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Business
Banks get deadline on dead customers’ BVN
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to report Bank Verification Number (BVN) of a dead customers to Nigeria Interbank…
REVEALED: In June 2021, FG quietly made new tax rules that could kill your business in six months
In 2016, three university students discussed the idea of a fintech. They built together and ran pilots in school, getting 500 students to use the product they were bringing to…
CBN seeks to bar BVN violators from banking services
The Central Bank of Nigeria (CBN) has issued a revised regulatory framework for bank verification number (BVN) operations and watchlist for the Nigerian banking industry.…
Despite Bid Disqualification: FG Moves To Award INTELS Multibillion Naira Boat Service Contract
The federal government is set to award a service boat monitoring agent contract for another 25 years to the Integrated Logistics Services Limited (INTELS) despite…
Bank CEOs Must Declare Their Assets, EFCC Insists
Abdulrasheed Bawa, the executive chairman of the Economic and Financial Crimes Commission, EFCC has insisted that chief executives of commercial banks must declare that assets, despite…
Despite Challenges, Nigeria’s Banking System Safe, Sound, NDIC Assures
The National Deposit Insurance Corporation (NDIC) has declared that despite the devastating effects of the COVID-19 pandemic and other challenges, Nigeria’s banking system remains safe…
Naira stable, trades N570/$1 at parallel market weeks after CBN/abokiFX row
Nigerian naira on Monday opened the week’s trading at N570 per dollar at the market – as vice president Yemi Osinbajo called for the devaluation of the currency. Street traders across…
Crude Oil Benchmark “Brent” Rise To $82.39 Per Barrel
Crude oil prices settled higher on the back of tightened supply balances and a weak United States employment report that may present headwinds to an increasingly…
3 Marketing Lessons We Can Learn From Netflix’s ‘Squid Game’
Whether you like to spend your weekends binge-watching TV shows on a streaming service or not, you've probably heard of Netflix's Squid Game. It is one of the most viral topics of 2021,…
SEC approves MTN Nigeria’s N89.99bn series II bond
The Securities and Exchange Commission (SEC) has granted MTN Nigeria Communications approval to launch its series II 10-year Fixed Rate Bond (Series II Bond), MTN’s Company Secretary,…
NIPOST increases domestic postage rate by 400%
The Nigerian Postal Service (NIPOST) says it has increased its domestic postage rate from N50 to N250 for effective service delivery in the country. Mr Friday Aba, the Zonal…
NNPC Limited has capitalisation of N200 billion, says CAC registrar
Garba Abubakar, registrar/chief executive officer of the Corporate Affairs Commission (CAC), says the newly incorporated Nigerian National Petroleum Company (NNPC) Limited has…
DANGOTE CEMENT, MTN PAY HIGHEST INCOME TAX TO FG IN 2020
…Cement company largest employer of labour Dangote Cement Plc has emerged as the highest corporate income taxpayer and biggest employer of labour in the country for the year 2020.…
Banks start integrating e-Naira app
Banks have started to onboard the e-Naira feature on their applications. In its latest update, the Guaranty Trust World app has integrated a e-Naira feature. However, when opened,…
Google earmarks $1b for digital transformation of Africa
Technology giant, Google, has reiterated its commitment to digital economy and transformation of Africa. Google made the announcement during the maiden edition of Google for Africa…
Used vehicle prices soar over freight, clearing charges, FX
• Nigeria spends N601.51b on importation of vehicles in H1, 2021 • Freight rate high because shipping lines, airlines charge for import, export on a single trip •…
Tesla ordered to pay $130m to African American ex-staff Owen Diaz
A federal jury in San Francisco, California has ordered Elon Musk’s Tesla Inc to pay more than $130 million in damages to Owen Diaz, an African American former worker. The…
Oil surpasses $81, Nigerian production drops by 130,000 barrels
Oil prices climbed above $81 on Monday as the Organisation of Petroleum Exporting Countries and its allies announced that it would maintain its steady output increase by…
Nigerian Stock Market Opens October With ₦15 Billion Gain
Trading in the domestic stock market resumed on Monday bullish with a gain of 0.05 per cent on investors’ interest in Eterna and 22 others. Precisely, the benchmark index rose by…
Airtel Nigeria To Buy ₦61 Billion Shares From Minority Shareholders
Airtel Networks Limited (Airtel Nigeria) has initiated a process to buyback 8.27 percent minority shareholdings at N55.81 per share, estimated at N61.24 billion. Buyback is…
Billions of dollars lost as Facebook shuts out 2.9 billion subscribers
The global economy lost billions of dollars as Facebook, WhatsApp, and Instagram went down at about 4.42pm on Monday. According to NetBlocks, which tracks internet outages…
$2bn Spent on Wheat Importation Annually – CBN
The Central Bank of Nigeria (CBN) yesterday revealed that the importation of wheat costs the country about $2 billion annually, thereby exerting pressure on the country’s food import…
Aiteo Slams $2.5bn Suit against Shell over Sale of OML 29
Aiteo Eastern Exploration and Production Company Limited has instituted a legal action against Shell Petroleum Development Company of Nigeria, seeking the sum of over…
Binance Bans Singapore Users From Accessing Its Global Platform
The crypto giant, Binance has banned Singapore Users from accessing its platform globally. The crypto firm stated that beginning October 26, Singapore users will be unable to…