President Bola Tinubu

The Nigerian government on Thursday said it is interacting with critical sectors to ensure there was no exportation of Liquified Petroleum Gas (LPG), also known as cooking gas. The government said this is part of its effort to tackle the rise in the price of cooking gas in the country. Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), disclosed this at an internal stakeholders’ workshop in Abuja on Thursday, according to a statement signed by Oluwakemi Ogunmakinwa, deputy director of press and…

President Bola Tinubu has approved the appointment of Ibrahim Gaga as executive director, Corporate Services, at the Nigerian Export-Import Bank (NEXIM). Mr. Gaga, a lawyer, has gained over 25 years of experience in the banking sector as well as in legal services. Prior to his appointment, he was the board secretary and legal adviser at NEXIM Bank. READ ALSO: Tinubu appoints new comptroller general of Nigeria Immigration Service The president expects that Mr. Gaga will bring to his new role renewed zeal and…

The Nigerian government has blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds. Sources within the major telecommunication companies in the country told PREMIUM TIMES Wednesday evening that the Nigerian Communications Commission (NCC) communicated the directive to telcos and they had started acting on it. Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken,…

President Bola Tinubu and President Luiz Inácio Lula da Silva of Brazil met in Addis Ababa, Ethiopia, on Sunday, and had fruitful discussions on comprehensive strengthening of bilateral ties in all fields. Speaking at the meeting, President Tinubu emphasized the strength of Nigeria’s economic potential and influence, saying the country is witnessing a leap forward, despite some short-term reform pains, as his administration is removing all encumbrances to business. The President further explained that his…

President Bola Tinubu says Nigeria is ready to host the African Central Bank in line with the vision of the Abuja Treaty. Addressing leaders at the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU) in Addis Ababa, Ethiopia, on Saturday, President Tinubu said his administration will engage the African Union Commission in collaboration with member states to ensure that the bank takes off as scheduled in 2028. The President affirmed that Africa’s success in conclusively…

In recent years, the prices of major staple foods in Nigeria have risen significantly. The situation became more complex after President Bola Tinubu announced the end of fuel subsidy payments during his inauguration as president on 29 May 2023. The upward trend in the prices of these staples as well as other products has weakened the purchasing power of many citizens, making it difficult for many households in the country to afford daily meals. Staple foods are the basic foods that make up a significant portion…

President Bola Tinubu has asked the Senate to screen and confirm five persons appointed as directors of the board of the Central Bank of Nigeria (CBN). The president’s request was contained in a letter read by the Senate President, Godswill Akpabio, during the plenary on Tuesday. The appointed board directors are; Robert Agbide, Ado Wanga, Murtala Sagaley, Urom Eke and Olayinka Aliyu. In the letter, Mr Tinubu said his request was in compliance with the provision of section 6(1a) and section 10(1)(2) of the CBN…

On 19 October 2023, the presidency announced the appointment of Olasupo Olusi as the new managing director and chief executive officer of the Bank of Industry (BOI). In that announcement, presidential spokesperson Ajuri Ngelale said Mr Olusi’s appointment followed the voluntary resignation of his predecessor, Olukayode Pitan. Mr Pitan’s sudden departure surprised many clients of his bank and some players in the nation’s financial sector, especially given that his second term of five years only began on 27 May…

Corruption and difficulty in repatriating capital amongst others are some of the reasons American entrepreneurs eager to invest in Nigeria are stalling, US Secretary of State Antony Blinken told journalists at Nigeria’s Aso Villa on Tuesday. “American entrepreneurs and American companies are eager to partner with and invest in Nigeria’s economy, particularly in the tech sector… Nigeria offers real, clear, compelling opportunities for investors. At the same time, I think it is no secret that there remain some…

The Central Bank of Nigeria (CBN) late Wednesday announced the dissolution of the boards and management of Union Bank, Polaris Bank and Keystone Bank. Hours later, it appointed new executives (two each) to “oversee the affairs of the banks”, ostensibly till the time new boards and management will be reconstituted. All three banks are privately owned. Union Bank adopted private ownership last November after Titan Trust Bank, its majority shareholder, acquired the stakes of other shareholders, causing the lender to…