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Business
Singer Mr Eazi sells portfolio company, Vydia, for $1bn
Nigerian singer and business mogul, Oluwatosin Ajibade, popularly known as Mr Eazi has sold Vydia, the portfolio company of his venture capital fund, Zagadat Capital, for $1 billion. The digital audio and video…
Tinubu May reverse ‘controversial’ sale of Polaris bank as crisis lingers
Ahead of Nigeria’s anticipated political transition, with president-elect Bola Tinubu’s inauguration scheduled for 29 May, speculation is mounting over the fate of…
Shareholder groups advise Otedola on Transcorp stake acquisition
Some shareholder groups have hailed the acquisition of a 5.52 per cent stake in Transcorp Corporation Plc by billionaire businessman, Femi Otedola. They also advised the business mogul to work with the existing…
Access Holdings announces N1.4t gross earnings
Access Holdings Plc has announced gross earnings of N1.39 trillion for the 2022 financial year. The company disclosed this…
Stamp duty: Rivers, FG opt for out-of-court settlement
The Rivers State Government has agreed to an out-of-court settlement with the Federal Governmentnt on the backlog of stamp duty owed to the state. The approval for the state to withdraw the case was granted by the state…
Transcorp Confirms Otedola’s 5.52% Shares Acquisition
Transnational Corporation Plc, Transcorp, has acknowledged that Nigerian business mogul and billionaire, Femi Otedola, has acquired 2,245,639,251 (2.245bn) shares of the company. Daily Trust had earlier reported that the…
Nigerian banks incur N284 billion loss on Ghanaian bonds default
Nigerian banks recorded massive losses on their investments in Ghanian Bonds resulting in some of the delays we have seen in releasing…
Importers count losses as vandals thrive at Tin-Can Port
Alexander Osaze is a businessman importing used cars, popularly known as ‘tokunbo’, into Nigeria through the roll-in and roll-out terminals in Tin-Can Island Port in Lagos. As an auto dealer, Osaze has a showroom in…
Top 6 most expensive secondary schools in Lagos and what they cost
The importance of secondary education in a child’s life cannot be overstated. Apart from being the link between primary and tertiary education, it also provides the child with the opportunity to gain more knowledge,…
Currency in circulation rises by 71% to N1.6tn – CBN
The currency in circulation in the country jumped by N701.4tn in one month to hit N1.6tn in March, 2023 after the Central Bank of Nigeria reversed its…
FG to increase tax on tobacco products from 30% to 50%
The federal government says it will increase excise tax on tobacco products from 30 per cent ad-valorem to 50 per cent as part of measures to control tobacco smoking in the country. Mangai Malau, the head of the federal…
Nigeria defaults in debt repayment to China – DMO Report
NIGERIA has failed to fully service its debt to China which has accumulated to N110.31 billion in the last two years. According to a Debt Management Office (DMO) Report, the China debt stock included the principal and…
40% of failed transactions unresolved as ePayments hit N49.4 trillion
• We have resolved over 60% ePayment challenges, says CIO • USSD platforms still challenged despite over N100b debts owed telcos by banks • CeBIH assures of improved…
Netflix subscribers hit 232 million
Netflix on Tuesday said that its number of subscribers hit 232.5 million in the first quarter of this year and its nascent ad-supported tier is faring well. Netflix shares, however, slipped more than three per cent in…
FMCGs’ profits surge as production costs are passed on to customers
Nigerian FMCGs reported a surge in revenues despite facing a precarious economic environment in 2022. The companies were just recovering from Covid-19 when the…
Higher motor insurance premiums spur Nigerians’ interest in claims
Vehicle insurance The recent increase in motor insurance premium in Nigeria has jolted many motorists and other vehicle owners into paying attention to their rights and benefits. Some policyholders told BusinessDay that…
Burna Boy ranked African artiste with highest single-concert revenue at $1.6m
Burna Boy has been ranked the African artiste with the highest revenue from a single concert. Top Charts Africa, a pop magazine, curated a list of artistes whose reported single-concert revenue stood out. The numbers, it…
Leadway Assurance deploys security measures as hackers threatens to leak customers’ data
Leadway Assurance Company Limited says it has deployed “mitigation measures” after it detected a breach in its system by hackers who…
Nigeria’s textile imports double despite local production push
...hit 15-year high as industry languishes Textile imports into Nigeria have doubled in two years as the industry remains in the doldrums despite the federal government’s protection policies aimed at reviving…
Explainer: What to expect as CBN plans to mop up dormant, unclaimed funds
Naira The Central Bank of Nigeria (CBN) recently released the exposure draft of guidelines on the management of dormant accounts, unclaimed balances and other financial assets in banks and other financial institutions In…
Jite Okoloko Battles NNPC
Chairman of Eroton Exploration & Production Company Limited, Onajite Okoloko is now battling Sahara Energy, and the Nigerian National Petroleum…
Lekki Gardens Repays Subscribers, Redeems N3.48bn Commercial Paper
Lekki Gardens is pleased to announce the successful redemption and repayment to all subscribers of its N3.48 Billion Series 1 (Tranche A)…
BoI Group assets hit N2.38tn
The Bank of Industry Group has said its total asset rose by 39.2 per cent to N2.38tn as of the end of 2022 financial period. It said in a statement on Monday that the growth was achieved following the successful…
Rail transport revenue drops 21% to N4.5bn
Revenue generated from rail transportation fell by 39 percent, year-on-year (YoY), to N4.5 billion in 2022 from N5.6 billion in 2021. The decline in revenue may be attributed to suspension of rail services in parts of the country due…