Category: Business

CBN Demands Transparency: Banks to Publish Unclaimed Balances

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The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites. The directive, contained in a circular issued on Monday, is titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.” The circular was signed by Michael Akuka on behalf of the Director of CBN’s Financial Policy and Regulation Department. As part of the new regulations, financial institutions are required…

NIQS urges quantity surveyors to upskill, embrace technology

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The Nigerian Institute of Quantity Surveyors (NIQS) has charged quantity surveyors to upskill, network and embrace technological innovations to remain relevant in the face of current economic challenges and climate change. NIQS President, Kene Nzekwe, spoke at the yearly Distinguished Lecture Series organised by the Kaduna State Chapter, themed: “Enhancing the Survival of Quantity Surveying Practice Amidst Economic Challenges and Climate Change: Strategies for Resilience, Adaptation and Industry Collaboration for Young Professionals,” in honour of Abba Ingawa, a partner in Prime and Bell Partnership, a firm of quantity surveyors. According…

Dangote Refinery Targets Full Production Capacity, Remains Silent on Crude Supply

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The Dangote Petroleum Refinery says it has raised daily production to 85 per cent of its 650,000 barrels per day capacity, hoping to hit full capacity in the next 30 days. Officials of the firm, however, declined to state where the plant intends to source its crude oil, as supply from Nigeria has been limited. The 85 per cent capacity indicates that the refinery is currently running at 552,500 barrels per day. The Vice President of Dangote Industries, Devakumar Edwin, told Reuters that plans are underway to hit full capacity…

Beyond AI: Emotional Intelligence Also Crucial for Business Success, Says PMI Boss

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The game-changing role technology, especially Artificial Intelligence (AI), has continued to play in individual and corporate systems, emotional intelligence and human values, have been identified as equally key to the success of such individuals and corporate organisations. A top Project Management professional and Managing Director, Project Management Institute (PMI), Sub-Saharan Africa, Dr. George Asamani, therefore stressed the need for orgnaisations, desirous of success, to create a balance between these two ends. He argued that, with technology becoming ‘omnipresent’, individuals must be ready to take personal responsibility for preserving their human…

Warri refinery undergoes maintenance one month after resuming operation

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Barely a month after announcing the commencement of the 125,000 barrels Warri refinery, the Nigerian National Petroleum Company Limited has said the facility is undergoing a planned routine maintenance programme aimed at ensuring optimal operations. It also denied reports of an explosion at the Warri Refining and Petrochemical Company. The company, in a statement signed by the Chief Corporate Communications Officer, Olufemi Soneye, on Friday, said operations at WRPC were halted to carry out repairs for efficient service delivery. He added that routine maintenance was progressing and operations would be…

Katsina State to Invest in Electric, Solar Vehicles, Construct 20-Story Building in Lagos

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The Katsina State Executive Council, chaired by Governor Dikko Radda, has approved bulk purchases of electric/solar power vehicles and tricycles under the public transportation programme. The SEC also approved the construction of a 20-storey building in Lagos. Addressing newsmen after the council’s meeting on Thursday at the Government House, Katsina, the Director General, Katsina State Enterprise Development Agency, Aisha Aminu, announced the approval for bulk procurement of electric and solar-powered vehicles and tricycles. Aminu explained that the innovative transportation programme aimed to provide subsidised transport fares to residents amid rising…

Telecom Tariff Hike: NLC Pauses Protest, Awaiting Review Outcome

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The Nigeria Labour Congress (NLC) has called off its planned nationwide protest against the recent 50% hike in telecom tariffs. This decision followed a meeting between NLC representatives and government officials at the Office of the Secretary to the Government of the Federation in Abuja. The tariff increase, implemented by the Nigerian Communications Commission (NCC), was justified by the regulator as necessary due to rising operational costs, including inflation, foreign exchange fluctuations, and increased energy expenses. The NCC cited its mandate under the Nigerian Communications Act, 2003, to ensure the…

PenCom issues new guidelines on PFAs’ branches

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The National Pension Commission (PenCom) has released a new circular outlining the operational guidelines for Licensed Pension Fund Administrators (PFAs) regarding their branches and service centers. This directive aims to enhance service delivery by PFAs to meet the growing demand for pension-related services. PenCom, established under the Pension Reform Act 2004, is responsible for regulating, supervising, and ensuring the effective administration of pension matters in Nigeria. The circular specifically targets improving the accessibility and efficiency of services offered to Retirement Savings Account (RSA) holders. The circular outlines specific requirements for…

Dangote Price Cut: Fuel Importers Fear Losses

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Dangote Petroleum Refinery’s recent reduction in the ex-depot price of petrol has significantly impacted petroleum marketers. This decision, lowering the price from N950 to N890 per liter, is believed to be a response to warnings that some traders might resort to importing fuel if foreign prices remain lower than locally refined products. Dangote’s stated aim is to provide economic relief and align with global energy sector developments and declining crude oil prices, urging marketers to pass these savings on to consumers. However, the price reduction presents both opportunities and challenges…

MTN Reinforces Network with N11bn Fiber Cable Investment (GSMA)

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MTN Nigeria, the country’s largest telecommunications provider, spent N11.1 billion over two years repairing and relocating 2,502 kilometers of fiber-optic cables, according to a new GSMA report. The report suggests that these funds, if allocated to expansion instead of maintenance, could have enabled the company to deploy an additional 870 kilometers of new fiber. Specifically, MTN spent N4.4 billion in 2022 repairing 1,069 kilometers of cable and N6.7 billion in 2023 fixing 1,433 kilometers. The report attributes these damages primarily to construction activities, road projects, and vandalism. These ongoing fiber…