Business

The Nigerian National Petroleum Company Limited (NNPC) paid cash amounting to $325.09 million (N140.559 billion) for the acquisition of Oando-branded retail stations…

Adidas says it plans to sell remaining stocks of Yeezy sneakers from its defunct partnership with Kanye West for at least cost price. The firm cut ties…

•Banks may sell over $5bn, says official, Cardoso faces Senate Tuesday over naira fall Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks…

Bureau De Change (BDC) operators have announced shut down of operation in Abuja as a result of unavailability of dollars. Chairman of the Association, Mallam Abdulahi Dauran, announced this in the nation’s capital, on…

FBN Holdings has appointed Femi Otedola, the billionaire businessman and investor, as the new chairman of its board of directors. FBN Holdings is the parent…

The naira, on Wednesday, crossed the N1,500 mark at the parallel section of the foreign exchange (FX) market. The value of the naira fell to N1,530 against the…

A judge in the US State of Delaware voided the $56 billion compensation package of Tesla Chief Executive, Elon Musk, on Tuesday, siding with a shareholder who claimed the entrepreneur was overpaid. The judge, in Delaware…

Amid the free fall of the Naira in the foreign exchange market, the Central Bank of Nigeria has issued fresh guidelines to commercial banks against currency speculation and hoarding. CBN disclosed this on Wednesday in the…

Foreign Airlines operating in the country have applauded the Central Bank of Nigeria (CBN) on the clearance of the backlog of part of the foreign exchange they could not repatriate to their country as part of…

UPS has announced plans to streamline its workforce by eliminating 12,000 jobs, aiming to achieve significant cost savings totaling $1 billion.   This decision comes shortly after the company reached a costly agreement…

There is a disagreement between the Central Bank of Nigeria (CBN) and foreign airlines regarding the payment of the total unpaid ticket revenue in Nigeria.…

The Naira yesterday depreciated further to N1, 482.57 per dollar in the official foreign exchange market leading to near convergence with the parallel market exchange rate which rose to N1,470 per dollar. This…

The Zimbabwean dollar, on Tuesday, weakened to over 10,160 against the US dollar in the spot market.  The depreciation is the first time since the currency was reintroduced in 2019. According to a Bloomberg report, …

…Retains African richest man status …Cement firm rules capital market …Fellow billionaire picks significant shares …His oil refinery…

The Central Bank of Nigeria (CBN) says it has concluded the payment of all verified foreign exchange (FX) claims by airlines with an additional $64.44 million to the concerned foreign aviation firms. Hakama Sidi-Ali,…

Dangote refinery is preparing to import crude from the US in the forthcoming months, signalling the increasing competitiveness of American barrels in the global market. This is according to reports from Bloomberg.  …

The naira, on Monday, closed at N1,348.63/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM), known as the official window. NAFEM recorded its highest closing rate after the naira depreciated by 51.21 percent from…

The Central Bank of Nigeria (CBN) says it has released $500 million to various sectors to address the backlog of verified foreign exchange (FX) transactions. The development comes barely a week after the bank “paid $2.0…

Access Holdings Plc, the parent body for Access Pensions Limited has announced the acquisition of majority equity stake in ARM Pensions Managers (PFA) Limited.…

Stakeholders in the transportation sector have lamented the 60% drop in car importation in the past 12 months attributing it to the worsening forex crisis in the country.…

The recent decision of the Nigerian National Petroleum Company Limited’s (NNPC) to pledge a total of 440,000 barrels of crude oil per day (bpd) to secure cash deals has raised questions about the future of Nigeria’s…

The Nigeria Federal Government has secured a $7 billion investment deal from India as part of the government’s effort to attract foreign investment into the country.  Mr. Gangadharan Balasubramanian, the Indian High…

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has responded to the claim that his committee is planning to recruit “Area Boys” to be tax collectors in the country.  …

MacKenzie Scott, the ex-wife of Amazon’s founder, Jeff Bezos, divested approximately $10 billion worth of Amazon shares last year, marking a significant financial move. Following the finalization of her divorce, Scott…