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In Pursuit of Convergence, CBN Adjusts Official FX Rate Towards Market-led I&E
.........Official SMIS window moves to N380/$1 as I&E window trades at N386/$1 The Central Bank of Nigeria (CBN) yesterday took another step towards unifying the naira exchange rate by adjusting the rate at the…
COVID-19: How China produced ’70bn face masks’ in three months
On March 3, 2020, in the wake of the coronavirus pandemic, the World Health Organisation (WHO) expressed concern about how shortage of personal protective equipment (PPE), including masks,…
FIRS introduces stamp duty for rent agreements, C of O
The Federal Inland Revenue Service (FIRS) says stamp duty will now be paid on house rent and certificate of occupancy (C of O). Abdullahi Ahmad, director of FIRS communications and…
So Sad, Oil Mogul, Festus Fadeyi, Loses Company, Pan Ocean, to AMCON over N240bn Debt
Former billionaire, Festus Fadeyi has gotten to that threshold in a man’s life when brooding tragedy and its dark shadows can only be lightened by recalling great moments of the past. Yes,…
From Cleaning to Military Deals! How Tokunbo Ogundeyin is Cleaning out with Multi-Billion Dollar…
Yes, Tokunbo Ogundeyin, the head honcho of Proforce, is a dandy soul. Beneath his expensive suits and unassuming demeanour lies a posh and groovy character. But despite his inclinations for…
Marginal Fields Bid: Gbajabiamila, Senate President, President Aides, Sarki Abba, Tunde Sabiu,…
Junior oil firms flocked in their hundreds to bid for one of the 57 marginal fields put up for sale by the Abuja authorities to avoid a financial debacle as the Covid-19 crisis continues. Nearly 600…
Hate Speech: 400 brands including Coca Cola set to boycott Facebook
Advertisements for more than 400 brands, including Coca-Cola and Starbucks, are due to vanish from Facebook on Wednesday, after the failure of last-ditch talks to stop a…
Atedo resigns as Cadbury chairman
Chairman of Cadbury Nigeria Plc Peterside Atedo has resigned. He said he took the decision to “concentrate on other challenges” after ten years on the position. In a letter to Directors of…
Air Peace operates maiden flight to London
FOLLOWING its designation as Nigeria’s flag carrier, Air Peace at the weekend operated its maiden flight on the Lagos/London route. It was to demonstrate its capacity for long haul…
FACT CHECK: Are DStv’s tariffs in Nigeria the highest in Africa?
In May 2020, Multichoice, the owners of DStv and GOtv, disclosed that rates would go up in Nigeria. This immediately led to a social media outrage, with many calling it insensitive “during a pandemic”. In Multichoice’s defence,…
FCMB Pensions set to acquire 96% of AIICO Pensions
FCMB Group has notified the Nigerian Stock Exchange that it’s pensions arm, FCMB Pensions Limited has entered into an agreement to acquire 96% of Aiico Pensions Limited. This is part…
WORLD BANK, IMF Post COVID-19 Nigeria Forecasts: What FG must do — Economists
AGAINST the backdrop of the latest World Bank Nigeria Development Update (NDU) of June 25, 2020, notable economists have urged the Federal Government to move…
Parallel Market Can’t Be Used to Determine Naira Exchange Rate
Citibank, last week, organised an investor conference call titled: “COVID-19 Economic and Budgetary Update”, which featured four top government officials. During the event that lasted for an hour and 15 minutes, the…
Adebutu, Kashamu’s Firms Fight Dirty Over Betting Game Rights
The clash between betting and gambling firms owned by a Peoples Democratic Party chieftain, Senator Buruji Kashamu; and billionaire businessman, Sir Kensington Adebutu, has…
IFC Supports Nigeria’s FCMB to Finance SMEs Facing COVID-19 Related Challenges
IFC, a member of the World Bank Group, today announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises…
74% businesses stop operations due to COVID-19
Research reveals that 74.2 per cent of businesses in Nigeria stopped operating due to the Coronavirus (COVID-19) pandemic. The research was conducted by the Nigeria Employers’ Consultative…
Rising COVID-19 Cases at Oilfields Threaten Nigeria’s Output
The rising number of COVID-19 cases among workers at Nigeria’s offshore oilfields and platforms is a growing threat to the country’s oil production, sources within the…
Operators Link Boost in Agric Output to CBN Intervention, Border Closure
Going by the performance of local farmers and other players in the agricultural value chain, some stakeholders have predicted a boom in the sector in the years ahead. They…
We’ll steer Nigeria away from recession – CBN
The Central Bank of Nigeria on Wednesday said it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the impact of COVID-19. It said this was in spite of the push by some vested…
Groups decry exclusion from 2020 marginal oil field bid round
The exclusion of the Nigerian Civil Society Groups from the forthcoming 2020 marginal oil fields bid round processes has prompted them to condemn their alienation. Recalled the…
Nigeria records N124.77b trade deficit in Q1
Nigeria recorded a trade deficit of N125.77billion in the First Quarter(Q1) of 2020, the National Bureau of Statistics (NBS) has disclosed. Its report titled “Commodity price indices…
Venezuelan oil tankers with 18.1m barrels stuck at sea
Sixteen Venezuelan oil tankers carrying 18.1 million barrels of oil are stuck at sea as global refiners shun the crude to avoid falling foul of U.S. sanctions, industry sources said.…
World Bank approves $750m loan for Nigeria’s power sector
The World Bank has approved $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO), to improve electricity…
SEC orders September deadline for new rules on mutual funds
Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has set a deadline of September 30, for compliance with new rules on collective investment schemes…