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Following the loss of 50 percent of the 60 percent of the West African imports destined for Nigerian seaports, the House of Representatives has mandated its committees to investigate the gaps and loss opportunities in the maritime sector. The decision of the lawmakers arose from the significant economic loss estimated at about $7 billion annually,…

With its substantial offshore assets so far this year, FBN Holdings Plc stayed off the track of foreign exchange windfall reaped by banks and closed the third quarter operations with a net foreign exchange loss of N96.7 billion. At the peak of the huge foreign exchange gains by banks in the second quarter, the bank incurred a net foreign…

Nigeria’s banks through the Standing Deposit Facility (SDF) have deposited N2.13 trillion with the Central Bank of Nigeria (CBN) amid excess liquidity in the financial sector and the removal of the cap on the remunerative policy. An SDF is an overnight deposit facility that allows banks to park excess liquidity (money) to CBN and earn interest.…

The Federal Executive Council (FEC) on Monday approved the award of a contract for the supply and installation of customized explosive and narcotics detection screening systems at five international airports in Nigeria. The Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this while briefing State House correspondents at…

The Nigerian Exchange Limited (NGX) has admitted the listing of Lagos State Government (LASG) N115 billion series I, 10-year 15.25% fixed rate bond due 2033 under the N1 trillion debt and hybrid instruments issuance (DAHI) program on the bourse. A total of 115,000,000 units of LASG bonds valued at N115 billion were listed at an issued price of…