Banks, 18 Others, Fined N125m For Late Filings   At least eight banks and 18 other listed companies have been fined N125m for failing to file their 2022 audited financial statements and quarterly reports for the first half of 2023 as...

Banks Borrowing From CBN Now N12trn   There are indications that commercial banks and merchant banks are increasingly depending on the Central Bank of Nigeria for liquidity as their borrowing from the apex bank has intensified in the last eight months...

External Reserves Drop By $915m After CBN's Naira Float   Nigeria’s external reserves dropped by $915m after the Central Bank of Nigeria officially floated the naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which...

NDDC Plans $27.3bn Road, Power Projects   The Niger Delta Development Commission (NDDC) is seeking partnerships to finance power and road projects worth about $27.3bn in the oil-rich region of Nigeria. It disclosed this in a July 2023 document titled, “A Sea...

Food Imports Rise By 122% As Deficit Hits N4.9trn   Despite continuous government efforts to shore up food production in Nigeria through various intervention programmes, the country recorded foods trade deficit worth N4.92 trillion between 2018 and 2022. Available data shows that...

$3bn Afrexim Bank Loan: NNPCL Followed Due Process   Facts have emerged that contrary to reports due process was followed in securing the Nigeria National Petroleum Company Limited (NNPCL) in the $3 Billion Afrexim bank Loan. The $3 billion loan deal, which...