Category: Business

A new oil field has been discovered in Nigeria by Chevron Nigeria Limited (CNL). The “new gold mine” estimated to hold 17,000 barrels of oil per day (bpd), is located in the shallow offshore area of the Niger Delta. The development is expected to boost Nigeria’s ailing oil production. According to Chevron, the “near-field discovery” was made by the Meji NW-1 spud in Petroleum Mining Lease 49. Chairman and Managing Director of Chevron, Jim Swartz, confirmed the discovery in a statement on Friday issued by its General Manager of Policy…

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World Bank’s latest Africa’s Pulse report says Nigerian currency, Naira has been listed as one of the worst-performing currencies in Sub-Saharan Africa in 2024. As of August 2024, the naira had depreciated by approximately 43% year-to-date, ranking it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound. The decline is attributed to surging demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements by the central bank. The report highlights that financial institutions, non-financial end-users, and money managers driving dollar…

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Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has described the decision to raise the Monetary Policy Rate (MPR) to 27.25 percent as a bold move. According to him, higher interest rates, “while painful for borrowers, are necessary to curb excess money in circulation and control inflation.” He noted that leadership is about making hard choices to secure long-term stability over short-term comfort “in moments like these.” Cardoso spoke in Lagos at the weekend while addressing members of the Harvard Club of Nigeria on the topic ‘Leadership…

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Zenith Bank customers have taken to social media platforms to express their frustration over difficulties with online banking transactions. They reported challenges in making payments and using various payment features on X on Tuesday, following a notification from the bank on Saturday that it would undergo maintenance from September 29 to October 1. In a statement shared by Zenith Bank on X on Saturday, it said the routine maintenance would commence on September 29 and end on October 1, from 12:01 AM to 5:00 AM. The statement titled “Notice of…

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Junaid Sanusi, a legal practitioner, who is a customer of Access Bank Plc, has sued the bank for ₦100 million for allegedly deducting his money unlawfully. While arguing his originating summons before the Federal High Court at Ibadan on Monday, Sanusi informed the court that he operated a savings account with Access Bank Plc. He said that while going through his account he discovered that the bank was deducting more than ₦50 as an electronic levy stipulated by the Finance Act. “What is provided in the Finance Act is that…

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According to the Nigerian Bureau of Statistics, NBS, Nigeria’s unemployment rate has grown by 1.2 percent. This came on a day the Central Bank of Nigeria also raised the Monetary Policy Rate, MPR, by 27.25 per cent. The NBS, which disclosed this in its Nigeria Labour Force Survey Report released yesterday, said: “The unemployment rate for Q1 2024 was 5.3%, showing an increase from 5.0% recorded in Q3 2023. The unemployment rate among males was 4.3% and 6.2% among females. By place of residence, the unemployment rate was 6.0% in…

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Growing investor confidence and strong market participation have continue to boost optimism about Fidelity Bank’s stock as the bank experienced a remarkable 20% surge on the Nigerian stock market, with its share price surpassing the N13 mark by the third week of September. This upward trend follows the bank’s combined offer, which included a Public Offer and Rights Issue launched on June 20, 2024. The combined offer consisted of 10 billion ordinary shares priced at N9.75 for the public and 3.2 billion shares at N9.25 for existing shareholders, collectively raising…

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