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CBN orders banks to clamp down on COVID-19 financial crimes
The Central Bank of Nigeria has advised all banks to update alert protocols in their Anti-Money Laundering/Combating the Financing of Terrorism monitoring tools, in line with the red flags and emerging trends arising from…
Apapa Customs rake in N367b in 9 months
Nigeria Customs Service, Apapa Area Command has generated N367,682,616,309.23 from January through September, this year. A total of 328 containers of various goods valued at…
Trump secures permission to build another golf course in Scotland
United States President Donald Trump has been given permission to build another golf course in Scotland after authorities there decided in his favour on Sunday in spite of local opposition. The…
Businesses lose N10b daily to #EndSARS protests, say Experts
The #EndSARS protest is taking its toll on the economy and businesses, economists lamented at the weekend. They put the daily loss in the economy at a minimum N10 billion. Youths across the…
Despite #EndSARS protests, investors gain N121 billion in equities trading
Investors this week gained N121 billion on the Nigerian equities market, in a trading week marred by #EndSARS protests in the nation’s commercial capital, Lagos, and other cities across…
Investors mobilise for legal battle as AgroPark, again, postpones payout to 2021
AgroPark, another agri-investment platform, has left investors spoiling for a legal battle after it sent a letter informing them, for the second time, that payment of capital and accrued dividends…
CBN freezes 15 textile smugglers accounts
The Central Bank of Nigeria (CBN) has frozen the accounts of 15 textile smugglers across the country. Deputy Governor Corporate Services of the CBN Mr. Edward L. Adamu made this disclosure at a…
INTELS pledges readiness to dialogue with NPA
INTELS Nigeria Limited, Nigeria’s oil and gas logistics giant has pledged readiness to enter into a constructive dialogue with the Nigerian Ports Authority (NPA) in order to reduce the indebtedness accrued up to now. INTELS,…
Stripe acquires Nigeria’s Paystack for $200M+ to expand into the African continent
When Stripe announced earlier this year that it had picked up another $600 million in funding, it said one big reason for the funding was to expand its API-based payments…
South African firm asks court to wind up Bi-Courtney
A South African firm Aurecon AMEI Limited and its Nigerian affiliate Aurecon Consulting Engineers Nigeria Limited have asked a Federal High Court in Lagos to wind up…
Nigeria’s e-Payment Transactions Hit N17.3tn in September – Report
The total value of transactions in the country through electronic payment (e-Payment) channels, which included Point of Sale (PoS), the Automated Clearing House (ACH) and the Nigeria…
NNPC engages marketers over gas for vehicles
The Nigerian National Petroleum Corporation (NNPC) has engaged petroleum products, marketers, on the sale of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) for fueling power…
CBN directs banks to comply with SWIFT universal payment confirmations
The Central Bank of Nigeria (CBN), has directed all banks operating in the country to always observe strict compliance with SWIFT Universal Confirmation Requirements. The directive…
Police step into HealthPlus, Alta Semper feud
The Federal Criminal Investigation Department (FCID) of the Nigeria Police has invited Mrs. Olubukunola George, founder of pharmaceutical retail firm, HealthPlus, the subject of an…
‘Take phone out of Trump’s hand, he’s ‘going to blow up the economy’…
“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans…
Nigerian firm Erojim to make shoes, uniform for military, 2 factories coming
A Nigerian Company, Erojim Investments Ltd, which has the approval of the Buhari administration will manufacture locally all military and paramilitary garments and footwear…
Shipping firms, airlines breach CBN dollar rule
Shipping and airline companies have been depriving Nigeria of the much-needed dollar earnings by not remitting export proceeds, the Central Bank of Nigeria (CBN) said on Wednesday. The apex…
Virus wipes N939bn off wealth of Nigeria’s biggest firms’ shareholders, but a recovery is on
The biggest shareholders of Nigeria’s 30 largest firms lost a whopping sum of N939 billion combined in the first half of 2020 as the COVID-19 pandemic took a toll on the equities…
YouTube announces $100m ‘Black Voices Fund’ for Nigerian artists, creators
YouTube on Thursday announced that artists and creators from Nigeria could apply for grants from its global 100 million dollar Black Voices Fund. Alex Okosi, Managing Director,…
Remittances to Africa shrinks by $18billion due to COVID – ECA report
The COVID-19 pandemic is projected to cost the African continent $18 billion in remittances, the United Nations Economic Commission for Africa (UNECA) has said. A new report launched…
Cigarette sales could end in 10 years: Philip Morris CEO
Philip Morris International Inc’s CEO Andre Calantzopoulos has projected that cigarette sales could end between the next 10-15 years. He spoke at a recent virtual Concordia…
Worries over $2b forex demand backlog
Fitch Ratings has expressed concerns about the state of the naira and rising forex demand backlog estimated at $2 billion. The forex demand backlog stood at $1…
Oil subsidy removal: Domestic refinery owners applaud Buhari
The Domestic Refinery Owners Association of Nigeria (DROAN), have thrown their weight behind the Federal Government’s removal of oil subsidy in the country. The National Chairman of the…
Chevron to sack 25% of Nigerian workforce
TWENTY five per cent of jobs are on the line at Chevron Nigeria Limited in what the company yesterday described as a review of its manpower requirements in the light of the changing…