On August 20, 2024, the Nigerian National Petroleum Company Limited (NNPCL) declared a net profit of N3.297 trillion for 2023, a significant increase from the previous year’s profit. The company also announced that N2.1 trillion would be distributed as dividends to its shareholders, marking a 28% increase compared to the 2022 dividends. NNPCL’s Chief Financial […]
Category archives: Business
Hope Beckons for Consumers as FCCPC Partners with EFCC for a Safer, More Transparent Market Environment
In a significant development for consumer protection in Nigeria, the Federal Competition and Consumer Protection Commission (FCCPC) and the Economic and Financial Crimes Commission (EFCC) have announced a strengthened partnership aimed at enhancing market transparency and consumer rights. The New Alliance The collaboration between the FCCPC and EFCC marks a strategic move to combat unfair […]
Bank Recapitalisation: Unveiling Opportunities for Investors in a Volatile Economy
In a recent webinar hosted by Coronation Securities Limited, experts discussed the significance of bank recapitalisation and its potential to transform Nigeria’s banking sector amid economic fluctuations. The panel included prominent figures such as Okey Umeano (Chief Economist, Securities and Exchange Commission), Bolanle Adekoya (Partner, PwC), and Ayokunle Olubunmi (Financial Institutions Ratings, Agusto & Co.). […]
Black Market Dollar to Naira Exchange Rate for August 19, 2024
As of today, August 19, 2024, the black market exchange rate for the dollar to naira (Aboki FX) in Lagos is as follows: These rates are sourced from Bureau De Change (BDC) operators. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals […]
Naira Dips Further Against Dollar in Black Market, NBS Lists Nigeria’s Cheapest States
Dollar to Naira Exchange Rate Today The black market exchange rate for the Dollar to Naira (USD to NGN) continues to rise, with Lagos Parallel Market (Black Market) traders buying at ₦1602 and selling at ₦1605 as of Saturday, 17th August 2024, according to sources at the Bureau De Change (BDC). Please note, the Central […]
Delays in Crude Supply to Dangote Refinery Threaten Nigeria’s Economic Stability, EIU Warns
The Economist Intelligence Unit (EIU) has raised concerns that ongoing delays in crude oil supply to the Dangote Petroleum Refinery and Petrochemicals could undermine Nigeria’s economic recovery and exacerbate pressure on the naira. According to the EIU, the $20 billion refinery, which commenced production in January, has faced significant setbacks in petrol production due to […]
Top Industry Leaders to Address Key Issues at 4th CHINET Conference in Lagos
The 4th CHINET Conference, scheduled for August 22, 2024, in Lagos, will bring together leading figures from the insurance, cargo, and aviation industries. Among the confirmed participants are Mr. Olusegun Omosehin, Commissioner of the National Insurance Commission (NAICOM), Chief Babajide Olatunde-Agbeja, and Mr. Eddie Efekoha, along with other prominent industry experts. This one-day conference will […]
Prices of Garri, Fresh Fish, and Other Food Items Drop as Nigeria’s Inflation Rate Declines
Nigeria’s food inflation rate decreased to 39.53% in July 2024, down from 40.87% in June, according to the latest Consumer Price Index and Inflation report by the National Bureau of Statistics (NBS). This reduction is attributed to lower prices of key food items such as garri, akpu (fufu), milk, and fresh fish. On a month-on-month […]
Dollar to Naira Exchange Rate: Black Market Rates for August 16, 2024
The black market exchange rate for the Dollar to Naira (USD to NGN) as of August 16, 2024, stands at N1596 for buying and N1600 for selling, according to sources at the Bureau De Change (BDC) in Lagos. It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel […]
GTBank Responds to Attempted Website Breach, Ensures Customer Data Safety
Guaranty Trust Bank Plc (GTBank) has confirmed an attempted breach of its website, which occurred shortly after the renewal of its domain name. The incident temporarily disrupted online services, causing concern among customers about potential data security risks. In a statement released on Thursday, GTBank clarified that while there was an attempt to compromise the […]