Browsing Category
Business
BREAKING: Banks to pay N2m fine for excessive charges on customers — CBN
To guard against excess, unapproved or arbitrary charges by banks and other financial institutions, Central Bank of Nigeria (CBN) says any bank that charges customers above approved thresholds will pay a N2…
Govt, banks, lodge N13.9 trillion in CBN
The Central Bank of Nigeria (CBN) received N13.97 trillion deposits from the Federal Government and commercial banks in 30 days, the apex bank’s economic report…
N50 surcharge on POS transaction illegal – CBN
The Central Bank of Nigeria (CBN) has urged customers not to pay N50 charge to businesses for using point of sale (POS) machines. Musa Jimoh, a director…
FG granted N1.024trn waivers in four years
With a total of N1.024 trillion in waivers granted to public and private organisations and individuals between 2011 and 2015, the Federal Government says it will launch electronic Import Duty Exemption…
BREAKING: CBN slashes banks’ ATM withdrawal fee from N65 to N35
The Central Bank of Nigeria on Sunday reduced the withdrawal fee charged for the use of other banks’ Automated Teller Machines from N65 to N35. The N35 ATM fee according to the CBN…
Dangote refinery: Governors’ Forum hails Lagos
Lagos State Government on Friday got commendation from Nigeria Governors’ Forum (NGF) for creating enabling atmosphere for the smooth take-off of the petrochemical…
FG may shift deadline to deactivate bank accounts without tax verification
The Minister of Finance, Budget and National Planning, Zainab Ahmad, has said that the Finance Bill might not be effective from January 1, 2020, if signed…
Rates continue to decline as banks struggle to meet CBN’s 65% minimum LDR
Over the last few days, there have been notices from a couple of banks advising a downward review of deposit rates. Banks have continued to lower their lending and…
Adidas, Beyonce to launch gender-neutral collection
Adidas will start selling a new collection designed with singer Beyonce on Jan. 18 in a relaunch of her Ivy Park brand that includes shoes, clothes and accessories, mostly in…
Banks earn N135.15bn from e-payments in nine months
The adoption of electronic channels for financial transactions has earned 10 deposit money banks about N135.15bn revenue in the first nine months of the year ended September 30.Analyses of the unaudited 2019…
This billionaire made $39 billion in 2019, thanks to his luxury brands
After the stock of multinational luxury goods conglomerate, LVMH, cumulatively added $82 billion in value, the company’s Chairman and Chief Executive, Bernard…
Beta Glass to complete a $30 million furnace in Agbara by 2020
Nigerian bottle maker, Beta Glass Plc, has reiterated its commitment to ensuring the timely completion of an ongoing furnace capacity expansion at its Guinea plant in Agbara.…
Nigeria’s Pension Asset increased by N228 billion in October
Nigeria’s pension asset grew by N228 billion in October 2019 to end the month with an asset value of N9.81 trillion, according to the latest data from the…
Nigerian Cocoa beats competitors, to earn N220.5 billion in 2019
Nigeria seems to be leading other West African countries in earnings made from the exportation of cocoa. A recent data indicates traders in the country earned about N220.5…
Hyundai to set up car plant in Nigeria
Hyundai Engineering Company Limited is about setting up a car plant in Nigeria. Chang Hag Kim, chief executive officer of Hyundai Engineering, disclosed this when he led top…
BREAKING: Food gets cheaper in Lagos, Ondo but inflation hits 11.85%
Data made available by the National Bureau of Statistics has shown that the consumer price index that measures inflation increased to 11.85% in November. According to the…
International customers owe Nigeria N11.17b electricity bill
The Nigerian Electricity Regulatory Commission (NERC) has said that in second quarter 2019, international customers owed Nigeria electricity bills totally…
Dangote Petroleum Refinery to save $11b for Nigeria – Minister
MINISTER of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said Dangote Petroleum Refinery will save the nation $11 billion. The…
NNPC records trading surplus of N5.20b
THE Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of N5.20billion for August. It reflects an increase of 22 per cent when compared…
Bankers’ Committee classifies BVN for poor, rich customers
The Bankers’ Commit-tee has commenced Bank Verification Number (BVN) classification plan that will allow the rich and poor in rural areas have access to…
‘You cannot cheat Nigeria’ — TCN asks Togo, Benin to pay $9m electricity bills
The Transmission Company of Nigeria (TCN) has asked its international electricity customers to pay $9 million outstanding power bills. Speaking in Abuja, Usman…
GTB moves to seize assets of Sunil Vaswani, Stallion Group over N12b debt
A Federal High Court in Lagos has granted an order protecting the receiver appointed by Guaranty Trust Bank, Plc Mr Gbenga Akinde-Peters, to take over all fixed and…
Porsche gets 30,000 down payments for new electric car
Some 30,000 drivers have made down payments for Porsche’s first electric car, according to the high-end automaker’s chief executive. Those customers in Europe have plunked down 2,500…
Saudi Aramco valued at $2 trillion, beats Apple
Saudi Aramco stock defied skepticisms Thursday by soaring for a second day, topping the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman.…