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Business
Tokunbo vehicles’ prices jump by 100% over duty hike
The prices of imported used cars have spiked by 100 per cent in the last year, on the back of a tariff hike by the Nigeria Customs Service in 2022, findings by the PUNCH have shown. that When our correspondent…
First Bank in legal battle over missing N448 million jewellery stored in their vaults
Justina Eze, a former ambassador to Guinea Bissau and Cape Verde, has sued First Bank over the bank’s inability to account for the whereabouts of her safe deposit box containing exotic jewellery worth hundreds…
Airlines admit CBN defrayed nearly $700 million foreign carriers’ funds
Some top officials of foreign airlines operating to Nigeria have disclosed that the Central Bank of Nigeria (CBN) has defrayed…
CBN Devalues Naira To 630/$1
The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the…
Uber’s vehicle-financing partner is impounding drivers’ cars in Nigeria
Uber driver Adams Ikemu Adakole diligently paid the daily installments on his car loan from Nigerian vehicle-financing firm Moove for three months. But in February 2023, his work came to a standstill due to fuel…
UBA strengthens alumni network
United Bank for Africa Plc has revamped the UBA Alumni Network Programme, aimed at fostering stronger connections and providing exclusive benefits to its esteemed former employees. According to the statement…
Nvidia Set To Become First US Chipmaker Valued At Over $1 Trillion
Nvidia Corp (NVDA.O) is close to breaching $1 trillion in market capitalization, making it the first U.S. chipmaker to join the trillion-dollar club. The gaming and AI chip company, whose shares rose 3.8% in…
Fidelity Bank MD, Nneka Onyeali-Ikpe Gets National Award
Chief Executive Officer of Fidelity Bank PLC, Nneka Onyeali-Ikpe, has been listed amongst the recipients of the 2023 national awards. According to the 2023 national…
Big banks strike back with own fintechs
Squad, a payment platform launched by HabariPay, the fintech subsidiary of Guaranty Trust Holding Company Plc…
NASCON RECORDS 84% INCREASE IN PROFIT
…Shareholders commend dividend payment. NASCON Allied Industries Plc have recorded impressive growth in all performance indicators in the year ended December 31, 2022, with…
Nigerian billionaires rake in N506 billion as dividends in FY 2022
Over the years, Nigerian companies across various sectors, such as banking, telecommunications, oil and gas, consumer goods, and more, have demonstrated resilience in paying dividends to their shareholders. A…
Relief as FCMB Eliminates Insufficient Airtime Constraints for Customers
First City Monument Bank (FCMB) has introduced a unique product, the FCMB Airtime Advance, to enable customers to borrow between N200 and N5,000 directly from their…
Debt Ceiling: Fitch to downgrade U.S. credit rating amid negative watch
The United States’ credit rating has been placed on negative watch by Fitch Ratings for a possible downgrade due to the uncertainty surrounding the nation’s ongoing debt ceiling debate. Though no agreement has been…
Refinery: We’ll ask Dangote to sell forex at good rate — Emefiele
With the Dangote Refinery set to deliver its first products in July, the governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, said yesterday…
Banks Now Require Applicants’ Tax Clearance For FX At Official Rate
•New regulation affects PTA, BTA, international school fees, medicals, personal home remittances, vehicle registration, others •Government agencies,…
Explainer: Where will the Dangote Refinery get crude?
Many people have expressed concern about how the Dangote Refinery and Petrochemicals Plant which was commissioned on Monday by President…
Lagos raises N143.8bn long-tenure bonds in capital market
The Lagos State Government has raised N134.8billion from two different long tenure bonds in the capital market, with the governor signing the instruments on Tuesday. The two bonds are under the N1 trillion debt and…
CBN revokes licenses of 132 microfinance banks, others
The Central Bank of Nigeria has revoked the operating licenses of 132 microfinance banks in the country, alongside those of four primary mortgage banks and three finance companies. This was disclosed in the…
‘Davido requests $5m for endorsement’
The team of Afrobeat musician, Davido has revealed that $5 million is the cost of getting the artist for endorsement over a calendar year. According to a post by Billpoint CEO, Linus Williams, yesterday on…
Naira Redesign: Massive cash hoarding resumes
•As currency outside banks rises 43% to N2.1trn There are indications that Nigerians have resumed cash hoarding following the relaxing of the currency redesign and cashless measures of the Central Bank of…
Without Emiefele This Project Wouldn’t Have Been Successful – Dangote
The President of Dangote Group, Aliko Dangote said the commissioning of the Dangote Refinery would not have been possible without the support of the Governor, Central…
Dangote Refinery will generate $21billion, to employ over 100,000 youths
Amid encomium from eminent personalities, which included President Mohammadu Buhari and five other African heads of state, President of the pan-African Conglomerate,…
Dangote has paid back 70% of loans taken to finance refinery, says Emefiele
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the Dangote Group has paid back 70 percent of the loans it took to construct an oil refinery. Emefiele spoke at the commissioning of the…
Buhari, five African Presidents to commission Dangote Petroleum Refinery Today
In an epoch-making event that will positively transform Nigeria’s oil and gas sectoral landscape, President Muhammadu Buhari will today commission Dangote Petroleum Refinery…