Category: Business
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Robbery: Gridlock on Akure-Ilesa road as Protest rocks FUTA
Students of the Federal University of Technology Akure, FUTA, this morning staged a protest against incessant robbery cases they are being subjected by suspected robbers off campus. The students protest has led to serious gridlock along ilésà Akure road as motorists and other road users are stranded as of press time. Some of…
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BREAKING: CBN dissolves board, management of Polaris, three others
The Central Bank of Nigeria has dissolved the board and management of Titan Trust Bank and three others, according to Inside Business. This followed a report submitted to President Bola Tinubu by the Special Investigator on the Central Bank of Nigeria (CBN) and Related Entities, Jim Obazee. According to Inside Business, the others affected are…
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CBN removes forex ban on 43 items
The Central Bank of Nigeria (CBN) has lifted the foreign exchange restriction on importation of 43 items assuring of its commitment to boost liquidity in the foreign exchange market. Disclosing this in a statement, Director Corporate Communications, Department, CBN, Dr.Isa Andulmumin, said,”Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010…
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How Banks Raked in N72.7bn from Customers in 2023
Eleven commercial banks listed on the floor of the Nigerian Exchange, generated N72.723 billion from account maintenance charges in the half year of 2023. This is according to data extracted from the half-year financial statements of the listed commercial banks in the Nigerian stock market. Zenith Bank, Access Holdings, GTCO, and UBA led. Others…
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Dangote refinery misses production deadline, PENGASSAN reacts
The 650,000 barrels per day Dangote Refinery is yet to begin production after the August commencement date, earlier announced by the President, Dangote Group, Aliko Dangote. While delivering his speech at the official commissioning of the refinery by former President Muhammadu Buhari in May, he said, “Your excellencies, distinguished guests, our first product will be…
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FG delists 37 illegal loan apps
The number of delisted loan apps rose from nine to 37, according to the Federal Competition and Consumer Protection Commission’s new report. The number of fully approved loan apps also grew to 164 from 154 as of its last updates obtained by The PUNCH from its website on Monday. The number of loan apps with…
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BDC operators disregard directive as CBN restricts forex trading
The Central Bank of Nigeria has announced operational mechanism for the Bureau De Change segment of the market to trade foreign currencies at similar rates obtainable on the Investor & Exporter forex window. It gave the directive to all BDCs and the general public in a circular number TED/FEM/PUB/FBC/001/007 dated August 17, 2023, titled, ‘Operational…
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BREAKING: Dealers dump Dollar, count losses as Naira gains about 15%
Naira inched close to a 15 per cent gain against dollar in the parallel market within a week, trading around N820/$ in Lagos and Abuja yesterday evening. Reliable sources informed The Guardian that traders at major market clusters were hurriedly dumping dollars yesterday as fear of a further slide in the value of the greenback…
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Naira Rebounds Against Dollar at Parallel Market
The naira rebounded against the United States dollar at the parallel market on Wednesday, closing at 850/dollar. This came about two days after the Central Bank of Nigeria announced its planned intervention in the foreign exchange market. The naira was sold for around 950/dollar at the parallel market on Monday. It gained further and…
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First Bank Appoints Popular Billionaire As Director
Shareholders of FBN Holdings (FBNH) have approved the appointment of Lagos businessman, Mr Femi Otedola as a non executive director of Nigeria’s oldest financial services group. At the just concluded annual General Meeting (AGM), shareholders also approved increase in authorised share capital and a proposed N150 billion rights issue, with mandates to the board…