The Central Bank of Nigeria (CBN) has directed banks, payment service banks (PSBs) and other financial institutions (OFIs) to immediately withdraw all advertisements and promotional materials which do not comply with existing consumer-protection regulations and, within 30 days, submit a compliance attestation. It issued the instruction in a circular on Thursday, November 27, signed by …
Minister of Power Adebayo Adelabu has urged stakeholders to embrace the ongoing reforms in the power sector and work together to build a decentralised and competitive electricity market. He stated that ongoing reforms driven by the Electricity Act 2023 have attracted over $2 billion in new investments. Adelabu, who spoke at PwC’s Annual Power and …
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said constructing more modular refineries can help curb the cases of oil theft, pipeline vandalism and illegal refining in Nigeria. Lokpobiri stated this while inspecting the ongoing construction of a 30,000-barrel-per-day modular refinery project in Koko, Delta State, by Ebenco Global Link Limited. …
Guinea-Bissau slipped into yet another political crisis on Wednesday after military officers declared they had taken “total control” of the country, detaining the president and suspending all electoral activities just three days after the nation held legislative and presidential elections. Tension exploded in the capital, Bissau, earlier in the day when heavy gunfire erupted near …
Tanzanian President Samia Suluhu Hassan is facing heightened international scrutiny as a coalition of regional and global civil society organisations has petitioned the International Criminal Court (ICC) to investigate alleged crimes against humanity linked to the country’s disputed October 29 presidential election. The 82-page petition, submitted by groups including the Madrid Bar Association and the …
The 19 Northern governors will hold an emergency meeting on November 29 in Kaduna as widespread school abductions and bandit attacks continue to force lockdowns across several states. Their decision followed Monday’s meeting of the South-West Governors’ Forum in Ibadan, where the governors renewed calls for the establishment of state police and urged the Federal …
Nigeria’s foreign-exchange market daily turnover has reached $500 million, while spreads between official and parallel markets have narrowed to less than 2%. The CBN Governor, Olayemi Cardoso disclosed this during the 303rd Monetary Policy Committee (MPC) meeting, the final MPC session for 2025 held in Abuja. CBN Governor Olayemi Cardoso revealed that Twelve months ago, …
Oil prices climbed on Wednesday after sliding to a one-month low in the previous session, though an expected supply glut and a potential Russia-Ukraine peace deal capped gains. Brent crude futures rose 27 cents, or 0.43%, to $62.75 a barrel at 0412 GMT, while U.S. West Texas Intermediate crude futures gained 24 cents, or 0.41%, …
Bitcoin is currently testing a price level that could make or break the entire bull market, $88,000, the 100-week simple moving average that once stood as unbreakable resistance in 2022 before flipping to support and igniting the 2023 rally from $16,000 to $126,000. After a sharp 26% drop from $109,000 driven by liquidity fears and …
The Senate on Tuesday suspended plenary to honour the late Senator Okechukwu Ezea of the Labour Party (LP), representing Enugu North Senatorial District, who passed away on Tuesday, November 18. Following prayers, approval of votes and proceedings, announcements, and petitions in the order paper, the Senate Leader, Opeyemi Bamidele (APC, Ekiti Central), moved a motion …
