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Business
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 $21billion, to employ over 100,000 youths
Amid encomium from eminent personalities, which included President Mohammadu Buhari and five other African heads of state, President of the pan-African Conglomerate,…
Dangote has paid back 70% of loans taken to finance refinery, says Emefiele
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the Dangote Group has paid back 70 percent of the loans it took to construct an oil refinery. Emefiele spoke at the commissioning of the…
Buhari, five African Presidents to commission Dangote Petroleum Refinery Today
In an epoch-making event that will positively transform Nigeria’s oil and gas sectoral landscape, President Muhammadu Buhari will today commission Dangote Petroleum Refinery…
Why investors are going gaga for gold
The precious metal is proving a safe bet amid growing fears of a US sovereign default How can an investor protect themselves against…
Lekki Seaport berths largest vessel since commencement of operations
The Lekki Deep Seaport on Friday surpassed stakeholders expectations since the start of operations with the berthing…
Marketers eye cheaper fuel as Dangote Refinery opens tomorrow
As the Dangote Refinery begins operations tomorrow (Monday), oil marketers have expressed optimism that the facility will help reduce the cost of petrol, if the government deregulates the commodity. The PUNCH…
Ahead Inauguration, Naira Falls To 760/$
Ahead of the inauguration of the next administration, the US dollar has risen to N760 as politicians, including contenders for the presiding officers of the National Assembly, scamper for the foreign currency. The…
Beware of loan sharks, NCC warns consumers
Nigerian Communications Commission (NCC) has cautioned members of the public to be cautious of fraudulent activities of those it described as loan sharks. The Commission said it has received over 20,000 complaints…
Foreign airlines in Nigeria are frustrated by the blocking of their funds – The Economist
Will the new president urge the central bank to hand over the cash? International airlines with bases in Nigeria are looking hopefully at the inauguration of Bola Tinubu as president on May 29th, since their fate…
Cane Integrated Investment Ltd Partners With NYSC On Investment Literacy And Financial Planning
The investment and financial advisory firm, Cane Integrated Investment Limited on Wednesday, May 10, 2023 visited the NYSC Lagos State Chapter. It announced…
14 insurers earn N120bn quarterly premium on rate hike
Fourteen insurance companies on the Nigerian Exchange Limited saw their gross written premium rise to N120 billion in the first quarter of this year. Their combined gross written premium increased by 27.92 percent…
NYSC disburses N1.5bn funding for corp members businesses
The National Youth Service Corp on Tuesday disclosed that it has disbursed the sum of N1.5 billion for funding of corps members’ businesses through its Graduate Entrepreneurship Fund, in partnership with the Bank of…
Nigerians steer away from cars on tariff hike, FX scarcity
Babatunde Akeem is a 42-year-old cab driver who has been in the ride-hailing business for the last 10 years. Akeem has used over five different cars for his ride-hailing business, two of which were Volkswagen Golf cars,…
Hurdles before world’s largest single-train refinery
Nigeria’s oil production in April fell to less than 1 million barrels per day, indicating that feedstock could pose a challenge to the Dangote Refinery. Without a licence to operate yet acquired due to outstanding…
Nigeria’s onshore oil output dips as IOCs hold sway in offshore
Oil production from onshore and shallow-water fields in Nigeria is in decline as the bulk of production moves to offshore fields where international oil companies (IOCs) dominate, and analysts say this could…
MTN, Africa’s biggest mobile firm plans new $320 million fiber cable network
MTN Group Ltd., Africa’s biggest mobile-phone operator, plans to build a $320 million inland fiber cable to connect ten countries, as telecommunications companies push to expand service to the continent’s growing…
Banks’ customer deposits rise 24% on naira crunch
Major Nigerian banks saw the deposits from customers rise in the first quarter of this year amid the cash scarcity ocassioned by the naira redesign policy of the Central Bank of Nigeria. BusinessDay’s analysis show…
NNPC Gives Update On Refineries, Issues IPO In 2024
By next year 2024, the Nigerian National Petroleum Corporation Ltd…
Drop in dollar inflows worsens forex scarcity
The Central Bank of Nigeria (CBN) report has shown significant drop in dollar inflows to the economy to $72.3 billion. The forex inflows position, contained in the CBN’s quarterly bulletin for fourth quarter of last…
USSD debts: Telcos may charge customers for bank transfers
Telecommunication operators may soon begin to charge bank customers’ airtime or data for Unstructured Supplementary Service Data transactions, The PUNCH has learnt. This was due to a proposal from a Central Bank of…