Browsing Category
Business
Sanction for forex defaulters takes off
The stage may be set for banks begin the ‘naming and shaming’ of customers who engage in foreign exchange (forex) malpractices. This is in line with the directive of the…
10,000 smallholder farmers in Nigeria to be empowered through the Value Seeds and Mastercard…
Value Seeds Limited, an indigenous crop seed production, solution, and development company, in collaboration with the Mastercard Foundation will empower 10,000 smallholder…
CBN denies planning to convert forex in dom accounts to naira — second time in two months
The Central Bank of Nigeria (CBN) says it is not planning to convert foreign exchange (FX) in the domiciliary accounts of customers into naira. Osita Nwanisobi, CBN…
NNPC Forecasts Over N300bn Profit in 2021
Few days after declaring a Profit After Tax (PAT) of N287 billion in its Audited Financial Statement (AFS) for 2020, the Nigerian National Petroleum Corporation (NNPC)…
Nigeria spends N601.51 billion on importation of vehicles in H1 2021
Nigeria spent a total of N601.51 billion on the importation of motor vehicles in the first half of the year. This is contained in the recently released foreign trade report…
Possibility Specialists Boss, Abraham Arrested Over ₦39 Million Alleged Fraud
The fears expressed by some investors that any ponzi scheme like company may be another scam waiting to happen, may have been confirmed following the arrest of the Chief…
Naira goes into the weekend bruised and battered by U.S. Dollar
The Naira went into the weekend bruised and battered by the U.S. Dollar and other major foreign currencies. Though its value remains unchanged at the CBN window, the Naira slumped further in…
Inside N15 billion turnover of Bamboo, Rise Vest, other fintech firms facing CBN probe
A court recently placed restrictions on the bank accounts of six online investment companies. Four of these companies recorded about N15 billion turnover in two and a half…
Don’t sell FX to customers not travelling abroad – EFCC warns banks
The Economic and Financial Crimes Commission (EFCC) has warned banks against selling foreign exchange (FX) to customers with no intention of travelling outside the country.…
FX market faces fresh test as naira hits all-time high at N543/$
• Hoarding intensifies while BDC operators run out of supply • Banks may resort to rent-seeking • No customer with genuine need has been turned back, CBN insists • ‘Proposed e-naira…
We Spend N100m Daily To Return Empty Containers — Importers
Members of the Association of Maritime Truck Owners (AMATO) have accused hooligans of fleecing importers of at least N100 million daily as they return empty containers to…
Reducing Customs Procedures Can Lift Nigeria, Others By $250 Billion – Osinbajo
Vice President Yemi Osinbajo has said that despite the monumental challenges posed by climate change, especially energy transition and related issues, the coming…
NCC has approved renewal of our operating licences for another 10 years, MTN
MTN Nigeria says the Nigerian Communications Commission (NCC) has approved its operating spectrum and licence for another ten years. The renewal would run from September 2021 to…
FCMB Emerge as the Best SME Bank in Africa and Nigeria
Nigeria's leading lender, First City Monument Bank (FCMB), has emerged as Best SME Bank in Africa and Best SME Bank in Nigeria at the Asian Banker Middle East and Africa Regional…
FIRS Affirms Position On VAT Collection, Urges Tax Payers Not To Panic
The Federal Inland Revenue Service (FIRS) has urged taxpayers not to panic over the recent court ruling by the Federal High Court sitting in Port Harcourt which dismissed its motion for stay…
1 Month After, BDC Operators Groan Under CBN’s Forex Policy
One month after the Central Bank of Nigeria (CBN) announced discontinuation of foreign exchange allocation to Bureau De Change firms, operators and traders in the parallel…
57,000 Personnel to Benefit from Work at Refinery Site, Says Dangote
The President/Chief Executive, Dangote Industries Limited, Aliko Dangote has disclosed plans to increase the human capacity at the Dangote Refinery Project site from 40,000 to…
Managing Distributed Teams Effectively With Remote Agile – Ayodele Doreen
The rise of remote work has significantly impacted how Agile teams operate. Traditional Agile methodologies, which emphasize face-to-face collaboration and communication, must adapt to the challenges and opportunities of a distributed work…
VAT ‘War’ Between FIRS, States Leaves Businesses Confused
Taxpayers and business owners are scratching their heads over the authority to remit Value Added Tax (VAT), as the Federal Inland Service (FIRS) and state governments…
Inter Milan To Accept Crypto Payment For Ticket Purchases
Inter Milan fans will be able to pay for home game tickets on the club’s app using cryptocurrency after the Italian Serie A football team announced a new deal with Zytara Labs. By joining forces, Zytara Labs will become…
Central Bank Issues E-Naira Guidelines, Charges And Transaction Limits
The Central Bank of Nigeria (CBN) has released new guidelines on how a state-backed digital currency (e-Naira) will be regulated, designed, and issued. The Central Bank Digital Currency…
Oil Prices Crumble Over Hurricane Ida Concerns
Oil prices dropped slightly yesterday on concerns that power outages and flooding in Louisiana after Hurricane Ida cut crude demand from refineries at the same time global producers plan to raise output. U.S. West Texas…
CBN orders banks to publish names, BVN of Forex defaulters
The Central Bank of Nigeria (CBN) has directed all banks to publish names of customers who try to break the rules on Forex acquisition on their website. The CBN on Monday,…
Challenges of the proposed e-naira
Just a while ago, the Federal Government of Nigeria through the Central Bank of Nigeria announced that it would be introducing a local or call it homegrown cryptocurrency. This digital currency will be called e-naira. Many…