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Business
Dump exchange rates unification – Lemo tells CBN
The Central Bank of Nigeria should abandon the merger of the parallel and official exchange rates, a former Deputy Governor of CBN, Dr Tunde Lemo, has said. According to him, the naira is not an internationally…
Eleven DisCos revenue jumps by N15.7 billion in Q2, 2023
The eleven electricity distribution companies (DisCos) earned a total of N263.08 billion in the second quarter of 2023, this is an increase of N15.7 billion compared N247.33 billion earned in the first quarter.…
Fashion billionaire, Arnault buys $230M shares as LVMH earnings falter
The world’s second richest man and Fashion billionaire Bernard Arnault has made a substantial investment in LVMH shares, totalling €215 million ($230 million), following the luxury conglomerate’s lacklustre earnings…
Chevron denies involvement in oil theft in N’Delta
Chevron Nigeria Limited, operator of the joint venture between the Nigerian National Petroleum Company Limited and CNL – NNPCL/CNL JV, has denied its alleged involvement in crude oil theft in the Niger Delta…
How to rejuvenate Nigeria’s comatose economy, by Expert
Dr. Oluwatobi Oyefeso, an economist and pioneer Managing Director at the Nigerian Capital Market…
Naira loses 1.41% as FX trading week ends
The foreign exchange (FX) market trading ended on Friday with naira losing 1.41 percent against the dollar at the…
Shah Rukh Khan’s ‘Jawan’ breaks Bollywood opening day box office record
Shah Rukh Khan’s action thriller “Jawan” has broken Bollywood opening day record. “Jawan”, produced by Gauri Khan and Gaurav Verma, opened on Thursday and its Hindi-language version has already crossed $9.4…
The $100trn Battle For The World’s Wealthiest People
The über-rich hire all kinds of people to make their lives easier. Landscapers maintain gardens, housekeepers tidy homes, nannies raise children. Yet…
Seven Commercial Banks Reap N1.02trn From Loans To Customers In H1 2023
With the increase to 18.5 percent in the Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN), seven…
IHS loses lucrative MTN towers business in Nigeria
Africa’s biggest wireless firm MTN Group Ltd. says American Tower Corp. will take over its Nigerian tower operations from IHS Holding Ltd. from 2025. The company said it was pro-actively re-negotiating its tower…
Turkish crypto boss, Faruk Fatih Ozer sentenced to 11,196 years in jail
A disgraced Turkish crypto founder who fled to Albania and his two brothers have been sentenced to 11,196 years in jail each, the Anadolu state news agency reported Friday. Prosecutors had asked for Thodex boss…
Forex earnings record boost as trade surplus hits N2.22tn
Nigerian foreign exchange earnings grew in the first six months of 2023 as the foreign trade surplus rose to…
Nigeria: 45-year-old land law discourages potential investors
A 45-year-old Nigerian land law that bestows powers on politicians ignores corporate interests and drives off critical investors,…
VON Automobile Modifying Buses To Run On CNG
VON Automobile Nigeria, a subsidiary of Stallion Group and maker of Ashok Leyland buses, said it is currently modifying its mass transit buses to run on compressed natural gas. The firm expressed its support…
NCC, CBN have resolved N120 billion USSD debt impasse – Danbatta
The Executive Vice Chairman of the Nigerian Communications Commission (NCC) Prof. Umar Danbatta, has said that the lingering issue of N120 billion debt owed by banks for the Unstructured Supplementary Service Data…
TUC protests sale of Agip, Eni Nigeria to Oando
The Trade Union Congress on Thursday barricaded the premises of the Nigeria Agip Oil Company Limited in Port Harcourt, protesting its sale and that of Eni Nigeria to Oando Plc. This came barely 48 hours after…
NNPCL Not Against Sale Of Shares Of Agip Oil Company To Oando Plc
The Nigerian National Petroleum Company Limited on Thursday faulted some reports published by…
Agip did not get our consent to sell assets to Oando – NNPC
NNPC Limited has disclosed that Nigerian Agip Oil Company (NAOC) did not obtain its consent before announcing a deal to sell onshore oil assets to Oando PLC. Nairametrics reported that Oando Plc had entered an…
Clearing FX backlog seen restoring investors’ confidence, naira stability
The Central Bank of Nigeria (CBN) plan to clear the foreign Exchange (FX) backlog in the next two weeks will…
Analysts: Banks’ll Welcome Winding Up Of AMCON
Citing what they say is the negative impact, the Asset Management Corporation of Nigeria (AMCON) charge is having on banks’ operating…
Indorama, Jindal, SkipperSeil… Indian conglomerates to invest $14bn in Nigeria
Four Indian conglomerates, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, have pledged to invest $14 billion in Nigeria. The investment commitments were made on Wednesday during the…
6,000 cargoes abandoned at Apapa, Tin Can ports since 2011
• National fleet will generate add $5.42b to GDP, says Shippers’ Council Minister of…
FG hikes prices for single, three-phase prepaid metres to N81,975, N143,836
The Nigerian Electricity Regulatory Commission (NERC) on Wednesday approved the increment of the prepaid electricity metres across the country. NERC announced the hike via a circular on September 5 signed by its…
Forex turnover hit N22tn in seven months on FMDQ
The turnover of foreign exchange on the FMDQ hit N22.98tn ($44bn) in the period between January and July 2023. …