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Banks’ share offers: Rule on oversubscription not cast in stone — SEC
THE Securities and Exchange Commission, SEC has said that the 15 per cent rule for absorption of oversubscription of share offers will not be rigidly applied to the share offers of banks under the banking…
Ghost of First Bank’s legal battles return to haunt AGM, capital raise
An unending legal battle with some shareholders is threatening for the second straight year to stifle an annual meeting of shareholders of First Bank Holdings, the parent company of Nigeria’s oldest bank. A…
Sayyu Dantata, Dangote’s half brother, among importers of petrol from Malta – Report
Sayyu Dantata, founder and chief executive officer (CEO) of MRS Oil and Gas, has been identified as one of the individuals behind the importation of petroleum products from Malta. Dantata is the half-brother…
Crude supply to local refineries should be voluntary…. Not forced – Oil producers
Oil producers, under the aegis of the Independent Petroleum Producers Group(IPPG), have asked regulators to allow the sale of crude to the Dangote Petroleum Refinery and other local refineries to be based on…
CBN Inconsistent Dollar Supply Holding Down Naira Recovery – BDC Operators
Lack of consistency in dollar allocation to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN) is stampeding naira recovery, currency traders have submitted. They equally noted that…
NNPCL Repays 60% Of $1bn Loan Taken To Buy Stake In Dangote Refinery
The Nigerian National Petroleum Company Limited (NNPCL) has successfully repaid 60% of a $1.036 billion loan that it took in September 2021 to finance the acquisition of a 20% stake in the Dangote Petroleum Refinery and…
Foreign Remittance Surges By 130% To $553m In July – CBN
The Central Bank of Nigeria (CBN) has reported a 130% surge in remittance inflows, with the figure reaching $553 million in July 2024. This is according to a statement on Tuesday by Hakama Sidi Ali, the CBN acting…
Cardoso, Deputies Under Scrutiny Over Alleged ‘Generous’ Approvals
The current leadership of the Central Bank of Nigeria (CBN) seems to be embroiled in a scandal…
FG issues $500 million five-year domestic dollar bond at 9.75%
The Nigerian government has announced the issuance of a $500 million five-year domestic dollar bond, opening for subscription on August 19, 2024. The bond offers a competitive interest rate of 9.75%, aimed at…
Naira down to N1,600/$ in parallel market
The Naira yesterday depreciated to N1, 600 per dollar in the parallel market from N1,590 per dollar last weekend. However, the Naira appreciated to N1,579.22 per dollar in the Nigerian Autonomous Foreign…
MTN Group suffers loss over naira devaluation
Africa’s biggest telecommunications company, MTN Group, recorded a half-year loss, due to naira devaluation and operational challenges in Sudan. The company reported a loss before tax of nine billion South African…
Ted Baker To Close Remaining Stores In Britain And Ireland
Insolvent British clothing chain Ted Baker will close its remaining 31 stores in Britain and Ireland, resulting in job losses for more than 500 employees, the administrators said Monday. Ted Baker announced in…
FG to commence crude oil sale to Dangote refinery October 1
The federal government says the sale of crude oil to the Dangote refinery in naira will commence on October 1. The ministry of finance, in a statement on Monday, said the decision was made at a meeting with the…
Amosun roped Tinubu’s govt into $60 million mess when he used police, immigration to harass, deport…
The attorneys representing Nigeria in its high-stakes battle to stave off asset seizures in the United States have accepted the country’s culpability in the…
FBN Holdings barred by court from conducting AGM
A Lagos Federal High Court has halted FBN Holdings‘ 12th Annual General Meeting (AGM), scheduled for August 22, at the request of shareholder Tohir Folorunsho Ismaila. The meeting was prevented from holding…
MTN, others get permits to generate electricity
The Nigerian Electricity Regulatory Commission has issued permits to Golden Penny Power Limited, MTN Communications Nigeria Limited, Havenhill Synergy, and others for mini-grid electricity generation. The NERC…
Ex-First Bank manager reveals how loans were diverted to firms linked to Otudeko
A former relationship manager at First Bank of Nigeria (FBN) says loans worth billions of naira were transferred to companies related to Oba Otudeko, then chairman of the bank, even though they were granted in…
Weak incomes shutting retail investors out of banks’ recapitalisation
The current economic hardship in the country may deprive many retail investors of the opportunity to participate in the ongoing bank recapitalization, investment experts have observed. Most banks are currently on a…
Prices Of Perishable Items Crash In Yobe, Borno, Adamawa
The prices of perishable items have recorded a fall in some major towns in Yobe, Borno and Adamawa states, the News Agency of Nigeria (NAN) reports. NAN’s checks at Perishable Items Market, Damaturu in Yobe,…
NNPC gets Tinubu’s nod to spend federation’s dividends to defray petrol subsidy
President Bola Tinubu has approved a request by the Nigerian National Petroleum Company (NNPC) Ltd to utilise the 2023 final dividends due to the federation to pay for petrol subsidy, TheCable can report. The…
Peg customs duty FX rate at N1,000/$ for six months, CPPE tells FG
The Centre for the Promotion of Private Enterprise (CPPE) has urged the federal government to peg the foreign exchange (FX) rate for customs duty at N1,000 per dollar for the next six months. The current customs duty…
We don’t owe international oil traders $6.8bn – NNPC
The Nigerian National Petroleum Company (NNPC) Limited says it does not owe international oil traders $6.8 billion. Reports had said the company is indebted to international oil traders to the tune of $6.8 billon and…
Social media platform X to shut down local operations in Brazil – Musk
Social media platform X, formerly Twitter, will shut down its local operations in Brazil, owner Elon Musk said on Saturday, although the service will remain available to Brazilian users. “Due to demands by ‘Justice’…
’Yalleman: Hometown Of Bureau De Change Kings
‘Yalleman and the BDC business Yalleman community is located 24 kilometers away from Hadejia Local Government Area of Jigawa State and 154 kilometers away from Kano State. The village lies just by the roadside…