US President Joe Biden has decided not to enforce a ban on TikTok that was set to take effect a day before he leaves office, according to a US official who spoke to the Associated Press. Instead, the responsibility for the app’s future will fall to President-elect Donald Trump. Last year, Congress passed a law—signed …
Dangote refinery projects 650,000bpd June, plans crude import 17th January 2025
Facility now producing 500,000bpd as officials look beyond Nigeria to meet demand for product The Dangote Petroleum Refinery is planning to import more crude oil as supply from the Nigerian National Petroleum Company Limited becomes insufficient for fuel production at the $20bn Lekki-based facility. Officials at the plant said the facility has ramped up production …
Coca-Cola rewards consumers with N70m 17th January 2025
Coca-Cola has unveiled its Coke Studio ‘Beat the Drop’ campaign, rewarding consumers with prizes worth N70m, including all-expenses-paid trips to South Africa. The campaign, launched in December 2024, has awarded four winners with South Africa trips and 20 participants with N1m each, according to a statement. Senior Director of Frontline Marketing at Coca-Cola Nigeria, Yusuf …
Rice import: LCCI slams FG over delayed implementation 17th January 2025
The Lagos Chamber of Commerce and Industry has criticised the Federal Government for its delay in implementing the duty-free food importation policy, particularly following the arrival of a 32,000-tonne shipment of brown rice from Thailand in Lagos. The rice, imported through logistics firm DUCAT, was intended to mitigate the escalating food inflation, which dropped to …
First City Monument Bank Announces Appointment of Executive Director
First City Monument Bank (FCMB) is pleased to announce the appointment of Felicia Obozuwa as Executive Director, Corporate Services and Service Management, following approval from the Central Bank of Nigeria (CBN). Felicia brings nearly three decades of experience and a proven track record of excellence to her new position. Her expertise and leadership will be …
Banks deserve CBN fines for not loading ATMs – Customers 16th January 2025
The Bank Customers Association of Nigeria has said that the banks that were penalised by the Central Bank of Nigeria for not ensuring cash availability via their Automated Teller Machines deserved the punishment. This was disclosed in an exclusive chat with the president of BCAN, Dr. Uju Ogubunka, on Wednesday. CBN sanctioned nine deposit money …
Customs seized 397 vehicles in 2024 – CGC 16th January 2025
The Nigeria Customs Service said that it recorded 397 seizures of vehicles valued at N5.64bn in 2024, as it continued to enforce import regulations and protect government revenue. The Comptroller-General of Customs, Adewale Adenbiyi, disclosed this in Abuja on Tuesday during a press briefing on the service’s activities for 2024. According to him, “the service …
34.8% inflation rate triggers fears of rising prices, hardship 16th January 2025
The Organised Private Sector has expressed worry over the continued hike in the inflation rate in Nigeria, stressing that this will further raise the cost of production, raw materials, logistics, and machinery, among others. On Wednesday the National Bureau of Statistics reported that Nigeria’s inflation rate rose to 34.80 per cent in December 2024, reflecting …
Uncertainty over inflation data as NBS website hack lingers 15th January 2025
The National Bureau of Statistics, Nigeria’s key agency for data dissemination, is still reeling from a cyberattack on its official website, which occurred on December 18, 2024. As of January 14, 2025, the website remains inaccessible, raising doubts over the timely release of its much-anticipated Consumer Price Index and inflation data, typically published on …
Telecom tariff hike: Huge financial burden on Nigerians 15th January 2025
The tariff hike in Nigeria’s telecom sector has sparked widespread debate about its potential impact. While telecom operators argue that the increase is essential for business sustainability, many Nigerians fear it will worsen their already strained finances. TEMITOPE AINA writes Telecommunication tariffs in Nigeria have long been considered affordable, particularly when compared to other sectors where prices …