Browsing Category
Business
Naira hits N590/$1 at parallel market ahead of Easter break
As the Easter holiday approaches, the Nigerian naira weakened to N590 to a dollar at the parallel market. The figure represents a…
Elon Musk wants to buy 100 percent of Twitter
Tesla CEO Elon Musk is offering to buy 100 percent of the company in an updated 13D filing. He’s offering $54.20 per share in cash. Musk is offering to “acquire all of the outstanding Common Stock of the Issuer…
Zenith Bank appoints Stella Napa, Ogunranti executive directors
The Board of Directors of Zenith Bank Plc has appointed Mrs. Adobi Stella Napa and Mr. Anthony Akindele Ogunranti as executive directors. Also, the Board appointed Mr. Peter Olatunde Bamkole as an Independent Non-Executive…
Despite Forex Ban, Textiles Lift Import Index In 2021
Textile and textile materials into the country have helped to push Nigeria’s import index by 0.47 per cent in 2021, in defiance of the…
Biden waives ethanol ban to reduce soaring gasoline prices
U.S. President Joe Biden is visiting corn-rich Iowa on Tuesday to announce he’ll suspend a federal rule and allow the sale of higher-ethanol gasoline this summer. The move, it is believed, will tamp down prices at…
Nigeria’s oil production dropped to 1.24m bpd in March — lowest so far in 2022
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says oil output dropped to an average of…
Ukraine war: EU looks to Nigeria for more gas supply
The European Union is strengthening relations with Nigeria as it seeks to diversify sources of its natural gas imports in an attempt to reduce reliance on Russian energy. Nigeria is the fourth biggest liquified…
We have no plan to leave Nigeria – Allianz Insurance
Allianz Nigeria Insurance Ltd. on Monday said it had no plan to leave Nigeria as speculated, having invested over 18 billion dollars (N7.47 trillion) into its market. The Chief Executive Officer of the company,…
NG Eagle incurs $53.4m loss as NCAA refuses to grant operating licence
The Asset Management Corporation of Nigeria (AMCON) has incurred about $53 million (N22.19 billion) loss…
Court fines Zenith Bank N500,000 in landmark judgment over spam messaging
A high court in Ogun state has ordered Zenith Bank Plc to pay N500,000 as damages for sending spam messages to one Omotola Fathiat Quadri. Quadri had, in the suit marked HCT/605/2021, sued Zenith bank for infringing…
MTN gets CBN approval to operate Momo Payment Bank
MTN Nigeria informed the Nigeria Exchange Group today that it has received a final approval from the Central Bank of Nigeria to operate Momo Payment Service Bank Ltd. In a corporate disclosure, filed by company…
Elon Musk declines to join Twitter’s board of directors
Elon Musk is no longer joining the board of Twitter, the CEO of the social media company said late Sunday, in a reversal less than a week after announcing the Tesla chief would be appointed. Musk was named to…
Why Is The Ruble Getting Stronger?
Market watchers have been struck recently by the strong rebound of Russia's national currency, the ruble, after international sanctions only lead to a temporary weakening of its valuation. Despite stepped up…
FACT CHECK: Has Customs Reduced Tariff On Imported Vehicles?
A news website recently posted that the Nigerian Customs Service had reduced tariff on imported vehicles popularly known as “tokunbo.” The story was also shared on Facebook with the caption, “FG reduces Customs…
Customs: Import duty on cars reduced to 20%
The Nigeria Customs Service (NCS) says duty payable on imported cars has been reduced from 35 percent to 20 percent. Timi Bomodi, the spokesman for NCS, confirmed the development to TheCable in a chat on…
CBN to begin payment of N65 FX rebate to exporters
The Central Bank of Nigeria (CBN) says it will begin the payment of N65 forex rebate to exporters who sold their goods through…
GTCO shareholders endorse N3 dividend payment
Shareholders of Guaranty Trust Holding Company (GTCO) have unanimously endorsed the payment of a total dividend of N3 per share for the financial year ended Dec. 31, 2021. They gave the endorsement at the holding…
Customs Collects N264.5bn At Apapa Port In Q1
Nigeria Customs Service (NCS) Apapa Area Command said that it generated over N264.5 billion as revenue in the first quarter…
Price Of Star, Gulder Lager Beer, Others To Jump In NB Plc New Price Hike
Following the macro economic volatilities and high cost of production, the prices of Star, Gulder lager beers and other…
Adenuga’s wealth on the rise as Dangote remains Africa’s richest man
Mike Adenuga, chairman of Globacom, a telecommunication company in Nigeria, has seen his wealth grow to $7.3 billion from $6.1 billion in 2021. The 68-year-old business tycoon is the second richest African and No…
Bank of Ghana Bans All Foreign Currency Transactions
The Bank of Ghana has issued a directive banning the pricing, advertising, receipting or…
Airbus Overtakes Boeing, Delivering More Aircrafts In Two-Years
Airbus has delivered 1,376 units of aircraft between January 2020 and December 2021, dwartfing Boeing’s 466 deliveries for that period, according to Finbold. Airbus took advantage of the recent challenges around…
Dangote Fertiliser to train over 1 million farmers in three years
Towards enhancing agriculture and creation of jobs, Dangote Fertiliser Limited is to train over one million farmers in the…
‘45% for FG, 29.7% for states’ — RMAFC presents new revenue sharing proposal to Buhari
President Muhammadu Buhari has received a report on the review of the vertical revenue allocation formula…