•Dangote refinery The Dangote Oil Refinery is finally set to commence fuel production as the first crude shipment arrives at the facility today, December 7, 2023. This was confirmed in a report by S&P Global, which stated that the OTIS tanker, carrying a 950,000 barrels of Nigeria’s Agbami crude, set sail yesterday December 6, reports [&he...
•CBN headquarters, Abuja Eight commercial banks have fallen short of the Capital Adequacy Ratio (CAR) required for international authorisation, the stress test conducted by the Central Bank of Nigeria (CBN) has shown. The affected banks have been put under pressure to raise their capital base to bridge the gap, which was brought about by the [...
•Ben Akabueze The Director-General of the Budget Office of the Federation, Ben Akabueze, says the N27.5trn 2024 budget estimates awaiting approval at the National Assembly is “way too small” to meet Nigeria’s needs but the government has to cut its coat according to its cloth. “I’m always first to acknowledge that the budget of the […]...
Despite raking about N15.8 trillion from the Federation Account Allocation Committee (FAAC) in less than four years, the majority of sub-national governments are reeling in huge debts just as some are showing signs of distress. But the huge indebtedness, poor infrastructure funding and financial stress have not stopped mind-boggling profligacy...
Some states are experiencing cash crunch as the Automated Teller Machines (ATMs) no longer dispense money and banks ration cash withdrawal Over The Counter (OTC) by depositors. The Central Bank of Nigeria (CBN) blamed the situation on ‘uneven cash flow and huge withdrawal by depositors ahead of the festivities, reports The Nation. Many Nigeria...
•MOFI The House of Representatives Committee on Public Assets, yesterday, in Abuja put the value of federal yovernment assets at $100 billion, insisting that there is an urgent need to safeguard the assets against looting. The lawmakers are also worried over the wrong valuation of the assets as they stressed the need for proper documentation [...
•CBN Governor Olayemi Cardoso Huge crowd besieged banking halls yesterday, as customers moved to link their Bank Verification Numbers and National Identity Numbers to their bank accounts. This followed the new directive of the banking regulator to the banks on Friday, to bar customers who were yet to link their BVN and NIN from having [&hellip...
•Tinubu and Lukman A chieftain of the All Progressives Congress (APC), Salihu Moh Lukman, has taken a swipe on President Bola Tinubu, accusing him of removing fuel subsidy and floating naira against other major currencies, without proper planning. In a statement in Abuja, yesterday, the former member of National Working Committee (NWC) of the ...
•Dr Doris Uzoka-Anite All is set for the disbursement of the N275 billion palliative support funds announced in July by President Bola Ahmed Tinubu, to mitigate the pains arising from the removal of petrol subsidy. Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, yesterday said that two programmes under the multi-layered inte...
•Lagos LagRide Scheme The Lagos LagRide Scheme is currently embroiled in an ongoing controversy following the decision of Ibile Holding Company, an investment arm of the Lagos State Government, to withdraw vehicles from its investing partners who legally leased the vehicles from the Lagos State Government on a four year repayment plan. This is...
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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