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Business
UPDATED: How Tony Elumelu backstabbed me, went after my shares during bankruptcy – Otedola
Femi Otedola, billionaire businessman, on Tuesday morning, went down memory lane on his relationship with Tony Elumelu and his plans for Transcorp before he opted out because his bid was rejected. Otedola noted that…
Central Bank Grants Permit To Foreign Banks To Disburse Loans To Nigerians In Dollars
The Central Bank of Nigeria (CBN) on Monday granted foreign banks permission to give loans to Nigerians and companies operating in Nigeria in dollars. The apex bank adopted this measure to expand dollar liquidity in…
UBA: I Gave Elumelu $20m To Acquire Bank – Otedola
For a long time, not many people knew that Femi Otedola was one of the progenitors of the United Bank for Africa, UBA, Africa’s Global Bank. The commercial bank has been…
African startups receive $12bn funding
Africa’s thriving tech sector has received a total of $12.5bn between 2021 and 2022, a report by Partech’s Africa Tech Venture Capital has revealed. During the period under review, African tech startups attracted…
Osinbajo presents discharge certificate to Transcorp power
Vice President Yemi Osinbajo, on Monday, in Abuja, said it would take “serious” private sector investment in Nigeria’s power sector to meet the country’s rising energy needs. Osinbajo made the observation when he…
Fidelity Bank emerges Nigeria’s best-performing bank share
With a 32% year-to-date appreciation in value, Fidelity Bank Plc’s shares have emerged Nigeria’s best performing year -to-date bank share. This is according to a…
My Refinery Can Save Nigeria $10bn in FX, Generate Another $10bn in Exports – Dangote
Africa’s richest man and owner of the Dangote Refinery, Mr. Aliko Dangote, has said with the planned commencement of…
BREAKING: Dangote announces date for commissioning of multi-billion refineries
President Muhammadu Buhari is expected to be in Lagos on May 22 to commission the Dangote Refinery. Bashir Ahmad, special assistant to the president on digital communications,…
Adidas Posts Loss As Kanye West Split ‘Hurts’ Business
German sportswear giant Adidas reported Friday a hefty first-quarter loss, acknowledging its split from controversial US rapper Kanye West was “hurting” its bottom line. The company booked a net loss of 39 million euros…
Pensioners in South Africa, Kenya, and Nigeria are among the poorest globally- Report
A new report by Allianz, an international financial services provider, has revealed that retirees in several African countries are among…
Egg Glut: How Nigeria ended up with 20 million unsold crates of eggs
Nigeria’s Poultry sector is currently in the middle of a productivity crisis and the Poultry Association of Nigeria has called for…
Purpose, Culture and Technology will Boost our Performance – says FCMB Group CEO, Ladi Balogun
During the 10th Annual General Meeting of the FCMB Group Plc, held in Lagos on April 28, Mr Ladi Balogun, the Group Chief…
Nigerians to pay more for beer as FG increases tax rate to N75 a litre
The federal government has increased the excise duty rate on beer and stout by 87.50 percent to N75 per litre in 2023, from N40 per litre in 2022. The federal government also introduced an ad valorem rate of 20 percent on…
Money Outside Banking System Jumps 71.4% To N1.445trn In March
Barely a month after the Central Bank of Nigeria (CBN) restored into circulation, higher…
FG approves National Blockchain Policy
The Nigerian Federal Government has given its approval to a new National Blockchain Policy.POLITICS NIGERIA reports that this…
U.S. banks’ shares plunge amid sale of First Republic to JPMorgan
Shares of several banks in the U.S. have plunged following the sale of First Republic Bank to JP Morgan by federal authorities. PacWest Bancorp’s shares plunge 28 per cent. Shares in Western Alliance dropped 15 per…
FG sues Facebook owner Meta, demands N30 billion
The Abuja Division of the Federal High Court has granted the Advertising Regulatory Council of Nigeria (ARCON) leave to serve a writ of summons on Meta, the owner of Facebook. The court gave the nod pursuant to an…
GTCO Plc Releases 2023 Q1 Unaudited Results
…….. Reports Profit Before Tax of ₦74.1billion Guaranty Trust…
10% excise duty on plastics, N8 tax per cigarette… highlights of FG’s new fiscal policy
The federal government recently unveiled new fiscal policy measures (FPM) outlining the rates of taxes and excise duties for the current year. The new FPMs, which consist of supplementary protection measures (SPM),…
WEF estimates $18.3bn inflow from gas sources to Nigeria’s economy
Nigeria could generate as high as $18.3 billion from maximizing its use of gas sources amid its energy transition journey, The World Economic Forum (WEF)…
Saudi Aramco overtakes Microsoft to become world’s second largest company
Saudi Arabian Oil Group, Saudi Aramco has emerged as the second largest company in the world after displacing Microsoft. After displacing Microsoft to become the second largest company in the world, it only has to…
Indomie Noodles is Safe for Consumption – NAFDAC
The National Agency for Food and Drug Administration and Control (NAFDAC) has assured consumers of Indomie noodles that the product is safe for consumption. Director-General of the health agency, Professor Mojisola…
Only 57.4m Nigerians have BVN- CBN
The Central Bank of Nigeria (CBN) has disclosed that only 57.4 million Nigerians have Bank Verification Number (BVN). The CBN in collaboration…
CBN pumps N701 billion back into circulation in March 2023 to ease cash at ATMs
Nigeria’s currency in circulation increased to N1.68 trillion in March 2023, a 71.4% rise from the previous month. The surge in…