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NCC direct banks to stop deducting USSD charges from customers’ accounts
Abuja, June 3, 2025 – The Nigerian Communications Commission (NCC) has directed banks to stop deducting USSD charges from customers’ accounts. The NCC said, rather these charges should be deducted directly from customer’s mobile airtime balance in accordance with its End-User Billing (EUB) model. Some of the affected banks have sent out notices to their customers informing them of the new development. One of this notice reads: “In line with the directive of the Nigerian Communications Commission (NCC), please be informed that effective June 3, 2025, charges for USSD banking …
NDIC seeks stakeholders’ inputs into new core principles for deposit insurance
Abuja, June 3, 2025 – The Nigeria Deposit Insurance Corporation (NDIC) has called for stakeholders’ inputs in the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System. It made the call on Tuesday in a statement issued by Hawwau Gambo, its head of Corporate and Public Affairs Department. The NDIC described the revision, launched by IADI in May 2025, as a significant step in enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape. …
Union Bank, PAPSS simplify cross-border transactions
Lagos, June 3, 2025 – Union Bank of Nigeria is partnering with the Pan-African Payment and Settlement System (PAPSS) network, a Financial Market Infrastructure that provides hassle-free and convenient cross-border money transfers to some selected African countries, to deliver simpler and smarter banking solutions to its customers. The bank said this revolutionary payment solution for implementing the African Continental Free Trade Agreement (AfCFTA) is designed to transform how payments are made across Africa. With PAPSS, customers can send money instantly to Ghana, Kenya, Rwanda, Liberia, Sierra Leone, Gambia, Malawi, Zambia, …
Oil edges up as geopolitical concerns, weaker dollar support
London, June 3, 2025 – Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than …
Local firms drive new growth phase in Nigeria’s oil sector
Lagos, June 3, 2025 – Nigeria is witnessing a significant shift in its oil and gas landscape as local companies expand their roles, driving a new phase of potential sectoral growth and innovation. Leading the charge are companies which bought onshore and shallow water assets from oil majors planning billions of dollars of investments to develop abandoned fields. Smaller producers are also pulling their weight, for example Nigeria’s first locally developed and operated onshore crude terminal, Otakikpo, began loading operations on Monday. Built by Green Energy Limited and located in …
ECOWAS @50 with leadership crises in member states
Paul Ejime Abuja, June 3, 2025 – The Economic Community of West African States (ECOWAS) marked the fiftieth anniversary of its establishment last month. Amidst the celebratory activities, like ‘a thief in the night’ (not related to the Bible or the popular song), Togolese leader Faure Gnassingbé, on Saturday, May 3, 2025, completed a controversial constitutional reform which opponents and analysts see as the fulfilment of his life ambition for perpetuating himself in power and prolonging the Gnassingbé Eyadema dynasty. Faure will be 59 years old on June 6, 2025. He first seized power with the support of …
China ‘firmly rejects’ US claim that it violated tariff deal
Beijing, June 3, 2025 – China said Monday it “firmly rejects” US claims that it had violated a sweeping tariffs deal, as tensions between the two economic superpowers showed signs of ratcheting back up. Beijing and Washington last month agreed to slash staggeringly high tariffs on each other for 90 days after talks between top officials in Geneva. But top Washington officials last week accused China of violating the deal, with Commerce Secretary Howard Lutnick saying Beijing was “slow-rolling” the agreement in comments to “Fox News Sunday”. China hit back …
Asian markets rise as traders eye possible Trump-Xi talks
Beijing, June 3, 2025 – Asian stocks rallied Tuesday as investors kept tabs on developments in the China-US trade war amid speculation the countries’ leaders will hold talks soon. After a period of relative calm on the tariff front, Donald Trump at the weekend accused Beijing of violating last month’s deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium. The moves jolted Asian markets on Monday, but hopes that the US president will speak with Chinese counterpart Xi Jinping — possibly this week — …
Nigeria committed to reviving cocoa sector – Vice President
Abuja, June 3, 2025 – The federal government is committed to reviving the cocoa sector and move Nigeria to cocoa processor country from ordinary producer. Vice President Kashim Shettima said this on Monday while receiving a delegation from the World Cocoa Foundation (WCF) led by its President, Mr. Chris Vincent. He said government was doing all it could to move Nigeria from a mere cocoa producer to a processor by promoting sustainable cocoa farming and forest preservation. Shettima said the Federal Executive Council (FEC) recently approved the establishment of National …
Nigeria seeks investors to finance $25bn undersea gas pipeline to Europe
Abuja, June 3, 2025 – Nigeria is seeking for investors to fund a $25 billion undersea gas pipeline project to supply gas to Europe. Vice President Kashim Shettima said this on Monday during a meeting with Vitol Group, an independent commodity trader. Shettima appealed to global investors to take advantage of opportunities in Nigeria, stressing that “this is where the action is, invest in Nigeria.” He described Nigeria’s gas sector as a beacon of stability and transparency amid global uncertainty. “The world is changing, and ours is actually a gas …