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The Federal Competition and Consumer Protection Commission (FCCPC) is poised to enact a new wave of regulations within Nigeria’s digital lending space, targeting the surging defaults plaguing the sector. In a recent appearance on a TVC live program, Mr. Babatunde Irukera, the CEO of the Commission, unveiled plans for forthcoming regulations slated for 2024. These…
The House of Representatives has taken decisive steps towards the revival of the Bilateral Currency Swap Agreement (BCSA) between Nigeria and China. The lower chamber, during its plenary on Wednesday, unanimously agreed to collaborate with the Central Bank of Nigeria (CBN) to expedite the implementation of this significant currency swap deal. The resolution stemmed from…
The Central Bank of Nigeria (CBN) has raised a red flag concerning the availability of cash due to reported irregularities between certain Deposit Money Banks and Point-Of-Sale (PoS) operators. The apex bank issued a stern warning to these entities, cautioning them against actions that disrupt the smooth circulation of the Nigerian Naira. In an official…
In a long-awaited move, the Nigerian government confirmed the reactivation of the Port Harcourt Refining and Petrochemical Company in Rivers State. This announcement came on Thursday, marking the commencement of operations on December 20, 2023, following the successful completion of the initial phase of refurbishment at the facility. The government assured citizens that refined petroleum…
Shoprite, a prominent grocery chain in Nigeria, is set to close its sole outlet at Ado Bayero Mall in Kano State on January 14, 2024. The decision, communicated to employees on December 7, 2023, was based on a thorough evaluation of the store’s financial status and the prevailing business conditions. Despite the anticipated impact on…
…as Enugu ALGON hails projects, enjoins youths to embrace farming Governor Peter Mbah of Enugu State has commissioned multiple rice and cashew centres, including poultry clusters across the three senatorial zones in the state which are expected to enhance food production, modernize food processing method and preserve post-harvest produce. The groundbreaking ceremony which took place…
IT IS important to understand the meaning of this phrase to fully grasp the persuasive nature of this call to action, which urges the Igbos to start thinking about bringing their wealth back to their homeland, Alaigbo. The phrase ‘Aku ruo Ulo’ is an Igbo expression that means: “let’s bring our wealth home”.
Captains of industry and prospective investors of South-East extraction have expressed their readiness to key into the investment and economic growth plans of the Dr. Peter Mbah-led Enugu State government. They expressed satisfaction with the administration’s effort at rallying local domestic business leaders and de-risking the state’s business environment, stressing that investments go to where…
Nigerian Breweries have partnered Daystar Power for a 4.3 MW solar plant in Lagos. Daystar will handle a 4.2 MW solar setup with a 2 MWh battery. This project is a big step in solar and battery tech for Nigerian industries. The solar system will provide 42% of the brewery’s daytime power, slashing diesel use…
The Central Bank of Nigeria (CBN) has issued a directive to its branches and deposit money banks (DMBs), mandating the continued acceptance and issuance of all denominations of Nigerian banknotes, including both old and re-designed versions. This move follows a recent Supreme Court order granting the prayer of the Minister of Justice and Attorney-General of…