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Business
Shell, TotalEnergies, and other European companies suffer €100 billion hit from Russia operations
Europe’s biggest companies have suffered at least €100 billion in direct losses from their operations in Russia since President Vladimir Putin’s full-scale invasion of Ukraine last year. According to a…
Nigeria risks losing $1.3bn in trade to Niger border closure
The closure of the border between Nigeria’s northern corridor and Niger Republic has put $1.3 billion worth of trade at risk along the…
Even Zoom is ordering its workers back to the office
Zoom, the company that powered the remote work revolution during the pandemic, is telling its employees to come back to the office.…
Niger Republic Airspace Closure Will Increase Cost Of Flights — Atedo Peterside
Atedo Peterside, Nigerian entrepreneur, investment banker, and economist, has said Niger Republic airspace closure would bring further hardship to Nigerians, especially those who intend to travel to Europe.…
Federal govt moves to remove taxes on tomatoes, raw food items
Chairman of the Joint Tax Board (JTB), Mr Muhammad Nami, on Monday, said the Federal Government will soon end taxes on tomatoes and other raw food items. Nami stated this at the 153rd JTB meeting with the theme:…
Air France suspends flights to Mali and Burkina Faso after Niger airspace closure
Air France has suspended flights to and from Ouagadougou in Burkina Faso and Bamako in Mali until Aug. 11, the company said on Monday, after Niger’s junta closed its airspace on Sunday, with longer flight times…
Why companies lost billions of naira due to FX losses
The devaluation of the naira is having a significant impact on the books of Nigeria’s biggest firms as 11 listed firms posted N716.8 billion FX losses in the second-quarter earnings season, according to…
Engage audit firms to probe CBN, not private investigator, experts urge FG
Nigerian financial experts have advised the Federal Government to engage a consortium of audit firms to investigate the Central Bank of Nigeria (CBN) instead of a…
Shareholders demand probe of Seplat’s legal fees
The Independent Shareholders Association of Nigeria has demanded a probe into the affairs of indigenous energy firm, Seplat Energy Plc,…
Foreign airlines repatriate over $4bn in 15 months
Lagos-London fares 49% higher than Accra-London, 162% higher than Cotonou-London Nigeria Air project stalls, airfares skyrocket over foreign exchange shortage…
FG Paid N36bn For Electricity Subsidy In 3 Months – NERC
The Nigerian Electricity Regulation Commission (NERC) has said the federal government paid the sum of N36bn to subsidise electricity consumption in the first quarter of 2023. In its quarterly report, NERC said the…
FG to establish tech hubs in seven states to empower 1m youths, 500k MSMEs
Vice-President Kashim Shettima says the federal government has partnered with Wema Bank to establish micro, small and medium enterprise (MSME) digital hubs in seven states. In a statement signed by Olusola Abiola,…
Barbie movie tops $1bn, powers Warner Bros. and theaters
In just three weeks since its release, the Barbie movie, based on the popular doll and produced by Warner Bros., has crossed an incredible milestone by…
From Ribena to Panadol: What GSK’s gradual exit means
When UK-based GSK sold its drink business in 2013 to Japanese firm, Suntory Beverage & Food, to focus on its…
Elon Musk says fight with Mark Zuckerberg will be live-streamed on X
Tesla CEO, Elon Musk, on Sunday announced that the proposed cage fight with Meta founder, Mark Zuckerberg will be live-streamed on his social media platform, X, formerly known as Twitter. Suggesting that X users might have…
Telecom operators begin disconnection of under 18 mobile subscribers
Telecommunications operators in Nigeria have begun the implementation of the age restriction for mobile subscribers as stipulated in the recent guidelines for SIM registration released by the Nigerian…
GSK’s exit shows Nigeria’s environment horrific for businesses, says Atiku
Former Vice-President Atiku Abubakar says the planned exit of GlaxoSmithKline Plc from Nigeria is an indication of the “horrific” environment for businesses in the country. GSK is for products such as Augmentin,…
Power supply to Niger is a ‘legal covenant’ – Expert
Olabode Sowunmi, an Energy Analyst and consultant with the Senate and House of Assembly on Gas, has said that Nigeria’s power supply to Niger Republic is a legal covenant. He said this during an interview on August…
Sterling Bank CEO increases stake by 50 million shares
The Chief Executive Officer of Sterling Bank, Abubakar Suleiman, has acquired 50 million units of the shares of Sterling Financial Holdings Company Plc in a deal worth N168m. This was disclosed in a corporate notice on…
Brazilian president calls for end to U.S. dollars dominance in International trade
Brazilian President Luiz Inacio Lula Da Silva has called for an end to the United States dollar’s domination of global trade. On Friday, the Brazilian president stated that he does not see why the U.S. dollar should be…
Naira Is Our National Identity, Stop Spraying It – CBN
The Central Bank of Nigeria (CBN) has warned members of the public not to spray, hawk, mutilate or counterfeit Naira currency. The apex bank assured members of the public that the organisation will strive to…
Naira falls to N885 per dollar in parallel market
Naira on Thursday depreciated to a new low of N885 per dollar at the parallel market, popularly known as the black…
Banks must inform customers of failed fund transfers within ten minutes
…an analysis of Osuya v Stanbic IBTC Bank Plc A phenomenon that has accompanied the increased adoption of internet-enabled “smart” mobile electronic devices is that trade in goods and provision of services…
DisCos collected ₦247.09 billion from customers in Q1/2023
Electricity distribution companies (DisCos) collected only ₦247.09 billion in revenue out of the ₦359.38 billion billed to customers in the first quarter of 2023. This is according to the Q1 2023 Electricity report from the Nigerian…