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Nigeria’s second-richest man Abdul Samad Rabiu splashes $4.8 million to acquire new shares in BUA
Billionaire businessman Abdul Samad Rabiu, the chairman of BUA Group, a rapidly growing industrial and manufacturing…
Mastercard Asks US Cannabis Shops To Stop Swiping Its Cards
Marijuana remains legal for medical use in 38 of the 50 states in the US. It is also legal for adults over 21 years old to buy for recreational use in 23 states,…
Corporate Affairs Commission to delist 100,000 inactive companies
Corporate Affairs Commission (CAC) has threatened to delist over 100,000 inactive companies on its database, on account of failure to comply with…
Airtel loses $151m to foreign exchange rates harmonisation
Airtel Africa Plc, on Thursday, reported that it lost $151m due to the harmonisation of foreign exchange rates in Nigeria. It disclosed this in its second quarter report filed with the Nigerian Exchange Limited.…
BREAKING: Nigeria Breweries incur N70.6 billion in forex losses
Nigeria Breweries Plc reported an exchange rate loss of N70.6 billion for the second quarter of the year ended June 30th, 2023. This is according to the information contained in its just published interim report for the…
BREAKING: Guinness Nigeria incurs N49 billion in exchange rate loss
Guinness Nigeria Plc incurred a whopping N49 billion in exchange rate losses according to the information contained in its full-year results for the period ending June 2023. The loss per share declared was N8.29 kobo…
Price of inhalers surge 450% on worsening FX scarcity
Many Nigerians suffering from asthma and other bronchial diseases are facing difficult times as the prices of inhalers – a portable device for administering drugs that is to be breathed in, have surged by 450…
CBN limits transactions on PAPSS by dealer banks to $200,000
The Central Bank of Nigeria (CBN) has pegged the amount of dollars to be transacted on the Pan-African Payment and Settlement System (PAPSS), at $200,000 per quarter by authorised dealer bank (ADB) and…
Exchange Rate Closes at N740/$1, the best closing rate since June 15th
In a surprising turn of events, the Nigerian Exchange Rate on the Investors and Exporters (I&E) window closed at N740/$1, marking the highest level against the dollar since June 15th, when it concluded at…
Google says Nigerians can now pay with naira on Play Store
Google on Wednesday announced that Nigerians can now make payments on its Play Store using the local currency, the naira. This followed its partnership with Verve, the largest domestic card scheme in Africa, to make…
CBN Speaks on Phasing Out of Old Naira Notes
The Central Bank of Nigeria (CBN) has reiterated its commitment to gradually phase out the old N200, N500, and N1,000 naira notes while issuing new currencies. This announcement was made by the acting governor of…
CBN says it is not trying to “ unify exchange rates “
The Acting Governor of the Central Bank of Nigeria, Mr. Folashodun Shonubi announced an increase in the benchmark interest rate (MPR) by 25 basis points to 18.75% from its initial 18.5%. This was disclosed during …
More Worries As Customs Hike Import Duties By 82.5%
...From N422 To N770/$ Importers are spending more money to pay to clear their goods at the ports following the adoption of the N770/$ exchange…
CBN makes first MPC decision under Tinubu, hikes interest rate to 18.75%
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest…
Brent crude could rise to $86 per barrel by end of 2023 – Goldman Sachs
Leading global investment bank, Goldman Sachs is projecting Brent crude price to rise to $86 per barrel by the end of 2023. Earlier today, July 24, Goldman’s head of oil research Daan Struyven told CNBC‘s…
Swift Networks to challenge court order restraining it from accessing N7 billion in 25 banks
Swift Networks Limited has said that it will appeal a judgment by the Federal High Court in Lagos, that granted Union Bank Plc an interim order of Mareva Injunction restraining them and their agents from dealing or…
Unilever Nigeria Plc reports 72.95% decline in pre-tax profit as economy bites
Unilever Nigeria Plc has released its 2023 Q2 unaudited results showing pre-tax profits fell 72.95% to N169.9 million. The company reported an operating loss of N3.2 billion in the quarter under review as costs…
Femi Otedola to get board seat on FBNH Plc
First Bank Holding Plc one of the nation’s premier commercial banks, has announced the appointment of Billionaire investor, Mr Femi Otedola as Non-Executive Director subject to the approval of its shareholders at…
17 Years After, Twitter Replaces Blue Bird Logo With ‘X’
Elon Musk and Twitter Chief Executive Officer, Linda Yaccarino, have ditched Twitter’s iconic blue bird after nearly 17 years as the company’s logo. “X is here! Let’s do this,” Yaccarino tweeted Monday morning with a…
7 companies owned by Africa’s first Black billionaire, Patrice Motsepe
Patrice Motsepe, the visionary founder of African Rainbow Minerals (ARM), continues to leave an indelible mark on the African business landscape.…
Nigerian billionaire, son at war over multi-billion dollar family assets
In the past six years, Italian-Nigerian billionaire, Gabriele Volpi, and his son, Matteo, have been locked in an unusual, bitter, multi-jurisdictional and protracted legal battle that has torn the family…
Hyundai unveils nanotechnology to eliminate car scratches
Hyundai Motor has unveiled six new nanotechnologies, including a surface-coating technique designed to remove scratches on car surfaces or water from camera glasses. Unlike normal chemical reactions, which are…
FG To Streamline Taxes From 52 To 10
The federal government has revealed that it will, in the coming days, streamline its taxes from 52 to 10 in order to promote efficiency…
Twitter Set To Change Logo — Elon Musk
Elon Musk said on Sunday that he was looking to change Twitter’s logo. In a post on his verified Twitter account, the microblogging site’s boss wrote, “And soon we shall bid adieu to the Twitter brand and,…