AGS NEWS – The pump price of Premium Motor Spirit (PMS), commonly known as petrol, could decrease to about ₦300 per litre once massive production starts at the Dangote Petroleum Refinery and other local producers, according to operators of modular … Continue reading Local refining could lower petrol price to ₦300/litre – Modular refineries
AGS NEWS – Some minority shareholders have called for an investigation into the management and directors of the now-defunct Heritage Bank. This follows the Central Bank of Nigeria (CBN) revoking the bank’s license due to financial instability and breaches of … Continue reading Shareholders demand probe into Heritage bank’s management and directors
AGS NEWS – Nigeria may have lost about N148.8bn in oil revenue on Monday due to an industrial strike by the Organised Labour, protesting the Federal Government’s N60,000 minimum wage proposal. According to the Nigerian Upstream Petroleum Regulatory Commission, Nigeria … Continue reading Nigeria loses N149bn to one-day oil workers strike
AGS NEWS – Fitch Ratings has forecasted that the Nigerian naira will end the year at 1,450 to the US dollar. This was revealed by Gaimin Nonyane, Director of Sovereigns at Fitch Ratings, during a webinar focused on Nigeria and … Continue reading Naira may settle at 1450/$ by December – Fitch Ratings
AGS NEWS – After a meeting with the Airline Operators of Nigeria executives, the Minister of Aviation and Aerospace Development, Festus Keyamo, has temporarily halted the collection of helicopter landing levies at aerodromes, helipads, and airstrips. This decision was announced … Continue reading FG halts enforcement of $300 helicopter landing levy
AGS NEWS – Globacom has been awarded the 2023 Champions Newspapers Telecommunication Company of The Year. According to a statement, Globacom received the award at the annual ceremony organized by Champion Newspapers Limited in Lagos. ALSO READ: Federal government invites … Continue reading Glo wins Telecom Company of the Year award
AGS NEWS – Despite low power generation, electricity distribution companies in Nigeria increased monthly revenue from N95 billion in January to N100 billion in March 2024. Data from the Nigerian Electricity Regulatory Commission (NERC) showed N97 billion revenue in February. … Continue reading Discos’ monthly revenue increases by N5bn despite outages
AGS NEWS – APM Terminals Apapa has partnered with the Ocean Ambassadors Foundation (OAF) to educate secondary school students about career opportunities in the maritime industry. This initiative was announced in a statement on Sunday to commemorate the 2024 Children’s … Continue reading Terminal operator launches school-to-sea program for students
AGS NEWS – Sportsbet.io, a sports betting site, has expanded its ambassador team by adding three new members to enhance its presence in the crypto and sports communities. According to a recent statement, these new ambassadors joined shortly after King … Continue reading Crypto betting firm expands ambassador team with three new additions
AGS NEWS – The Emerging Africa Group served as the financial adviser and lead issuing house for NEN Infrastructure Limited’s 10-year private bond, which was oversubscribed, according to a statement from Emerging Africa on Wednesday. The bond facilitated the full … Continue reading Emerging Africa Group leads N40bn NEN infrastructure private bond issuance
AGS NEWS – The Federal Government spent N628.61 billion on electricity subsidies in 2023, while power distribution companies (Discos) collected a total revenue of N1.08 trillion, according to data from the Nigerian Electricity Regulatory Commission (NERC). Subsidies on electricity increased … Continue reading Electricity subsidies hit N629bn while discos generate N1.1tn
AGS NEWS – The Niger Delta Development Commission (NDDC) inaugurated a N248 million injection substation in Amufi, Ikpoba Okha Local Government of Edo State on Monday to enhance power supply in the region. During the event, NDDC Managing Director Samuel … Continue reading NDDC inaugurates N248 million substation in Edo
AGS NEWS – The Port Harcourt refinery, with a capacity of 210,000 barrels per day, is expected to start operations by the end of July after numerous delays. This was announced by Chief Ukadike Chinedu, the National Public Relations Officer … Continue reading Port Harcourt refinery to begin operations in July
AGS NEWS – In 2023, nine financial institutions paid fines totaling N678 million for regulatory violations, according to an analysis for their annual reports. This amount represents an 89.25% decrease from the N6.31 billion in penalties paid in 2022, indicating … Continue reading Banks fined N678m by CBN and SEC
AGS NEWS – The United Kingdom Civil Aviation Authority (UK CAA) has informed Nigeria’s Civil Aviation Authority (NCAA) of alleged aviation safety violations by Air Peace. This comes just three months after Air Peace began its Lagos-London route. The UK … Continue reading UK regulator reports Air Peace for alleged safety violations
AGS NEWS – The African Export-Import Bank has released its financial statements for the first quarter ending March 31, 2024, showing strong performance despite challenging geopolitical and economic conditions. The bank experienced year-on-year growth and an increase in shareholder value. … Continue reading Afreximbank’s Q1 2024 net interest income rises to $393.4M
AGS NEWS – In a strategic move to address persistent power outages, President Bola Tinubu has sanctioned the phased repayment of over N3.3 trillion in power sector debts. The Federal Government will settle approximately N1.3 trillion owed to power generation … Continue reading Tinubu approves payment of N3.3tn power sector debts
AGS NEWS – The Federal Government has officially listed its April 2024 Savings Bonds, worth N4.21 billion, on the Nigerian Exchange Limited (NGX). This information was disclosed in a market bulletin signed by Godstime Iwenekhai, the Head of Issuers Regulation … Continue reading Federal government lists N4.21bn April bonds on NGX
AGS NEWS – Justice Muhammad Nasir Yunusa of the Federal High Court in Kano State handed down convictions and sentences to 17 Bureau de Change operators on Monday. The operators were found guilty of conducting business without the required license, … Continue reading 17 BDC operators sentenced to 6 months imprisonment in Kano
AGS NEWS – The Nigerian government has presented 12 oil blocks and five deep offshore assets for sale to global oil sector investors during the ongoing 2024 Offshore Technology Conference in Houston, United States. During the African Oil Industry Opportunities … Continue reading Federal government invites global investors for sale of 17 oil blocks
AGS NEWS – Operatives of the Economic and Financial Crimes Commission (EFCC) reportedly conducted arrests at the bustling Wuse Zone 4 market on Tuesday, targeting Bureau De Change operators. Traders at the market claimed that some of the BDC operators … Continue reading Naira’s decline to N1,416/$ leads to arrests of BDC operators
AGS NEWS – Shell Nigeria reported that it paid a total of $1.09 billion in corporate taxes and royalties to the Nigerian government in 2023. This amount was exclusively paid through the operations of two of its companies: the Shell … Continue reading Shell’s 2023 tax contribution to Nigerian government exceeds $1 billion
AGS NEWS – The Central Bank of Nigeria (CBN) has instructed banks in the country to implement a cybersecurity levy on transactions, according to a circular issued on Monday. This levy, which will commence two weeks from now, applies to … Continue reading CBN mandates banks to impose 0.5% cybersecurity levy
AGS NEWS – The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, urged African tax authorities to find local solutions to the continent’s fiscal challenges. He made the call during the African Tax Administration Forum (ATAF) council meeting … Continue reading FIRS chief urges local solutions for Africa’s fiscal issues
AGS NEWS – The Nigeria Customs Service (NCS) has announced an increase in the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, marking a 4.94 percent rise from the previous rate of N1,373.64/$ set on May 1. … Continue reading Customs raises import duty FX rate to N1,441 per Dollar
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