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Why affordable housing can't be realistic in Nigeria - Developers
Real Estate

Tinubu to inaugurate 3,112 housing unit projects in Abuja

President Bola Tinubu will start building a 3,112 housing project in Phase 3, Karsana District, Federal Capital Territory, on Thursday. According to a statement on the ministry’s official X handle, this historic occasion marks the formal beginning of the Ministry of Housing and Urban Development’s Renewed Hope Cities and Estates Programme. Recall that the Federal […]

CBN stops foreign oil corporations from sending all fx proceeds abroad
Banking

Bank directors support CBN selling excess currency

The Bank Directors Association of Nigeria has said it supports the move of the Central Bank of Nigeria requesting commercial banks to cease “hoarding” foreign money. According to the PUNCH, the growing foreign exchange risk that banks are taking on through their Net Open Positions was a source of concern for the CBN last week. […]

Finance Corporation invests $2bn in Nigeria - Official
News

Finance Corporation invests $2bn in Nigeria – Official

Finance Corporation invests $2bn in Nigeria – Official The International Finance Corporation made $2 billion in investments in Nigeria, distributed among several industries, according to the Regional Vice President for Africa,  Sergio Pimenta. The PUNCH reported that Pimenta made this statement during the recent BoI-IFC Conference on Empowering Futures in Lagos, where participants convened to devise […]

Nokia signs 5G license with Vivo
Tech

Nokia signs 5G license with Vivo

Finnish telecom equipment manufacturer, Nokia announced on Monday that it has finalized a multi-year 5G patent license agreement with the Chinese smartphone vendor Vivo. Nokia will commence recognizing net sales resulting from this agreement in the first quarter of 2024. The deal resolves all ongoing patent litigation between Nokia and Vivo in various jurisdictions, and […]

Economy

Naira strengthens at official window, weakens on black market

The naira appreciated in the official window on Monday following a statement by the governor of the Central Bank of Nigeria, Olayemi Cardoso. According to The PUNCH, in the statement, he assured the public that the central bank was working to address the currency’s volatility. Based on information from the FMDQ, the local currency increased by […]

Why importers abandon cargoes in Nigerian ports
News

Why importers abandon cargoes in Nigerian ports

By Christian George Some importers have abandoned their cargoes in the Nigerian ports following the incessant review of the nation’s exchange rate by the Central Bank of Nigeria. The Naira exchange to the Dollar at N1,413.62/$1 from N1,356.883/$1 at the weekend has forced many importers to abandon their cargoes at the nations ports due to […]

Search engine Yandex exits Russia, sells assets
Tech

Search engine Yandex exits Russia, sells assets

The internet firm Yandex NV said that it has reached an agreement to sell all of its Russian assets, including a fund that is ultimately controlled by oil giant Lukoil, for 475 billion rubles ($5.21 billion) in cash and shares. By signing the transaction, Yandex would permanently lose its control of the largest technological company […]

NAFEM: Dollar supply hits 180% as banks sell $440m
Banking

NAFEM: Dollar supply hits 180% as banks sell $440m

The official Nigerian Autonomous Foreign Exchange Market saw a 180.59 per cent increase in dollar supply on Friday, reaching $440.13 million. This comes as the naira completed the week at N1435.53/$ on Friday. FMDQ Security Exchange data shows that FX turnover increased from $156.86 million on Thursday to $440.13 million on Friday, a 180.59 per […]

FG eyes N146bn for Marina coastline repairs
News

FG eyes N146bn for Marina coastline repairs

According to the Minister of Works, David Umahi, N146 billion is needed to rehabilitate the shorelines of Marinas. According to The PUNCH, he made this statement recently when he and the Minister of Finance and the Economy, Wale Edu, jointly inspected the lagoon portions of the Third Mainland’s Carter and Eko Bridges. The minister expressed alarm over […]

Wema Bank, NYSC collaborate on youth empowerment
Banking

Wema Bank awards N8m to 116 customers

Wema Bank’s 5 for 5 Promo Season 3 saw 116 clients win almost N8 million in prizes at the sixth monthly draw. The PUNCH reported that the company said in a statement that more than 70 people attended the live draw, which took place recently at the bank’s Oba Adesida branch in Akure, Ondo State. It […]

Parthian Partners pays third bond coupon
Banking

Parthian Partners pays third bond coupon

Parthian Partners Limited has made the third consecutive coupon payment on its N10 billion bond. The PUNCH reported that the Chief Financial Officer at Parthian Partners, Olayinka Arewa, recently said in a statement: “It takes agility and dedication to navigate rising inflation and economic pressures. We stuck to our word and continued to provide our investors […]

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