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Business
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…
Nigeria records first trade deficit in 4yrs as COVID-19 hurts export
For the first time in four years, Nigeria’s trade position was negative in 2020 as COVID-19 pandemic crushed oil demand, sending the revenue of oil-exporting countries tumbling. Africa’s largest oil producer…
FCMB Introduces Paperless and Cardless Transactions at Branches, ATMs and POS Terminals
Customers of First City Monument Bank (FCMB) can now seamlessly carry out an array of transactions with just their fingerprints and Bank…
MTN Group appoints new executive to drive strategic repositioning
MTN Group has announced the appointment of Chika Ekeji, as Executive, Strategy and Transformation as part of plans to further bolster management capacity to accelerate the Group’s strategic ambitions. Effective March…
Coronavirus loans: CBN directs banks to extend discounted interest rates
The Central Bank of Nigeria (CBN) has directed commercial banks to formally extend repayment of credit facilities given to cushion the COVID-19 pandemic. According to a circular tagged FPR/DIR/PUB/01/001 issued on March 3,…
US companies invest $3.8 billion in Nigeria in five years
Companies of United States of America (USA) origin operating in Nigeria invested a total of $3.75billion to expand their operations in the country in the last five years and plans to invest another $2.75 billion in the next…
Fuel price hike looms as crude oil hits $71 per barrel
There will be more money for the 2021 budget implementation as the crude oil price on Monday hit $71/ barrel which doubles the $30 benchmark. But the spike in crude oil price implies that Nigerians will pay more for a…
Ibrahim Mai Deribe Rubbishes Misleading Reports On OML 110, Denies Issuing A Statement
Alhaji Ibrahim Mai Deribe, the former Managing Director of Cavendish has refuted the misleading media reports about OML 110. According to Deribe, naturally, he…