Lekoil Nigeria Limited, the oil and gas exploration and production company with a focus on Nigeria and West Africa, has announced that it has reached agreement with Lekoil Limited (Lekoil Cayman), a Cayman Islands litigation asset company with an investment in oil and gas assets in Nigeria, have agreed to terminate all legal proceedings and settle all claims made by …

The Department of State Services (DSS) has given the Nigerian National Petroleum Company (NNPC) Limited and oil marketers a 48-hour ultimatum to make Premium Motor Spirit (better known as petrol) available across the country. Briefing journalists at the headquarters of the secret police in Abuja after over three hours closed-door meeting with stakeholders in the petroleum sector on Thursday, DSS …

The House of Representatives has asked the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele to suspend the weekly limits on cash withdrawals by individuals and corporate entities. The House also invited Emefiele to appear before it on Thursday over the new restrictions on cash withdrawals. This follows a motion of matter of urgent public importance moved by …

The Central Bank of Nigeria (CBN) has announced a new policy on over-the-counter withdrawals, effective 9th January, next year. The apex bank has mandated deposit money banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively per week. The revised cash withdrawal limits, contained in a circular …

Mobile internet subscribers in Nigeria rose from 139 million in October 2021 to 152.71  million in October, this year, accounting to recent update of telecoms industry statistics posted on the website of the Nigerian Communications Commission (NCC). This implies that about 12.17 million additional subscribers were added to the service providers’ networks within the last one year. Global System for …

Three young agric-tech innovators in Nigeria have emerged final winners of this year’s Agriculture, Youth and Technology (AYuTe) Africa Challenge Nigeria, an enterprise development programme initiated by Heifer International. The programme set out to identify, nurture and support innovative, relevant, and technology-driven agric-centric enterprises that grow, scale and help smallholder farmers to thrive in Africa. The keenly contested challenge recorded …

Tingg, Cellulant’s acclaimed payment platform, has been recognised as the Merchants Payment Company of the Year at the BusinessDay Banks and other Financial Institutions (BAFI) Awards held last month in Lagos. The BAFI Awards is backed by BusinessDay’s Research and Intelligence Unit through its extensive vetting process which monitors, evaluates, and recognises the achievements of players in the financial services industry …

HP Inc. on Thursday issued its third quarter HP Wolf Security Threat Insights Report, finding that archive file formats – such as ZIP and RAR files – were the most common file type for delivering malware, surpassing Office files for the first time in three years. This report provides an analysis of real-world cyberattacks, helping organisations to keep up with …

As the controversy surrounding the proposed additional 20 per cent ad-valorem tax on non-alcoholic drinks mounts, economic experts have warned of its dire consequences, taking into consideration the devastating effect of the recent N10 per litre excise tax. The experts – Founder/Chairman, Proshare Limited (Nigeria’s foremost Financial Information Hub), Mr Olufemi Awoyemi; and the firm’s Chief Economist/Managing Editor, Teslim Shitta-Bay; …

The Nigerian National Petroleum Company Limited (NNPC) has blamed fuel queues in Lagos State and Abuja on ongoing construction projects in the cities. NNPC’s Executive Vice President for Downstream, Adeyemi Adetunju told a news conference in Abuja on Tuesday: “The recent queues in Lagos are largely due to ongoing road infrastructure projects around Apapa and access road challenges in some …