The Arewa Consultative Forum (ACF) has raised its voice against the introduction of the cash withdrawal limits by the Central Bank of Nigeria (CBN). The apex bank recently announced a policy of restricting individual cash withdrawals from commercial banks to N20,000 per day and N100,000 for a week or N500,000 in the case of corporate bodies. But reacting to the …

At the United States-Africa Business Forum’s Deal Room, the White House’s Prosper Africa initiative announced on Wednesday an ambitious set of multimillion-dollar investments to boost African exports and infrastructure and mobilize private investment to accelerate African innovation. Prosper Africa is the U.S. government initiative to increase two-way trade and investment between African nations and the United States. The announcement was …

The new N1000, N500 and N200 notes go into circulation today as the Deposit Money Banks have released the bills to their customers via over-the-counter payments. The old notes will be phased out as legal tender by 31st January next year. Three weeks ago, President Muhammadu Buhari unveiled the new bills at a weekly Federal Executive Council meeting in Abuja. In …

About 250 entrepreneurs, investors, influencers, and government leaders took part in the investment-focused Innovators Gathering, honouring the influx of two-way investment and trade opportunities set to be announced and catalysed during the United States-Africa Leaders’ Summit. The Innovators Gathering: Investing in U.S.-Africa Cultural and Economic Ties was hosted on 12th December by the US Secretary of State, Antony Blinken under …

The Nigerian Civil Aviation Authority (NCAA) has drastically revised COVID-19 public health protocols following the low level of infection for a sustained period. Wearing of face masks by passengers onboard aircraft or inside airport terminal buildings is now “discretionary but recommended”, while airlines are to resume serving catering (meals and drinks) on board. According to NCAA’s directive to aviation service …

The Nigerian Maritime Administration and Safety Agency (NIMASA) has sent forth 235 Nigerians to India and Greece as batch B of the 435 young Nigerians to be trained as Licenced Deck and Engine Officers, including Naval architects under the Nigerian Seafarers Development Programme (NSDP). The Minister of Transportation, Engineer Muazu Jaji Sambo, who was the special guest of honour at …

Savannah Energy PLC, a British independent energy company, has entered into a share purchase agreement with PETRONAS International Corporation Limited to acquire PETRONAS’ entire oil and gas business in South Sudan. This came through the acquisition of Petronas Carigali Nile Limited at US$1.25 billion, subject to certain completion adjustments. The transaction consideration is expected to be financed through a combination …

Barely two weeks after the sectoral group of the Manufacturers Association of Nigeria (MAN) raised an alarm over a proposed additional 20 percent Ad-Valorem Excise Tax on the Carbonated Soft Drinks (CSD) segment, the group has decried the emotional campaign to string up the sugar angle to the issue. The group has been using the sugar angle to rationalise an economic …

President Muhammadu Buhari has approved the immediate disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified Nigerians as part of the Federal Government’s commitment to grow indigenous capacity of Nigerians to own vessels. Thereafter, the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh announced that the funds available for disbursement was slightly over ₦16 …

Daikin Middle East and Africa FZE, a leading manufacturer of air conditioning, heating, ventilation and refrigeration solutions; and Panaserv, the authorised distributor in Nigeria, have announced a new partnership agreement with Arnergy, a renewable energy company. The pact is to promote Daikin’s environmentally sustainable HVAC solutions across Nigeria. Country Manager in charge of English West Africa at Daikin Middle East …