CBN Reiterates Validity of Old Series of Naira Denominations

CBN Reiterates Validity of Old Series of Naira Denominations

By Oluwakemi Kindness The Central Bank of Nigeria (CBN) on Friday refuted misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation. The apex Bank said in line with the it’s previous clarifications, it is reiterating that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely. […]

December 13, 2024 11 2

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Economy

Nigeria Customs Strengthens Partnership with IPMAN, NMDPRA to Combat Petroleum Smuggling

By Oluwakemi Kindness In the bid to address the illegal exportation of petroleum products from Nigeria, the Nigeria Customs Service (NCS), on Tuesday hosted the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Dangote Refineries at its Abuja headquarters. Comptroller-General of Customs, Adewale Adeniyi, was represented at the meeting by the Assistant Comptroller-General of Customs in charge of Enforcement, Inspection, […]

December 3, 2024 14 3

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Economy

PenCom Lifts Restriction On LPFAs Investing In Commercial Papers

By Oluwakemi Kindness The National Pension Commission (PenCom) has lifted restriction on Licensed Pension Fund Administrators (LPFAs) investing in commercial papers where capital market operators act as Issuing and Paying Agents (IPAs). PenCom announced the decision in a Circular issued on Tuesday and signed by the management of PenCom led by Omolola Oloworaran as Director-General. PenCom had in October 2024 directed all LPFAs to suspend further investment in commercial papers […]

December 3, 2024 16 13

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Economy

Customs Boss Orders Subsidised Sale of Smuggled PMS to Yola Residents

By Oluwakemi Kindness The Comptroller-General of Customs, Adewale Adeniyi, has authorised the sale of the seized PMS to Yola residents in Adamawa State at a subsidised rate, with proceeds remitted to the Federation Account. The sales follows the recent seizure of petroleum products by operatives of Operation Whirlwind in the Adamawa-Taraba region. The total seizure includes 1,124 jerrycans (25, 40, and 60 litres), 53 drums (200 litres each), and […]

November 28, 2024 13 2

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Economy

Banks, Others Raised Over N2.7tn From Capital Market, Says SEC

By Oluwakemi Kindness The Securities and Exchange Commission on Monday, revealed that over two point seven trillion naira has been raised in the capital market by banks and other companies so far in 2024 The figure, which includes equity capital, excludes the amount raised by funds managers in the capital market. This is as the Commission revealed that out of the two point seven trillion naira, about one point seven […]

November 25, 2024 16 2

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Economy

Senate Confirms Omolola Oloworaran as DG PenCom

By Oluwakemi Kindness The Senate has confirmed the appointment of Ms Omolola Oloworaran as the Director General of the National Pension Commission (PENCOM). The confirmation on Thursday followed the consideration and adoption of the Report of the Senate Committee on Establishment and Public Service at plenary. It would be recalled that President Bola Ahmed Tinubu had earlier requested the Senate to confirm the appointment. Omolola Oloworaran was appointed Director General, […]

November 21, 2024 23 5

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Economy

NNPCL Refutes Claims of Selling Adulterated Products

By Oluwakemi Kindness The Nigerian National Petroleum Company Limited (NNPC Ltd) on Thursday insisted that it does not deal with adulterated petrol. This is as the NNPCL discredited a video clip of someone pouring a dark liquid which he claims to be Premium Motor Spirit (PMS) purportedly bought from an NNPC Retail outlet at Keffi Flyover. NNPCL Chief Corporate Communications Officer, Olufemi Soneye, who stated this in a statement, […]

November 7, 2024 15 9

Economy

Kogi State Government Set to Establish Special Economic Zone

By Chinedu Echianu The Kogi State Government says it has commenced processes leading to the establishment of a special economic zone with the status of a free trade zone to be located in the Ajaokuta economic development corridor in the state. According to a statement by Ismaila Isah, Special Adviser on Media to the Kogi State Governor Ahmed Usman, the Governor stated this while on a working visit to the […]

November 6, 2024 15

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Economy

Customs Facilitates First Shipment from Nigeria to Kenya Under AfCFTA

By Oluwakemi Kindness The Nigeria Customs Service (NCS) on Sunday said it has facilitated Nigeria's first shipment to Kenya, with Lucky Fibres, a subsidiary of the Tolaram Group, becoming one of the first companies to ship goods to Kenya under the African Continental Free Trade Area Agreement (AfCFTA). During a visit to the Apapa Area Command last Wednesday, to ensure proper documentation and verification of the shipment, Senior Trade Expert […]

November 4, 2024 9 3