Browsing Category
Business
6 Years After, Arik, AMCON Still In Dispute
It is now over six years since the airline was taken over by AMCON but they have been long, tortuous years which raised the issue of the desirability of AMCON’s intervention into the aviation industry. AMCON’s…
NCC restores regulatory services to Globacom after paying its debt
The Nigerian Communication Commission (NCC) said it has restored regulatory services to one of its licensees, Globacom Limited after it successfully cleared its outstanding debt obligations to the Commission for unpaid…
BREAKING: CBN lifts ban on 43 items, to start selling dollars “from time to time”
The Central Bank of Nigeria has lifted the ban on 43 items imposed under the Godwin Emefiele CBN era. This was disclosed in a circular by the apex bank released on October 12, 2023. According to the central bank, it…
JUST IN: Abdul Samad Rabiu’s net worth jumps to $7 bn as BUA Cement records surge in revenue
Abdul Samad Rabiu, chairman of the BUA Group, has experienced a resurgence in his wealth, reaching an impressive net worth of $7 billion. Over the past three months, Rabiu’s net worth has increased significantly,…
Daily forex turnover fail to cross $300 million since FX Unification was announced
In Nigeria, the forex turnover in the official foreign exchange market has struggled to reach the $300 million mark, a figure last seen during the initial days of forex unification. This highlights the level of…
BREAKING: Exchange rate quotes for N1040 at parallel market
The exchange rate between the naira and the dollar fell to N1,040 at the parallel market as demand continues to outpace supply on a frequent basis. Forex traders who spoke to Nairametrics indicate quotes for inflow…
Sustained demand pressure continues to weaken the currency despite CBN intervention
Based on the half-year financial markets report of the Central Bank of Nigeria, the apex bank has maintained its intervention in the foreign exchange market in an attempt to alleviate demand pressures and ensure exchange rate…
Flush with cash, banks boost lending
Deposit money banks’ lending to the private sector reached an all-time high of N54.76 trillion in August, driven partly by foreign exchange…
Dangote Cement Denies N2,500/Bag Sales Promo
The management of Dangote Cement Plc has denied reports, in some online platforms, that it has embarked on sales promotion and has further adjusted its prices. There have been reports in some online platforms and…
Naira falls further to N1,010/$
Naira on Tuesday fell to N1,010 per dollar following rising demand for the greenback on the parallel segment of the foreign exchange (FX) market, also called black…
eNaira Not a Threat To Financial Stability – CBN
The Central Bank of Nigeria (CBN) has debunked claims that its Central Bank Digital Currency (CBDC), the eNaira, is a threat to the nation’s financial…
Brewers face tough times as FX pain doubles finance costs
Nigerian brewers are facing tough times as the country’s foreign exchange crisis has doubled their finance costs. This, coupled with rising inflation and…
FCMB Premium Banking: Growing Wealth and Ensuring Financial Well-Being
First City Monument Bank (FCMB) has designed a comprehensive suite of financial solutions to assist Nigerians in their wealth-building journey. The…
‘Beyond avarice’: Meet the eight people suing Nigeria for $11.5bn
A hedge fund registered in the Cayman Islands, an Irish businessman and an English lawyer will split between themselves and their…
NNPC debunks love affair with AA Rano, MRS
The Nigerian National Petroleum Company (NNPC) Limited has debunked underhand dealings in the award of contracts to AA Rano Nigeria Limited, MRS Oil Nigeria Plc,…
Divestment: Seplat, Oando to acquire Mobil, Agip shares – NCDMB
The Nigerian Content Development and Monitoring Board has disclosed that two major divestments are currently on its…
Mavin Records eyes investment or sale, drawing interest from music industry giants
Mavin Records, the renowned Nigerian music label housing talents like Rema and Ayra Starr, is making headlines with its pursuit of investment or a potential full sale. According to sources, heavyweights like Universal…
US agency probes Elon Musk over $44bn takeover of Twitter
The United States Securities and Exchange Commission (SEC) has commenced an investigation on Elon Musk over his $44 billion takeover of social media platform Twitter, which he renamed to X. According to reports on Thursday,…
Forex crisis: FG Begins talks with World Bank, solution underway
Minister of Finance, Wale Edun, has assured Nigerians that a solution to the foreign exchange crisis in the country is underway. He made this disclosure yesterday following a meeting with World Bank officials on how…
Crude price drops to $84 per barrel
An early review of oil prices on Friday, October 6 revealed that Brent crude price was at $84.21 per barrel around 6:17 AM (GMT+1). Reuters reports that oil prices appeared poised for their most significant…
Report indicates FPIs are still not interested in Nigeria
The recent NGX report on domestic and foreign portfolio participation in the Nigerian equities market indicates that foreign portfolio investors are disinterested in the country as the equities market recorded a net…
Why NNPC’s love affair with MRS, AA Rano stirs angst
The Nigerian National Petroleum Company Limited (NNPC) has come under scrutiny for its handling of the award of contract to four…
Fintechs offer juicy rates in race for BBN winner’s N120m
Conversations on what an ideal savings rate or return on investment should be were brought to the fore on social media after Ilebaye Odimiya…
MTN SA follows Nigerian operations to acquire 900 diesel generators
MTN Group’s South African arm has announced a major investment in its network infrastructure to cope with the ongoing power…