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Business
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…
CBN, NSIA, AFC to Float N15tn Infrastructure Fund for Nigeria
As part of the new environment being created for the implementation of public-private partnership (PPP) projects, the federal government through the Central Bank of Nigeria…
Excitement as New Diaspora Remittances Policy takes Effect Today
There is palpable excitement among Forex users as the Central Bank of Nigeria’s (CBN) new policy that allows unhindered access to Diaspora remittances takes effect…
Bol, AfDB, IFAD okay $2b for Nigeria’s agric project
The Bank of Industry (BoI), African Development Bank (AfDB) and International Fund for Agricultural Development (IFAD) have okayed $2 billion loan to reduce poverty, end hunger and…
Uber, Bolt drivers, Okada riders to benefit from FG’s N30K grant
The Federal Government has inaugurated an intervention grant of N30,000 for micro transport operators under its Survival Fund for Micro, Small and Medium Enterprises (MSMEs) to overcome…
CBN relaxes rules on foreign remittances, dom accounts
The Central Bank of Nigeria (CBN) has announced that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now have such inflows in…
Nigeria spends over N370b on palm oil importation
Despite the restriction placed by the Federal Government on palm oil importation, the inflow of the edible product has soared by 24.5 per cent, it was learnt. The country,…
IT’S OFFICIAL: Naira to now trade at N392/$
The Central Bank of Nigeria (CBN) has directed bureau de change operators in the country not to sell dollars higher than N392 to end users. In a circular signed by O.S.…
NPA to Clampdown on Bonded Terminals over Container ‘Stripping’
Following earlier threat by the port economic regulator, the Nigerian Shippers Council (NSC) to shutdown bonded terminals over illegal charges, the Nigerian…
Accolades As NNPC Presents First Budget To NASS In 43 Years
The House of Representatives has hailed the Nigerian National Petroleum Corporation (NNPC) for presenting its budget to the National Assembly for the first time in 43 years. This was stated as…
Nigeria generates N416bn from company income tax in Q3 2020
The National Bureau of Statistics (NBS) says Nigeria generated N416.01 billion from company income tax (CIT) in third quarter of 2020 (Q3 2020) against N402.03 billion generated in second quarter of 2020 (Q2 2020) —…
BPE Hands over Afam Power Plant to Transcorp
The Bureau of Public Enterprises (BPE) has handed over the Afam Power Plant in Oyigbo Local Government of Rivers State to Transcorp Power Consortium, which emerged the preferred bidder of the…
Vaccine to sell for $10 globally – Russia
Russia on Tuesday said its COVID-19 vaccine candidate Sputnik V has an efficacy over 95 per cent. It added that it would cost less than $10 a dose in international markets.…
Elon Musk Overtakes Bill Gates To Become World’s Second Richest Man, Now Worth $128 Billion
Elon Musk, founder of the most sought automaker company, Tesla, has just hit a new apex by surpassing Microsoft founder, Bill Gates to become world’s second-richest person. According to a…
Capital market operators oppose Nigerian government’s proposed unclaimed dividend fund
The proposed plan by the Federal Government to manage unclaimed dividends, projected to hit N200bn by the end of this year, has drawn the ire of capital market operators on the adverse effects on investor confidence and…
Senator Orji Kalu gets idea what Arsenal’ll cost him
Nigerian billionaire Orji Uzor Kalu has recently stated that he would like to buy a percentage of Arsenal and help them to win the Champions League and Premier League. The politician has been the administrator of a very…
Jimoh lbrahim, NICON tackle AMCON
NICON Investment and billionaire businessman Jimoh lbrahim are set to approach the court for an order quashing the interim injunction obtained by AMCON against them. AMCON had in a statement last week said it had…
‘No more 35%’ — FG to slash levy on imported cars to 5%
The federal government has concluded plans to slash the levy to be paid on imported cars from 35 percent to five percent. This is contained in the draft bill of the 2020 finance bill to be…
Bank customers to now pay for failed direct debit transactions
Bank customers will now pay a charge for failed direct debit transactions. According to the Guide to Charges by Banks, other financial and non-financial institutions published by the…
GTBank Releases Q3 2020 Unaudited Results, Reports Profit before Tax of ₦167.4 Billion
Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2020, to the Nigerian and London Stock Exchanges. The 3rd Quarter result shows improved performance across…