Electricity Act will transform power sector
Minister of Power, Adebayo Adelabu, yesterday reiterated that the recently signed Nigerian Electricity Act, 2023, will play a fundamental role in transforming the power sector. He said it will unlock the potential of the energy mix and promote the integration of renewable energy technologies into the grid system. He spoke at the ongoing Nigeria Energy conference […]
Hardship: Contributors withdraw N7.6bn from pension savings
As economic hardship persists, a total of N7.6 billion was withdrawn by disengaged workers from their pension savings in their Retirement Savings Accounts, RSAs, in the second quarter of 2023, Q2’23. The withdrawals represent 25 per cent of their pension contribution. The hard-hit ex-workers had withdrawn N12.7 billion in the first quarter of 2023, Q1’23. According […]
CBN to stop manual application for MfB’s licence
The Central Bank of Nigeria has introduced a new online platform for the submission of microfinance bank licence applications. According to a statement on Wednesday by the bank’s Director, Corporate Communications, Isa AbdulMumin, the platform is known as the CBN Licensing, Approval and other Requests Portal or CBN LARP. The statement added, “The new online […]
Pressure on petrol, diesel prices as crude hits $97.17
There are indications that pressures are mounting on the pump price of petrol as the landing cost has risen by 19.3 per cent to N596.93 per litre as of yesterday, from about N500 per litre in July 2023, when the last pump price adjustment was effected across all retail outlets in Nigeria. Petroleum marketers attributed […]