Here is New Telegraph’s weekly business news roundup of the top 15 latest Nigerian news making headlines from Monday, March 25 to Saturday, March 30, 2024.

CBN Unveils New Minimum Capital For Banks

For commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.

Mrs. Sidi Ali also disclosed that the new minimum capital for merchant banks would… Read more

PMS: NNPCL Faults Reports On Pump Price Adjustment

The Nigerian National Petroleum Company Limited (NNPC Ltd) has said there is no fuel pump price adjustment. Reports on social media had said the fuel pump price had been adjusted.

However, Chief Corporate Communications Officer, NNPC Ltd, Olufemi… Read more

Power: FG Moves To Prioritise Access To Forex For Gencos

Following pressure from electricity generating companies and other stakeholders in the power sector over the Federal Government’s indebtedness, the Minister of Power, Mr Adebayo Adelabu, has set an April timeline to commence the payment put at over N3 trillion.

He also said that to cushion the foreign exchange constraints… Read more

24.5% Interest Rate: NACCIMA Warns Of Higher Inflation

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed concerns over the recent hike of the country’s Monetary Policy Rate (MPR) from 22.75 per cent to 24.75 per cent by the Central Bank of Nigeria (CBN).

It noted that the change would come with unintended negative… Read more

Centenary: TotalEnergies Celebrates With 100,000 Employees Globally

TotalEnergies has said that it has about 100,000 employees in Nigeria and other 119 countries, where it operates.

It disclosed this in a statement yesterday to celebrate the… Read more

FG Commits To Adopting Technology For Energy Sector Stability

Disturbed over the infrastructure, security and transportation issues bedevilling the energy sector, the Federal Government has said it is open to adopting modern approaches, especially technology, in stabilising the nation’s energy sector.

Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this at the… Read more

Our Board, Management Not Dissolved, Says BEDC

The Management of Benin Electricity Distribution Company (BEDC Electricity Plc.) has said that the management and board of the DisCo are intact and not dissolved.

Acting Head, of Corporate Affairs, Evelyn Gbiwen, BEDC, disclosed this in a statement… Read more

FG Engages Stakeholders To Boost Food Security Via Fortification

The Federal Ministry of Agriculture and Food Security has disclosed that it is working closely with different stakeholders to promote food fortification in households and industrial levels, in order to improve food security in the country.

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, stated this… Read more

FG Seeks Due Diligence Before Regional Maritime Bank’s Take-Off

About 49 per cent or N686 billion ($490 million) of equity in the N1.4 trillion ($1 billion) of the Regional Maritime Development Bank (RMDB) being promoted by the Maritime Organisation of West and Central Africa (MOWCA) has been ceded to private sector stakeholders.

This is just as the Federal Government of Nigeria advises… Read more

CBN Pegs Capital Base For Banks At N500bn

The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 billion.

Confirming the development in Abuja, on Thursday, March 28, 2024, the Acting Director, of Corporate Communications Department, Mrs. Hakama Sidi Ali said the… Read more

Labour Laments Roles Of IMF, World Bank In Nigeria’s Textile Sector

The President, of Nigeria Labour Congress (NLC), Comrade Joe Ajaero, has recalled the destructive roles played by the International Monetary Fund (IMF) and the World Bank in the death of the once vibrant Nigerian textile industry.

The labour leader, while delivering a goodwill message at the 13th National Delegate Conference of the National Union… Read more

FG: Steel Sector Is Nigeria’s Cornerstone For Economic Growth

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, said the steel sector was Nigeria’s cornerstone for economic growth.

The minister stated this while on a working visit to $600 million Iron… Read more

FG Urged To Introduce Price Regulatory Manual For Manufacturers

Following President Bola Tinubu’s plans to introduce market price control amid skyrocketing prices of items in the country, a renowned industrialist and Chairman/Chief Executive Officer (CEO) of Rimax Group of Companies, Chief Livinux Chukwudi Okwara, has urged the government to introduce an annual price regulation for manufacturers.

The industrialist believes this is the only way the current government can checkmate the… Read more

ECOWAS reviews action plan for integrated maritime strategy

Economic Community of West African States(ECOWAS) Commission has reviewed the draft Action Plan of ECOWAS’ Integrated Maritime Strategy (EIMS) in order to achieve the objectives of the platform in Abidjan. Cote d’Ivoire.

EIMS is a legal instrument that provides a comprehensive reference framework for actions to be… Read more

FG earns N31.08bn from electronic transfers levy

The Electronic Money Transfer Levy (EMTL) revenue component of disbursements by the Federation Account Allocation Committee (FAAC) to the three tiers of government between January and February, this year, amounted to N31.08 billion, findings by New Telegraph show.

The amount is N8.05 billion or 20.57 per cent less than the N39.13 billion EMTL generated by the… Read more