Stanbic IBTC Holdings has reaffirmed its market leadership by securing multiple prestigious awards at the 2024 FMDQ Gold Awards. Recognised for its excellence, resilience, and innovation, Stanbic IBTC Bank received top honours FMDQ FX Market Liquidity Provider, FMDQ Dealing Member of the Year, and FMDQ Fixed Income Market Liquidity Provider categories, while Stanbic IBTC Asset Management was honoured as the …

The Nigerian Civil Aviation Authority, NCAA, has barred licensed flight crew members from operating multiple airlines. A circular dated 6 November, 2024, and signed by the acting Director-General of NCAA, Capt. Chris Najomo, said its “surveillance reports revealed that flight crew members use their privilege simulators and proficiency checks to operate for more than one airline.” Najomo also stated that …

The Naira yesterday appreciated to N1,730 per dollar in the parallel market from N1,740 per dollar last weekend. However, the Naira depreciated to N1,681.42 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,681.42 per dollar from N1,678.87 per dollar last Friday indicating N2.55 depreciation for …

Notwithstanding decreased participants at the just-concluded Lagos International trade fair, Managing Director and Trade Commissioner of Japan External Trade Organization (JETRO), Tokashi Oku, has said some achievements were recorded at the trade fair, disclosing with some Japanese firms engaging with some Nigeria companies to create business opportunities. Oku, who reflected on the volume of sales recorded at the closing ceremony …

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has secured an agreement with Dangote Petroleum Refinery to lift products directly. This, according to the association, will ensure the availability of petroleum to Nigerians at a cheaper rate. IPMAN’s National President, Abubakar Garima, announced this at a press briefing on Monday in Abuja, following a meeting of the National Working Committee …

The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to sell off properties and assets belonging to the defunct Heritage Bank in a bid to recover funds for uninsured depositors. This move, which the NDIC describes as crucial, is part of its statutory mandate as the liquidator of failed banks under Section 62(1)(d) of the NDIC Act, 2023. The exercise, …

High cost of building materials in the country is currently affecting activities in the property sector, posing a huge challenge to the government’s quest for affordable housing. It has also affected private property developers as many of them have slowed down on construction, while individuals craving to build their houses through direct labour are also complaining. Also, suppliers of building …

The estimated cost of landing Premium Motor Spirit, commonly known as petrol, on Nigeria’s shores has seen a considerable reduction of 20.34 per cent, dropping to N971.57 per litre over the past three months. This decline in landing cost, which reflects the price of importing and distributing the product, indicates some relief in terms of global market fluctuations and supply …

The federal government has called on local and international investors to tap into the country’s sugar market estimated at $2 billion. Executive Secretary and CEO of the National Sugar Development Council (NSDC), Kamar Bakrin, who made the call, noted that Nigeria’s annual sugar consumption is about 1.4 to 1.6 million metric tonnes. Bakrin said that NSDC is embarking on the …

The Nigerian Safety Investigation Bureau (NSIB) on Friday announced the recovery of the Flight Data Recorder (FDR) and Cockpit Voice Recorder (CVR) from the Sikorsky SK76 helicopter which ditched into the Atlantic Ocean off the coast of Bonny Finima on 24 October 2024. In a press statement by the Director, Public Affairs and Family Assistance, Bimbo Oladeji, NSIB said the …