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Boeing declares $12billion loss for 2020
Boeing has released its 2020 results and as expected, the net loss was humongous, with the planemaker recording a loss of almost $12 billion. In the fourth quarter alone, the company…
Top 11 items Nigeria imported at peak of COVID in 2020
Nigeria’s trade report for two quarters of 2020 has given an insight into the items the country spent most of its foreign exchange on as COVID-19 hammered the nation’s economy and shut businesses. The…
Stock Market Records N259bn Gain
The equities market of the Nigerian Stock Exchange (NSE) has sustained its positive momentum second time this week as the market capitalisation increased by N259.4…
Downstream Oil Sector and the Dangote Factor
The downstream end of Nigeria oil and gas industry has gone through various reforms these past two decades. The last, but on-going is the crude swap and its full support for the 20,000bpd refinery in Niger Republic; as the…
Diaspora Remittances Must be Paid in Foreign Currencies – CBN
The Central Bank of Nigeria (CBN) yesterday warned it would sanction International Transfer Operators (IMTOs) who fail to pay all remittances in foreign currencies. A circular signed by the apex bank’s director of Trade…
Bitcoin heads for worst weekly loss in months
Bitcoin wavered on Friday and was heading toward its sharpest weekly drop since September, as worries about over-regulation and its frothy rally drove a pullback from recent…
Second Lockdown will Inhibit Economic Recovery – OPS
Economic analysts and representatives of the organised private sector (OPS) have warned against a second lockdown in the country, expressing concerns about possible…
Naira gains at NAFEX window as foreign reserves up by $1bn
THE naira recorded marginal gains against the dollar as it exchanges at N393.83/$1 at the NAFEX (I&E Window) where forex is traded. The naira appreciation followed increase in…
Heineken extends Nigeria’s market share with new 1.9bn units of Champion Breweries
Heineken B.V., the Dutch brewer, has purchased another 1.9 billion ordinary shares of Champion Breweries located in Uyo, Akwa Ibom state. Heineken through its subsidiary, Raysun Nigeria Limited, purchased the new shares at…
Samsung heir Jay Lee returns to familiar prison after ruling
After a judge handed down a 30-month sentence for bribery and other charges, Samsung Electronics vice chairman Jay Y. Lee is expected to return to the same prison where he had spent a year in 2017-2018. The imprisonment of…
Atiku’s exit paves way for Intels to stay
The move by former Vice President Atiku Abubakar to exit Intels is seen as the final phase of a truce brokered between the Nigerian Ports Authority and the company to operate as a going concern in…
Importers scramble for dollar weakens naira
THERE are fears that the exchange rate of the naira at the parallel markets will come under pressure in the coming weeks. This is as a result of importers scramble for scarce dollar to meet business…
NNPC records $120.49m crude oil receipt in September
THE Nigerian National Petroleum Corporation (NNPC) yesterday announced a total export receipt for crude oil and gas valued at $120.49 million for September 2020. A statement…
Why we notified Osinbajo, NNPC, others of Ayeni’s divestment – OMS
•‘I still hold 35% shares in the company’ Ocean Marine Solutions Limited on Saturday gave reasons why it notified Vice-President Yemi Osinbajo and other key government agencies about the divestment from the…
US-based Nigerian billionaire to invest N3b in Fidelity Bank
Dr. Oluleye Adigun, a US-based Nigerian billionaire, has revealed ongoing effort to invest N3 billion ($6.8 million) in Fidelity Bank through shares acquisition. Adigun told…
BREAKING: Elumelu’s TNOG acquires 45% of OML 17 from Shell, Total, ENI
Heirs Holdings, in partnership with Transnational Corporation of Nigeria Plc, on Friday announced the “unconditional acquisition” of a 45 percent participating interest in OML 17 through TNOG Oil…
NSE: Nigerian stocks maintain bullish trend for fifth straight day
Equities on the Nigerian Stock Exchange generally posted their fifth consecutive daily gains on Thursday as leading stocks including Seplat, Dangote Cement and MTNN propelled the N325 billion upward drift. Also…
Amazon faces class-action lawsuit over eBook pricing
Amazon.com Inc was slapped with a class-action lawsuit on Thursday accusing the e-commerce giant of inflating the prices of ebooks in collusion with some publishers. The lawsuit…
96 firms bid for NNPC infrastructure rehab
No fewer than 96 companies from Nigeria and overseas have indicated interest in undertaking the rehabilitation of the Nigerian National Petroleum Corporation’s (NNPC) downstream infrastructure. The jobs to be done include…
Stanbic IBTC Exits Bureau De Change Operation
Stanbic IBTC Holdings Plc has relinquished its Bureau de Change license, thereby exiting the business effectively January 2021. Chidi Okezie, its company secretary Wednesday said the discontinuation of…
Ardova stocks rally as investors price-in move to acquire Enyo Retail and Supply Limited
Ardova Plc(AP), a leading Nigerian integrated energy company, and the shareholders of Enyo Retail and Supply Limited (Enyo) have entered discussions relating to AP acquiring Enyo. Enyo is one of the newest and…
FG to fully launch E-ticketing platform for NRC next week
The Federal Government has announced that it will fully launch the Nigerian Railway Corporation (NRC) e-ticketing platform next week. This is as it has also said it has commenced test bookings on the e-ticketing…
Computer Programmer Has Just Two Password Guesses Left To Access His £180m Bitcoin Account
A computer programmer who lost his Bitcoin password has just two guessesleft to figure out his passcode before he is locked out of his £180million worth accountforever. Stefan Thomas lost a slip of paper he wrote the…
CAC earns record N19billion despite pandemic
The Corporate Affairs Commission (CAC) made more than N19 billion as Internally Generated Revenue (IGR) last year, its registrar-general, Alhaji Garba…