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Business
EFCC probed Union Bank’s acquisition by Titan Bank in 2022
Crack detectives from the Economic and Financial Commission (EFCC) spent time in 2022 investigating the purchase of Union Bank by Titan Bank, BusinessDay can now disclose. The report of that investigation was never…
Titan Trust Bank clarifies issues on Union Bank acquisition
The Management of Titan Trust Bank Limited has reacted to reports that it said tried to mislead the public about the true position on the acquisition of Union Bank Limited. This was contained in a statement signed by the…
Tinubu’s CBN investigator recommends immediate withdrawal of new naira notes from circulation
Jim Obazee, President Bola Tinubu’s special ant-corruption chief, has recommended the immediate withdrawal of new naira notes introduced in 2022, saying the national…
SEC to lead crypto regulation as CBN lifts restrictions
The Central Bank of Nigeria (CBN) has lifted restrictions on virtual assets service providers (VASP), enabling them to operate accounts with banks and other financial organisations. The CBN, however, said the banks…
Emefiele: CBN investigator says FG should seize Union Bank, Keystone, Titan Trust Bank
Former Central Bank Governor Godwin Emefiele has been linked by the bank’s special investigator to the mysterious acquisition of both Union Bank and Keystone Bank which have now been recommended by nationalisation by the…
FIRS Begins Digital Capturing Of Market Traders To Widen VAT Collection
The Federal Inland Revenue Service (FIRS) on Thursday commenced the implementation of the Integrated Market Revenue Management System (IMRMS), a purpose-built digital platform, to capture the informal sector,…
Banks colluding with PoS operators to disrupt naira – CBN
The Central Bank of Nigeria has cautioned PoS operators over cash availability. This was made known in a statement signed by the Acting Director of Communication and Public Relations, Sidi Ali, on Thursday. The CBN…
Angola to quit OPEC over oil production quotas disagreement
Angola said on Thursday it would leave OPEC over a disagreement on production quotas following the oil cartel’s decision last month to further slash output…
Keep external reserves in Chinese yuan – Reps advise CBN
The House of Representatives has called for the adoption of the Chinese Yuan as an official foreign exchange reserve currency with other internationally recognised currencies to protect the naira from further…
Automotive Council urge FG to ban importation of year 2000 to 2007 model cars
The Director-General of the National Automotive Design and Development Council (NADDC), Joseph Osanipin, has proposed a ban on importing used from the years 2000 to 2007 into the country. Osanipin made this…
Dangote’s $20B refinery to propel him into Top 50 global billionaires by 2025
Aliko Dangote, Africa’s wealthiest individual with a net worth of $16.2 billion (Bloomberg index), could join the world’s top 100 billionaires list by 2024 and top 50 by 2025, propelled by his groundbreaking $20…
Aviation experts accuse private jet operators of engaging in commercial operations
Experts in the Nigerian aviation industry have accused private jet operators of converting their private jet to chartered services, thereby violating Section 18.2.4.3 of the Nigerian Civil Aviation Regulations (Nig.CARs)…
InfraCredit admits AIICO Insurance as its second domestic institutional investor
InfraCredit has announced the equity investment by AIICO Insurance Plc (AIICO) representing five percent of total share capital of InfraCredit and joining Leadway Assurance Plc as the second private domestic…
Lekki port opts for road haulage over high barging cost
In this report, ANOZIE EGOLE looks at how the ongoing road rehabilitation on the Leki port axis has changed the mode of cargo evacuation from the port When the $1.5bn Lekki Deep Seaport commenced full commercial…
Phantom airline and false PhD: Who is Dozy Mmobuosi?
Dozy Mmobuosi, the visionary founder of Tingo Group, a rapidly expanding conglomerate encompassing various industries such as technology, agriculture, e-commerce, and aviation, finds himself mired in controversy…
UK charges ex-First Bank director Adetunji Fadahunsi-Jones with bribery
A former Director of Corporate Banking at First Bank of Nigeria (UK) has been charged with a bribery offence following a National Crime Agency investigation. Adetunji Fadahunsi-Jones, aged 45, of Hertfordshire, led the…
Netherlands overtakes India as Nigeria’s biggest oil buyer
The Netherlands has overtaken India as the biggest buyer of Nigerian crude oil, marking a change in the dynamics of the West African nation’s energy exports. Data from the National Bureau of Statistics showed…
Nigerian billionaire Abdul Samad Rabiu’s BUA Group expands energy portfolio with LNG project
BUA Group, Africa’s fastest-growing industrial and manufacturing conglomerate led by Nigerian billionaire Abdul Samad Rabiu, has entered…
How Tingo slipped through regulatory gaps to defraud investors
On Monday, the US Securities and Exchange Commission (SEC) filed charges against Dozy Mmobuosi and three companies he leads as CEO, accusing them of inflating their financial performance to defraud investors. The charges…
Delta, NNPCL, UTM Offshore sign agreement to develop floating LNG
Delta State Government, Nigerian National Petroleum Company Limited and the UTM Offshore Ltd, Tuesday, signed a Shareholders Agreement for the development of first Floating Liquefied Natural Gas, FLNG in Nigeria.…
Google to pay $700m to US consumers, states in antitrust settlement
Google parent Alphabet has agreed to pay $700 million as part of an antitrust settlement made public on Monday, with the funds going to US customers of its Android app store and state governments. This development was…
How Funke Akindele won box office amid economic hardship
Funke Akindele’s new film, ‘A Tribe Called Judah’, has emerged as the Nollywood movie with the biggest weekend opening ever, raking over N122 million at the box office so far amid economic challenges. ‘A Tribe…
Nigeria remittance inflow tops sub-Saharan Africa by $20.52bn
According to the latest Migration and Development Brief released by the World Bank, Nigeria accounted for a significant portion of remittance flows to the Sub-Saharan Africa (SSA) region in 2023. Out of the $54…
Stock investors reap N11.6trn on Tinubu’s reforms
As 2023 draws to a close, stock investors are among the biggest gainers from the reforms implemented by the President Bola Tinubu administration with the market value rising by over N11.6 trillion. The Nigerian…