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BREAKING: CBN approves financial support for Unity Bank, Providus Bank merger
The Central Bank of Nigeria (CBN) has granted approval for financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. This is according to a statement released by the…
Dangote to sell 12.5% refinery stake amid liquidity concern
The Dangote Group, Africa’s largest conglomerate, is exploring the sale of a 12.5 percent stake in its newly…
First Bank sacks over 100 employees after ₦40bn fraud, freezes their personal accounts
First Bank sacked over 100 employees in July 2024, four months after discovering that Tijani Muiz Adeyinka, a manager on the operations team,…
BREAKING: Jumia records $20.2 million operating loss in Q2 2024 as revenue decline
Africa’s e-commerce group, Jumia, posted a $20.2 million operating loss in Q2 2024 amid a 17% decline in revenue. The Q2 loss, however, shows that the company was able to cut down its losses by 8%…
No crude sale in naira yet – Refinery Operators
Operators of private refineries in Nigeria have said that the Dangote refinery and other local refineries in Nigeria had yet to start buying crude oil from NNPC in naira as directed by President Tinubu. The Crude Oil…
Rating: GCR affirms Dangote Industries Limited AA+(NG)/ A1+(NG)
· strong earnings prospects from the new refinery GCR Ratings (GCR) has affirmed the national scale long-term and…
MTN buys out minority investor in MoMo PSB — now sole owner of subsidiary
MTN Nigeria Plc says it has successfully bought the 7.17 percent shares of Acxani Capital Limited, a minority shareholder in its payment service bank, better known as MoMo PSB. Uto Ukpanah, MTN Nigeria’s…
Court Grants N50m Bail To MTN Hackers Over N1.9bn Fraud
Justice Akintayo Aluko of the federal high court in Lagos, on Monday granted a N50 million bail sum to alleged fraudsters who…
N’assembly to investigate alleged corruption in NNPC, acquisition of OVH Energy
The national assembly has invited stakeholders to partake in a forensic investigation into the “irregularities and alleged corruption” in the…
MTN Nigeria falls to lowest price in 3 years as NGX suffers, joins global stock market crash
A global stock market crash which started on Friday is gradually spreading to the NGX as midday trading data shows a decline in the market, with MTN Nigeria being the major victim. Data from the NGX shows that the…
Dangote Cement: Pan-African revenue for half-year- grows by 139.9%
Dangote has continued to attract huge forex into the country through his pan-African operations as the half-year result for Dangote Cement…
FG can’t touch N600bn CBN overdraft unlocked by lawmakers
…FG will have to violate CBN Act to access fresh Ways & Means …Tinubu says FG revenue hit N9.1 trillion in H1, surpasses 2023 total haul Nigerian lawmakers have unlocked N610 billion in central bank loans to the…
Banks set to surpass record performance as deposits rise to N136tr
Total deposits of Nigerian commercial banks have increased to N136 trillion in the first quarter (Q1) of 2024 from N115 trillion recorded on December 2023, representing additional new deposits of N21 trillion.…
FX windfall tax stirs conflict among banks’ shareholders, directors
The stage may be set for a conflict among directors of banks, with the Bank Directors’ Association of Nigeria (BDAN) distancing itself from the position of Femi Otedola on the plan to tax foreign exchange (FX)…
Exchange rate for customs duties collection rises to N1,618/$
The exchange rate for the Nigeria Customs Service (NCS) duties collection has risen to N1618.73/$ according to the latest figure from the service’s exchange rate portal. This represents an increase of N18 from…
DANGOTE REFINERY: CIVIL SOCIETIES TO MONITOR CRUDE SALES COMPLIANCE BY NNPCL
…To set up Situation room in Abuja A coalition of Civil Society…
Glencore’s Billionaire Ex-oil Head Accused of Bribing NNPC, FG Officials Charged with Corruption in…
The billionaire former head of oil at Glencore Plc, Alex Beard, has been charged with…
CBN Moves to Tackle Growing Forex Demand with Retail Dutch Auction System
In a bid to address the growing unmet foreign exchange (FX) demand from end users, the Central Bank of Nigeria (CBN)…
In a major blow to Dangote deal, NNPC scouts for crude-backed $2bn loan
The Nigerian National Petroleum Company (NNPC) Ltd is currently scouting for a fresh $2 billion loan in Europe, TheCable understands. This will…
At N7.30k, There’s A Share For you in FCMB Group
FCMB Group has commenced a N110 billion public offer to bolster its capital base - the first phase - to meet the Central Bank of Nigeria's (CBN) regulatory…
CREDICORP says 151 financial institutions have signed up for consumer credit scheme
The Nigerian Consumer Credit Corporation (CREDICORP) on Thursday disclosed that a total of 151 financial institutions comprising commercial banks, fintechs, and Microfinance Banks have signed up to be part of…
Apple reports $85.8 billion revenue earnings for Q3 despite drop in iPhone sales
Apple has exceeded market expectations with its fiscal 2024 third-quarter earnings, reporting record figures of $85.8 billion in revenue, marking a 5% increase year-on-year despite a decline in iPhone sales. This…
Naira appreciates to N1,580/$ in parallel market
The Naira yesterday appreciated to N1, 580 per dollar in the parallel market from N1,595 per dollar on Wednesday. Similarly, the Naira yesterday appreciated to N1,570 per dollar in the Nigerian Autonomous…
WhatsApp may exit Nigeria over $220m fine – Report
One week after Nigeria’s Federal Competition and Consumer Protection Commission imposed a $220 million fine on WhatsApp for a data privacy breach, the company may suspend its operations in the country due to…