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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…
Obasanjo’s ex-aide, aggrieved Directors move to settle out-of-court
Prof. Anthony Adegbulugbe, a former Special Adviser on Energy in the Olusegun Obasanjo Administration, and two aggrieved Directors of Green Energy International Limited have…
Nigerian banks closed 234 branches, 649 ATMs amid COVID-19 pandemic – IMF
The International Monetary Fund (IMF) says Nigerian banks closed 234 branches and 649 automated teller machines (ATMs) in 2020 amid the COVID-19 outbreak. The IMF said this in its 2021…
CBN to roll out eNaira app for persons without bank accounts, says Bitt CEO
The Central Bank of Nigeria (CBN) will soon roll out an eNaira application for persons without bank accounts to boost financial inclusion. Brian Popelka, chief executive officer (CEO)…
Nigeria’s Imports Via Benin Drops By 95% In 3 Months
The volume of imports into Nigeria through its neighbour, Benin Republic, has continued on a downward slide through July and October 2021, falling by as much as 95 percent due…
International airfares rise as naira crashes on IATA platform
The lingering shortage of foreign exchange in Nigeria has forced the naira to crash against the United States dollar on the air ticket pricing template of the International Air Transport…
Dangote Cement’s Revenue Crosses N1trn In Nine Months
Dangote Cement Plc, the largest Cement producer with nearly 48.6Mta capacity across Africa, published nine-month results, showing a strong 34.2 percent and 49.1 percent year-on-year…
Oil prices rise to $84 a barrel ahead of OPEC+ meeting
Oil prices continued to surge ahead of Thursday’s meeting of the Organisation of Petroleum Exporting Countries (OPEC) and its allies (OPEC+). Oil price increased by 1.36…
e-Naira: Buhari’s Supporters Demand Emefiele’s Resignation
A group supporting President Muhammadu Buhari, Nigeria First Movement, NFM has blamed the Central Bank Governor, Godwin Emefiele for the nation’s economic woes, noting that the…
The 37-Year-Olds Are Afraid of the 23-Year-Olds Who Work for Them
As a millennial with a habit of lurking on TikTok, Jessica Fain understood that skinny jeans and side parts were on the steady march toward extinction. But when Fain, who works as a…
Four Nigerian Billionaires With Over N129.50billion You Should Know: Three Are Big Bank Owners
Business headlines in Nigeria are flooded with names like Aliko Dangote, Rabiu Abdulsamad, and Adenuga, but the private sector has more Nigerian billionaires you don't know…
West Ham in talks with Czech billionaire over £150m stake
West Ham United are in advanced discussion with Czech billionaire over a deal to buy a minority stake in the club, which could help alleviate the Hammers’ debt and pave the way for…