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Business
“Subsidy removal, unification of exchange rate could fuel Nigeria’s economic growth” – Morgan…
Morgan Stanley, a global leader in investment banking has revealed that President Bola Tinubu’s policies that put an end to fuel subsidies and the unification of the naira’s exchange rate, could fuel economic growth…
Inflation: Expect further devaluation of naira, says EIU
High inflation and the gap between the official and parallel market rates of the naira will continue to fuel exchange rate instability and result in periodic devaluations. This is as the country grapples with an…
Currency in circulation nears N3 trillion in October, almost at pre-naira redesign level
The latest data from the Central Bank of Nigeria (CBN) shows that the currency in circulation (CIC) has reached a new year high of N2.99 trillion by October 31, 2023. This was an increase of 8.33% or N230 billion…
Drug prices soar as high as 1000% over GSK exit from Nigeria
Following the recent announcement of GlaxoSmithKline’s (GSK) departure from the Nigerian pharmaceutical market, there has been a notable surge in the prices of GSK medications, with increases reported to be as high as…
How Pramod Mittal, Global Steel owner, got a bailout with $496m Ajaokuta settlement claim –…
Pramod Mittal, chairman of Global Steel Holdings Ltd (GSHL), is effectively getting a helping hand — and a possible way out of financial distress — from Nigerian taxpayers, Bloomberg is reporting. GSHL, with…
Shake-up looms at Man United as Ratcliffe nears 25% takeover
According to reports on Sky News, British Billionaire Sir Jim Ratcliffe is set to complete the acquisition of a 25% stake in Manchester United(Man…
From Compton to billionaire: The beats, business, and brilliance of Dr. Dre’s Empire
Dr. Dre, born Andre Romelle Young, is a remarkable figure in the American music industry and beyond, known for his immense influence and wealth.…
Netflix’s subscriber numbers reflect Nigeria’s economic struggles
The Black Book produced and directed by Editi Effiong is the biggest movie from Nollywood on Netflix, having notched 11 million views since it was released on the global streaming platform. It is also the most…
Nigeria’s rice import cost to outstrip Anchor Borrowers funding
Nigeria may see the cost of its rice imports for the 2023/2024 marketing year outstrip the N1.08 trillion spent under the Anchor Borrowers (ABP) – a scheme that provides farmers with critical funds and inputs…
Dollar Hits 1,105 At Official Market
There is no respite yet for the nation’s currency as the naira recorded the biggest fall in recent times exchanging for N1,105 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Central Bank of Nigeria…
Price of inhalers surge 450% on worsening FX scarcity
Many Nigerians suffering from asthma and other bronchial diseases are facing difficult times as the prices of inhalers – a portable device for administering drugs that is to be breathed in, have surged by 450…
Naira devaluation sinks Multichoice into $72m loss
MultiChoice, Africa’s leading pay-tv provider, has reported a third consecutive semi-annual loss, blaming forex challenges in Nigeria and persistent power outages in South Africa for its financial woes. In a…
USSD debt: Telcos threaten to withdraw service, say banks owing N200bn
The Association of Telecommunications Operators of Nigeria (ALTON) has urged banks to prioritise the payment of their unstructured supplementary service data (USSD) debt. Gbenga Adebayo, chairman of ALTON, said this during…
Man City Post Premier League Record Revenues
Manchester City have posted a Premier League record revenue of £712.8m for the 2022-23 financial year. This exceeds the record…
Indonesia Conducts First Commercial Flight Using Palm Oil-Blended Jet Fuel
Indonesia last Friday flew its first commercial flight using palm oil-blended jet fuel, as the world’s biggest producer of the commodity pushes…
Again, SEC moves to reduce N190b unclaimed dividends
The Securities and Exchange Commission (SEC) has unveiled plans to create a new e-dividend portal that would help simplify the process of…
Collective investment funds hit N2.1tn – SEC
The Director General of the Securities and Exchange Commission, Lamido Yuguda, has said the amount of Collective Investment…
Airtel pegs exchange rate for interim dividend at N858/$
Airtel Africa Plc has announced that it will pay the interim dividend for the half-year period ended September 2023 to its shareholders who will receive the payment in Naira at…
MTN Nigeria mulls 9mobile acquisition
Nigeria’s largest mobile network operator, MTN Nigeria, is said to have rebooted talks to acquire the spectrum of licence 9mobile (formerly known as Etisalat). According to sources familiar with the deal, MTN Nigeria…
One year after takeover of DisCos, darkness, liquidity crisis persist
• Stakeholders highlight cash flow, government policies as key challenges for DisCos under AMCON’s control• Kaduna, Benin, two others record…
Union Bank finalises process to delist shares from NGX
Union Bank of Nigeria has announced an increase in the price at which the stakes of minority shareholders would be acquired from N7 per unit to…
Nigeria Can Earn $13.3bn Extra Revenue Yearly from Creation of National Asset Register – Edun
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday, stated that Nigeria could…
Oando Secures $800m Afreximbank Commitment for Agip’s Assets Acquisition
Afreximbank and Oando Plc, one of Nigeria’s leading indigenous energy solutions provider, yesterday, signed an $800 million…
CBN Ways And Means Fuelled Inflation, Weakened Naira – Sanusi
Former governor of the Central Bank of Nigeria, Muhammad Sanusi II, has said the apex bank’s lending to the federal government under…