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Banks renegotiate loans for top borrowers
Banks may have begun the renegotiation of interests on the loans they gave to their major customers, it was learnt tusday. Some of the banks have hinted borrowers of the need to review existing facilities (cost…
Lubricants import hits $500m, hikes maintenance cost by 300%
Lack of refining capacity in Nigeria for basic fuels and other petroleum products has left the nation dependent on the importation of lubricants, with yearly expenditure likely to exceed the $500 million…
Proposed introduction of digital currency excites Nigerians
The undoubted groundswell of support for the introduction of digital currency by the Central Bank of Nigeria (CBN) after many years of dithering has been greeted with loud applause by stakeholders who agree that it’s…
50% of Jumia sellers in Nigeria, Kenya are women entrepreneurs
Jumia collaborated with the International Finance Corporation (IFC), alongside the European Commission and Kantar Public, on a report titled Women and e-commerce in…
Nigeria’s palm oil import from Malaysia drops 20.6% as production rises
Nigeria’s crude palm oil import from Malaysia – the world’s second-largest producer – has declined by 20.6 percent year on year as local production rises on increased investments, data from the Malaysian Palm…
Dangote women empowerment program reaches N4.3billion in disbursement
The Aliko Dangote Foundation (ADF) has doled out a whooping N4.2billion as part of its unconditional Micro Grant Programme for empowering women in the rural areas…
Cristiano Ronaldo’s gesture costs Coca Cola four billion dollars
The value of Coca Cola fell in the region of four billion dollars after Cristiano Ronaldo disparagingly removed two bottles from their place at his press conference on Monday. The…
Ardova Plc to emerge Nigeria’s largest downstream energy firm
In a corporate disclosure statement to the Nigerian Exchange (NGX), Ardova Plc (AP) announced that it had reached an agreement to acquire a 100percent equity stake in Enyo Retail and Supply…
Emirates Airline posts first ever annual loss
Dubai-based Emirates Airline on Tuesday posted a $5.5 billion annual loss, its first in more than three decades. It arose from the devastation wrought on the aviation…
Multi-billion naira ranching opportunity beckons on Nigerian investors
The recent ban on open grazing in Southern Nigeria by the governors has presented billion-dollar investment opportunity in ranching for entrepreneurs to tap into. The opportunities range from the cultivation of…
Kemi Adeosun reemerges with ‘Dash Me Store’, an online thrift-for-charity initiative
The Dash Me Foundation founded by Kemi Adeosun, former minister of finance, has launched “Dash Me Store”, an online thrift-for-charity initiative. The store, inaugurated on…
Telcos back licensing of Twitter, others
Nigerian telecommunications operators have thrown their weight behind the directive of the Federal Government to register Over-The-Top (OTT) service providers in the country.…
Dangote $2 billion urea fertilizer Plant pushes out 120 trucks everyday
… Excites marketers, farmers in North After months of speculations, Dangote Urea fertilizer is now finally on sales nationwide and it currently pushes out a minimum of 120…
Twitter needs India and Nigeria to grow. It’s running into trouble in both
Twitter is under siege in two countries that are critical for its global growth plans. The social media giant has been ensnared in a battle with the Indian government for months over free speech and other…
South Africa to regulate Cryptocurrency trading
South Africa’s financial regulator announced its intention to bring the cryptocurrency market under its oversight. This was mentioned in a paper from the Intergovernmental Fintech Working Group (IFWG) yesterday with…
Takatso Consortium Buys 51% Of Struggling S/African Airways
In an effort to save South African Airways (SAA) from going under, Takatso Consortium has bought a 51 percent stake in the struggling airline for $221 million or Three…
Jeff Bezos Reclaims The Richest Person Title After 2-Weeks At Being The Second Richest
Two weeks after losing the title of the richest person in the world to LVMH chief Bernard Arnault, Amazon’s Jeff Bezos reclaimed the No. 1 spot on Thursday according to Forbes. Amazon shares…
Digital currency coming, says CBN
The Central Bank of Nigeria (CBN) plans to introduce digital currency before the end of the year, its Director Information Technology, Rakiya Mohammed, said on…
CBN debunks report on planned nationalisation of Unity Bank
The Central Bank of Nigeria (CBN) has denied planning to nationalise Unity Bank Plc as alleged by an online news medium. Reacting to the report, the Acting Director, Corporate…
MTN to pay shareholders N9.40 dividend per share
MTN Nigeria Communications Plc, has announced the payment of N9.40 final dividend per share to shareholders for the year ended December 31, 2020. The dividend represents 18.7…
Importers, agents groan as Customs adopt N404.97/$1 as new import duty rate
Importers in the country are to pay more, as the Federal Government, through the Central Bank of Nigeria (CBN) adopts a higher exchange rate band from N381 to N404.97 for calculation and payment of import duty.…
With Declining Sector Investments, NNPC Predicts $200 Oil Price
The Nigerian National Petroleum Corporation (NNPC) yesterday predicted that oil price could climb as high as $200 per barrel, as banks and major International Oil Companies (IOCs)…
Oil prices hit highest levels in years on improved demand
Oil prices continued an upward trend on Wednesday as confidence in the outlook continues to grow on the back of strong fuel demand in western economies. Brent crude futures were up 42 cents, or 0.6percent, at…
NLNG revenue generation hits $110b
The Nigerian Liquidfied Natural Gas (NLNG) said its revenue generation since 1999 has exceeded $110billion. Its Managing Director, Mr. Tony Attah, made this known…