BDCs will be getting the dollar from the CBN at the rate of N1,101/$. The CBN instructed them to sell dollars at a rate not exceeding 1.5% above the purchase price. That means BDCs are not expected to sell above N1,117/$1. Eko Hot Blog reports that bureau de change (BDC) operators have started buying foreign exchange … Read more
NNPC has refuted claims of a decrease in petrol and diesel prices at its filling stations nationwide. Chief Corporate Communications Officer, Olufemi Soneye, clarified that reports of a price crash were false. The company affirmed that there were no plans for price adjustments. Eko Hot Blog reports that The Nigerian National Petroleum Corporation (NNPC) has … Read more
President Bola Tinubu urged Nigerians to support locally made products to maintain the recent improvements in the naira’s value. The Tinubu administration implemented measures like ceasing petrol subsidies and unifying foreign exchange rates to combat currency volatility. Special Adviser Ajuri Ngelale emphasized the need for collaboration with the Central Bank and reporting of activities devaluing … Read more
Eko Hot Blog reports that a $300 million steel-manufacturing plant is set to be sited in the Lekki Free Zone, under the Lekki Free Zone Development Company (LFZDC), giving the firm a major boost in its quest to attract more investors. The Lagos State Government disclosed the development in a statement Monday evening. According to … Read more
Eko Hot Blog reports that The Nigeria Employers’ Consultative Association has cautioned that the expatriate employment levy imposed by the Ministry of Interior could discourage investments in the country. The association criticized the tax, highlighting the necessity for specific regulations to precede the implementation of such levies. Editor’s Pick Only Implementation Of Agreement’ll Stop Nationwide … Read more
Eko Hot Blog reports that the Office of the National Security Adviser (NSA), Nuhu Ribadu, has reportedly detained two senior executives, an American and a British Pakistani, at Binance. The detention comes amid the Nigerian government’s efforts to rein in speculation on the naira by cracking down on cryptocurrency exchanges. Recall that last week, the … Read more
Sanwo-Olu engaged in extensive discussion to promote bilateral relations with Georgia. Mitchell described the discussion as productive and a positive step towards deeper collaboration. Sanwo-Olu disclosed that he attended social events that would help build stronger connections between the two nations. Eko Hot Blog reports that the Lagos State Governor Babajide Sanwo-Olu presented the Prime … Read more
NCC has extended the period during which Globacom subscribers can call MTN by 21 days. This follows the commission’s initial plan to bar Glo subscribers from calling MTN lines. Reuben Mouka revealed that an agreement has been reached to resolve all outstanding issues. Eko Hot Blog reports that the Nigerian Communications Commission (NCC) has announced … Read more
The International Labour Organisation (ILO) predicts an increase in global unemployment. The ILO report highlights concerns about growing inequalities and stagnant productivity. There is a notable increase in the number of workers living in extreme and moderate poverty. Eko Hot Blog reports that the International Labour Organisation (ILO) has forecasted a potential increase in global … Read more
Cardinal Stone’s report warns that multinational FMCG companies may exit Nigeria in 2024 unless the operating environment improves. The report underscores the adverse effects of the substantial depreciation of the naira. FMCG firms are expected to reimagine operational strategies in 2024 to enhance cost efficiency. Eko Hot Blog reports that multinational corporations operating in the … Read more
Nigerian Exchange Limited faced its first market capitalization decline of the New Year. Despite the All-Share Index holding above 80,000 points, it experienced a notable 1.40% dip. Access Holdings Plc and First Bank of Nigeria Holdings, both recently surpassing the N1 trillion milestone, witnessed a downturn. Eko Hot Blog reports that the market capitalization of … Read more
CBN has appointed a new board of directors to govern Polaris, Union, and Keystone banks The former director of governors was dissolved last night Hadi Sirika says the appointment takes immediate effect Eko Hot Blog reports that barely a few hours after dissolving the board of directors of governing Polaris, Union, and Keystone banks, the … Read more
The official Investor and Exporter window witnessed the naira falling to N1089.51/$ on Tuesday, marking a significant 27.19% drop from its Monday closing rate of N856.57/$ On Tuesday, the naira experienced fluctuations, opening at N922.22/$, reaching a high of N1251/$, a low of N720/$, and finally closing at N1089.51/$. The continued decline in the naira’s … Read more
Eko Hot Blog reports that Bolatito Ajibode, the Deputy Managing Director of Lekki Free Trade Zone, an industrial hub in Lagos State, has underscored the importance of empowering the Indigenous people in the area with the skills needed to thrive. She made this known during a chat with Eko Hot Blog on the sideline of … Read more
The Lekki Free Zone Development Company (LFZDC) was established in May 2006 as a Joint Venture Partnership pursuant to the Nigeria Export Processing Zones Act. It is located in the Southeastern corner of Lagos State. It faces the Atlantic Ocean to the south, and the Lekki Lagoon to the north. It is bordered with 5 … Read more
Eko Hot Blog reports that Abike Dabiri-Erewa, the Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM) says over 2000 participants have registered to take part in the sixth Nigeria Diaspora Investment Summit (NDIS). The summit is geared towards driving diaspora direct investments to Nigeria. Addressing a news conference in Abuja on Friday ahead of the three-day summit … Read more
Eko Hot Blog reports that the first container freight train of the Lagos-Ibadan railway, on Thursday, set off from Apapa Port in Lagos State. The China Civil Engineering Construction Corporation (CCECC) announced the development on Thursday. EDITOR’S PICKS Alex Alaka Speaks On Son’s New Marriage, Shares Secrets To A Successful Marriage (Full Speech) ‘I’m Pleading … Read more
Eko Hot Blog reports that the City of Houston has designated October 25 as “Fidelity International Trade and Creative Connect (FITCC) Day”. Mayor Sylvester Turner of Houston, Texas, United States (US), officially declared the special day in a statement released from Houston, Texas, on Thursday, 26 October 2023. The proclamation reads in part, “Whereas, The … Read more
Eko Hot Blog reports that the Lagos State Government was recently at the Fidelity International Trade and Creative Connect (FITCC) Expo to make a case for investment opportunities in health and other sectors. FITCC serves as a platform for collaborations and partnerships amongst global businesses in the non-oil export sector, with the aim of building … Read more
Eko Hot Blog reports that the Lagos State Employment Trust Fund (LSETF), the United States African Development Foundation (USADF), and Oriki Global & Synergy Limited have signed an agreement that is set to transform the wellness entrepreneurship landscape in Nigeria. The trio recently signed the deal at a landmark event held at the LSETF office … Read more