CBN Revokes Heritage Bank License The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect. This decision, it said, was to maintain a stable and healthy financial system as authorised under Section 12 of the Banks and Other Financial...

N3.7tn Debt Threatens Power Generation Power generation companies have declared that the sector’s indebtedness to companies that produce electricity is now N3.7tn and that this is a threat to further electricity production. Electricity producers under the aegis of the Association of Power Generation Companies drew the...

OPEC Pegs Nigeria’s Crude Oil Production Quota for 2025 at 1.5mbpd The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) has pegged Nigeria’s crude oil production quota for 2024 at 1.5 million barrels daily. This was disclosed in...

Despite Inflation, Nigeria’s Economy Growing Significantly – Wale Edun The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that Nigeria’s economy is experiencing appreciable growth that may see the high inflation rate in the country come down drastically in a...

National Assembly Suspends Amendment of CBN Act The National Assembly Committee on Banking, Insurance and other Financial Institutions has decided to pause the amendment process for the bill titled “An Act to Amend the Central Bank of Nigeria Act No. 7 of 2007.” This decision was...

Outstanding Bill: DisCos Threaten to Disconnect Customers, Give Deadline The Electricity Distribution Company (AEDC), has threatened to disconnect customers who fail to pay their outstanding bills, latest by June 3, 2024. The threat is contained in a statement issued by the company on Friday. According to the...