Business

MOBILE giant MTN Nigeria yesterday faulted the Central Bank of Nigeria (CBN) over its insinuation that the conversion of a shareholder loan to preference shares has any relation with the repatriation of dividends. It insisted that the…

Stanbic IBTC Holdings, in a notice sent to the Nigerian Stock Exchange (NSE) stated that the Central Bank of Nigeria (CBN) has deducted N1.88 billion from the accounts of its banking subsidiary Stanbic IBTC Bank PLC. This pertains to the…

As more facts continue to emerge about MTN’s recent troubles with the Nigerian authorities, it has been revealed that a whistleblower gave the tipoff that prompted an investigation by the Central Bank of Nigeria, CBN. This was…

The federal government has licenced 158 new seed companies to commence production of quality seeds. Philip Ojo, the director general of the National Agricultural Seed Council (NASC), made this known at a press conference in Abuja on…

MTN, Nigeria’s largest telecommunications company, lost 999,891 subscribers between June and July. According to the latest industry statistics released by the Nigerian Communications Commission (NCC), the total number of active lines…

First City Monument Bank (FCMB) has reiterated its commitment to champion and execute initiatives that would boost the growth and performance of Small and Medium Scale Enterprises (SMEs) through increased lending, capacity building,…

Experts have said the request by the Central Bank of Nigeria (CBN) that the MTN Group should refund 8.1 billion dollars illegally repatriated from Nigeria will jeopardise the listing of its shares on the Nigerian Stock Exchange (NSE).…

Billionaire’s watch is a weekly column where we look at happenings around billionaire investors on the Nigerian Stock Exchange (NSE) Last week’s release of H1 2018 results by Access  Bank Plc and UBA Plc completes the results by the…

The Nigeria Customs Service (NCS) said it recorded its highest ever monthly revenue of N140.4 billion in August 2018. The Customs Public Relations Officer, Mr Joseph Attah revealed this on Tuesday in Abuja. According to Attah, the…

Abubakar Malami, attorney-general of the federation, has written to MTN Nigeria  demanding a payment of $2 billion in tax arrears, TheCable understands. This is coming barely a week after the Central Bank of Nigeria (CBN) demanded a…

The Central Bank of Nigeria (CBN) said it had set aside N220 billion to be disbursed as loans to cooperative organisations under Micro Small and Medium Enterprises Development Fund (MSMEDF). Isaac Okorafor, Director, Corporate…

MTN Nigeria and the four banks fined by the Central Bank of Nigeria (CBN) have begun lobbying the apex bank for a “revisiting” of the action, SaharaReporters has learnt. CBN had said the N5.87illion fine became necessary following…

China will extend a total of $60 billion of financing to Africa, Chinese President Xi Jinping announced Monday. The financing will be provided in the form of government assistance as well as investment and financing by financial…

Top executives of BGL Group and its subsidiaries will on Wednesday know their fate, as the Chief Magistrate Court in Wuse Zone 6, Abuja has fixed September 5 for ruling on various applications brought before it over alleged capital…

The Corporate Affairs Commission (CAC) said it was working towards deploying a more robust application to ensure registration of businesses within four to six hours even as it was working towards self-generation of certificates.…

As the fines imposed on four banks by the Central Bank of Nigeria (CBN) and its directive to MTN Nigeria to refund a total of $8.134 billion ovMTNer illegal capital repatriation continue to generate concerns, the Central Bank is being…

Victims of the defunct Savannah Bank have been assured that their funds which have been hanging for years, will be duly returned. The Central Bank of Nigeria (CBN) gave this assurance at the 3rd biennial Bank Customers Summit.…

The Manufacturing Purchasing Managers’ Index (PMI) for August stood at 57.1 index points, indicating further expansion in the manufacturing sector for the 17th consecutive month. The index grew at a faster rate when compared to the…

The illegal repatriation of foreign exchange to South Africa by MTN Nigeria aided by four banks has been contributing to the pressure on the exchange rate in Nigeria, financial experts have told Daily Trust. The repatriation has also…

The venture capital arm of Google-parent company Alphabet is leading a $56 million funding round in SambaNova Systems, a start-up building computer processors and software for artificial intelligence and data analytics. It's the…

Shares belonging to MTN have taken a big knock after sanctions by the Central Bank of Nigeria on allegations that the company illegally repatriated $8.1 billion. Early trading on the Johannesburg Stock Exchange saw the shares drop to…

The Central Bank of Nigeria (CBN), has injected another sum of $210 million into the inter-bank Foreign Exchange Market, in its desire to ensure that forex is available for customers’ needs in various segments of the market.…

"Come, I'll show you what a potential billion dollars looks like," said P.J. Okocha, opening the door of a small, modern house in southern Nigeria to reveal a thousand yam seedlings. "These thousand plants can make three million…

One of the oldest conglomerates in Nigeria, AG Leventis Plc has started the assembling of Volkswagen (VW) trucks in Ibadan, Oyo State. This move is a boost by Nigeria’s National Automotive Policy, which is aimed at encouraging local…