Sunday, October 17

Business

Cryptocurrency: We Acted In Nigerians’ Best Interest – Emefiele
Business

Cryptocurrency: We Acted In Nigerians’ Best Interest – Emefiele

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the bank’s decision to prohibit deposit money banks, non-banking institutions and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Emefiele stated this yesterday while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime and Capital Market, on its directive to institutions under the apex bank’s regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and unlic...
SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored
Business

SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored

Timi Agama, head of registration, exchanges, market infrastructure and innovation department of SEC, was speaking at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, on Sunday. The Central Bank of Nigeria (CBN) had asked commercial banks to block accounts of cryptocurrency traders in their systems. After the directive, Nigerians took to social media to condemn the decision. NAN quotes Agama as saying cryptocurrency is a $2 trillion market that cannot be ignored. He said the world cannot be moving forward while Nigeria remains static. Agama said although SEC or the capital market would not accommodate or encourage any fraudulent practices that allowed for money laundering, cryptocurrency is a market worth looking into...
NTA To Display NSE Ticker Tape Across Its Network
Business

NTA To Display NSE Ticker Tape Across Its Network

Investors and viewers of the Nigerian Television Authority’s (NTA) will now be able to see the daily price information of securities listed on The Nigerian Stock Exchange (NSE) on the various stations. This was announced at the NSE digital Closing Gong ceremony hosted on Wednesday, 17 February 2021, to officially mark the broadcast of the NSE “Ticker Tape” across the NTA Network. Speaking at the ceremony, the Chief Executive Officer, NSE, Mr Oscar N. Onyema, OON stated, “At The Exchange, we remain committed to providing issuers with a platform that allows them to meet their strategic business objectives and one way of backing that commitment is making price information available across as many credible channels as possible. The NTA runs the largest television network in Nig...
Crypto Restriction Opens Nigeria To Fresh Foreign Scramble
Business

Crypto Restriction Opens Nigeria To Fresh Foreign Scramble

Foreign techies and innovators have renewed the historic scramble for the Nigerian market, following official restriction of local transactions in cryptocurrencies. The Guardian learnt that the number and intensity of online meetings with young traders on how they can circumvent the Central Bank of Nigeria’s (CBN)’s restriction on banks and other financial institutions from transacting have increased in several folds since last week. In one of the meetings in which The Guardian participated by proxy last week, Nigerian youths were invited to subscribe to a credit card launched a few months ago. The selling point of the card described as a lifestyle card is that it enables users to convert cryptocurrencies to five different benchmark currencies – dollar, pound, euro, yen and yuan....
Jeff Bezos overtakes Elon Musk to become the world’s richest person again
Business

Jeff Bezos overtakes Elon Musk to become the world’s richest person again

Billionaire Amazon owner, Jeff Bezos has reclaimed his title of world's richest person, ending Elon Musk's six-week reign on top of the list. Musk lost about $4.5 billion on Tuesday after Tesla (TSLA) shares fell 2.4%, taking him to second place on the Bloomberg Billionaires Index ranking. Bezos' net worth also fell by about $372 million but that was enough to take him to top spot, a position he has held for about three years. As at Wednesday, February 17, the Bloomberg Billionaire's index currently says Bezos is worth $191 billion compared to Musk's $190 billion. Musk's surge to first place happened in early January, when the 170 million shares of Tesla he already owns. Amazon CEO Bezos's stake in the company increased by $75 billion in 2020, to $173.3 billion, given th...
Marketers Raise Petrol Price To ₦170, Depots Suffer Shortage
Business

Marketers Raise Petrol Price To ₦170, Depots Suffer Shortage

Fuel marketers have started adjusting their petrol pump prices amid the supply shortage facing private depots in Apapa. Our correspondent observed that some filling stations in Lagos and Ogun states increased the pump price of petrol to N170 per litre on Tuesday from N162 per litre. Some of the stations were Capital Oil and Gas, Fatgbems and Amo Oil, all along the Lagos-Ibadan Expressway. Another station, Enyo Retail, adjusted its pump price to N165 per litre from N162. The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, told our correspondent that members of his association had to increase the pump price because they bought the product at N160-N161 from depot owners. The PUNCH reported last Thursday that IPMAN members...
BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020
Business

BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020

BUA Cement, Nigeria’s second largest cement company, has announced full year revenues of N209billion in its unaudited 2020 Full Year financial accounts representing an increase of 19% from the corresponding period in 2019. The company also announced a 16% increase in gross profits to N95.4billion in 2020 from N82.4billion Naira in 2019. This further consolidates BUA Cement’s position as one of Nigeria’s most profitable companies – a position it is expected to strengthen further with the commissioning of its new 3 million Metric Tonnes Sokoto Cement Plant in 2021 and the addition of 3 new lines of 9 million metric tonnes total capacity in Adamawa, Edo and Sokoto States by 2023 for which it recently signed an agreement with Sinoma CBMI. This is expected to bring BUA Cement’s total capaci...
BPE to Concession TBS, Lagos Trade Fair Complex, Economic Zones
Business

BPE to Concession TBS, Lagos Trade Fair Complex, Economic Zones

  The Bureau of Public Enterprises (BPE) has named some Federal Government enterprises slated for concession. Amina Othman, Head of Public Communications, BPE disclosed this in a statement on Sunday. The list includes Tafawa Balewa Trade Fair Complex (aka TBS), Lagos International Trade Fair Complex (LITFC), Calabar Special Economic Zone (SEZ) and Kano Special Economic Zone (SEZ). The bureau will meet international investors later in February to showcase opportunities in the four enterprises. Last December, Vice President, Yemi Osinbajo, clarified the roles of the BPE and the Infrastructure Concession Regulatory Commission (ICRC) in Public-Private Partnership (PPP) engagements. He said the BPE acts on behalf of the Federal Government as a counter-party of all the...
Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban
Business

Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban

Nigeria’s Securities and Exchange Commission (SEC) announced Thursday it has put plans to regulate cryptocurrencies on hold in light of the central bank’s decision to ban them, according to a report by the Guardian Nigeria. The regulatory body released a statement officially confirming any plans to regulate the cryptocurrencies are now on hold following a Central Bank of Nigeria (CBN) directive ordering banks to close any accounts transacting with cryptocurrencies. “For the purpose of admittance into the SEC regulatory incubation framework, the assessment of all persons and products affected by the CBN circular of Feb. 5, 2021, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system,” the SEC said in a statement seen by the pu...
India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets
Business

India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets

India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions. There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020. In December 2020, government officials hinted that they were considering taxing Bitcoin transactions by up to 18%. Barely a month later and there were rumours that the country was mulling over banning all private cryptocurrencies. Apparently, officials were serious about banning ...
Products From Dangote Refinery To Hit The Market By Early 2022 – Devakumar Edwin
Business

Products From Dangote Refinery To Hit The Market By Early 2022 – Devakumar Edwin

Dangote Group says petroleum products from its 650,000 per day refinery will hit the market by early 2022 against the previous 2021 fourth-quarter target. Devakumar Edwin, executive director of capital projects and portfolio management at Dangote Group, told Arise TV that the earlier completion and products production date could not be met due to the COVID-19 pandemic that as restrictions led to delays in the shipment of equipment from abroad. In November 2020, the group said its refinery had reached 80 percent completion; engineering and construction were 100 percent, and procurement was 98 percent ready. He said the group has gone ahead with the construction schedule and that by end of 2021 it would have achieved mechanical completion and proceed with the inauguration in Dec...
Mastercard To Adopt Cryptocurrency As Payment Option
Business

Mastercard To Adopt Cryptocurrency As Payment Option

Mastercard says it will begin to accept cryptocurrencies on its network in 2021. In a blog post by Raj Dhamodharan, its executive vice president for digital assets, blockchain products and partnerships, the company said it is preparing for the future of crypto and payments. “Whatever your opinions on cryptocurrencies — from a dyed-in-wool fanatic to utter skeptic — the fact remains that these digital assets are becoming a more important part of the payments world,” the blog post read. “This is a big change that will require a lot of work. We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protection and compliance. “Our philosophy on cryptocurrencies is straightforward: It’s about choice. Masterca...
BUA Petroleum Refinery Ready In 2024 – Abdul Samad Rabiu
Business

BUA Petroleum Refinery Ready In 2024 – Abdul Samad Rabiu

Baring any unforeseen developments in the local and international economy, the 200,000 barrels per day BUA Petroleum Refinery will commence full commercial operation in 2024, after a groundbreaking ceremony billed for May this year. Giving graphic details on the economics of Nigeria’s second largest petroleum refining complex in Lagos at the weekend, Executive Chairman of BUA Group, Abdul Samad Rabiu, said the project was initiated against the backdrop of the huge amount of foreign exchange the nation spends importing refined petroleum products into the country. Rabiu who defended the sustainability of his Group’s investment in the various sectors of the economy, said the refinery project will meet the government’s economic diversification agenda in the long run, as new fuel stan...
Dangote Refinery Can Bail Nigeria Out Of Economic Recession – IMF
Business

Dangote Refinery Can Bail Nigeria Out Of Economic Recession – IMF

The International Monetary Fund, IMF, the global financial watchdog, is projecting that Nigeria’s Dangote Refinery would provide an elixir for the country’s economy when it is completed and start production by 2022. In its latest report on Nigeria’s economy, the Fund raised the hope that the start of production from the refinery, solely owned by Africa’s richest man, Aliko Dangote could help Nigeria improve its Current Account balance. It said Dangote Refinery has “the potential to catalyze more domestic crude oil production and boost GDP growth.” “On the upside, the Dangote refinery, if commencing production in 2022 as planned, could meet the full demand for domestic consumption of refined petroleum products—which are almost all imported at present—thereby improving the CA ba...
Otedola Visits Dangote’s Oil Refinery, Petrochemical Plant In Lagos; Calls It ‘ Wonderland’
Business

Otedola Visits Dangote’s Oil Refinery, Petrochemical Plant In Lagos; Calls It ‘ Wonderland’

Billionaire Femi Otedola has again visited the oil refinery and petrochemical plant sites under construction in Lagos by Africa’s richest man Aliko Dangote. Mr Otedola on Monday shared photos of his visit to the site on Instagram. He said: “Yesterday (Sunday) I visited the Dangote refinery and petrochemical project, what I personally call the DANGOTE WONDERLAND. Not been there in a year and now it’s almost completed! Kudos to my brother Aliko Dangote.” Otedola last visited the site in January 2020. The $15 billion oil refinery will be one of the world’s biggest on completion. It is designed to process 650,000 barrels of crude daily. The complex will also house a fertilizer factory is estimated at $2.5 billion. They will be powered by gas, which will be sent from the Nige...
Tesla Buys $1.5 Billion Worth Of Bitcoin, Says May Accept It For Payment For Car
Business

Tesla Buys $1.5 Billion Worth Of Bitcoin, Says May Accept It For Payment For Car

Telsa (TSLA) revealed in a securities filing that the electric car company has purchased $1.5 billion worth of Bitcoin and expects to accept the cryptocurrency for its products in the future. “In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, we may invest a portion of such cash in certain specified alternative reserve assets. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy,” the company wrote in a 10-K filing with the SEC. According to the fling, Tesla said it expects to begin accepting Bitcoin as a form of payment for its products “in the near future,” where it’s permitted....
NNPC Records N13.43 Billion In Trading Surplus
Business

NNPC Records N13.43 Billion In Trading Surplus

The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦13.43billion for the month of November 2020 up by 54% when compared to the ₦8.71billion surplus recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru. The trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November 2020, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02% or ₦0.09billion to stand at ₦423.08 billion. Similarly, expenditure f...
US Finally Backs Ngozi Okonjo-Iweala for Next WTO Director
Business

US Finally Backs Ngozi Okonjo-Iweala for Next WTO Director

The Biden administration on Friday, Feb 5, said the U.S. would support Ngozi Okonjo-Iweala as the next director-general of the World Trade Organization, hours after South Korea’s trade minister stepped out of the race. The Biden administration’s decision is the last hurdle standing in the way of Ms. Okonjo-Iweala assuming the top job at the WTO, after South Korea’s Yoo Myung-hee pulled out. Last year, Ms. Okonjo-Iweala was supported by a majority of WTO members, but the Trump administration backed Ms. Yoo, saying she was better qualified. The office of the U.S. Trade Representative said in a statement Friday: "Dr. Okonjo-Iweala brings a wealth of knowledge in economics and international diplomacy from her 25 years with the World Bank and two terms as Nigerian Finance Minister....
CBN Shuts Down Cryptocurrency Exchange Bank Accounts
Business

CBN Shuts Down Cryptocurrency Exchange Bank Accounts

LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS The Central of Bank of Nigeria's (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers. Father to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto curencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs. NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within tier systemsand ...
Jeff Bezos to Step Down as Amazon CEO After 26 Years at the Helm
Business

Jeff Bezos to Step Down as Amazon CEO After 26 Years at the Helm

The world's richest man, Jeff Bezos will step down as Amazon CEO later this year and transition to the role of executive chair, the company has announced. According to the February 2 announcement, Bezos will be replaced by Andy Jassy. Bezos has been Amazon's CEO since its founding in 1995 and grew the company from an online bookseller into a $1.7 trillion global retail and logistics Heavyweight. His replacement, Jassy has worked for Amazon since 1997 and currently serves as CEO of the company's cloud business, Amazon Web Services.. Bezos said in a letter to employees Tuesday that he is excited to take the next step. "Being the CEO of Amazon is a deep responsibility, and it's consuming," Bezos wrote. "When you have a responsibility like that, it's hard to put attention...
Julius Berger Records 8.35% And 86.83% Drop In Revenue And Profit In 2020
Business

Julius Berger Records 8.35% And 86.83% Drop In Revenue And Profit In 2020

Julius Berger Nigeria Plc, a planning and constructing a group of companies with a market capitalization of more than ₦30 billion, involving in all kinds of civil engineering works with seven subsidiaries, released its Consolidated Unaudited Financial Statements the year ended 31st December 2020 to the investing public on January 26th, 2021. - From the released result, the firm saw an 8.35% decrease in revenue from ₦264.56bn in FY’2019 to ₦242.46bn in FY’2020. This was driven by an 8.35% decrease in the revenues from their primary geographical market (Nigeria, Europe, and Asia). - Also, the civil works, building works, and services rendered at the firm dipped by 9.68%, 9.29%, and 4.28% respectively, as this could be the effect of Covid-19 pandemic lockdown that truncated the many...
VAT: FG Rakes In ₦24.8 Billion From Bank Customers – National Bureau of Statistics
Business

VAT: FG Rakes In ₦24.8 Billion From Bank Customers – National Bureau of Statistics

The Federal Government realised a total of N24.8 billion as Value Added Tax (VAT) from banks transactions throughout last year, New Telegraph has learnt. According to the sectoral VAT distribution data released by the National Bureau of Statistics (NBS), this showed that VAT generated from the sector increased by 44 per cent from N17.2 billion recorded in 2019. In accordance with Value Added Tax Act (Cap V1 LFN 2004), all banks and financial institutions, except those exempted, are required to charge VAT on services rendered by them to their customers and account for the same to the Federal Inland Revenue Service (FIRS). Recall that the banks had, early last year, adjusted VAT charges upward in compliance with the Federal Gov-ernment’s policy which jerked up the consumption tax from...
Permanent Site Of Computer Village At Katangowa Under Construction (Photos)
Business

Permanent Site Of Computer Village At Katangowa Under Construction (Photos)

The ongoing construction work at the permanent site at Katangowa, Abule Egba Lagos would no doubt, bring huge development to that area. The construction according to the contractor, would be completed in record time. Former Governor Ambode laid the foundation of the modern ICT Market some years back while the current administration is working round the clock to complete the project. The computer Village in ikeja would be relocated to this location upon completion while the buildings currently occupied by this market in ikeja would be returned to it's residential status. Currently, the Katangowa site is being used by the okrika clothe sellers. This okrika market ranks the largest in Africa. Several people from far and near do visit this market to buy first grade wears and shoes. These ...
Why I Left Banking For Bricklaying – Kehinde Muibi
Business

Why I Left Banking For Bricklaying – Kehinde Muibi

Kehinde Muibi, 28, is the founder of a construction company, Destiny Crest Limited. He tells TOLUWALOPE KAREEM how he started working as a bricklayer, his entrepreneurship journey and his vision for the real estate industry What are your educational qualifications? I have a National Diploma in Mathematics and Statistics. I also have a Bachelor’s degree in Business Administration, and a Master’s degree in Project Management. I have also taken online courses in Project Management Science. Having degrees in different fields makes me fulfilled. What motivated you to start a construction company, considering the intricacies of the real estate business in Nigeria? I was motivated by the passion I had for it. After my secondary school education, I realised I had a passion for bric...
Union Bank’s Principal Owner ‘considering Sale Of 50% Stake’
Business

Union Bank’s Principal Owner ‘considering Sale Of 50% Stake’

The holder of the biggest stake in Union Bank of Nigeria is contemplating its future with the Lagos-based lender, as its 49.97 per cent ownership has received acquisition offers from domestic bidders, Bloomberg has reported, citing insiders familiar with the subject. Early interests in the shareholding of Atlas Mara, a financial services holding company, quoted on the London Stock Exchange, are coming from local banks intent on widening their reach in the Nigerian market, according to sources pleading anonymity because negotiations are still under wraps. Atlas Mara is currently engaging financial advisor Rothschild & Co. but the deal could be consummated as an outright sale or take another direction as the landscape of a definite takeover is not yet clear. Nigeria’s bigges...
4 Airlines Set To Launch Operation
Business

4 Airlines Set To Launch Operation

Amidst the headwinds in global aviation markets triggered by the COVID-19 pandemic, experts foresee a quicker recovery in Nigeria’s sector as more airlines acquire new planes even as many others prepare to hit the sky. Experts expect four new airlines to launch operation this year as they put finishing touches to the process of obtaining an Air Operator’s Certificate (AOC). At least 24 carriers are in different stages of the AOC application process. One of Nigeria’s foremost airlines, Azman Air, started the year on a promising note with the acquisition of its second Airbus A340-600 aircraft. The second delivery came barely a year after the first wide-bodied aircraft was purchased. Though aviation globally was hit by the pandemic last year, Azman’s plan to launch an internation...
Twitter and Facebook lose $51 billion in market cap in two days following Trump ban
Business

Twitter and Facebook lose $51 billion in market cap in two days following Trump ban

After Facebook and Twitter banned President Donald Trump from their platforms, the companies saw a combined market value loss of $51.2 billion over two trading sessions. A significant number of users deleted their accounts in retaliation of the political censorship, resulting in investors dumping their stocks. According to Business Insider, Facebook plunged by 4% on Monday and 2.2% on Tuesday, resulting in a decrease of $47.6 billion below what it was on Friday. Facebook traded at $245.64 per share as of 4 p.m. on Thursday. Twitter plunged to 6.4% and another 2.4% Tuesday, resulting in a drop in market cap by $3.5 billion. Twitter traded at $45.79 per share as of Thursday at 4 p.m., compared to the closing price of $51.48 on Friday. President Trump has slammed big tech for ...
Naira Slumps Further, Exchanges For 473/$
Business

Naira Slumps Further, Exchanges For 473/$

The naira suffered further setback at the parallel market and Investors and Exporters forex window on Tuesday. According to figures obtained from Bureau De Change operators, the naira exchanged to the dollar for 473/$ at the parallel market. It had earlier gained in recent times after it closed the year 2020 at 467/$. At the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. It reached a low of 401 at the I&E window at the close of 2020. The Central Bank of Nigeria however maintained the official exchange rate at N379/$ on its website. The Association of Bureaux De Change Operators of Nigeria recently appealed to the CBN to make BDCs payout agents for diaspora remittances. The President, ABCON, Alhaji Aminu Gwadabe, said the apex bank...
Elon Musk Is Now The Richest Person In The World
Business

Elon Musk Is Now The Richest Person In The World

Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet. A 4.8% rally in the electric carmaker’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. The South Africa-born engineer’s net worth was $188.5 billion at 10:15 a.m. in New York, $1.5 billion more than Bezos, who has held the top spot since October 2017. As chief executive officer of Space Exploration Technologies Corp., or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race. The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout ...
FCMB Appoints Acting Managing Director, Yemisi Edun
Business

FCMB Appoints Acting Managing Director, Yemisi Edun

The First City Monument Bank (FCMB) has announced the appointment of Yemisi Edun as its acting managing director. Edun takes over the running of the bank from the Managing Director, Adam Nuru, who on Tuesday, January 5, proceeded on leave amid allegations of marital infidelity involving him and a former staff of the bank, Moyo Thomas. There are allegations that Moyo's estranged husband, Tunde Thomas, 45, died on December 16, 2020, from a heart attack after battling with depression upon discovering that the two children from their marriage were allegedly fathered by Mr Nuru. A statement from the bank announcing Edun's appointment reads in part “In line with normal corporate practice, Mrs Yemisi Edun is acting as the managing director of FCMB in the interim period while Mr Adam Nu...
FCMB Names Yemisi Edun As Acting MD
Business

FCMB Names Yemisi Edun As Acting MD

First City Monument Bank (FCMB) has appointed an acting Managing Director and she is Mrs Yemisi Edun, an executive director on the board of the bank. She is taking over from the Mr Adam Nuhu, who stepped aside from the exalted position to allow for an investigation into the allegation of unethical behaviour by him. He was accused of having a romantic affair with a former employee of the financial institution, Mrs Moyo Thomas. The alleged romance produced two children, according to reports. Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom. She is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA® Charter ho...
₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others
Business

₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others

Justice Lateefa A. Okunnu of the Lagos State High Court sitting in Ikeja, on Tuesday, January 5, 2021, convicted and sentenced Okey Nwosu, a former Managing Director, Finbank Plc, to three years imprisonment for over 10bn fraud. The Economic and Financial Crimes Commission, EFCC, had arraigned Nwosu alongside Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi on a 26-count amended charge bordering on stealing and illegal conversion to the tune of N10,934,704,402. The defendants, who perpetrated the fraud while they were directors of the bank, pleaded not guilty to the charge preferred against them, thereby leading to their full trial. In the course of the trial, the prosecution counsel, Rotimi Jacobs , SAN, called witnesses and also tendered several documents that were admitted...
Atiku Abubakar No Longer Our Shareholder – Intels
Business

Atiku Abubakar No Longer Our Shareholder – Intels

Former Vice President Atiku Abubakar has divested from Integrated Logistic Services (INTELS) Nigeria Limited, the country’s largest logistics company that provides comprehensive integrated services for the nation’s oil and gas industry. Intels spokesman, Mr. Tommaso Ruffinoni, said Atiku exited the company with his family as at December last year. The former vice president was said to have sold his interests through a series of transactions executed by his family Guernsey Trust, in deals that began in December 2018 and concluded last year. Atiku was said to have sold his shares in Intels to Orleal Investment Group, the parents company of Intels, for various amounts totalling over $100 million in the deal that spanned two years. It was learnt that Atiku was paid $60 million,...
Labour backs Emefiele on CBN’s Naira valuation
Business

Labour backs Emefiele on CBN’s Naira valuation

Organized labour has commended the recent measures of the Central Bank of Nigeria (CBN) aimed at shoring up the value of the Naira. The Naira recently reversed its depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar due to what observers attributed to the new rules introduced by the CBN, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, and collect the proceed in foreign currencies. Speaking at the one-day interactive session with stakeholders on the five-year policy trust of the apex bank in Kaduna, weekend, Vice President of Industriall Global Union, Comrade Issa Aremu, hailed the CBN’s Monetary Policy Committee ( MPC) for resisting the pressures to b...
Naira Bounces Back, Appreciates To N470/$ In Parallel Market
Business

Naira Bounces Back, Appreciates To N470/$ In Parallel Market

The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar. The naira had earlier depreciated by N30 against the dollar, as the parallel market exchange rate rose sharply to N500 per dollar on Monday November 30th from N470 per dollar on Friday November 20th 2020. But the new rules introduced by the Central Bank of Nigeria on Monday November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the naira. As result the naira gained N10 against the dollar yesterday (Tuesday December 1st) as the parallel market exchange rate dropped to N490 per dollar from N500 per dolla...
CBN Okays Withdrawals Of Dollars From Domiciliary Accounts
Business

CBN Okays Withdrawals Of Dollars From Domiciliary Accounts

The Central Bank of Nigeria (CBN) has announced the amendment of procedures for receipt of diaspora remittances in an apparent and frantic attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I&E window. This disclosure was made in a circular issued by the CBN on Monday, November 30, 2020, to all authorized dealers and the general public and signed by its Director for Trade and Exchange Department, Dr O.S. Nnaji. What the CBN is saying In the new amended procedure, CBN stated that beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice. The CBN’s circular partly read...
Court To Restrain GTB From Deregistering As A LLC To Avoid ₦32 Billion Debt
Business

Court To Restrain GTB From Deregistering As A LLC To Avoid ₦32 Billion Debt

As Innoson seeks an order restraining GTB from transmuting to a Private and a Financial Holding Company until GTB pays it over N32Billion Judgement debt The Supreme Court of Nigeria has struck out GTB’s motion filed to set aside its earlier decision/order made on 27th February 2019 dismissing GTB’s appeal against Court of Appeal judgement of 6th February 2014 in favor of Innoson Nigeria Ltd Recall that The Federal High Court, Awka Division on March 27th, 2019, pursuant to Supreme Court dismissing GTB’s appeal, granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court coram Shakarho, J at the Ibadan Judicial Division on the 18th of May 2010 and the 29th of July 2011 respectively. This order was concurrently affirmed by th...
Elon Musk Overtakes Bill Gates As The 2nd Richest Man In The World
Business

Elon Musk Overtakes Bill Gates As The 2nd Richest Man In The World

Elon Musk has passed Microsoft co-founder Bill Gates to become the world’s second-richest person, only a week after he overtook Facebook’s Mark Zuckerberg to become the third-richest as Tesla's share price continues to soar. The electric car company's value has risen following the announcement that it would join the S&P 500 index of leading US companies, driving its market value close to $500bn. Mr Musk, 49, is now worth more than $128 billion (£95bn) as he owns 20% of all of the company's shares, which have risen by more than 675% since 25 November last year, when they were valued at $67.27 (£50.33) each. Tesla’s share price is currently valued at $521.49 (£390.20) a share, and if the growth continues, Musk could net a bonus deal worth a record $55.8bn. To trigger the max...
MTN Nigeria Revenue Rises To N100 Billion Monthly In 2020
Business

MTN Nigeria Revenue Rises To N100 Billion Monthly In 2020

MTN Nigeria reported a half-year revenues of N638 billion in 2020 compared to N566.9 billion reported same period last year. The 12.5% pop was driven by growth in data revenues in the first and second quarters of the year. The company reported a 49% growth in data revenues in the second quarter of 2020 as its Nigerian customers guzzled more data in the ensuing Covid-19 economic shutdown. The revenues reported in the first half of 2020 now translate to about N100 billion monthly in revenues, a company and Nigerian Stock Market record, according to Nairametrics Research. Revenues averaged N97 billion monthly in 2019 and N86.5 billion in 2018. Key highlights In the second quarter of 2020 total revenues rose 8.5% to N308.9 billion driven largely by higher data revenues. Data r...
Xiaomi Surpasses Apple To Become The World’s Third Biggest Smartphone Brand
Business

Xiaomi Surpasses Apple To Become The World’s Third Biggest Smartphone Brand

International Data Corporation (IDC) has released its report related to the smartphone shipments in the third quarter of this year, i.e. Q3 2020 and the report reveals that the South Korean giant Samsung has managed to keep its leading position. It reveals that the quarter witness decline in smartphone shipments by 1.3 percent year-on-year, which is better than expected because of the on-going COVID-19 pandemic in which several countries were on lockdown for months. Around 353.6 million smartphones were shipped in the third quarter of this year, i.e. from July to September. Earlier, IDC had predicted that there could be a decline of around 9 percent but the actual numbers are better than expected. As per the report, Samsung takes the pole position with a 22.7 percent marke...
MTN Nigeria Appoints Karl Toriola As CEO
Business

MTN Nigeria Appoints Karl Toriola As CEO

MTN Nigeria is pleased to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders of the appointment of Mr. Karl Toriola as the CEO designate. His appointment is effective 1st March 2021, providing enough time for an orderly handover. Mr. Toriola is currently the Vice President: West and Central Africa (WECA), excluding Nigeria and Ghana, a position he assumed in 2016. During that period, he has overseen the steady progress of the operating companies in the region, notably the turnaround of MTN Ivory Coast and MTN Cameroon. Karl Toriola increased his stake in the telecoms provider via the purchase 920,000 ordinary shares, as disclosed on the Nigeria Stock Exchange platform. A break down of the aggregate information showed Toriola acquired...
“Rebuilding A Supermarket Is Hard” – Nigeria’s SPAR Melts Hearts After Shop Was Looted
Business

“Rebuilding A Supermarket Is Hard” – Nigeria’s SPAR Melts Hearts After Shop Was Looted

Nigeria’s supermarket, SPAR have sent out a message concerning the looting of their stores and it has sparked reactions from Nigerians. Recall that their Lekki store was looted on October 21 and they have taken Twitter to make the known to the public that they stand with Nigeria despite running at a loss. They stated that building a supermarket is hard, but rebuilding a nation is even harder. Read below… “Our Lekki store has been vandalized and looted. But, we acknowledge that this is only a setback compared to the larger issues we are all facing as a nation, and our thoughts and prayers remain with Nigerians everywhere, and for a peaceful resolution to various issues at hand. Rebuilding a supermarket is hard. Rebuilding a nation is even harder. We stand with you Nigeria...
Ban Tomato Importation – Dangote Tomato MD Tells FG
Business

Ban Tomato Importation – Dangote Tomato MD Tells FG

The Managing Director of Dangote Tomato Processing plant in Kadawa, Kano State, Abdulkarim Kaita has on Thursday called on the Federal government to ban importation of tomato paste like it ban rice importation into the country. This was as he decried importation of tomato paste which he said was still thriving as the commodity was being imported from Cameroon and Cotonour in Benin Republic. Kaita made the call while flagging off the distribution of tomato seedlings to 5,000 farmers under the Anchor Borrower of Central Bank of Nigeria on Thursday at Kadawa village in Kura LGA of the state. The MD also dropped hint that plans are underway by the company to ensure that Nigeria is self sufficient and positioned to export tomato by establishing the biggest greenhouse in Africa whic...
Business

No Plan To Migrate Jobs Outside Nigeria – Chevron

The management of Chevron Nigeria Limited (CNL) says it has no plans to migrate Nigerian jobs outside the country. CNL’s General Manager Policy, Government and Public Affairs, Mr Esimaje Brikinn, made the clarification in a statement on Friday. Brikinn spoke following an allegation by the Petroleum and Natural Gas Senior Staff Association of Nigeria that CNL planned to relocate jobs outside the country. Also read: IPPIS: SSANU writes FG on looming industrial dispute He said, however, that the company was reviewing its manpower requirements in the light of the changing business environment. According to him, the new organisational structure will require approximately 25 per cent reduction in the workforce across the various levels of its organisation. “The aim is to ha...
Chevron Nigeria To Sack 25% Of Workforce
Business

Chevron Nigeria To Sack 25% Of Workforce

Chevron Nigeria Limited has said it will slash its workforce by 25 per cent as it is reviewing its manpower requirements in the light of the changing business environment. CNL disclosed this on Friday in a statement entitled ‘Chevron Nigeria Limited reviews workforce in accordance with business exigencies’. The oil major said it would continue to evaluate opportunities to improve capital efficiency and reduce operating costs. CNL’s General Manager Policy, Government and Public Affairs, Esimaje Brikinn, said, “The aim is to have a business that is competitive and have an appropriately sized organisation with improved processes. “This will increase efficiency and effectiveness, retain value, reduce cost, and generate more revenue for the Federal Government of Nigeria.” Acc...
‘We’ve Not Been Allowed To Leave For Six Months’ – Workers At Indomie Cry Out
Business

‘We’ve Not Been Allowed To Leave For Six Months’ – Workers At Indomie Cry Out

Workers at De United Foods Industries Limited, makers of Indomie noodles, have cried out for help over what they described as modern-day slavery and unfair labour practices meted out on them since March. The workers said cooks, drivers, nannies, stewards and other groups working for the largely Asian staff of the company, had not been allowed to return home to see their families by the management of the company under the guise of preventing the spread of COVID-19. The workers in a statement on Thursday said, “Ironically these bosses go out everyday including attending social functions while a few of them have even contracted the COVID-19 and infected the helpless domestic workers. The affected domestic workers are largely drawn from those living with their bosses around Ikoyi and...
Betting Companies In Kaduna Urge State Government To Lift Ban On Betting Shops
Business

Betting Companies In Kaduna Urge State Government To Lift Ban On Betting Shops

The Association of Nigerian Bookmakers is the national trade association of sports betting operators and our attention has been drawn to the recent forceful closure of several sports betting shops across Kaduna State by officials of Kaduna State Internal Revenue Service (KADIRS) under the guise of alleged non registration and refusal to pay certain ‘debts’. This came to us as a rude shock especially in the light of the prohibitive regulatory framework the KADIRS seeks to enforce on operators by this act. Deliberations were ongoing with respect to the proposed regulatory framework and operators have submitted documentations to KADIRS stating their position. During the pendency of deliberations as aforementioned and without a feedback to operators, KADIRS moved to enforcement. T...
“I Discovered Banana Island” – Terry Waya Claims
Business

“I Discovered Banana Island” – Terry Waya Claims

Terry Waya made this claims in an interview with BBC pidgin where he talked about how he made his money as a young man, he reveals he got the contract to develop the luxury Banana Island in Lagos, Nigeria commercial capital. Terry Waya revealed he was the first person that got the to develop Banana Island before he handed over to Lebanese-Nigerian Chagoury Group to complete the job. According to Terry Waya nobody knew about Banana Island before and that one day he went to visit his tight friend, General Adisa, and that was when he saw a big poster where they wrote “Banana Island.”. Terry Waya then asked the minister about the poster and he told him they were looking for a partner to collaborate with to develop the man-made Banana Island and then sell it, therein the partner wi...

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