Dangote Refinery is due to deliver its first fuel into the local market within weeks, four sources confirmed to Reuters, in a key milestone towards…
Dangote Refinery is due to deliver its first fuel into the local market within weeks, four sources confirmed to Reuters, in a key milestone towards long sought energy independence for Nigeria.
The country has relied on imports for most...
BREAKING: ACCESS HOLDINGS NAMES BOLAJI AGBEDE AS ACTING CEO
Access Holdings Plc on Monday announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer.
This follows the death of its former Group Chief Executive Officer, Dr. Herbert Wigwe.
Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimbol...
The Central Bank of Nigeria (CBN) has announced significant reforms in the foreign exchange market, signaling a stride towards a market-driven exchange rate mechanism, potentially paving the way for a free float of the Naira.
This follows last week’s circular removing caps on international money transfer operations. The CBN’s recent circular outlines pivotal changes, including the discontinuati...
Some traders of food items have lamented the worsening state of the country’s economy, which is affecting their business in Magboro, Ibafo and Mowe markets in the Obafemi-Owode Local Government Area of Ogun State.
The traders told PUNCH Metro on Tuesday that the sales of food products had fallen due to the hardship in the economy of the country, which has affected the customers purchasing power...
The Nigerian government has said it will clamp down on loan apps involved in illegal debt recovery and exploitation of consumers.
The crackdown comes amidst an upsurge in violations of the Interagency Joint Task Force’s Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022.
While some digital money lenders (DMLs) have offered financial access to many indiv...
The Central Bank of Nigeria (CBN) has established a minimum operating capital requirement for International Money Transfer Operators (IMTOs) at $1 million for foreign entities and an equivalent amount for local IMTOs.
This significant development was outlined in the revised guidelines for the operation of IMTOs, which were officially released on January 31, 2024.
According to the guidelines,...
The naira fell to a record low of N1,400/$ at the parallel market on Thursday despite recent efforts by the Central Bank of Nigeria to save the national currency.
With continued dollar scarcity plaguing the country, Bureau de Change Operators confirmed to The PUNCH that the naira touched new depths in the foreign exchange market.
A BDC operator at Sheraton Hotel, Abuja, Usman Ibrahim, said,...
OPay, a leading financial technology company, said yesterday it has taken various measures to deepen the integrity and credibility of its platform, disclosing that as from March 1, any account not linked with the owner’s national identity number (NIN) and the bank’s biometric verification number (BVN) would be wielded out.
This is part of implementing the Know Your Customer (KYC) directive by t...
Abdul Rabiu Samad, the Nigerian billionaire and CEO/Chairman of BUA Group, has surpassed Mike Adenuga to claim the position of the second-richest person in Nigeria.
This shift in rankings is attributed to the significant surge in Rabiu’s fortune, now estimated at $7.2 billion, according to Forbes’ list of global billionaires, where he ranks 343rd.
The remarkable increase in Rabiu’s net worth...
A new report has projected that the Central Bank of Nigeria may ask commercial banks with international banking licence to raise their capital base to over N900bn.
This came a few months after the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank would be asking lenders to raise more capital in order to support the Federal Government’s vision to grow the economy to $1tn....
Unilever Nigeria says it has stopped production and sales of home care and skin cleansing products — 10 months after the company announced plans to exit both markets.
The company disclosed this in its unaudited interim financial statements for the year ended December 31, 2023, published on the Nigerian Exchange Limited (NGX) on Wednesday.
On March 17, 2023, Unilever Nigeria revealed its inte...
Tope Awotona is the founder and CEO of scheduling software company Calendly.
Awotona, a former salesman for tech firms including EMC (now Dell EMC), founded Calendly out of his own frustration with the back-and-forth emails required to schedule meetings.
He bootstrapped Calendly for years before taking on a $350 million investment in 2021 that valued the firm at $3 billion.
Born in Lagos, N...
A mail from Google business, it reads...
Websites made with Google Business Profiles will be turned off soon
Starting from 1 March 2024, customers will be redirected to your Business Profiles when they visit your Google business websites. In the past, you’ve used a Google feature (GMB) to make simple websites from the information on your Business Profiles.
This feature is going away in th...
Barely hours after the Central Bank of Nigeria dissolved the boards and managements of Union Bank of Nigeria, Keystone Bank and Polaris Bank over alleged corporate governance infractions and non-compliance with regulatory requirements, the financial regulatory body appointed new executive directors to oversee the affairs of the deposit money banks.
A statement by the acting Director of Corporat...