Category: Business
MTN Nigeria has announced the acquisition of additional 10MHZ spectrum in the 800MHz band. MTN Nigeria has announced its acquisition of an additional 10MHZ spectrum in the 800MHz band from Intercellular Nigeria Limited. This was disclosed in a press release by the company, where it was also revealed that the transaction had been signed by […]
Founder of Stanbic IBTC, Atedo Peterside, has condemned the decision of President Muhammadu Buhari to earmark over one billion dollars for the repair of Nigeria’s dilapidated Port Harcourt refinery. Peterside’s criticism followed several divergent views that trailed the decision to repair the refinery rather than selling the oil assets to industry experts that could repair […]
When news broke that the federal government had issued approval to rehabilitate the Port Harcourt refinery for $1.5 billion (about N570 billion), many Nigerians wondered to what end, and rightly so. Not only is Nigeria struggling financially, with debt of over 32 trillion naira, history suggests it could end in futility. This is not the […]
The Whale moved 2, 210 Bitcoin in a block of 675, 713 units worth $125 million a few hours ago. The development is one of the largest transfers in the market in recent week. The Whale is regarded as a large holder of Bitcoin and the transfer comes at a period its price value remains […]
Nigeria’s Debt Management Office (DMO) has listed a total of N162.5 billion seven-year Ijarah Sukuk Bond Sovereign Sukuk, due to mature in 2027 on the Nigerian Stock Exchange (NSE). With the listing, investors in the SUKUK 2020 bonds can now sell their investments and potential investors can also invest through the NSE. In a statement released by […]
The Central Bank of Nigeria injected $5.62bn into the foreign exchange market in the fourth quarter of 2020 as part of efforts to ensure the stability of the naira. This was an increase of N1.25bn from $4.37bn intervention in the economy by the banking regulator in the third quarter. The CBN disclosed this in its […]
Crude oil price fell below $64 following weeks of surge in market price. The Brent crude price, which is also used as a price indicator for Nigeria’s crude oil, declined to $63.78 per barrel on Thursday night. The crude oil price had dwindled by 6.21 percent to sell at $63.78 per barrel, losing $4.22 in […]
The National Economic Council (NEC) has inaugurated the sub-national Ease of Doing Business report. The inauguration was performed at the virtual NEC presided over by Vice President Yemi Osinbajo on Thursday, March 16, in Abuja. Mrs Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business, briefed State House correspondents after the virtual NEC anchored […]
Two days after smashing the $60,000 mark, bitcoin’s market capitalisation has slumped to its lowest in the third week of March. The most popular cryptocurrency had been trading high on Sunday, March 14, 2021, before it came crashing down. In the early hours of Monday, bitcoin’s market capitalisation was $1.12 trillion hours after hitting $61,337 […]
Nigeria recorded $23.60 billion as aggregate foreign exchange inflow into the economy in the fourth quarter of 2020. This was a drop of 35 percent from $36.32 billion recorded in the same period of 2019. However, fourth quarter inflow indicated a 10 per cent increase from $21.46 billion recorded in the third quarter of 2020. […]
The European Union (EU) has lodged a complaint at the World Trade Organisation (WTO) against Nigeria’s dairy policy. This was revealed by the Director-General, WTO, Dr Ngozi Okonjo-Iweala, during her visit to the Central Bank of Nigeria (CBN) in Abuja on Tuesday. Specifically, Okonjo-Iweala said the EU complained about Nigeria’s restrictions on milk and dairy products. […]
Nigeria recorded its highest foreign trade deficit since 1981 as the country’s trade balance stood at -N7.38 trillion in 2020 Nigeria has recorded its biggest foreign trade deficit since 1981 as the trade balance stood at a deficit of N7.38 trillion in 2020. This is according to available data obtained from the National Bureau of […]
Flutterwave’s partnership with PayPal stands to benefit African merchants as an efficient payment option. When Flutterwave said that they are “simplifying payments for endless possibilities”, they meant it literally. From being YC’s most valuable African startup to being among Africa’s Unicorn company with a 1-billion-dollar valuation in 5 years, the company keeps getting better. Now, […]
The MD of LAMATA has stated that the Lagos Rail Mass Transit Red Line will commence operation before the end of 2022. Mrs Abimbola Akinajo, the Managing Director, Lagos Metropolitan Area Transport Authority has disclosed that the Lagos Rail Mass Transit Red Line will be operational by the fourth quarter of 2022. The Transport boss disclosed this […]
Emirates Airline has been suspended from operating in Nigeria following its refusal to follow the COVID-19 directive issued to the company. Emirate was informed by the Nigerian authorities on Monday not to operate inbound and outbound flights. This is the second time in two months the federal government will ban Emirates airline. Ripples Nigeria had reported […]
