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Foreign investment inflow drops by $18.6bn – Report
Foreign investment inflow into Africa’s largest economy declined by $18.6bn in four years (2019-2022), The PUNCH has learnt. Also in the review period, eight states in the federation failed to attract any form of…
Current economic situation is the toughest in history for manufacturers – MAN
Odiri Erewa-Meggison, the Chairman of the Export Promotion Group within the Manufacturers Association of Nigeria (MAN), has expressed that the current period is the most challenging in the history of the manufacturing…
Nigeria’s Active Mobile Subscribers Hit 220m – NCC
The Nigerian Communications Commission (NCC), said the number of active mobile subscriptions in the country has reached 220,715,961 million as of August 2023. The Executive Vice Chairman (EVC) of NCC, Prof. Umar…
FG launches investigations into Meta, DHL, OPay for alleged data breaches
The Nigerian government has initiated investigations into global tech giants Meta (formerly identified as Facebook), logistics giant DHL, and popular online payment platform…
Cost of car ownership soars in Singapore
The cost of a certificate to own a large family car in Singapore has jumped to a fresh record high of S$146,002 ($106,619; £87,684).…
Norwegian company acquires stake in Nigerian billionaire Tunde Folawiyo’s oil field
Oslo-listed PetroNor E&P has announced a binding agreement with New Age (African Global Energy) to acquire New Age’s interests in OML 113,…
JUST IN: Producers of Johnnie Walker to establish Nigerian entity as Guinness stops sale of whisky
By April 2024, Guinness Nigeria will stop the importation and sale of Johnnie Walker, Baileys and other Diageo products — a move that will wipe off 6 percent of the…
Subsidy removal: Coys’ distribution cost jumps to N155bn in Q2’23
The distribution cost for leading consumer goods companies quoted on the Nigerian Exchange Limited (NGX) rose to N166.43 billion in the second…
Naira among Africa’s worst currencies, falls by 40% –W’Bank
The Nigerian naira is among the worst-performing currencies in Africa, the World Bank has said. It noted that the currency weakened by nearly 40 per cent against the US dollar since a mid-June devaluation. The global…
Money Supply declines to N64.8 trillion in August first time since forex unification
Nigeria’s money supply declined to N64.8 trillion in the month of August 2023, a marginal drop from N64.9 trillion in July 2023. This compares to the N64.3 trillion in June and N55.5 trillion recorded in May 2023. These figures come…
Naira Faces Further Weakness Amid Dollar Shortage, Fitch Says
A widening gap between the official and parallel market exchange rates of the Nigerian naira indicates the government’s lack of capacity to stabilize the currency and…
Uproar in oil sector after NNPC favours MRS, AA Rano again
The Nigerian National Petroleum Company Limited (NNPC) has awarded new contracts to four companies, including two downstream firms, for…
Banks, Telcos’ N120bn Debt Issue Threatens FG’s Financial Inclusion Drive
The yet to be resolved N120billion Unstructured Supplementary Services Data (USSD) debt issue between the commercial banks in the country and the telecom operators is again threatening the financial inclusion drive…
BBNaija All Stars gulped N5.5bn – MultiChoice
Multichoice Nigeria on Tuesday disclosed that N5.5 billion was invested in the production of the just-concluded “All Stars” edition of the Big Brother Naija reality show. Busola Tejumola, Executive Head of Content and…
FCMB Celebrates Excellent Team Service
As the world celebrates Customer Service Week 2023, First City Monument Bank (FCMB) is honouring its valued customers and dedicated…
Why Lagos-Ibadan cargo rail operates below capacity — NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos-Ibadan cargo rail services is currently operating below capacity…
Cooking gas scarcity looms as price hits N1,000 per kg
Cooking gas scarcity looms across the country as the price of the commodity hits an all-time high of N1,000 per kilogramme…
NDIC Commences N16bn Dividends Payment To 20 Liquidated Bank Depositors
Following recoveries from debtors and the acquisition of assets of banks in liquidation, the Nigeria Deposit Insurance Corporation (NDIC) has announced the declaration of N16.18… Following recoveries from debtors and the…
Banks borrowing from CBN drops by 82.15% on increased liquidity
Deposit Money Banks (DMBs) borrowing from the Central Bank of Nigeria (CBN), known as the Standing Lending Facility (SLF) declined by 82.15 percent to…
I would have devalued the naira- Peter Obi
The candidate of the Labour Party in the February 2023 Presidential election has stated he would have devalued the currency if he were the President. Mr. Peter Obi disclosed this during an interview on AriseTv on the…
Luxury homes market dip as crackdown on developers stifles demand
Despite ongoing developments in the high-end locations, the demand for luxury housing is waning largely due to changes in government’s tax policies and fears of security…
Bank of Agriculture warns against taking loans to marry second wife; says 150 customers owe N243…
The Bank of Agriculture (BOA) says it is working to recover the N243 million loan disbursed to 150 debtors between 2011 and 2024 in Kwara. The BOA Ilorin branch manager, Dele Aderibigbe, disclosed this in an interview…
DEVALUATION: Banks rake in N1.9trn forex profit
Against the backdrop of foreign exchange, forex, revaluation losses recorded by many big manufacturing and other firms, banks have recorded a whopping forex assets revaluation gains amounting to N1.913 trillion just…
BUA Announces Reduction In Cement Price
The manufacturers of BUA cement on Sunday announced the reduction in the price of cement from N6,000 to N3,500 per bag. Sunday Telegraph…