Category: Business

Reports indicate that the Naira on Friday depreciated further at the parallel market as dollar scarcity worsened. Naira may be seeing its worst times as the CBN will be resuming dollar sales to Bureau De Change (BDC) operators next week. The Nigerian currency exchanged at N497 to a dollar at the parallel market, losing two points from Thursdays posting; while the Pound Sterling and the Euro traded at N597 and 515 respectively. At the BDC window, the Naira was sold at N399 to a dollar, while the Pound Sterling and…

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The Lagos State government, at the weekend brought down the Olorunsogo market in Oshodi. The demolition of the popular curtain and interior decoration material market commenced around 12:00pm. Traders stared in grief and disbelief as the 14-building plazas housing 368 units of shops, 144 open stores and 129 small units stores for meat sellers, household items traders among others, became rubbles in a hail of dust. Destroyed commodities varied from curtain materials to hanging poles, sewing machines, electrical appliances, beauty kits, etc. The police and Lagos Task Force officials were…

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At the Alaba International Market, Igbo traders under the aegis of New Site Shopping Mall and Warehouse Section, have cried out over the alleged illegal eviction from a property under litigation. The traders, in a petition by their chairman, Eze Ezebuadi and Secretary, Ikechukwu Umeuhabike, called on the Inspector General of the Police, Mr. Idris Ibrahim to give them protection over the use of armed thugs and suspected members of the Oodua Peoples Congress, OPC, to violently chase them away from the property, the subject matter of a suit pending…

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At the Nigeria Electronic Fraud Forum (NeFF) Annual Dinner and Awards, which held in Lagos recently, Skye Bank Plc has emerged “The Most Committed Watch Listing Bank in Nigeria” This was confirmed in an industry-wide survey administered by the Central Bank of Nigeria (CBN), in conjunction with NIBBS. NeFF is a forum where financial services stakeholders – banks and other organisations within the financial and payment systems meet on a quarterly basis to deliberate on issues of electronic fraud and its prevention. The prestigious award, which is in recognition of…

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Forbes reports has it that exactly half of Africa’s 20 billionaires got richer in 2016. The continent’s biggest gainer — in both dollar and percentage terms – is Nigerian oil and telecom tycoon Mike Adenuga, whose net worth increased from $2.7 billion to $5.8 billion since December 31, 2015. No other African billionaire added more than $1 billion to his or her net worth in the past year. Overall, the combined net worths of African billionaires decreased by $3.1 billion in 2016. The increase in Adenuga’s net worth is largely…

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Naira again weakened yesterday to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break. Reports has it that the Naira lost 5 points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and N502, respectively. At the Bureau de Change, BDC, window, the Naira traded at N399 to a dollar CBN-controlled rate, while the Pound Sterling and the Euro closed at N602 and N510, respectively. The Naira traded at N305.25 to a…

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N80 billion has been paid by MTN Nigeria as part of the N330 billion fine imposed on it for failing to deactivate more than five million unregistered SIM cards. The Minister of Communications, Mr Adebayo Shittu, said in Abuja that the company paid the sum as the first instalment out of the three years given for the completion of the payment. MTN was initially fined $5.2 billion dollars (N1.04 trillion) but the fine was later reduced to N330 billion. “For the first year, they paid N80 billion, after paying the…

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Shoprite and South African retail giants Steinhoff International on Wednesday said they were in talks to merge their African operations to form a single company worth over $14 billion. The companies said in a statement they had initiated talks “regarding the potential combination of their respective African retail businesses” with an objective of creating what could be regarded as “the retail champion of Africa”. The new venture to be called Retail Africa would have annual revenues of about 200 billion rand ($14.6 billion). The companies said the proposition of this…

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Access Bank has won the World Finance Award for the ‘Best Sustainable Bank of the Year 2016’. The award was received by the Bank at the London Stock Exchange in the United Kingdom. The award focuses on the role of commercial and investment banks in sustainable development examining recent trends in banking and sustainable development, innovative banking practices, and events that have shaped the role of the banking sector in sustainable development. Group Managing Director/CEO of Access Bank, Herbert Wigwe said, “Winning this award for the third year in a…

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Heritage Bank Plc, Nigeria’s most innovative banking service provider, has partnered Entrepreneurship Development Centre (EDC) of the Pan African University (PAU) as part of its strategic plan to identifying and supporting Micro, Small and Medium Scale Enterprises (MSME) in the country. The Bank supports EDC to also celebrate “Global Entrepreneurship Week (GEW)”, a celebration of the innovators and job creators, who launch startups that bring ideas to life, drive economic growth and expand human welfare. During one week each November, GEW inspires people everywhere through local, national and global activities…

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