299.74 and $177,347.53, being alleged outstanding payments for the international supply contract. Delivering the judgment, Honorable Justice M.S Idris…

The Central Bank of Nigeria (CBN) has commenced the review of capital plans of banks across the country in anticipation of the 2026 banking system recapitalization. Banks were given a deadline of May 31, 2024 to submit their capital plans. The review of capital plans of banks refers to the process of examining and assessing…