The Central Bank of Nigeria (CBN) on Friday announced the takeover of Skye Bank by a bridge bank, Polaris. Here, PREMIUM TIMES brings you 10 basic things to know about the entire process and future expectations: 1. Skye bank’s operating licence has been withdrawn The Central Bank of Nigeria has…

The Nigerian military has accused "some journalists" of working for the terror group, Boko Haram, after reports showed security forces had suffered heavy losses in recent months. In an apparent targeting of the media, the military said it was "known that some journalists work for Boko Haram and fraternise with…

The Central Bank of Nigeria on Wednesday said it has commenced a review of the information provided by telecoms giant, MTN, and four banks sanctioned recently over alleged illegal repatriation of funds. The apex bank said the review of details submitted by the four banks, accused of helping the South…

The Nigerian government on Wednesday announced immediate suspension of its widely publicised national carrier. The suspension was made because the Economic Management Team (EMT) did not approve it when it launched, sources familiar with the matter told PREMIUM TIMES. Sources at the presidential villa told this newspaper Wednesday night that…

The Association of Waste Managers of Nigeria in Lagos State on Tuesday threw its weight behind a governorship aspirant in the ruling All Progressives Congress (APC) in the state, Jide Sanwo-Olu. The waste managers made their intention known at a press conference in Mushin, Lagos. The operators had in the…

Oil multinationals, Eni and Shell, will on Thursday be on the lookout as a Milan judge will decide for the first time whether $1.1 billion of the sum paid in the controversial Malabu oil deal was siphoned in bribes to win the license to the field. Eni and Shell are…

The audience at the book launch of Zenith Bank chief, Jim Ovia, burst into uncontrollable laughter Monday when embattled governor of Lagos State, Akinwunmi Ambode, ran towards the national leader of the party, Bola Tinubu, for photographs. Messrs Tinubu and Ambode have been in a strained relationship in recent times,…

The Central Bank of Nigeria has said that any failed Nigerian Instant Payment (NIP) transaction not reversed into the customer’s account within 24 hours based on complaint of the sender and/or beneficiary will attract a fine of N10,000. The CBN, in a circular also said delayed application of inward NIP…

Following the resignation of Nigeria’s immediate past minister of finance, Kemi Adeosun, President Muhammadu Buhari appointed Zainab Ahmed to oversee the ministry. Mrs Adeosun resigned on Friday after over 60 days that PREMIUM TIMES blew the lid off her forged NYSC certificate. Mrs Ahmed is Nigeria’s Minister of State Budget…

The National Bureau of Statistics (NBS) on Friday said the nation’s inflation rate rose by 11.23 per cent in August. The NBS in its report stated that this is the first year-on-year rise in headline inflation following the 18th consecutive decline in the nation’s inflation rate. The bureau said that…

The Deputy Secretary-General of the United Nations (UN), Amina Mohammed, has expressed worries over Nigeria’s debt profile. Mrs Mohammed, a former Minister of Environment in President Muhammadu Buhari's government, expressed her concerns while speaking at the International Monetary Fund (IMF) and the UN Working Together Conversation programme. A clip of…

A former governor of Lagos State and national leader of the All Progressives Congress, APC, Bola Tinubu, stirred controversies over the weekend when he said Osun State is not as wealthy as he his. Mr Tinubu, speaking at the palace of Ataoja of Osogbo, Jimoh Olanipekun, at the weekend also…

Standard Chartered Bank Nigeria Limited on Tuesday reacted to the sanction imposed on it and three other banks by the Central Bank of Nigeria (CBN). The bank in a statement Tuesday said it recently received a letter from the CBN imposing sanctions for alleged breaches of foreign exchange regulations in…

The Federal Road Safety Corps (FRSC) has sanctioned 71 driving school operators across Nigeria involved in corrupt practices and other acts of circumvention of  the licensing system. Boboye Oyeyemi, the FRSC Corps Marshal, made this known at a stakeholders’ sensitisation forum put together for driving school operators in Oyo, Ogun…

The Nigerian Governors’ Forum, NGF, on Monday hosted tax officers from the 36 states of the federation to introduce them to the Internally Generated Revenue (IGR) dashboard, an innovation of the economic department of the NGF. The initiative, according to the Director General of the NGF, Asishana Okauru, was designed…

The Oyo State Governor, Abiola Ajimobi, has declared Tuesday a work-free day across the state in commemoration of the new Islamic calendar year, Muharram 1, (Hijrah) 1440 AH. The declaration was made through a statement by the Secretary to the State Government, Olalekan Alli, on Monday. “The governor has declared…

The controversial tax remittance disputes between General Electric and Arco Group Plc have continued to generate ripples, even as the company awaits final resolution. Documents made available to PREMIUM TIMES show that GE, a multinational company operating in Nigeria, had engaged Arco, an indigenous Nigerian oil servicing company, for the…

Research and risk analysis firm, Moody’s, has placed MTN Group on a review for downgrade following the recent fines imposed on the South African mobile phone operator by Nigerian authorities. The telecoms operator has in the last one week been slammed with about $10.1 billion fine by regulators from its…

Stanbic IBTC Ventures Limited (SIVL), a subsidiary of Stanbic IBTC Holdings Plc, on Friday said it has surrendered its Venture Capital Licence to the Nigerian authorities. The group, which made this known in a disclosure sent to the Nigerian Stock Exchange (NSE), said it had applied to the Securities and…

The Central Bank of Nigeria, CBN, has debited the accounts of three banks to the tune of over N5 billion, as punishment for financial infractions, PREMIUM TIMES learnt on Thursday. The deductions were made after the CBN imposed fines on the four banks for helping South African telecoms firm, MTN,…

French oil major, Total and the Nigerian National Petroleum Corporation (NNPC) along with some other partners will, later this month, launch Egina crude in Singapore. The launch will take place at the Asia Pacific Petroleum Conference (APPEC), scheduled to hold from September 24 to 26, in Singapore. Singapore’s APPEC is…

Amazon on Tuesday emerged United States’ second public company to cross the $1 trillion valuation threshold in 2018. The company’s shares hit $2,050.49 shortly before noon on Tuesday, bringing the company's value above $1 trillion before declining slightly at the close of trading. The development places the company behind Apple,…

The Nigerian government has slammed South African telecoms giant, MTN Group, with a $2 billion tax demand. The new tax bill incurred by the telecom firm over the last decade comes amid controversies generated by the government’s directive to MTN to hand over $8.1 billion it accused the firm of…

The Nigerian government on Tuesday said a whistleblower prompted an investigation into alleged infractions committed by telecoms group, MTN. Reuters reports that an official of the Office of Nigeria’s attorney general made the disclosure Tuesday. Ladidi Mohammed, head of asset recovery, told Reuters in a phone interview that an investigation was carried out…

Oil giant ExxonMobil on Monday decried a blockade mounted by its former employees around its facilities in Nigeria. The oil firm said the activity threatens crude production and such “disruptions to these operations have the potential to significantly impact revenues.” Reuters reports that the company, in a statement, said on Monday that…