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Business
Jimoh lbrahim, NICON tackle AMCON
NICON Investment and billionaire businessman Jimoh lbrahim are set to approach the court for an order quashing the interim injunction obtained by AMCON against them. AMCON had in a statement last week said it had…
‘No more 35%’ — FG to slash levy on imported cars to 5%
The federal government has concluded plans to slash the levy to be paid on imported cars from 35 percent to five percent. This is contained in the draft bill of the 2020 finance bill to be…
Bank customers to now pay for failed direct debit transactions
Bank customers will now pay a charge for failed direct debit transactions. According to the Guide to Charges by Banks, other financial and non-financial institutions published by the…
GTBank Releases Q3 2020 Unaudited Results, Reports Profit before Tax of ₦167.4 Billion
Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2020, to the Nigerian and London Stock Exchanges. The 3rd Quarter result shows improved performance across…
Manufacturing sector records growth for the first time since May
The manufacturing purchasing managers’ index (PMI) recorded growth in November 2020 after six months of contraction between May and October 2020. This is contained in the Central Bank of Nigeria (CBN) purchasing managers’ index…
Cotton Production Surpasses Domestic Demand
Since 2018, cotton production has been on the upward trajectory following the Federal Government’s intervention in the Cotton, Textile and Garment (CTG) value chain. The cotton farmers say the current production level is…
CBN Lists Conditions to Relax Third Party Forex Purchase Policy
The Central Bank of Nigeria (CBN) has given conditions to allow the opening of Forms ‘M’ by companies whose forex payments are routed through a buying company, agent, or other third…
Banks offer youths N2b agric loan at 5% interest
THE Central Bank of Nigeria (CBN) has authorised commercial banks to give up to N2 billion maximum loan to youths interested in going into agriculture. The loan, which comes under the…
“I will buy 35 percent stake in Arsenal FC” – Former Abia State Governor, Orji Kalu reveals
Former Governor of Abia State, Orji Kalu has revealed his intention to buy a staggering 35% stake of Premier League Club, Arsenal FC. According to him, the prowess of Enyimba FC while he was governor has increased his passion…
World’s largest free trade agreement signed in coup for China
Fifteen Asia-Pacific countries on Sunday signed the world’s largest free trade agreement, seen as a huge coup for China in extending its influence. The Regional Comprehensive Economic Partnership (RCEP) includes 10 Southeast Asian…
Stock Exchange halts trading as equities rally N1.1tr in three hours
The automated trading-halt system at the Nigerian Stock Exchange (NSE) temporarily suspended trading for 30 minutes as the bulls got off the rein and drove equities’ benchmark index above the 5.0 per cent extreme…
CAC withdraws registration of ‘Enough is Enough’
The Corporate Affairs Commission, CAC, Tuesday cancelled the registration of the Business name ‘Enough is Enough’ with immediate effect. The commission disclosed this on its Twitter handle, @cacnigeria1. “Based on the…
FCMB Wins “Best SME Bank in Africa” Award
First City Monument Bank (FCMB), a foremost financial services provider in Nigeria, has been voted as the Best SME Bank in Africa. The Bank won the prestigious award at the Asian Banker Middle…
Gunmaker stocks tumble as post-election US is largely peaceful
Shares of firearms sellers tumbled on Monday as promising data from a COVID-19 vaccine trial knocked stay-at-home stocks and as civil unrest failed to materialize after Democratic candidate Joe Biden emerged as the winner of…
Dangote Cement shares hit highest price in 17 months — after impressive Q3 result
The shares of Dangote Cement, Nigeria’s second most capitalised company, was the favourite for investors on the floor of the Nigerian Stock Exchange on Monday, driving the price to a 17-…
Nigerian government exempts Dangote from border closure – Report
The Nigerian government has allowed Dangote Cement to resume exports across its land borders, Bloomberg reports. This is despite the closure of all land borders by the government for over one year. The move has, however,…
WhatsApp takes on Google, Alibaba in phone payment battle
WhatsApp on Friday entered an increasingly tense battle between multinational giants such as Google and Alibaba for a chunk of India’s fast-growing digital payments market. The Facebook-owned…
Dangote Refinery reaches 80 per cent completion
The Dangote Group has informed overall work at its 650,000 barrels per day (bpd) integrated refinery and petrochemical project had reached 80 percent completion. It said this percentage covered the project’s engineering, design…
MTN Nigeria Profit Before Tax Dropped 0.6 Percent N211.6 Despite Subscriber Growing by 3.9m to 75…
MTN Nigeria profit before tax declined by 0.6 percent to N211.6 billion in the nine months ended September 30, 2020. The telecommunications giant grew mobile subscribers by 3.9 million to 75 million when compared to the same…
MTN Group makes final exit from Jumia, rakes in $138m
MTN Group has completed its exit from Jumia, a leading e-commerce platform in Africa, selling its 18.9 percent stake and raising $138 million from the deal. This was contained in the MTN Group third quarter for 2020 (Q3 2020)…
600 companies applied to bid for 57 marginal oil fields – DPR
The Department of Petroleum Resources (DPR) says 600 companies have applied to be prequalified for the marginal oil fields bid rounds. Paul Osu, DPR head of public affairs, told NAN on Friday that the bid round process for its 57…
US firm rakes in $1.1bn ahead of COVID-19 vaccine launch
Moderna Therapeutics, a US biotech firm, says it has received $1.1 customer deposits ahead of its global COVID-19 vaccine launch. The biotechnology company revealed this in its third quarter…
Apple iPhone sales tumble, trimming profit
Apple shares were sent reeling Thursday on word of a steep drop in sales of iPhones, which are at the heart of the tech titan’s money-making engine. Apple profit fell 7 per cent to $12.7 billion in the recently ended quarter,…
CBN Releases Guideline For N75bn Youth Investment Fund
Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF). The fund was a built-in strategy to effectively…