Browsing Category
Business
Moniepoint secures investment from Visa to drive financial inclusion in Africa
Moniepoint, a Nigerian fintech company, says it secured investment from Visa, the digital payments giant, to support the growth of small…
Guinness Nigeria reports N20 billion profit, 6 months after Tolaram takeover
Guinness Nigeria Plc released its second-quarter earnings, revealing a pre-tax profit of N20.1 billion for the period ending December 31, 2024. This marks a significant reversal of fortunes from the pre-tax loss of N8.2…
‘N100k daily, N500k weekly’ — banks begin implementation of PoS withdrawal limit
Union Bank has commenced the implementation of a daily withdrawal limit on point-of-sale (PoS) terminals. The implementation followed…
Women-Led Businesses, Agriculture to Benefit from $35m FCMB Deal
Proparco has deepened its partnership with First City Monument Bank (FCMB) by signing three key agreements to support the Nigerian bank's financing…
CBN Launches Nigerian FX Code Next Week
The Central Bank of Nigeria (CBN) has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised…
Manufacturers’ Unsold Inventories Hit N1.4trn In 2024
Nigeria’s severe economic challenges including rising inflation, depreciating currency, and operational inefficiencies have left the…
50% tariff hike insufficient, say Telcos amid pushback by subscribers
• FCCPC, others demand service accountability Despite mounting opposition against the 50 per cent upward review of telephone service charges,…
Over N9bn spent to fuel 13,000 generators in Lagos markets annually
More than N9 billion is being spent by shop owners to fuel 13,000 generators, in Lagos markets, with Lekki, Ikoyi and other…
Nigeria Not Yet Hyperinflation Economy – FRC Insists
The Financial Reporting Council of Nigeria (FRC) on Wednesday pointed out that Nigeria was not yet a hyperinflationary economy. Owing to this, the Council, in a press statement signed by its Executive Secretary/Chief…
Global inflation, high operation cost responsible for telecom tariff hike – FG
The Minister of Communications, Innovations, and Digital Economy, Bosun Tijani, has attributed the recent tariff hike by mobile network operators (MNOs) to global inflation and…
Firm moves to stop SPDC, NUPRC from selling its onshore assets
A Federal High Court in Abuja has commenced hearing of a suit filed by Global Gas and Refining Limited, seeking an order restraining Shell Petroleum Development Company of Nigeria Limited (SPDC) and the Nigerian…
WEMA BANK ANNOUNCES FINAL TRANCHE OF CAPITAL RAISE EXERCISE
…Set to raise additional N200 billion in combination of Rights & Special Placement to complete CBN recapitalization requirement. …
NLC Rejects 50% Telecom Tariff Hike, Threatens Nationwide Action
The leadership of the Nigeria Labour Congress (NLC), on Wednesday, lambasted the federal government and telecommunications companies for increasing tariff by 50% amid rising cost of living in the country. It…
Nigerian oil mogul Wale Tinubu’s Oando wins Angola’s KON 13 block
Oando Plc, an integrated energy solutions provider led by Nigerian oil mogul Wale Tinubu, has…
Aluko, Diezani, Otudeko, Obaigbena… the key players in First Bank’s $600m oil debt saga
A decade-long saga of failed oil ventures and mounting debts has plunged First Bank into a bitter dispute with media baron Nduka Obaigbena, exposing the…
Musk Slams Trump-Backed AI Mega Project
Elon Musk on Wednesday cast doubt on a $500 billion AI project announced by US President Donald Trump, saying the money promised for the investment actually wasn’t there. The comments were a rare instance of a…
Who is Leno Adesanya, the man demanding $2.3bn from Nigeria?
Two former Nigerian presidents – Olusegun Obasanjo and Muhammadu Buhari – and an ex-power minister, Babatunde Fashola, are in Paris to testify in an arbitration case…
I’d be open to sale of TikTok to Elon Musk, says Trump
US President Donald Trump says he is open to the possibility of Elon Musk, owner of Tesla and microblogging platform X, purchasing TikTok. TikTok was…
Transgrid Enerco signs agreement to acquire Eko DisCo
Transgrid Enerco Limited has signed the Share Purchase Agreement (SPA) to acquire a 60…
$6bn Mambilla Power Contract Deal: Obasanjo Testifies In Paris Court Today
Former president Olusegun Obasanjo will today testify before the International Chamber of Commerce (ICC), Paris, France, in connection with the $2.3 billion arbitration proceedings filed against Nigeria by Sunrise…
50% tariff hike necessary for service improvement — MTN
Telco giant MTN Nigeria says the recent 50% tariff increase approved by the Nigerian Communications Commission (NCC) will help sustain the telecom industry and improve service delivery. In a statement on…
NNPC increases petrol price to N965 in Lagos, N990 in Abuja
FG okays licence for 10,000bpd refinery in Delta The Nigerian National Petroleum Company (NNPC) Limited, through its retail outlets, yesterday increased the price of petrol from N965 to N990 per litre in the…
Binance executive arrested by FG tipped for high-profile U.S. govt post under Trump
Tigran Gambaryan, a Binance executive and former federal agent, is reportedly being considered for a prominent role in the U.S. government under the incoming Trump administration. Gambaryan, who served as Binance’s…
SERAP gives Tinubu 48 hours to reverse 50% tariff hike
The Socio-Economic Rights and Accountability Project (SERAP) has given President Bola Tinubu 48 hours to reverse the recent 50% telcos tariff hike. SERAP, in a statement, said failure to do so by the Tinubu…