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Naira gains 3.6% to trade N540/$1 at parallel market
The Nigerian naira has appreciated by 3.6% to N540/$1 at the parallel market — almost four months after the Central Bank of Nigeria (CBN) stopped FX sales to Bureaux De Change (BDCs)…
Billionaire Aliko Dangote’s net worth rises to $19.2bn from $17.8bn in August
Africa’s richest man, Aliko Dangote, has significantly moved up in the Bloomberg Billionaires Index as his fortune increased to $19.2 billion from $17.8 billion in August 2021.…
General Electric broken into three companies
General Electric Co (GE) has announced the splitting of its conglomerate into three public companies, in an effort to simplify its business and pare down debt. The split marks the end…
Johnson & Johnson wins reprieve over $465M opiod judgment
The Oklahoma Supreme Court on Tuesday overturned a $465 million judgment against Johnson & Johnson in a lawsuit by the state alleging the drugmaker fuelled the opioid epidemic…
Aviation Fuel Price Rises By 70%, International Airlines May Raise Fares
The International Air Transport Association has said the price of jet fuel has continued to increase in recent weeks, with its price increasing by 70 per cent since the start…
How congestion in US ports affects Nigerians
Today in the United State of America there have been reported cases of protracted port congestion, especially in key hubs such as Los Angeles, Long Beach, and New York. The…
Five Dealer Managers To Handle UBA’s Dollar-Denominated Bond
United Bank for Africa Plc has contracted five dealer managers to administer its five-year fixed rate benchmark Dollar- denominated regulation S/144A senior unsecured bond under its…
40m unbanked Nigerians to benefit from MTN, Airtel mobile money licenses
Estimated at over 40 million, Nigeria’s unbanked adult population who are mostly in the hard-to-reach rural communities are expected to have access to financial services, thanks to the…
$78.4m Dispute: Court Restrains Orjiako, Two Other Energy Firms From Accessing Funds, Assets…
A Federal High Court in Lagos has restrained Shebah Exploration and Production Company Ltd, Sheban Petroleum Development Company Ltd and Dr Ambrosie Orjiako and persons acting on their…
Foreign Currency Inflows Dropped to $1.83bn in 2020, Year of COVID – CBN
The Central Bank of Nigeria (CBN) has disclosed that it recorded a significant reduction in the volume and cost of foreign exchange procurement in 2020, the year of COVID, when…
CBN says fake N1000, N500 note declined in 2020
The Central Bank of Nigeria says the faking of higher denomination banknotes in Nigeria dropped 20.80 per cent in volume and 12.18 per cent in value in 2020, lower than 84,934…
Prosecute diversion of funds, bar defaulters… CBN revises rules for Anchor Borrowers’ Programme
The Central Bank of Nigeria (CBN) has revised the Anchor Borrowers’ Programme (ABP) guidelines to include prosecution of loan defaulters and blacklisting of farmers. The apex bank’s…
Rainoil gets majority stake in Eterna Plc
Rainoil Limited, a leading player in the downstream oil and gas industry, has completed the acquisition of majority shares in Eterna Plc, a publicly listed oil and gas company. The…
NNPC’s JV Assets, Priority Projects Funding Gulp $2.64bn in Nine Months
Out of the budgeted $4.8 billion for Joint Venture (JV) cost recovery and government priority projects between January and September 2021, the Nigerian National Petroleum…
CBN disposed N698,480.00 million worth of unfit banknotes in 2020
The Central Bank of Nigeria has stated that it disposed of N698,480.00 million worth of unfit banknotes in 2020. This was disclosed in the recently released Annual Report 2020 as…
Uber posts net loss of $2.4 billion in Q3, but delivery business outperforms
On Thursday, November 4, 2021, Uber announced its third-quarter earnings. In after-hours trading, shares rose 1% after a dip. A drop in the value of Uber’s investment holdings,…
We spent N58.6bn to print N1.06trn in 2020 – CBN
The Central Bank of Nigeria (CBN) says it spent N58.618 billion to print 2.518 billion of naira notes, valued at N1.06 trillion in 2020. The apex bank disclosed this in its 2020…
5G spectrum: Telcos ask NCC to reduce $197.4m reserve price
Telecommunications operators have called on the Nigerian Communications Commission (NCC) to reduce the $197.4 million (N75 billion) reserve price set for the planned auction of the…
MTN, Airtel get approval to operate payment service bank
MTN Nigeria and Airtel Africa Plc have received approval in principle to operate a payment service bank (PSB) in the country. The two leading telcos disclosed in regulatory…
‘Court won’t allow citizens to keep weeping’ — judge tackles banks over account details of Imagine…
A Lagos state high court sitting at Osborne, Ikoyi, has threatened to jail bank executives who failed to comply with an order directing them to disclose the amount to the credit of…
5G spectrum auction holds Dec 13 at $197.4m reserve price, says NCC
The Nigerian Communications Commission (NCC) says the upcoming spectrum auction for 5G services will hold December 13, 2021. Oluwatoyin Asaju, director of spectrum administration at…
MTN Group Plans To Sell 575m Shares To Nigerian Investors
MTN Group, the parent company of Nigeria’s telecom giant, MTN Nigeria, which controls 40 per cent market share, has concluded plans to sell 575 million units of its ordinary shares in…
eNaira speed wallet app recorded over 360,000 downloads — 10 days after release
eNaira speed wallet app, Africa’s first digital currency, has recorded over 360,000 downloads from 160 countries in the world — ten days after release. The Central Bank of Nigeria…
Nigerian banks to stop accepting old £20, £50 notes Dec 31
Deposit Money Banks in Nigeria have issued a deadline of December 31, 2021 for the acceptance of old £20 and £50 notes to enable proper conclusion of cash evacuation. One of the…