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LG announces shutdown of mobile phone business
The South Korean electronics manufacturer, LG Electronics officially announced the shutdown of its mobile division worldwide. According to a statement by the…
DISCOs’ debts to NBET hit over N500bn in one year
The indebtedness of the electricity distribution companies (DISCOS) to the Nigerian Bulk Electricity Trading Plc (NBET) has hit a record N510.53billion in the last 12…
Ekiti did not sell its shares in Wema Bank
The management of Wema Bank Plc has refuted media reports of purported sale of Ekiti state government shares in the bank. The bank in a statement by Funmilayo Falola, Head,…
Easter: Prices of perishables soar in Lagos markets
Two days to the Easter Celebration, prices of perishable food items have soared in major markets in Lagos, the News Agency of Nigeria (NAN) reports. A survey conducted by…
South Africa’s MTN, Looking to Build a Monopoly, Blocks Access to USSD Services for Nigerians
Fresh off its hiking of transfer charges on USSD and just over a year after the Nigerian government somewhat pardoned it for not paying over $2 billion in dodged taxes, MTN is looking to drive Nigerian SMEs who…
DBN Disburses N191.7bn In 2020 To SMEs
Development Bank of Nigeria (DBN) Plc, has disbursed N191.7bn to small- and medium-scale enterprises in 2020, representing 89 percent increase on the…
Microsoft wins $22b US military contract for augmented reality headgear
Microsoft has won a Pentagon contract for augmented reality headgear for soldiers worth $21.88 billion over the next decade, the company and the…
‘It’s contrary to principle of law’ — Eni kicks against retrial of OPL 245 case in Nigeria
Eni, an Italian oil and gas company, says there are no reasons for a new trial in Nigeria after an Italian court acquitted it of corruption charges in the…
Access Bank buys South Africa’s Grobank for $60m
Nigeria’s biggest lender Access Bank has bought a controlling stake in South Africa’s Grobank for around $60 million. The bank’s CEO Herbert Wigwe said Access will shore up Grobank’s capital. With the…
PayPal to let US users pay with Bitcoin, Ethereum, Litecoin from today
Online payment app PayPal has announced US customers can make payments with its “Checkout with Crypto” feature, rolling out today. After rolling out the ability for US users to directly buy and sell cryptocurrency…
Olam convenes agro experts to tackle local wheat supply gap
Olam, a foremost agribusiness and leading player in the wheat value-chain recently convened the first edition of the Olam Green Land Webinar series. Themed “Deepening the…
Visa to accept cryptocurrency for transactions
Visa Inc, an American multinational financial services corporation, announced on Monday that it will permit the use of the cryptocurrency USD Coin to settle transactions on its payment network, a move conceived to be the…
Seplat Blazes Trail, Issues Historic $650m Five-year Bond
Seplat Petroleum Development Company Plc (Seplat), a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has…
Oil rises to $64 as ship blocks Suez Canal
The international oil benchmark, Brent crude, reversed its recent losses on Wednesday after a ship ran aground in the Suez Canal, and worries that the…
You can now buy a Tesla with Bitcoin – Elon Musk
Business magnate and CEO Tesla cars, Elon Musk, on Thursday announced that a Tesla vehicle can now be bought with the world’s most popular cryptocurrency, Bitcoin.…
Ex-Google staff, Dave Girouard becomes billionaire in 24 Hours
Forbes has announced Upstart Holdings’ co-founder and CEO, Dave Girouard who is also an ex-Google employee, as the latest tech expert to become a billionaire.…
Beneficiaries of our agric interventions have received N1.48trn – CBN
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the apex bank has disbursed N1.48 trillion to beneficiaries of its agricultural interventions. Emefiele provided a progress report of the CBN’s…
Dangote Cement to pay over N97 bn in corporate tax for 2020
Africa’s largest cement producer, Dangote Cement Plc has remained a major contributor to the economy with a tax charge of N97 billion for the financial year ended 31st December 2020, even as it proposed a…
Here’s why investment-interest in Eko Atlantic is high despite economic slowdown, land price
At a time when many developments are struggling to get off ground as a result of Covid-19 impact and general slowdown in economy, investment interest in Eko Atlantic City in Lagos remains high.…
Lagosians bought more cars in 2020 despite COVID
More new cars were registered in Lagos last year, 2020, despite COVID-19 and the economic challenges it brought along. It would appear shocking, considering decline in incomes and the need for people to shore up…
Saudi Aramco’s $75bn dividend payment shows what Nigeria is missing
Saudi Arabia’s majority-owned state-owned firm, Saudi Aramco, is paying shareholders $75 billion in dividend, an amount twice the size of Nigeria’s 2021 budget, indicating how a well-run oil company can…
FULL LIST: Money transfer operators authorised by CBN to facilitate remittances
The Central Bank of Nigeria (CBN) has released a list of approved international money transfer operators (IMTOs). IMTOs accept cash for the purpose of transmitting to persons resident in Nigeria or another country. They…
Lagos Free Zone: Tolaram Group To Attract Additional $5billion Investment To Lagos State In 4 Years
…Sanwo-Olu Reaffirms Commitment to Infrastructural Development in the Axis In line with its vision to be the preferred industrial hub and investment destination in West Africa with world-class…
Dangote Cement announces N273 billion dividend for shareholders
Nigeria’s biggest public company Dangote Cement Plc said it would pay shareholders N16 for every share held in the company for the 2020 financial year, translating to a total dividend payout of N272.648 billion, a note…