Bank customers have expressed frustration over their inability to withdraw dollars from their domiciliary accounts amid worsened foreign exchange crisis which has hit Nigerian financial sector. The Central Bank of Nigeria (CBN) lifted a ban stopping commercial banks from accepting … read more
Nigerian state governors, ministers, business leaders, public officials and bankers allegedly stole $6.7 billion in public funds in seven years, information minister Lai Mohammed said on Monday. Mohammed told reporters in the capital, Abuja, that some 1.34 trillion naira ($6.72 … read more
Imagine a petroleum-dependent economy, one further constrained by an unrealistic currency peg to a resurgent US dollar. Not Saudi Arabia, which can put off its day of reckoning, cushioned by foreign exchange reserves of $640 billion. Down to its last … read more
Multiple attacks on strategic oil and gas installations is costing Nigeria $2.4 million daily, a Cabinet minister said Tuesday as the military launched a manhunt for a militant and warned it will hold community leaders responsible for the “economic sabotage.” … read more
Last week, tales of Nigeria’s missing budget were abuzz, landing on the front page of almost every newspaper. A senate leader had reportedly announced to fellow law makers, at a closed door meeting, that the 800-paged budget document had been … read more
Switzerland transferred $380 million to the Nigerian government this week as part of its restitution of funds allegedly looted by the late general and de facto president Sani Abacha. Media reports say anywhere from $50 billion to $150 billion were … read more
According to a report via today.ng, Uber will launch a cash payment experiment in Lagos, Nigeria on Monday January 18, 2016. The report reveals that, in order to pay via cash, Uber app users can now select the cash payment … read more
Nigerian president Muhammadu Buhari has ordered an investigation into the kidnapping of 219 schoolgirls by Islamist jihadi group Boko Haram in April 2014 from the town of Chibok, the presidency said on Thursday. A statement said a panel would be … read more
Nigerian authorities said Wednesday the country will not cut oil production even as nosediving crude prices caused by a global supply glut ravage revenue. US crude oil prices tumbled to a 12-year low on Tuesday, prompting Opec member Nigeria to … read more
The eight suspected Nigerians arrested in connection with the hijacking of the Nigerian-flagged commercial oil tanker in the territorial waters of Ghana have been deported to Nigeria. The suspects, Molih Williams, Molih Klinsman, Peggy Aki, Ebiyaibo Amos, David Jacobs, Apetimiyi … read more