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Kogi beats Lagos to become top investment destination for Q3 2020 – NIPC
The Nigerian Investment Promotion Commission (NIPC) says investment in Nigeria rose to $3.95 billion in the third quarter of 2020 (Q3 2020), as Kogi state emerged top destination of investment in the country with $1 billion (25…
Nigerian stocks gain N334b on back of Dangote Cement
The Nigerian Stock Exchange (NSE) gained N334 billion on Monday due to buying interest in Dangote Cement and 22 other stocks. Specifically, the market capitalisation rose by…
UK, EU stock markets take hit from new COVID-19 strain
Major UK and EU stocks plummeted on Monday to a nearly three-week low amid the new lockdown measures, prompted by the spread of the new mutated COVID-19. The new COVID-19 mutant, which spreads 70 percent faster, has…
Nigerian banks migrate to new cheque standards, old ones expire 31 Dec.
Nigerian banks are migrating in the New Year, into brand new cheque standards, on the order of the Central Bank of Nigeria. From 1 January 2021, the old cheques will expire,…
42 microfinance banks lose licences
The Central Bank of Nigeria (CBN) has withdrawn the operating licenses of 42 microfinance banks (MfBs). The affected banks have been shut down. The Nigeria Deposit…
Ryan Kaji, 9-year-old boy, becomes 2020 top-earning YouTuber with $29.5m
Ryan Kaji, a nine-year-old boy from Texas in the United States, has emerged the highest-paid YouTuber of 2020, according to Forbes. The list, released on Friday, showed that the talented kid raked in an estimated $29.5…
Shippers’ Council suspends demurrage over bad roads
The Nigerian Shippers’ Council has said it would seek the suspension of demurrage on behalf of shippers. In a statement signed by Rekiya Zubair, Head Public Relations of NSC, the state of the roads informed the…
Nigeria’s yearly exports to South Africa exceed $3.8bn — Envoy
The Consul General of Nigeria to South Africa, Abdulmalik Ahmed, has said that Nigeria’s yearly exports to South Africa now exceed $3.8bn. Speaking at a press conference which took place on Friday in…
CBN orders closure of money transfer operators’ naira accounts
The Central Bank of Nigeria has directed the Deposit Money Banks to close all naira accounts of International Money Transfer Operators. It disclosed this on Friday in a…
Nigeria is now the world’s second-biggest bitcoin market after the US
During the police brutality protests in Nigeria in October, bitcoin saved the day when the government shut out protesters from using local payment platforms for…
CBN directs switches to stop processing local currency transfers into dom accounts
The Central Bank of Nigeria (CBN) has directed switches and processors to immediately cease all local currency transfers in respect to foreign remittances to through International…
CBN disclaims Transferwise, Azimo
The Central Bank of Nigeria (CBN) has alerted the public on the activities of two unauthorised International Money Transfer Operators (IMTOs), Transferwise and Messrs Azimo.…
Kylie Jenner named highest paid celebrity of 2020
This year has been all sort of things for everyone, but it obviously didn’t stop Kylie Jenner from making loads of cash, as she was named the highest paid celeb for the year 2020. The reality star, Instagram…
ENYO begins gas expansion agenda, autogas services
In an effort to provide cleaner and safer energy alternatives for its customers, Enyo Retail and Supply, has commenced its Liquefied Petroleum Gas (LPG) expansion agenda aimed at boosting the usage of gas in Nigeria.…
Electronic payment transactions increased by N56trn in Q3, says NBS report
The total value of transactions through electronic payment channels increased by N56.21 trillion in the third quarter (Q3) to stand at N319.99 trillion from N263.78 trillion in second quarter (Q2 2020). This…
One can’t be isolated and expect success – Yemi Edun
United Kingdom-based real estate practitioner, Yemi Edun, tells TOFARATI IGE about the real estate business and other issues You were recently named as one of the UK’s most influential black people in ‘The Powerlist 2021’.…
Central bank sells N4.1 trillion worth of special bills
Following last week’s introduction of 90-day special bills by the Central Bank of Nigeria (CBN), the apex bank yesterday sold N4.1 trillion worth of the instrument in the money market. The CBN has also announced new capital…
Pornhub in trouble: Mastercard, Visa cut-off payments
Mastercard said it would no longer process payments for Pornhub. Mastercard has directed the third-party financial institutions that connect Pornhub to its network to no longer…
Reps halt Dec 31 deadline for Insurance recapitalisation
The House of Representatives has directed the National Insurance Commission (NAICOM) to suspend the December 31, 2020 deadline given to Insurance and Reinsurance…
Foreign Trade Rises to N8.37tn in Q3 – NBS
The value of Nigeria’s merchandise trade stood at N8.37 trillion in third quarter of the year (Q3 2020) representing an increase 34.15 per cent compared to N6.24 trillion in…
Six Banks Boost Economy with N1.3tn Credit in 2020
Efforts to grow the nation’s economy has received a boost from the banking sector as six leading banks injected additional N1.337 trillion through…
Like Uber and Bolt, Lagos yellow taxi drivers adopt ride-hailing app
Univasa Nigeria Limited, an information technology company, on Monday launched a ride-hailing platform for the Lagos yellow taxi drivers. “Baba Dey Online”, a ride-hailing…
Shareholders Approve GTBank’s Planned HoldCo Structure
The shareholders of GTBank Plc have approved the holding company structure for the bank, as they expressed excitement over the benefits they would derive from the new structure. At the…
Naira devaluation will not affect Nigeria’s food fortification targets – Dangote
Aliko Dangote, president of the Dangote Group, says the devaluation of the naira will not affect the food fortification targets set by leaders in the…