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Business
Gokada promotes Nikhil Goel as new CEO
Gokada, the Nigeria-based last mile delivery, logistics and transportation start-up has formally unveiled Nikhil Goel as its new CEO, as it continues to evolve from a…
Italian court acquits Eni, Shell of corruption in OPL 245 deal
An Italian court has acquitted Shell and Eni of corruption charges in the $1.1 billion OPL 245 deal in Nigeria. Marco Tremolada, the judge, delivered the decision on…
EXPLAINER: What the newly-revised USSD service charge means for bank customers in Nigeria
The Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) announced on Tuesday, March 16, 2021 that bank customers will now pay a flat fee of N6.98 for every financial transaction completed…
Zenith Bank shareholders excited as Bank pays N94.19b dividend
Following the recent release of Zenith Bank’s audited financial results for the 2020 financial year, shareholders of the bank on Tuesday at the 30th Annual General Meeting of…
EU reports Nigeria to WTO
The European Union has reported Nigeria to the World Trade Organisation (WTO). The complaint was about Nigeria’s policy on dairy. Director General of the WTO Dr. Ngozi…
NQR code payment system launches in Nigeria
Nigeria Inter-Bank Settlement System Plc (NIBSS) today announced the launch of the NQR payment solution; an innovative payment platform implemented on behalf of all financial service…
N42b USSD debt: CBN, NCC, others parley
The Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC), telecommunication firms as well as banks are scheduled to meet in Abuja to resolve the N42billion…
Investment bank projects oil at $100 per barrel
Crude oil could hit $100 and top it, and this could happen before this year’s end, an American multinational independent investment bank and financial…
India to ban crypto trading, penalise owners
The government of India has proposed to ban cryptocurrencies and fine anyone trading or in possession of the virtual currency, The news agency cited an unnamed senior government official, who has direct knowledge of the…
Banks losing revenue to Fintechs
Banks’ commission and fees are gradually going to financial technology (Fintech) firms. COLLINS NWEZE captures the steady rise and acceptance of Fintechs in the provision of financial services. A 40-year-old engineer,…
FMDQ Exchange lists N53.21b landmark bonds
FMDQ Securities Exchange (FMDQ Exchange) has listed two ground-breaking bonds valued at N53.12 billion, paving the way for investors to trade on the…
Toyota chief warns Apple over car plans
Regardless of whether or not Apple is actually planning to launch a car, Toyota President Akio Toyoda has warned that the tech giant that building and selling cars isn’t as straight forward as…
Criticisms trail CBN’s policy as naira weakens
The Naira depreciated by 1.04 per cent to N485 per dollar as the new Central Bank of Nigeria’s (CBN’s) Naira for Dollar Scheme failed to incentivise the foreign exchange (forex) market. The apex bank’s Naira…
AMDON hails President Buhari, Customs boss over vehicle tariff slash
The Association of Motor Dealers of Nigeria (AMDON) has extolled President Muhammadu Buhari and the Comptroller-General of the Nigeria Customs Service, Hameed Ali, for heeding its call for a tariff slash on imported vehicles,…
Dangote Sugar Refinery shuts subsidiary in Niger
The Dangote Sugar Refinery (DSR) Plc has announced the closure of its company in Niger state over a land acquisition dispute. The company announced the development in its 2020 consolidated and…
Indian tycoon Gautam Adani makes record $16.2 billion in pandemic year
Indian tycoon Gautam Adani has added more billions to his wealth than any one else in the world this year. The wealth gain came on the back of investor excitement around his ports-to-power…
Banks owe telcos N42bn for USSD services, says NCC
Deposit Money Banks owe telecommunications companies N42bn for services provided by the mobile network operators through the Unstructured Supplementary…
Nigerian Banks to stop “instant completion” for forex transfers online
Commercial Banks in Nigeria are informing customers that they can no longer make instant online transfers out of their domiciliary accounts without proper documentation. Before now, all a customer had to…
CBN/NIRSAL reopens portal for MSMEs, individuals to access up to N25 million
CBN reopened the portal for MSMEs and households affected by COVID-19 to access up to N25 million The Central Bank of Nigeria (CBN), through NIRSAL Microfinance Bank, has…
Dangote set to earn N13 billion in dividend from his sugar business
Africa’s richest man is set to earn a mega dividend of N13 billion from Dangote Sugar Plc. Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries Limited,…
NSE becomes public liability company
The Nigerian Stock Exchange (NSE) has received final approvals from Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) and the…
CBN finances 82 projects worth N85.89b
The Central Bank of Nigeria (CBN) says it has financed 82 projects, valued at N85.89 billion through its Healthcare Sector Intervention Facility. The projects comprised 26…
COVID-19: Palliative for airlines, media underway – CBN
Soothing news came the way of Nigeria-registered airlines and the media on Tuesday, as the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele and…
After raising $179m, Nigeria’s $1billion valued Flutterwave eyes New York listing
Nigeria-founded payments company Flutterwave has raised $170 million from investors to expand its customer base, pushing its valuation up to more than $1 billion. Founded in 2016 by Nigerians and headquartered in…