Browsing Category
Business
Wema Bank Emerges Overall Winner for the Third Time at Nigeria Bankers Game 2024
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has reaffirmed its…
Foreign holdings drop $13bn on naira slump, corporate exits
Foreign holdings in Nigeria dropped to $12.8 billion between 2022 and 2023 due to naira woes and corporate…
Swiss cement maker sells $1bn stake in Lafarge
Swiss cement maker Holcim will exit its Nigerian business through the sale of its nearly 84 per cent stake in Lafarge Africa to China’s Huaxin Cement, the firm announced in a statement on Sunday. The sale price…
CBN Governor says FX Matching System will correct Naira’s true Value
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has revealed that the soon-to-be-introduced electronic FX matching system will address the disconnect between the current naira-to-dollar exchange rate and…
In a Strategic Meeting with Angolan President, Lourenço, Dangote Wraps up New Refinery Deal
Buoyed by the global impact of his 650,000 barrels per day refinery and petrochemical plant, Africa’s richest man and…
Crypto mogul eats banana artwork bought for $6.2m
Justin Sun, the Chinese cryptocurrency entrepreneur who bought an artwork featuring a banana…
ATM Cash Scarcity: We’ll severely penalise erring banks, says Cardoso
The Central Bank of Nigeria (CBN) has threatened to impose fines on erring banks over the ongoing cash scarcity at…
Wema Bank awards N145 million to Seven Outstanding Innovators At The Hackaholics 5.0 Grand Finale
Wema Bank has concluded the fifth edition of its Hackaholics initiative, awarding N145m to seven start-ups that showcased innovative solutions to real-world challenges. The grand finale, held in Lagos, had 3,500…
Access Bank acquires Standard Chartered in Angola, Sierra Leone
A flagship subsidiary of Access Holdings, Access Bank, says it has completed the acquisition of Standard Chartered Bank, in Angola, and in Sierra Leone. Roosevelt Ogbonna, Managing Director/Chief Executive…
Naira appreciates to N1,740/$ in parallel market
The Naira yesterday appreciated to N1,740 per dollar in the parallel market from N1,745 per dollar on Wednesday. Likewise, the Naira appreciated to N1,644.86 per dollar in the Nigerian Autonomous Foreign Exchange…
Tax Reform Bills: Political Undertakers Doing Damage To Tinubu – Ndume
Senator Ali Ndume, lawmaker representing the Borno South Senatorial District, has said that political undertakers are doing damage to President Bola Ahmed Tinubu. Ndume stated this while discussing the tax…
NNPC Restricts Marketers’ Purchase of Petrol From Port Harcourt Refinery, Reveals Outlets Meant for…
The Nigerian National Petroleum Company Limited (NNPCL) has restricted the purchase of petrol from the Port Harcourt Refinery…
Tax Reform Bills: Nigerians earning below N1m annually exempted from income tax
Barring last-minute changes, the Senate will pass the controversial Tax Reform Bills today, exempting those earning below N1 million per annum from the tax net. Vanguard gathered that most lawmakers who were…
Naira depreciation boosts foreign portfolio investments by 155.5 %
Foreign Portfolio Investments, FPIs, on the Nigerian Exchange Limited (NGX) reached a new high with total value of transactions at N744.34 billion in the ten months ended October 31, 2024 (10M’24), the highest…
Port Harcourt Refinery sells petrol at N1,045 per litre – PETROAN PRO
The recently rehabilitated Port Harcourt Refinery has begun selling Premium Motor Spirit at N1,045 per litre, a price N75 higher than the N970 per litre offered by Dangote Refinery, the Petroleum Products Retail…
OGUNCCIMA Hails Dangote Refinery’s Impact on Nigeria’s Economy, Private Sector
The Ogun State Chamber of Commerce, Industry, Mines, and Agriculture (OGUNCCIMA) has praised the monumental contributions of…
CBN to extend BDCs recapitalisation deadline to June 2025 on low compliance
The Central Bank of Nigeria (CBN) has extended the deadline for the recapitalisation of Bureau De Change (BDC) operators from December 3, 2024, to June 3, 2025. Aminu Gwadabe, president of the Association of Bureaux…
FX platform: CBN sets $100,000 minimum trade for banks
The Central Bank of Nigeria has issued fresh guidelines for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System, mandating a minimum trade value of $100,000. The directive,…
Interest rate hike: Labour, OPS project higher inflation, weaker naira
The labour movement and the Organised Private Sector have projected higher inflation and a weaker naira following the latest hike in the country’s interest rate to 27.50 per cent by the Central Bank of…
Delta N42bn investment in UTM FLNG wise decision
The investment and acquisition of 8%stake in UTM Floating Liquefied Natural Gas plant by the Delta State government is adjudged as best…
BREAKING: CBN raises interest rate to 27.5%
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates in the country to 27.50 percent — from 27.25 percent. Olayemi…
DANGOTE GROUP, SUBSIDIARIES SHINE AT NECA’S 2024 VISIBLE IMPACT AWARDS
…Dangote Cement, Refinery win Sectoral, Groundbreaking investment awards In a blitz of honour, the Pan-Africa…
Ondo directs illegal lottery, gaming operators to regularise activities
The Attorney-General of Ondo, Dr Kayode Ajulo, has asked all unlicensed lottery and gaming operators and agents in the state to regularise their operations or face legal consequences. Ajulo, who is also the…
Further tightening of monetary policy rate not advisable – Expert
It is not advisable for the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to further tighten the Monetary Policy Rate (MPR). An economic expert, Dr Chijioke Ekechukwu said this in an interview with…