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Home > Business > Page 6
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Business

Business

FG Takes Full Ownership Of Keystone Bank

by Folarin Kehinde February 11, 2025
written by Folarin Kehinde

The Federal Government has taken full ownership of Keystone Bank.

This is according to a statement by the bank posted on its X handle on Tuesday evening.

It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.

“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government of Nigeria.”

Keystone Bank. Stronger Than Ever.

Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6

February 11, 2025 0 comments
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Central Bank
Business

JUST IN: CBN announces new ATM transaction fees, effective March 1, 2025

by Folarin Kehinde February 11, 2025
written by Folarin Kehinde

The Central Bank of Nigeria (CBN) has reviewed the transaction fees for Automated Teller Machine (ATM) services, with new charges set to take effect from March 1, 2025.

In a circular signed by John Onojah, the acting director of the Financial Policy and Regulation Department, the CBN stated that the fee adjustment aims to address the rising operational costs and enhance efficiency within the banking sector.

The last time the ATM transaction fees were revised was in 2019 when the CBN reduced withdrawal fees from ₦65 to ₦35.

While the new policy will result in higher costs for certain ATM transactions, the CBN emphasized that it aligns with Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).

Under the new structure, customers making withdrawals from their own bank’s ATMs (on-us transactions) will still enjoy free withdrawals. However, a ₦100 fee will be charged for every ₦20,000 withdrawal at on-site ATMs, which are located within the bank’s branches.

For withdrawals at ATMs of other banks (off-site or not-on-us transactions), customers will be charged a ₦100 fee plus a surcharge of up to ₦450 per ₦20,000 withdrawal.

In the case of international withdrawals using debit or credit cards, the CBN now allows banks and financial institutions to apply a “cost-recovery charge” equivalent to the exact amount charged by the international acquirer.

Additionally, the previous benefit of three free monthly withdrawals for remote-on-us transactions (customers of other banks) will no longer apply.

The CBN has urged all financial institutions to comply with the new directives ahead of the implementation date, emphasizing that the revised fees aim to improve the efficiency of ATM services and ensure that appropriate charges are applied to consumers.

February 11, 2025 0 comments
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Nigerian Port Authority
Business

Nigerians To Experience Price Hike As NPA Increase Charges by 15%

by Nelson Ugwuagbo February 7, 2025
written by Nelson Ugwuagbo

The Nigerian Ports Authority (NPA) has announced a 15% increase in port charges, marking the first tariff adjustment since 1993. The agency attributed the review to the need for improved infrastructure and global competitiveness.

NPA Managing Director, Dr. Abubakar Dantsoho, disclosed this during a maritime stakeholders’ meeting in Lagos on Thursday. Represented by the Executive Director of Marine and Operations, Olalekan Badmus, he explained that although the Federal Government had already approved the adjustment, the NPA sought to engage stakeholders before implementation.

“The 15% upward review, which applies across all NPA rates and dues, is necessary to address the challenge of aging and weak port infrastructure,” Badmus stated.

While some stakeholders raised concerns over the increase, they acknowledged that inflation—currently around 35%—had significantly eroded the value of NPA’s tariff structure over the past three decades.

Maritime expert Joshua Asanga noted that port management costs, including wages and fuel, had risen without a corresponding adjustment in charges. He emphasized the need for improved port infrastructure, a stronger Information and Communication Technology (ICT) system, and enhanced operational platforms such as tugboats.

Similarly, another stakeholder, Demian Ukagu, urged the NPA to allocate more funds to outer port facilities and jetties, including the Kirikiri Lighter Terminal, to boost efficiency and trade sustainability.

The new tariff is expected to enhance port operations while ensuring a minimum return on investment.

February 7, 2025 0 comments
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Bolt
Business

Bolt Faces Backlash Over Alleged 50% Fare Cut in Lagos, Drivers Threaten Protests

by Nelson Ugwuagbo February 7, 2025
written by Nelson Ugwuagbo

The Lagos ride-hailing sector is facing renewed scrutiny following claims by the Amalgamated Union of App-Based Transporters of Nigeria (AUATON) that Bolt has implemented a 50% fare reduction, significantly affecting drivers’ earnings.

AUATON’s Lagos State Public Relations Officer, Steven Iwindoye, warned that a mass protest could be imminent if the alleged fare adjustment is not reversed.

However, in exclusive interviews with Nairametrics, some Bolt drivers refuted the claim. Drivers Christian and Evans Nwokoro stated they had not transported any passengers who received a 50% discount, adding that Bolt’s discounts are part of a targeted loyalty program rather than a uniform fare reduction.

With rising fuel prices and increasing operational costs, fare adjustments remain a contentious issue for ride-hailing drivers in Nigeria. The latest dispute highlights ongoing concerns over pricing transparency, fair compensation, and the balance between customer incentives and driver earnings.

While fare disputes are common in the industry, the drivers maintained that Bolt’s pricing model does not impose a blanket fare slash but instead applies structured incentives based on customer history.

February 7, 2025 0 comments
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Business

Dangote Refinery Exports Jet Fuel to Saudi Aramco

by Folarin Kehinde February 6, 2025
written by Folarin Kehinde

Dangote Petroleum Refinery has exported two cargoes of jet fuel to Saudi Aramco, marking a significant milestone for the $20 billion facility. The achievement highlights the refinery’s global competitiveness and commitment to high standards.

Aliko Dangote, President of Dangote Group, disclosed this on Tuesday during a visit by the Nigerian Economic Summit Group (NESG) to the refinery and Dangote Fertiliser Limited in Ibeju-Lekki, Lagos. He said the refinery’s advanced technology made it possible to supply products to global players like Saudi Aramco. Since commencing operations in 2024, the refinery has ramped up production to 550,000 barrels per day.

NESG Chairman, Niyi Yusuf, commended Dangote for his investment, describing it as the kind of bold initiative needed to drive Nigeria’s economy toward the $1 trillion mark. He stressed that Nigeria must prioritize domestic production over imports, citing global examples where governments actively protect their industries.

Dangote, in response, emphasized the critical role of private sector investments in national development. He noted that major economies, including the U.S. and China, safeguard their industries, and Nigeria should do the same. He cited the Benin Republic’s cement import restrictions as a model for supporting local businesses.

He also highlighted the challenges of industrial investment in Nigeria, particularly the burden of providing infrastructure such as power, roads, and ports, which should be government responsibilities. He added that 52 percent of every naira generated by Dangote Cement goes to government revenue, reinforcing the economic benefits of a thriving private sector.

With its growing production capacity and expanding exports, the Dangote Refinery is positioning Nigeria as a major player in the global energy market.

February 6, 2025 0 comments
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Business

BREAKING: E-payment transactions hit N1.07 quadrillion in 2024

by Folarin Kehinde January 29, 2025
written by Folarin Kehinde

Electronic payment transactions in Nigeria rose to N1.07 quadrillion in 2024, reaching an all-time high and the first time to hit the quadrillion mark.

According to the data released by the Nigeria Inter-Bank Settlement System (NIBSS), the value recorded on the NIBSS Instant Payment (NIP) represents a 79.6% increase over the N600 trillion recorded in 2023.

While the e-payment data shows a steady increase throughout the 12 months of the year, the highest value was recorded in December.

Being a festive period with lots of spending activities, Nigerians spent a total of N115.1 trillion over electronic channels in December 2024.

This came as the all-time high monthly record on the NIBSS electronic payment platform.

Meanwhile, the volume of transactions processed by NIBSS for the year also jumped from 9.7 billion in 2023 to 11.2 billion in 2024.

This represents a 15.5% increase in the volume of electronic transactions year on year.

Industry analysts believe that the surge in e-payment transactions can be linked to the recent cash crunch experience and the cashless policy of the Central Bank of Nigeria (CBN) limiting the amount of cash that can be withdrawn daily.

According to the revised cashless policy, which came into effect on January 9, 2023, cash withdrawal by an individual is limited to N500,000 a week, while corporate organizations have N5 million withdrawal limit in a week.

A Lagos-based financial analyst, Mr. Adewale Adeoye, said the non-availability of cash in banks like it used to be has been pushing more Nigerians to embrace cashless payment.

According to him, those who need cash by all means now resort to PoS operators, through which they either use their cards or transfer into accounts to receive cash.

“It is expected that electronic transactions will continue to go up since banks are not willing to release cash like before. Aside from the CBN withdrawal limit, if you enter a bank today to withdraw cash, they may tell you that you can’t collect more than N5,000 over the counter.

“So, you are forced to use ATMs, which in most cases are also short of cash. If all that fails, you start looking for PoS operators or you resort to doing mobile transfers,” he said.

January 29, 2025 0 comments
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Business

FG approves 50% Tarrif increase request by network operators

by Folarin Kehinde January 20, 2025
written by Folarin Kehinde

The Nigerian Communications Commission (NCC), pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges by telecommunications operators, will be granting approval for tariff adjustment requests by Network Operators in response to prevailing market conditions.

The adjustment, capped at a maximum of 50 per cent of current tariffs, though lower than the over 100 per cent requested by some network operators, was arrived at taking into account ongoing industry reforms that will positively influence sustainability.

These adjustments will remain within the tariff bands stipulated in the 2013 NCC Cost Study, and requests will be reviewed on a case-by-case basis as is the Commission’s standard practice for tariff reviews. It will be implemented in strict adherence to the recently issued NCC Guidance on Tariff Simplification, 2024.

Tariff rates have remained static since 2013, despite the increasing costs of operation faced by telecom operators. The approved adjustment is aimed at addressing the significant gap between operational costs and current tariffs while ensuring that the delivery of services to consumers is not compromised.

These adjustments will support the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity, including better network quality, enhanced customer service, and greater coverage.

Recognising the concerns of the public, this decision was made after extensive consultations with key stakeholders across the public and private sectors.

The NCC has prioritised striking a balance between protecting telecom consumers and ensuring the sustainability of the industry, including the thousands of indigenous vendors and suppliers who form a critical part of the telecommunications ecosystem.

The NCC recognises the financial pressures faced by Nigerian households and businesses and remains deeply empathetic to the impact of tariff adjustments. To this end, the Commission has mandated that operators implement these adjustments transparently and in a manner that is fair to consumers. Operators are also required to educate and inform the public about the new rates while demonstrating measurable improvements in service delivery.

Additionally, the NCC reaffirms its dedication to fostering a resilient, innovative, and inclusive telecommunications sector. Beyond protecting consumers, the Commission’s actions are designed to ensure the long-term sustainability of the industry, support indigenous vendors and suppliers, and promote the overall growth of Nigeria’s digital economy.

As a regulator, the NCC will continue to engage with stakeholders to create a telecommunications environment that works for everyone—one that protects consumers, supports operators, and sustains the ecosystem that drives connectivity across the nation.

January 20, 2025 0 comments
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Business

BREAKING: CBN Fines Nine Banks N1.3bn for Not Stocking ATMs

by Folarin Kehinde January 15, 2025
written by Folarin Kehinde

The Central Bank of Nigeria (CBN) has sanctioned nine deposit money banks (DMBs) for failing to ensure cash availability via automated teller machines (ATMs) during the festive season.

The banks have been fined a total of N1.35 billion for their non-compliance. Each of the banks received a fine of N150 million.

The affected banks are Fidelity Bank, First Bank, Keystone Bank, Union Bank, and Globus Bank. Others include Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.

A press release issued on Tuesday by Mrs Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, said, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.

“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand.

“The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.”

January 15, 2025 0 comments
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Business

Pump price hike looms as petrol depots increase prices

by Folarin Kehinde January 14, 2025
written by Folarin Kehinde

There are indications of an imminent hike in the price of petrol as the loading costs of petrol and diesel at depots increased across Nigeria on Monday.

On Sunday, Brent crude oil, the international benchmark, increased to $79.76 per barrel.

Prominent depots, including Swift, Wosbab, Sahara, and Shellplux, also adjusted their petrol prices to between N950 and N960 per litre, compared to last week’s range of N907 to N912 per litre

Similarly, diesel prices witnessed a steep rise, with depots such as Matrix Warri and Nipco increasing rates by N72 to N100 per litre.

Stockgap depot increased its loading depot price from N1,080 to N1,150, while Ibeto approved an increase from N1,050 to N1,150 per litre.

According to data from the Major Energies Marketers Association of Nigeria on December 19, 2024, the landing cost of petrol stood at N887.51 per litre; however, the rise in the price of crude oil means the landing cost may go up in the coming days.

In the past weeks, the price of petrol has recorded a reduction.

Last year, Dangote Refinery and Nigerian National Petroleum Company Limited (NNPCL) announced an ex-depot petrol price reduction.

This led to the retail product dropping to between N935 and N965 per litre from N1040 per litre.

Consequently, Nigerians currently buy petrol between N935 and N1,100 per litre nationwide.

A rise in petrol prices is likely to impact directly in the prices of goods and services that are already on the high side.

January 14, 2025 0 comments
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Business

Warri Refinery: Oil marketers to start lifting petrol in February

by Folarin Kehinde January 6, 2025
written by Folarin Kehinde

Oil marketers target to start lifting Premium Motor Spirit from the 125,000 barrels per day Warri Refinery by February 2025.

This comes as the Independent Petroleum Marketers Association of Nigeria confirmed that its members have started lifting automotive gas oil (diesel) and kerosene.

Chairman, Delta State chapter of the Independent Petroleum Marketers Association of Nigeria, Harry Okenini, disclosed this in his remarks on the functionality of the refinery at the weekend.

According to him, the refinery is partly operational.

“For now, only the automotive gas oil, popularly called diesel, and dual-purpose kerosene are being produced and loaded out for consumption.

“Hopefully, by February, we are expecting cooking gas, PMS, and other products to come out.

As of now, the retail unit is only loading AGO and DPK,” he added.

Similarly, the National Chairman of the Surface Tank and Kerosene Peddlers, a branch of the National Union of Petroleum and Natural Gas Workers, NUPENG, Israel Omokere, stated that the refinery was in operation.

“Hopefully the PMS will come on board. We are loading kerosene and AGO for now.”

LEADING REPORTERS reports that the development is coming a month after the rehabilitation of the Port Harcourt refinery situated in Rivers State.

Addressing the team during the tour of the facility began on Monday, Kyari said, “This plant is running. Although it is not 100 per cent complete, we are still in the process.

“Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”
SGF Complex, Sheu Shagari House Beside National Assembly

January 6, 2025 0 comments
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