Tag: business today

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to comply with applicable Nigerian and United Nations sanctions lists. In a letter addressed to all banks, payment service banks and other financial institutions on Thursday, and signed by Amina Opusunju, director of the compliance department at the CBN, the apex bank…

Dangote Petroleum Refinery and Petrochemicals has further reviewed its ex-depot (gantry) loading cost of Premium Motor Spirit (PMS), commonly known as petrol. The new price is set at N835 per litre, down from N865 per litre implemented six days ago, marking a 3.5 per cent decrease. The company informed its customers of the price reduction…

Justice F. N. Ogazi of the Federal High Court sitting in Ikoyi, Lagos, on Tuesday, April 15, 2025, ordered the final forfeiture of 2,041,087,747.00 units of Livingtrust Mortgage Bank Plc (formerly known as Omoluabi Mortgage Bank Plc), valued at ₦6,674,356,932.69. The court also ordered the final forfeiture of ₦42,461,096.66 and $26.44. The shares and funds…

The Federal Competition and Consumer Protection Commission on Tuesday raided Utako Market in Abuja, sealing several shops over alleged deceptive sales of local rice re-bagged and sold as popular foreign brands. The operation, which was carried out with the support of police officers and other security personnel, targeted traders allegedly involved in passing off locally…

The Federal High Court in Abuja, presided over by Hon. Justice Emeka Nwite, has issued a series of interim injunctions in a high-stakes legal battle over the governance of the IBB International Golf and Country Club. The case, Suit No. FHC/ABJ/CS/698/2025, involves allegations of unlawful trustee appointments by the Minister of the Federal Capital Territory…

The Federation Account Allocation Committee (FAAC) has shared ₦1.578 trillion among the Federal Government, states and local governments for the month of March. This is according to a communiqué issued by FAAC and made available by the Director, Press and Public Relations, Office of the Accountant-General of the Federation, Bawa Mokwa, on Saturday. According to…

The Administrative Judge, Abuja Judicial Division of the National Industrial Court, Hon. Justice Osathowehen Obaseki-Osaghae has nullified the recommendation of the Senior Staff Committee of the National Biotechnology Development Agency, and the approval of the dismissal of Mr Charles as communicated by the letter of dismissal dated 19th July 2023 for been done without compliance…

The Federal Government has reiterated its commitment to phasing out the importation of photovoltaic (PV) solar panels into Nigeria, revealing that over ₦200 billion has been spent on these imports to date. This move is part of a broader strategy to boost local manufacturing and reduce reliance on foreign renewable energy equipment. Speaking at a…

The Federal High Court in Abuja, on Tuesday, adjourned a suit filed on behalf of some vulnerable residents of the Federal Capital Territory (FCT), including scavengers, beggars, and petty traders, against the FCT Minister, Nyesom Wike, until 5 May for hearing. A lawyer, Abba Hikima, who instituted the case on behalf of the vulnerable residents,…

The Central Bank of Nigeria (CBN) has granted approval to Ascensia Finance Company Limited to operate as a finance company. This has added to the growing number of licensed financial institutions positioned to support economic growth through access to credit. The approval was communicated in a letter signed by Dr. Abubakar Shebe, on behalf of…

Justice Alexander Owoeye of the Federal High Court, sitting in Ikoyi, Lagos, has convicted and sentenced a businessman, Uzondu Precious Chimaobi, to four years imprisonment for refusing to accept the Naira as legal tender. A statement by the Economic and Financial Crimes Commission (EFCC) stated that Chimaobi was arraigned on a two-count charge bordering on…

Nigeria has officially gazetted and transmitted the ECOWAS Schedule of Tariff Offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA) to the AfCFTA Secretariat, marking a significant milestone in its commitment to regional trade integration. The move comes ahead of the 16th Meeting of the AfCFTA Council of Ministers on Trade,…

The Magistrate Court sitting in Ado-Ekiti has remanded one Joy Ikoja, 20, for attempting to cut off her boyfriend’s manhood. The Ekiti State Police Command arraigned Ikoja before the court for unlawfully inflicting a wound on Ibrahim Usman by tearing his scrotal sac. The prosecutor, Inspector Adeboye Adesegun, told the court that “The defendant on…

As the race for commercial banks’ recapitalisation intensifies and global commerce reels from the ongoing US-China tariff war, the Central Bank of Nigeria (CBN) has assured Nigerians that there is no cause for panic, affirming that the local financial ecosystem remains stable, with banks operating within the required prudential thresholds. Dr. Olubukola Akinwumi, Director of…

A High Court in Uyo has granted bail to Prof. Ignatius Uduk, a university lecturer convicted of electoral fraud, pending the outcome of his appeal. The ruling was delivered on Thursday by Justice Okon Okon, who cited the professor’s deteriorating health condition as a key factor in the decision. Prof. Uduk, who was sentenced to…

A High Court of the Federal Capital Territory, FCT, in Abuja, has rejected the additional proof of evidence brought by the Economic and Financial Crimes Commission, EFCC, against former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele in the alleged procurement fraud trial brought against him. The additional proof of evidence filed on…

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to sell petrol in US dollars if Dangote Refinery begins selling its products in foreign currency. The move was in response to concerns that using dollars for transactions could lead to increased pressure on the local currency, potentially causing inflation and affecting energy security. Recall…

Air Peace has said travellers will enjoy up to ₦600,000 reduction in airfares when they connect from cities across Nigeria to London with one additional luggage. The airline said this in a statement by its Head of Corporate Communications, Dr Ejike Ndiulo, on Wednesday. Ndiulo added that the promo runs until March 31, 2025, with…

The Court of Appeal on Wednesday reserved ruling in the motion to adduce fresh evidence in the N2.5 billion debt owed 110 disengaged staff members of the Ahmadu Bello University (ABU) Zaria. The appellants are the ABU management, the Minister of Education and the Attorney-General of the Federation while the respondents are the 110 disengaged…

A fire has broken out in a section of the Port Harcourt refinery in Rivers State, causing brief concern, but was swiftly brought under control. The incident occurred on Wednesday, and the National President of the Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, confirmed the outbreak to DAILY POST. According to Gillis-Harry, the…