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Business
Zenith Bank director acquires 1.7m units of shares
An executive director of Zenith Bank Plc, Dr Temitope Fasoranti, has acquired over 1.7 million units of the lender’s shares. This was revealed in a corporate notice signed by the Company Secretary/General Counsel, Zenith…
More pressure on industries, businesses over N952/$1 exchange rate for import
• N2m increase on 40ft container, N350,000 rise on vehicle clearance • Importers to divert cargoes to other…
Foreign investors pull out N310bn assets, as P&G, Equinor exit Nigeria
Against the backdrop of more exits from ground operations in Nigeria by more multinational companies, Nigeria’s economy is expected to lose $335 million (about N310bn) in Foreign Direct Investments, FDI. The amount…
Passengers Groan as return Air tickets climb N500,000 on monopoly routes
Air travellers to some of the selected routes in the country are groaning over the skyrocketing airfares among the indigenous airline operators. Checks by Nairametrics revealed that airfares in some of the…
FG raises exchange rate for cargo clearance to N951/$
The Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$. This is coming barely three weeks after the rate was increased from N757/$ to N783/$. The…
Fox Petroleum Group offers NNPC Ltd $2.5bn annually to revamp oil & gas sector
Fox Petroleum Group Board of Directors has reached an agreement to offer a credit facility of $2.5 Billion per year over a consecutive 3-year period to enable Nigerian National Petroleum Company Limited, NNPC…
P&G Exit: Nigerians fear price hike of diaper, sanitary pads, job loss
The recent announcement by Procter and Gamble regarding plans to cease operations in Nigeria echoes a Déjà vu moment for consumers, raising fears of significant job losses and escalating prices of essential items…
Opay, Palmpay, other non-deposit financial institutions to be taken down from fund transfer channels
According to a circular from the Nigeria Interbank Settlement System Plc (NIBSS), banks in Nigeria have been directed to take down every non-deposit taking financial institution from their NIP fund transfer…
About 38% of the world’s newest billionaires are rich because of their family
Between 2022/2023 137 new billionaires have emerged across the world and a new study has shown that most of these individuals about 38.6% owe their wealth to family inheritance. The UBS Billionaire Ambitions…
Owner of TikTok ByteDance to buy back shares after amassing $50 billion cash pile
TikTok owner, ByteDance is tapping a cash pile of more than $50 billion accumulated from its popular short-video apps to buy back up to $5 billion worth of shares from investors. The owner of the viral apps TikTok and…
P&G to dissolve ground operations in Nigeria, revert to an import-only business model
Consumer goods giant Procter & Gamble has stated it plans to dissolve on-ground operations in Nigeria and turn its country into an import market. The Chief Financial Officer of the group Andre Schulten stated this…
Devaluation: External reserves fall $1.65bn in six months
Nigeria’s foreign exchange reserves have fallen by $1.6bn to $32.97bn since the Central Bank of Nigeria tried to unify the…
Nigeria spends N970.22 billion on wheat import in 12months – NBS
Nigeria spent around N970.22 billion on wheat imports in the last 12 months according to data obtained from the National Bureau of Statistics (NBS) foreign trade report of the last four quarters. Although the figure…
Bolt suspends over 5,000 drivers
Bolt, a ride-hailing company, has disclosed that it has suspended more than 5,000 drivers in the last six months due to non-compliance and safety-related issues. The Country Manager of Bolt, Yahaya Mohammed,…
Tech firm, Pivo, shuts down one year after raising $2m
A start-up fintech firm, Pivo, has announced that it is shutting down a year after raising more than $2 million in seed round. The firm founded by Nkiru Amadi-Emina (CEO) and Ijeoma Akwiwu (COO) in July 2021 is known for…
PoS operators return to cash buying as scarcity hits banks
Point of Sale (PoS) operators have returned to buying cash from traders and petrol station attendants as banks suffer from a shortage of naira cash. A PoS operator in Ajah, Lagos, told BusinessDay that “there is no cash…
Oil traders raise concern as NNPC changes price model for crude supplies – Report
Crude oil traders have raised concerns about Nigerian products after the Nigerian National Petroleum Company (NNPC) Limited changed its price model to supply the commodity. This is according to a Bloomberg report…
FG mulls revoking idle oil assets licenses
The federal government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is considering revoking the licenses of oil and gas companies holding vast swathes of undeveloped oil assets. This move could…
Banks struggle to pay customers as cash scarcity bites
Nigerian banks are struggling to pay customers who want to withdraw their money due to a cash shortage in the banking system. Some banks in Lagos, especially those in Surulere, Mushin, Kirikiri, Mazamaza and Ejigbo,…
Cash shortage hits banks, customers rush for BVN/NIN revalidation
Huge crowd besieged banking halls on Monday, as customers moved to link their Bank Verification Numbers and National Identity Numbers to their bank accounts. This followed the new directive of the banking regulator to…
Inflation: New survey shows Beecham Ampiclox jumps from N750 to N9,000; Augmentin N4,000 to N26,000;…
A new survey has revealed that the economic hardship assailing Nigerians under President Bola Tinubu has continued to cause incessant hikes in the prices of drugs for malaria and other common conditions. The survey…
Dollar inflow through CBN rose by 91.9% as FX pressure intensify
Dollar inflow through the Central Bank of Nigeria (CBN), rose substantially, by 91.9 percent, to US$2.59 billion in July 2023, compared to US$1.35 billion recorded in June 2023, the apex bank report indicated. Nigeria’s…
Obasanjo decry the removal of FX ban on poultry products
…as annual production gap hit 675,000mt Former President Olusegun Obasanjo has decried the recent move of the Central Bank of…
El-Rufai plans $100m venture capital in private sector return
Nasir El-Rufai may no longer be the Kaduna State governor and has missed a controversial ministerial…