WAFFI TV | Business

Naira Rises To N1,600/$ In Parallel Market

The naira appreciated to N1,600 per dollar in the parallel market yesterday, up from N1,610 per dollar last weekend. Similarly, it strengthened slightly in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar. According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved to N1,605 per dollar from N1,606 per dollar last Friday, reflecting a N1 gain. As a result, the gap between the parallel market and NFEM rates widened to N5 per dollar, compared to N4 per dollar the previous weekend.

5/6/2025, 7:54:18 AM

Cabals Still Fighting Our Refinery~ Dangote

Africa’s richest man and President of Dangote Refinery, Aliko Dangote, has maintained that a ‘cabal’ within Nigeria’s oil and gas sector continues to oppose the success of his 650,000-barrel-per-day refinery. According to global news outlet Semafor, Dangote made this revelation during an investor forum held in Lagos over the weekend. He said, “For a very, very long time, those that have made a lot of money from government-subsidised oil imports into Nigeria were the ones trying to sabotage the $20 billion worth of refinery situated in Lekki, Lagos.” He further stressed that “those groups have funded resistance to the Bola Tinubu government’s removal of petrol subsidies and are opposed to the refinery operating easily in the country.” However, Dangote was confident that the battle between him and the groups would be won, priding himself on being a long-time fighter. “We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 percent sure I will win at the end of the day,” he was quoted. Dangote Refinery began selling petrol in September 2024, resulting in a notable decline in fuel imports into Nigeria. Earlier, in May 2023, President Bola Ahmed Tinubu announced the removal of the fuel subsidy during his inauguration speech.

5/5/2025, 7:49:58 AM

Naira Falls By 0.34% Against Dollar At Official Market

The Naira weakened on Friday in the official market, closing at N1,602.18 per dollar. According to data from the Central Bank of Nigeria (CBN), the currency declined by N5.49, marking a 0.34% drop from the N1,596.69 rate recorded on Wednesday, April 30, prior to the Workers’ Day holiday on May 1. The Naira had shown relative stability earlier in the week, trading at N1,599.95, N1,599.71, and N1,596.69 from Monday to Wednesday, respectively. Despite this earlier steadiness, the local currency ended the week in the red, having also started the trading week with a slight 0.02% decline.

5/3/2025, 8:26:05 AM

EFCC Traces CBEX Funds To 4 Countries, Says Full Recovery Impossible

The Economic and Financial Crimes Commission (EFCC) has traced funds connected to the failed Crypto Bridge Exchange (CBEX) scheme to at least four countries. Speaking during a Channels Television programme on Wednesday night, EFCC Chairman Ola Olukoyede revealed that while efforts are ongoing to recover the stolen funds, full compensation for victims may not be achievable. Olukoyede noted that multiple accounts have been blocked and funds frozen, though the specific amounts remain undisclosed. He added that most of the transactions were carried out using cryptocurrency and routed through wallets outside Nigeria’s jurisdiction. “We have been able to block some accounts. We have been able to freeze some funds, for which I will not be able to give you a figure, but we have been able to freeze some reasonable amount of funds. “I will not sit down and tell you that we are going to restitute every victim. It will become practically impossible because quite a certain number of money has been dissipated and not within our system. “We have traced to three, four countries now. In fact, the principal parties behind the entire scheme, most of them are foreigners, they are not within our jurisdiction, and you know what that entails. “In fact, it took our proficiency to be able to even freeze some assets that we have now. So, yes, we’ve embarked on that journey. Whatever we can get back, we will get it back and let Nigerians know. But we will not be able to confirm that we will restitute every victim. That may be practically impossible.” The EFCC chairman added that the agency has arrested three suspects who are currently in custody and have made “very useful statements” to investigators. “We have made arrests. Right now, we have about three people in our custody who have made very useful statements,” Olukoyede said.

5/2/2025, 11:28:55 AM

Elon Musk, Other Billionaires Lose $300bn In Trump’s First 100 Days Forbes

A new Forbes report reveals that tech moguls and America’s richest individuals collectively lost more than $300 billion in the first 100 days of President Donald J. Trump’s second term. Elon Musk alone saw his net worth shrink by over $45 billion , the largest single loss among U.S. billionaires since January 20. The report also noted that the U.S. stock market had its worst start to a presidential term in half a century. Both the S&P 500 and Dow Jones Industrial Average dropped nearly 8%, amid escalating trade tensions fueled by President Trump’s renewed tariff policies. Tesla, led by Musk, slumped 33% as investors grew wary of supply chain issues and the CEO’s increasingly polarizing political statements. Though Musk once supported Trump’s government efficiency agenda, he has since publicly clashed with top adviser Peter Navarro on social media. Other billionaires hit hard include Jeff Bezos (down $34.8 billion), Google’s Sergey Brin and Larry Page (down $25.6 billion and $27.4 billion), and Meta’s Mark Zuckerberg (down $21.5 billion). Oracle’s Larry Ellison, an outspoken Trump ally involved in a proposed $500 billion AI initiative, saw his wealth decline by $28.2 billion. Blackstone’s Stephen Schwarzman also lost nearly $11 billion after backing Trump’s 2024 bid. However, not all tycoons were on the losing end. Warren Buffett emerged as the biggest gainer, with Berkshire Hathaway stock up 13% and his fortune rising by $19.6 billion, backed by a $334 billion cash reserve. Peter Thiel and Palantir CEO Alexander Karp also profited, thanks to substantial federal contracts. The Walton heirs — Rob, Jim, and Alice — each gained over $3 billion as Walmart benefited from inflation-driven consumer behavior. Even President Trump wasn’t spared. His net worth dropped by $1.5 billion, largely due to a 35% plunge in the stock of Trump Media & Technology Group, the parent company of Truth Social.

4/30/2025, 6:03:41 PM

NNPCL Sacks Warri, Port Harcourt, Kaduna MDs, Others

The new leadership of the Nigerian National Petroleum Company Limited (NNPCL), headed by Group Chief Executive Officer Bayo Ojulari and Executive Non-Chairman Musa Ahmadu-Kida, has reportedly dismissed the managing directors of the Warri, Port Harcourt, and Kaduna refineries. Additionally, several senior NNPCL officials, including Bala Wunti, former head of the National Petroleum Investment Management Services (a subsidiary of NNPCL), have been relieved of their duties. The shake-up also affects officials nearing retirement, as those with only a year left in service have been asked to step down. Reliable NNPCL sources confirmed the development to WAFFI TV on Tuesday night. The source said, “These people are MDs of Port Harcourt Refining Company, Kaduna Refining and Petrochemical Company, and the Warri Refining and Petrochemical Company. “So you know more on the issue, some other senior managers were asked to leave as well”, the source stated. In April 2025, President Bola Tinubu dismissed Mele Kyari and Chief Pius Akinyelure from their roles as Group Chief Executive Officer and Board Chairman of the Nigerian National Petroleum Company Limited (NNPCL), appointing Bayo Ojulari and Musa Ahmadu-Kida as their successors. The decision followed reports of poor performance at the Port Harcourt and Warri refineries despite their rehabilitation the previous year. Although the Port Harcourt refinery had been declared operational and producing petroleum products, it was running at less than 50 percent capacity. Further concerns emerged after it was revealed that the Warri Refining and Petrochemical Company had remained shut since January 25, 2025, due to safety issues with its Crude Distillation Unit Main Heater, prompting additional leadership changes.

4/30/2025, 2:02:55 PM

Naira Depreciates To N1,615/$ In Parallel Market

The naira yesterday weakened to N1,615 per dollar in the parallel market, down from N1,610 per dollar on Monday. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the naira fell to N1,602 per dollar. According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate rose to N1,602 per dollar from Monday’s N1,596, reflecting a N6 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to N13 per dollar, compared to N14 on Monday.

4/30/2025, 7:38:25 AM

No Plan To Ban Solar Panel Imports Now~ FG

The Federal Government has clarified that the proposed ban on the importation of photovoltaic solar panels will not be implemented immediately. Abba Aliyu, Managing Director/CEO of the Rural Electrification Agency, stated that there are currently no plans to restrict solar panel imports. Aliyu explained that while local production of solar panels has begun in Nigeria, current capacity remains insufficient to meet the country’s growing energy demands and goal of universal energy access. This clarification follows recent remarks by Minister of Science and Technology, Uche Nnaji, who expressed government support for domestic solar panel manufacturing and hinted at a potential restriction on imports. He noted that the National Agency for Science and Engineering Infrastructure has the capability to support local production. “With NASENI here, you know that we have panels. It has a factory that has started producing solar panels, and other private individuals are also producing solar panels as we speak. So, all we need to do is, even through science and technology, through our Presidential Executive Order No. 5, we will stop all these importations of solar panels. We will support our local industries to grow,” Nnaji said.

4/29/2025, 10:13:10 AM

Defunct Heritage Bank Depositors To Receive N46bn As NDIC Begins Dividend Payments

The Nigeria Deposit Insurance Corporation (NDIC) has begun disbursing ₦46.6 billion in liquidation dividends to depositors of the now-defunct Heritage Bank. Hawwau Gambo, Acting Head of Communication and Public Affairs at the NDIC, announced the development, explaining that the funds were generated through the sale of the bank’s assets and the recovery of outstanding debts. She clarified, "A liquidation dividend is distributed to depositors of a closed bank, beyond the insured maximum, using proceeds from asset sales and debt recoveries." Gambo added that, after all depositors are fully paid, any remaining funds may also be used to settle claims by creditors and shareholders. The first round of payments began on April 25, with depositors holding balances above ₦5 million receiving an initial payout of 9.2 kobo per naira on a pro-rata basis. Gambo emphasized, “Depositors with balances exceeding ₦5 million who did not receive their liquidation dividends should visit the nearest NDIC office.” In the wake of the Central Bank of Nigeria’s revocation of Heritage Bank’s licence on June 3, 2024, the NDIC reimbursed insured deposits up to N5 million. To facilitate the process, NDIC utilized depositors’ Bank Verification Numbers (BVN) to locate alternate accounts and automatically credit insured amounts. “Depositors without alternative bank accounts, who were not paid the insured amount, should also visit NDIC offices or download forms from www.ndic.gov.ng,” Gambo added. To receive their insured amounts and, where applicable, the first tranche of dividends, depositors must complete and submit a deposit verification form. Gambo concluded by reaffirming NDIC’s commitment to asset recovery and the reimbursement of all eligible depositors.

4/28/2025, 7:23:40 AM

Naira Appreciates To N1,600/$ In Parallel Market

The naira strengthened to N1,600 per dollar in the parallel market on Friday, up from N1,610 per dollar on Thursday. Similarly, it appreciated to N1,589 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the official exchange rate dropped to N1,589 per dollar from N1,605 per dollar on Thursday, reflecting a N6 gain. As a result, the gap between the parallel market and NFEM rates narrowed to just N1 per dollar, compared to N5 per dollar on Thursday.

4/26/2025, 7:00:13 AM

Subscribe to our newsletter

advertisement