Business

Shareholders of GlaxoSmithKline Consumer Nigeria Plc have approved the payment of N17.42 for every share held by its shareholders as part of the Scheme of Arrangement for the dissolution of the company.   The shareholders…

The Central Bank of Nigeria, CBN, today alerted banks and Nigerians to beware of counterfeit bank notes, especially higher denominations now spent in food markets and other commercial hubs in the country. According to…

Petrol truck cost has risen from N7 million in May to N25 million right now. This is according to Akin Akinrinade, the Chairman of the Independent Petroleum Marketers Association of Nigeria in the Satellite Depot branch.   Punch …

The Central Bank of Nigeria (CBN) has extended the timeline for the issuance of letters of credit from 24 hours to five working days as the country continues to struggle with foreign exchange scarcity.  In the…

Nigeria’s economy recorded a higher net foreign exchange (FX) inflow in August 2023, but the decline in foreign currency reserves and naira pressure remain. Data from the Central Bank of Nigeria (CBN) showed that…

Nigerian billionaire businessman and philanthropist Femi Otedola has solidified his position as a major force in the African business scene and the Nigerian…

• Banks peg withdrawal limit at N50, 000 per transaction • POS operators limit withdrawal to N10, 000 per card, hike charges by 100% • Operators charge…

The $20-billion Dangote Oil Refinery owned by Africa’s richest person — Aliko Dangote — is poised to commence production after years of delays as the first crude shipment…

An executive director of Zenith Bank Plc, Dr Temitope Fasoranti, has acquired over 1.7 million units of the lender’s shares. This was revealed in a corporate notice signed by the Company Secretary/General Counsel, Zenith…

• N2m increase on 40ft container, N350,000 rise on vehicle clearance • Importers to divert cargoes to other…

Against the backdrop of more exits from ground operations in Nigeria by more multinational companies, Nigeria’s economy is expected to lose $335 million (about N310bn) in Foreign Direct Investments, FDI. The amount…

Air travellers to some of the selected routes in the country are groaning over the skyrocketing airfares among the indigenous airline operators. Checks by Nairametrics revealed that airfares in some of the…

The Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$. This is coming barely three weeks after the rate was increased from N757/$ to N783/$. The…

Fox Petroleum Group Board of Directors has reached an agreement to offer a credit facility of $2.5 Billion per year over a consecutive 3-year period to enable Nigerian National Petroleum Company Limited, NNPC…

The recent announcement by Procter and Gamble regarding plans to cease operations in Nigeria echoes a Déjà vu moment for consumers, raising fears of significant job losses and escalating prices of essential items…

According to a circular from the Nigeria Interbank Settlement System Plc (NIBSS), banks in Nigeria have been directed to take down every non-deposit taking financial institution from their NIP fund transfer…

Between 2022/2023 137 new billionaires have emerged across the world and a new study has shown that most of these individuals about 38.6% owe their wealth to family inheritance. The UBS Billionaire Ambitions…

TikTok owner, ByteDance is tapping a cash pile of more than $50 billion accumulated from its popular short-video apps to buy back up to $5 billion worth of shares from investors. The owner of the viral apps TikTok and…

Consumer goods giant Procter & Gamble has stated it plans to dissolve on-ground operations in Nigeria and turn its country into an import market.   The Chief Financial Officer of the group Andre Schulten stated this…

Nigeria’s foreign exchange reserves have fallen by $1.6bn to $32.97bn since the Central Bank of Nigeria tried to unify the…

Nigeria spent around N970.22 billion on wheat imports in the last 12 months according to data obtained from the National Bureau of Statistics (NBS) foreign trade report of the last four quarters.   Although the figure…

Bolt, a ride-hailing company, has disclosed that it has suspended more than 5,000 drivers in the last six months due to non-compliance and safety-related issues. The Country Manager of Bolt, Yahaya Mohammed,…

A start-up fintech firm, Pivo, has announced that it is shutting down a year after raising more than $2 million in seed round. The firm founded by Nkiru Amadi-Emina (CEO) and Ijeoma Akwiwu (COO) in July 2021 is known for…

Point of Sale (PoS) operators have returned to buying cash from traders and petrol station attendants as banks suffer from a shortage of naira cash. A PoS operator in Ajah, Lagos, told BusinessDay that “there is no cash…