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Business
Global e-commerce sales hit $26.7 trillion, 3 Chinese firms in top 4
Global e-commerce sales jumped to $26.7 trillion globally in 2019, up 4% from 2018, and even grew higher in 2020 due to COVID-19…
FG to earn $340m from new operator of Addax OML
The federal government is expected to earn a princely sum of $340million from the new operator of the Addax OML License, The Nation has learnt. The committee led by a former senator, Magnus Abe, said $1…
Elite $100 Billion Club Gets Two New Members Via Tech Boom
The rally in tech shares has taken the number of people with fortunes of more than $100 billion to eight. Google co-founders Larry Page and Sergey Brin joined the exclusive club last week, entering a group dominated by U.S. tech…
How CBN countered First Bank coup
The changes that swept through First Bank of Nigeria Limited and FBN Holdings Plc penultimate Wednesday and Thursday took many by surprise. The removal and reinstatement of FirstBank CEO Sola Adeduntan and subsequent…
Dangote Cement to pay N40.39 bn in corporate tax
…ramps up production capacity to meet local demand Nigeria’s Dangote Cement Plc is expected to pay a total of N40.39 billion in…
Nigerian banks turn up mega profits despite COVID-19
Nigerian banks have defied COVID-19 by posting higher profits in 2020 than in 2019, as shown by earnings released by the Nigerian Exchange (NGX).…
My First Bank journey: Ibukun Awosika speaks on CBN sack
Ibukun Awosika, who became the first female chairman of First Bank of Nigeria in 2016, has spoken on the sack of the board by…
First Bank pledges to cooperate with CBN
First Bank of Nigeria Limited on Friday embraced the board changes effected by the Central Bank of Nigeria (CBN), just as the financial institution disclosed that Dr. Adesola Adeduntan has resumed as Managing…
Amazon posts record profits as AWS hits $54 billion annual run rate
Amazon.com, one of the biggest winners of the pandemic, posted record profits on Thursday and signaled that consumers would keep spending in a growing U.S. economy and converts to online shopping are not likely to leave.…
11 Nigerian banks pay N308.2 billion dividends to shareholders
A total of 11 listed banks have declared a cumulative N308.206 billion dividends to their numerous shareholders in their respective 2020 financial year, in a move to give these investors good returns on investment,…
First Bank confirms resumption of Adeduntan as CEO
First Bank has confirmed the return of Dr. Adesola Adeduntan as MD/CEO following the Central Bank of Nigeria intervention. The bank had annulled Adeduntan’s…
PenCom orders recap, raises PFAs shareholders fund to N5b
The National Pension Commission (PenCom) has ordered recapitali-sation in the pension industry, The Nation has learnt. The Commission has raised the shareholders’…
First Bank: The N75bn Otudeko Loan Crisis
Facts are emerging on the board room crisis that precipitated the sack of Adesola Kazeem Adeduntan as the managing director/ chief executive officer of First Bank Nigeria Limited and his replacement with Gbenga…
Dangote Cement gets N22.3 billion tax credit for road construction
Dangote Cement Plc has received tax credit certificates valued at ₦22.32 billion for the construction of roads. The tax credit certificates are for the construction of Apapa-Oworonshoki-Ojota road in Lagos and the…
UPDATED: CBN Sacks All First Bank Directors (See Governor Godwin Emefiele’s Statement)
The Central Bank of Nigeria (CBN) has sacked all the board members of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc. The apex bank had queried the Board of…
BREAKING: CBN sacks ALL directors of First Bank Holdings, reinstates Sola Adeduntan as MD
The Central Bank of Nigeria (CBN) has reinstated Sola Adeduntan as the managing director and chief executive officer of First Bank of Nigeria Limited. Godwin…
Samsung posts 46.3% jump in profit on strong smartphone sales
South Korean tech giant Samsung Electronics posted a 46.3 percent rise in first-quarter net profits on Thursday, largely driven by robust sales of its smartphones. Samsung Electronics is the flagship…
Tesla makes more profit from Bitcoin than car sales
Tesla’s first quarter earnings report released on Monday showed that the company sold off 10 per cent of its Bitcoin holdings. It made $272m in proceeds and $101m in profit from Bitcoin. The car maker made more money from…
Segun Agbaje’s Successor: Friends, Colleagues Push for Mariam Olusanya as the New CEO of GTB
…Ademola Odeyemi waiting in the wings As the tenure of Segun Agbaje, the Group Managing Director/Chief Executive Officer of Guaranty Trust Bank, winds up…
Airtel Africa appoints Olusegun Ogunsanya as CEO
Airtel Africa Plc has announced the appointment of the Managing Director and Chief Executive Officer of Airtel Nigeria, Olusegun Ogunsanya, as MD/CEO of the Airtel Group. He…
Spotify premium subscriber count increases to 158 million
Spotify now boasts 158 million premium subscribers and 356 million monthly active users, according to its latest earnings report released today. That’s a 21 percent and 24 percent year-over-year increase, respectively. It’s…
Dangote Cement increases capacity to meet demand surge
In a response to the growing demand, Dangote Cement Plc is poised to raise capacity by more than a third to meet the escalating demand as the Nigerian…
CBN Queries First Bank as CEO is ‘Purportedly Ousted’
•Says bank under forbearance, liquidity support can’t remove helmsman without approval •Shareholders weigh options, Otudeko, Odukale and Adenuga in battle for control The Central Bank of…
FCMB’s Priceless Gift of Sight: Over 300,000 Nigerians with Eye Defects Benefit
First City Monument Bank (www.fcmb.com), in partnership with Tulsi Chanrai Foundation (TCF) of India, has so far carried out free eye…