News Reports

CBN

6 Nigerian banks fined for violating banking laws

Zenith Bank paid the highest fine of N276 million for various contraventions.

NEITI flags off 2012 audit of Nigeria’s petroleum sector

The audit exercise was awarded to Taju Audu Consortium. The Nigeria Extractive Industries Transparency Initiative, NEITI has formally opened the process of auditing Nigeria’s oil and gas industry for 2012. The agency awarded the contract for the process to an auditing firm Friday. The process kicked off after the contract signing ceremony between NEITI management […]

A power transmission station in Kaduna state

Nigerians to experience more darkness as electricity generation drops

Two gas plants in Delta State were shut down.

New CBN governor, Emefiele, assumes office, to unfold agenda Thursday

Mr. Emefiele succeeds Lamido Sanusi, who was suspended from office in April.

A power transmission station in Kaduna state

Electricity Commission gets Senate backing to implement privatization law

Lawmakers visited the electricity commission Friday.

Acting CBN Governor reviews performance

MPC retains MPR at 12 per cent.

Steel ministry wants Nigerian banks to fund solid minerals sector

Investment would facilitate industrialisation, generate more jobs and additional revenue.

Electricity prepaid meters used to illustrate the story.

NERC issues new directive to electricity companies on fixed charge collection

Payment for fixed charges are only due if electricity is supplied for more than 15 days in a month.

First Bank, GTBank lead Nigerian banks for African Banker magazine awards

The Managing Directors of two Nigerian banks were also shortlisted finalists for the African Banker of the Year award.

Nigeria to revive steel rolling mills – Official

Mr. Abdullahi disclosed that the Katsina Steel Rolling Mill, acquired and renamed Dana Steel Rolling Mill, had started producing pellets.

Kaduna Airport meets ICAO requirements to cope with fire – FAAN

Yakubu Dati, General Manager, Corporate Communications of FAAN, confirmed to journalists in Lagos that the airport had a category seven fire cover status. The Management of the Federal Airports Authority of Nigeria, FAAN, on Friday said the Kaduna airport met all the International Civil Aviation Organisation, ICAO, requirements to cope with fire situations, before the […]

Jonathan lauds Nigeria cement industry’s contribution to economy

 Mr. Jonathan said the industry had also created about 1.6 million jobs in the country. President Goodluck Jonathan on Friday said that the cement industry had attracted $6 billion (N960 billion) local and foreign investments into the country. Jonathan made this known at the ground breaking ceremony for the expansion of Ashaka Cement Company in […]

Diamond Bank shareholders rebuke board over N7.99 million CBN fine

The shareholders made their position known at the bank’s 23rd Annual general Meeting, AGM, in Lagos. Shareholders of Diamond Bank on Thursday expressed dissatisfaction over the N7.99 million paid by the bank as penalties to the Central Bank of Nigeria, CBN, in 2013. The shareholders made their position known at the bank’s 23rd Annual general […]

Insufficient gas supply, others responsible for power cuts – official

Jos Electricity Distribution Company has begun customer, meters and transformer audit. The Head, Public Affairs Division of Jos Electricity Distribution Company, JEDC, Paul Ikwu, says destruction of electrical facilities and insufficient gas supply, among others, are responsible for inadequate power supply. In an interview in Jos on Sunday, Mr. Ikwu said JEDC had, however, begun […]

Blackout imminent in Southern Nigeria as NLC issues ultimatum

The meeting was attended by NLC leadership from the southwest, south south, Kwara, and Kogi. The poor electricity supply across Nigeria may worsen in the southern part of the country if a threat by workers is carried out. The Nigeria Labour Congress, NLC, on Thursday issued a seven-day ultimatum to the federal government and the […]

Ikeja Disco begins installation of 6,000 pre-paid meters

The pre-paid meters were for those who paid for them in the last three years. The Ikeja Electricity Distribution Company (Ikeja Disco) says it has commenced the installation of over 6,000 pre-paid meters in the zone. Pekun Adeyanju, Assistant General Manager, Public Affairs of Ikeja Disco, made this known to the News Agency of Nigeria […]

CBN

New CBN Deputy Governor, Adelabu, assumes office

“I do more of the work than the talk. I don’t believe that we should talk too much”.

Court adjourns fraud trial of ex-FCMB manager

The accused allegedly duped a bank customer of N30 million.

Wema Bank records N1.6 billion net profit

Wema bank’s profit before tax stood at N1.9 billion against the loss before tax of N4.9 billion in 2012.

N370 billion has been paid to ex-PHCN workers, says BPE

“A total of N370 billion has been remitted to the OAGF for payment of the former employees of the defunct PHCN”.

Commission grants license to ExxonMobil to build 575 MW power plant in Akwa Ibom

The latest license brings to three, the multinational oil companies involved in Nigeria’s power projects.

CBN building fire did not destroy records- Spokesperson

Fire gutted the first floor of the CBN building in Lagos.

My traducer, Financial Reporting Council, got N500million from CBN, Sanusi says

The Financial Reporting Council of Nigeria [FRCN], whose report and recommendations President Goodluck Jonathan relied upon to suspend the Governor of the Central Bank of Nigeria, Lamido Sanusi, is a beneficiary of the CBN “intervention” spendings, the suspended CBN chief has said. The FRCN had, in a 13-page report, following its review of the audited […]

Nigerian Government opens bids for ten power generation plants

Forty-two prospective investors pre-qualified for the financial bids.

Text message phone

Shareholders fault NSE, CSCS on X-Alert

Some capital market shareholders have faulted the Nigerian Stock Exchange, NSE, over the introduction of X-Alert in place of Trade Alert without consultations with market stakeholders. They said in separate interviews that the exchange and the Central Clearing Securities System, CSCS, needed to consult with investors before migrating to X-Alert. X-Alert is a new and […]