Business
Cross River Turns Back 35 US Oil Workers, Demands Thorough Screening
The Cross River State Government on Monday turned back 35 American oil workers over coronavirus screening.
The state government was said to have asked the workers to go for further screening in Lagos or Abuja before they would be allowed in.
It was gathered that they were later taken to Abuja.
A Charter flight said to be from the United States on Monday landed at the Murtala Muhammed International Airport, Lagos, with the Americans heading to Calabar, Cross River State.
An eyewitness said the Americans came into the country to work with the Nigeria National Petroleum Corporation.
According to findings, after screening by officials of the Port Health Services, the Americans were taken to Calabar onboard an Air Peace charter flight.
An industry source said the flight was part of the special flights granted permission by the Federal Government to land during the suspension of all commercial and private jets movements in the country due to the shutdown of the international airports over COVID-19.
The source said an approval was given by the Ministry of Aviation before the flight.
A circular by the Nigerian Civil Aviation Authority banning travel until further notice had exempted aircraft in state of emergency, over flights or those operations for humanitarian purposes.
Others exempted included medical and relief flights, alternate aerodrome identified in the flight plan, and technical stop where passengers do not disembark and cargo flights.
Business
Private sector gets N2.2tr credit in 30 days — CBN
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
Business
Solar Power: Host Communities Trust, Partner PIND To Light Up Ikwerre Communities
Business
NDDC Intensifies Women Empowerment Initiative Across Niger Delta
