The Nigerian naira weakened against the U.S dollar at the parallel market on Wednesday to trade at N560 per dollar on Wednesday. The figure is N15 or 2.8 percent lower than the N545 it traded last week at the parallel market. Meanwhile, the currency which opened trading at an indicative price of N413.82/$1, depreciated by 0.3 […]
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By Chijioke Okoronkwo Vice President Yemi Osinbajo says no fewer than six startups owned by young Nigerians have grown from scratch to billion dollar businesses in recent years. Osinbajo was the Special Guest of Honour at the Graduation Ceremony of Senior Executive Course 43, 2021 of the National Institute for Policy and Strategic Studies (NIPSS), […]
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The African Export-Import Bank (Afreximbank) has signed a $1.04 billion deal with the Nigerian National Petroleum Corporation (NNPC) to boost oil output. The deal was signed at the ongoing Intra-African Trade Fair (IATF) in Durban, South Africa. The transaction comprises a pre-export/shipment finance facility underpinned by a forward sale agreement (FSA) and offtake contracts from the Nigerian National Petroleum […]
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Mars Exploration & Production Company Limited has secured a USD 274 Million senior reserve-based lending facility from Afreximbank. Signed yesterday at the ongoing Intra-African Trade Fair IATF in Durban, South Africa by its Founder and Executive Chairman, Mr. Abdullahi Bashir, Mars E & P is to utilize the proceeds of this financing towards the funding […]
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Nigeria’s leading and largest listed diversified conglomerate, Transnational Corporation of Nigeria Plc (Transcorp) has released its unaudited results for the third quarter ended September 30, 2021, indicating sustained growth in 2021 as seen in the first two quarters of year. With strategic investments in the Power, Hospitality, and Energy sectors, the conglomerate recorded a profit after tax of N13.5bn, rising by 671% up from N1.75bn recorded in the previous year. Other […]
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The Nigerian National Petroleum Company (NNPC) Ltd has urged the public not to engage in panic buying of petroleum products, as the company has sufficient stock of the products. Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC in a statement on Tuesday said that the stock of the products would last for the […]
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The African Development Bank has blacklisted at least 40 Nigerian firms and individuals for engaging in corrupt practices, fraud and collusive practices between 2017 and 2021, according to data obtained from the bank’s website. The AfDB said the firms and individuals were debarred “for coercive, collusive, corrupt, fraudulent, or obstructive practices under its sanctions system […]
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The Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Kennedy Uzoka, has been announced as the winner of the Finovator of the Year’ Award for the year 2021. The Finovator of the Year’ Award is organised by the Finnovex West Africa Awards 2021, co-located with Finnovex West Africa Virtual Summit, Uzoka was selected […]
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The federal government of Nigeria has again extended the ongoing national identification number (NIN) and subscriber identity module (SIM) integration exercise. This time, the deadline was shifted from the previous date of October 31 till December 31, 2021. Isa Pantami, minister of communications and digital economy, conveyed the approval of the federal government to extend […]
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A member of the House of Representatives, Fakeye Olufemi, says owners of small and medium enterprises, including carpenters and taxi drivers, should be made to pay tax. Olufemi, a member of the All Progressives Congress (APC), representing Boluwaduro/Ifedayo/Ila federal constituency of Osun state, spoke on the floor of the house on Wednesday. The finance act […]
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