Monthly Archives: February 2024

AfDB warns, high cost of living in Africa could cause unrest – VoA

The African Development Bank is warning that the rising cost of energy, food and other commodities in several African countries, including Angola, Ethiopia, Nigeia and Kenya, could trigger social unrest.

AfDB warns, high cost of living in Africa could cause unrest – VoA

The African Development Bank is warning that the rising cost of energy, food and other commodities in several African countries, including Angola, Ethiopia, Nigeia and Kenya, could trigger social unrest. Already, people in Africa’s most populous country, Nigeria, have been marching to protest the high cost of living, prompting the government to release grain from the national reserves.

UBA is official sponsor of ECOWAS Mining and Petroleum Forum

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has been announced as the official sponsor of the 4th edition of the ECOWAS Mining and Petroleum Forum (ECOMOF 2024) scheduled to take place at the Palais des Congrès in Cotonou, Benin from February 22 to February 24, 2024.

Central bank restricts company transfers of oil export revenues abroad

The Central Bank of Nigeria (CBN) has decided to control the migration of export proceeds by international oil companies (IOCs) to their parent accounts offshore, saying the practice harms the liquidity of the domestic foreign exchange market.

Global equities market ignore wars, economic challenges as Nigerian bourse gains N2.1trn

In spite of raging wars in the Middle East and between Russian and Ukraine, both the Nigerian and global equities market went on unconcerned last week with the local bourse adding N2.1 trillion to close at N57.8 trillion last Friday.

Dangote’s refinery to export fuel amidst domestic sacarcity … But sources said domestic market to get first cargoes in weeks

Amidst scarcity of fuel in Nigeria, the Dangote Petroleum Refinery has issued tenders to sell two fuel cargoes for export, the first from the newly commissioned refinery, trading sources with knowledge of the matter told Reuters.
Nigerians have been eagerly looking forward to the release of products from the $20 billion Dangote refinery after it was inaugurated in May last year by former President Muhammadu Buhari.
However, though loading details were not immediately available, sources told Reuters that the refinery was preparing to deliver its first fuel cargoes to the domestic market within weeks.

Beer drinkers to pay more for consumption as NBL increase prices next week

Amidst biting, scorching economic condition, those who leisure time is spent on drinking beer will have to cough out extra money to continue in their pleasure beginning from Monday next week.

Seplat Energy achieves ISO 26000 endorsement on social responsibility

Seplat Energy Plc,, an independent energy company has achieved the ISO 26000 endorsement, which is a major milestone that reinforces the Company’s commitment to social responsibility. 

Recipients of dollars from overseas to be paid in naira

Following the new Central Bank of Nigeria and (CBN’) policy, banks now will begin to pay dollar transactions through international money transfer operators (IMTOs) to customers in naira.
The decision, according to a notice to customers, follows the recently announced regulations by the Central Bank of  Nigeria (CBN) on IMTOs operations.

Standard Chartered Bank says present economic reforms will boost credit outlook in 2024

Standard Chartered Bank has projected that the current Nigeria’s economic reform initiatives are anticipated to play a pivotal role in revitalizing Nigeria’s credit landscape by the year 2024.