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How Nigerian businessman Mmobuosi lied about his credentials, ran fraudulent company – Report
Hindenburg Research, a U.S. investment research firm focused on activist short-selling, has accused , a fintech company, of being an “exceptionally obvious scam with completely fabricated financials”. Tingo Group…
Explainer: Why microfinance banks are endangered species
The Central Bank of Nigeria (CBN) recently revoked the operating licences of 132 Microfinance Banks (MFBs), three finance companies and four Primary Mortgage Banks (PMBs). In September 2010, the CBN revoked the operating…
Companies mull hybrid work on petrol price hike
Akpan Richard, a 33-year-old employee of a public relations company, woke up on Thursday, 1 June, unwilling to go to work. The recent hike in the price of petrol as a result of subsidy removal by the Nigerian…
Foreign trade declines by N2.6tn over FX shortage – NBS
The total value of foreign trade has declined by N2.55tn as Nigeria recorded lower exports within a year, according…
Deconstructing the Transcorp equity deal of Otedola, Elumelu
In the late 1990s, a former Head of State, probably woke up from the wrong side of his bed and decided to purchase above five percent stake in a quoted oil company on The Nigerian Stock Exchange (now NGX). The then…
Two Indian Brothers wanted at home Are living big in Nigeria
At a ceremony in November, the Nigerian government celebrated the discovery of as many as 1 billion barrels of oil in the country’s arid northeast, almost 1,000 kilometers (621 miles) away from the crude-rich Niger Delta.…
Amidst Subsidy Removal, Jet Fuel, Cooking Gas Prices Crash
The price of aviation fuel known as Jet A1 has been on a downward slide as soon as the fuel subsidy was removed which jacked up the price of premium motor spirit (pms) otherwise known as Petroleum, findings by our…
SIX YEARS ON: DANGOTE STILL “MOST ADMIRED BRAND” IN AFRICA
…2nd in Sustainability brand in Africa among top 100 brands For the sixth consecutive year, the Dangote brand has been…
Explainer: Who collected over N11 trillion Buhari spent on petrol subsidy?
The Nigerian Labour Congress and the Trade Union Congress, are calling on members to embark on a nationwide strike on Wednesday to, among other things, force the government to rescind the decision to remove fuel…
NNPC to end oil swap contracts, embrace cash payments for petrol imports
The Nigerian National Petroleum Company Limited (NNPC) is winding down crude oil swap contracts with traders and will pay cash for petrol imports as private companies could begin importing petrol as soon as this…
Wema Bank appoints new Chairman
The Board of Directors of Wema Bank has appointed Dr. (Mrs.) Oluwayemisi Olorunshola as its new Board Chairman, while assuring of improved…
Tell The Truth, Naira Has Been Devalued – Importers tell CBN
Importers have condemned the Central Bank of Nigeria (CBN)’s over its denial that the Naira has been devalued. In an interview with BusinessDay, an importer, who craved anonymity, asked the CBN to be truthful.…
Why President Tinubu’s plan to unify the naira will be a long, arduous process
Contrary to the concerns of some business people that there may be immediate action on unifying Nigeria’s exchange rate following President Bola Tinubu’s inauguration address, some economic experts told Nairametrics…
Subsidy removal spoils West Africa’s stolen petrol market
A comparative analysis of the newly reviewed petrol prices in Nigeria after subsidy is removed with those of its West African…
Naira falls after CBN denies devaluation
Naira on Thursday depreciated by 1.32 percent at the parallel market after the Central Bank of Nigeria (CBN) denied a report on currency devaluation. Africa’s largest economy’s currency recorded N8 gain in the morning on…
Devaluation: ‘We Stand By Our Story’ – Daily Trust Replies CBN
Nigeria’s leading newspaper, Daily Trust, has replied the Central Bank of Nigeria (CBN) over the cover page story of Thursday, June 1, 2023. The newspaper had reported how the apex bank devalued the Naira to N631…
JUST IN: Elon Musk Regains Spot as World’s Richest Man [LIST]
Elon Musk has reclaimed his position as the world’s richest person, surpassing French business magnate Bernard Arnault. POLITICS NIGERIA reports…
Tokunbo vehicles’ prices jump by 100% over duty hike
The prices of imported used cars have spiked by 100 per cent in the last year, on the back of a tariff hike by the Nigeria Customs Service in 2022, findings by the PUNCH have shown. that When our correspondent…
First Bank in legal battle over missing N448 million jewellery stored in their vaults
Justina Eze, a former ambassador to Guinea Bissau and Cape Verde, has sued First Bank over the bank’s inability to account for the whereabouts of her safe deposit box containing exotic jewellery worth hundreds…
Airlines admit CBN defrayed nearly $700 million foreign carriers’ funds
Some top officials of foreign airlines operating to Nigeria have disclosed that the Central Bank of Nigeria (CBN) has defrayed…
CBN Devalues Naira To 630/$1
The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the…
Uber’s vehicle-financing partner is impounding drivers’ cars in Nigeria
Uber driver Adams Ikemu Adakole diligently paid the daily installments on his car loan from Nigerian vehicle-financing firm Moove for three months. But in February 2023, his work came to a standstill due to fuel…
UBA strengthens alumni network
United Bank for Africa Plc has revamped the UBA Alumni Network Programme, aimed at fostering stronger connections and providing exclusive benefits to its esteemed former employees. According to the statement…
Nvidia Set To Become First US Chipmaker Valued At Over $1 Trillion
Nvidia Corp (NVDA.O) is close to breaching $1 trillion in market capitalization, making it the first U.S. chipmaker to join the trillion-dollar club. The gaming and AI chip company, whose shares rose 3.8% in…