The Central Bank of Nigeria (CBN) has projected that diaspora remittances are expected to rise to N31.7871 trillion when fourth-quarter (Q4) 2024 figures are released. The substantial increase in diaspora remittances was attributed to the reforms carried out by the CBN especially the foreign exchange (forex) reforms designed to attract more forex into the country….
Telecom sector regulator, the Nigerian Communications Commission (NCC) has blamed its low revenue generation last year to the failure of telecom operators to purchase 5G spectrum licences. Its Chief Executive Officer/Executive Vice Chairman (CEO/EVC), Aminu Maida, and its Director of Financial Services, Yakubu Gontor, disclosed this in Abuja during the 2025 budget defense before the…
The European Union (EU) has launched the Eurocham Nigeria Institutional Development Support, a €300,000 three-year grant aimed at strengthening the secretariat of the European Chamber of Commerce (Eurocham) Nigeria, expanding its advocacy efforts, and enhancing external engagement for its members. The grant, announced during Eurocham’s 25th Annual Stakeholders Conference in Lagos, forms part of the…
European Union (EU) Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Gautier Mignot, has outlined the union’s plans to bolster trade, strengthen investment and positively impact the youthful population of Nigeria. Mignot made the plans known on Wednesday in Lagos at a media luncheon. He said the EU would want to…
Telecom operators Nigeria have raised the alarm over the review of annual payment structure under the Financial Reporting Council Amendment Act 2023 (FRC Act), warning that its implementation will hurt telecom operators. Acting under the aegis of Association of licensed Telecom Companies of Nigeria (ALTON), the group warned that “the new structure would pose significant…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has presented Gas Distribution Licenses to 10 companies. Speaking at the Gas Distribution Licence (GDL) Award ceremony in Abuja, the Authority Chief Executive, Farouk Ahmed recalled that the organization received 30 application for licenses from which it approved 10. He said the licences cover about 1.5billion…
Nigeria Extractive Industries Transparency Initiative (NEITI) has said it is working in collaboration with the Economic and Financial Crimes Commission (EFCC) to recover about $6 billion and another N66 billion owed the Federal Government by industry stakeholders in the oil sector. Executive Secretary of NEITI, Orji Ogbonnaya Orji, who disclosed this while defending the 2025…
The Central Bank of Nigeria (CBN) has waived N250,000 annual licence renewal fee for each Bureau De Change (BDC) operator for the 2025 financial year. In a statement, CBN Acting Director, Financial Policy & Regulation Department, Johnson Ojah, said the waiver of non-refundable annual licence renewal fee for existing BDCs aligns with the Regulatory and…
The Federal Government has announced the offering of three Federal Government of Nigeria (FGN) bonds for subscription, with a combined value of N450 billion. This was disclosed in the January 2025 FGN Bond Auction Results issued by the DMO yesterday. The first bond on offer is a N100 billion April 2029 FGN bond, with a…
