The Federal Government of Nigeria, through the Minister of Steel Development, Prince Shuaibu Abubakar Audu, has signed a Memorandum of Understanding (MoU) with the original builders of Ajaokuta Steel Plant, Tyazhpromexport (TPE), and its consortium partners, Novostal M and Proforce Manufacturing Limited. The agreement focuses on the rehabilitation, completion, and operation of the Ajaokuta Steel […]
Nigeria’s Foreign Exchange Reserves Rise by $621.2 Million in 10 Days Due to Successful Dollar Bond Sale
Nigeria’s foreign exchange (FX) reserves saw an increase of $621.2 million within 10 days, thanks to the successful sale of a domestic dollar bond, according to data from the Central Bank of Nigeria (CBN). The reserves grew from $36.24 billion on September 2, 2024, to $36.87 billion by September 12, 2024, highlighting the positive impact […]
NBET Seeks License Renewal Amid NERC Ban on New Electricity Contracts
The Nigerian Bulk Electricity Trading Plc (NBET) has initiated efforts to renew its license with the Nigerian Electricity Regulatory Commission (NERC) to maintain its role as the country’s bulk electricity trader. This move follows NERC’s recent directive barring NBET from entering into new electricity contracts. In July, NERC instructed NBET to halt new agreements for […]
FG Threatens Shutdown, Legal Action Against Unregistered POS Operators
The Federal Government, through the Corporate Affairs Commission (CAC), has issued a stern warning to Point of Sale (POS) operators in the Fintech sector, threatening to shut down businesses that fail to complete their registration. In a statement released on Friday, the CAC reminded operators that the 60-day registration deadline, which expired on September 5, […]
