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CBN probes 71 for suspected forex deals
THE Central Bank of Nigeria (CBN) has launched a massive investigation into foreign exchange transactions by 71 companies after preliminary reviews raised suspicions of possible infractions and…
COVID-19: Transcorp Hotel loses about N1 billion every month – CEO
Transcorp Hotels, owners of one of Nigeria’s largest hotel Transcorp Hilton reports it loses about N1 billion every month due to the Covid-19 pandemic. This was disclosed by the…
President Trump approves Oracle, Walmart deal with TikTok
President Trump on Saturday night disclosed that he had approved in principle a deal in which major Oracle and Walmart would partner with TikTok in the U.S, thereby allowing the fast-growing…
Premier League clubs to lose 700 million pounds
The Premier League clubs face losses of up to 700 million pounds ($906.78 million) if matches continue to be held behind closed doors. The Premier League, however, has written to the British…
NNPC records N20.36bn trading surplus in July — up from N2bn in June
The Nigerian National Petroleum Corporation (NNPC) says its trading surplus increased by 860 percent from N2.12 billion in June to N20.36 billion in July 2020. The figures are contained in the recently released…
Enyo to Automate Fuel Management with Technology
Enyo Retail and Supply has introduced a secure, automated fleet and fuel management solution called Velox. Velox is a wallet-based payment solution, which offers customers the…
Apple accuses Epic of ‘starting a fire and pouring gasoline on it’ in new Fortnite filing
Apple has responded to Epic’s demands that the iPhone-maker restore Fortnite to the App Store in new legal filings, arguing that the company’s injuries are “entirely self-inflicted” and that Fortnite can return to iOS at any…
CBN allows banks to pay winnings, salaries for 7 banned betting & gaming companies
The Central Bank of Nigeria has given some commercial banks instructions to allow betting and gaming companies suspended earlier in the month the approval to honour withdrawals from their…
Forbes lists Messi second footballer to earn $1 billion
Barcelona forward, Lionel Messi has been named the second professional footballer to earn $1 billion in his career. This is after his rival, Cristiano Ronaldo was listed the first…
Nigeria’s SEC classifies cryptocurrencies as securities in landmark regulatory document
Nigeria’s Securities and Exchange Commission (SEC) on Monday designated the title of “securities” to crypto assets and hence will be regulated by it. According to the capital market…
Dangote refinery will sell petrol at international price, says FG
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said when Dangote Refinery kicks off next year, it may not significantly reduce the price of petrol because the refinery will be selling at the…
As Emefiele Tightens Noose on Forex Manipulators…
Nume Ekeghe writes on efforts by the Central Bank of Nigeria to sanitise the foreign exchange market and stabilise the value of the naira, which has come under…
Oil market outlook: What Trump or Biden presidency means for Nigeria
Whether it’s the Republican candidate Donald Trump or Democratic candidate Joe Biden, the winner of the forthcoming United States presidential elections in November would play a big role…
Here’s why CBN took interim measure to approve emergency maize importation
A source in the Central Bank of Nigeria (CBN) has explained why the apex bank approved four companies to import maize despite an earlier memo placing maize on the list of items not…
Naira plunges, exchanges for N440/$
The naira exchanged to the dollars for N440 in the parallel market on Thursday, despite the resumption of forex sales to the Bureau de Change Operators on Monday. The naira…
Active bank accounts in Nigeria surge to 111.5 million as COVID-19 drives account opening
Nigeria’s active bank account increased by 14.41% from 97.485 million active accounts to 111.54 million, data from the Nigerian Inter-Bank Settlement System Plc (NIBSS)…
Nigeria Customs rakes in N976.6 billion in 8 months despite COVID-19
The Nigeria Customs Service (NCS) generated N976.6 billion from January to August, despite the COVID-19 pandemic, which led to the shutdown of the country in March. The…
Nigeria’s largest cement makers see profits jump to 7-year high despite Covid-19
Nigeria’s biggest cement makers by market value appear to be doing relatively well despite the Covid-19 pandemic which has upended key sectors of the Nigerian economy. Two…
FG seeks $1.1b from Eni, Shell in graft case
THE Federal Government yesterday asked a Milan court to order Eni and Royal Dutch Shell to pay $1.092 billion as an immediate advance payment for damages in one of the oil industry’s…
Apple announces September 15 date for online iPhone 12 reveal event
Despite acknowledging that this year’s iPhone launches will be delayed by a few weeks relative to their traditional late September street dates, Apple isn’t stopping the hype train from leaving the station this month. The…
Lloyds Bank sacks 865 workers
Lloyds Bank in the UK is shedding 865 jobs, as it resumes cost-cutting measures amid COVID-19 pandemic. Lloyds, the biggest domestic banking group in UK, had temporarily stopped job losses and…
Shoprite to leave Kenya after announcing plans to close 2 more stores
Shop-rite Holdings announced that it would leave the East African nation of Kenya after entering the market 2 years ago and will be closing 2 more stores. The company…
FCMB Reduces Interest on Consumer Loan Products, Offers Customers Opportunity To Restructure Tenure…
First City Monument Bank (FCMB) has again lived up to expectation as a customer-centric and responsive Bank. The latest in the series of actions…
Business leaders, others oppose bill to give CBN governor immunity
Leaders in Nigeria’s private sector have risen against a controversial bill that aims to give the Central Bank of Nigeria (CBN)…