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Seplat, Aradel, Oando post ₦7.05trn revenue amid US-Iran war

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Gradual removal of old naira notes continues – CBN
Economy featured

CBN debunks naira redenomination plans

The Central Bank of Nigeria on Tuesday, refuted claims that it has plan to redenominate or restructure the naira notes in 2024. The apex bank, in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, said the rumours were misleading. The CBN urged Nigerians to disregard the wide circulation of a text message suggesting […]

Fidelity Bank extends GMD/CEO contract
Banking

Fidelity bank records 172% pre-tax profit growth in Q3 2023

Fidelity Bank announced its 2023 Q3 results, revealing that pre-tax profits increased by 172.60% year on year, reaching N34.658 billion. According to The Times, the pre-tax profit for the first nine months was N110.992 billion, up from N37.792 billion at the same time the previous year. The significant expansion in gross earnings is the main cause of […]

New FX rules'll help Naira regain value, says Oyedele
featured

New FX rules’ll help Naira regain value, says Oyedele

  By Wilson Adekumola     Chairman, the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has disclosed that Federal Government plans to introduce new foreign exchange rules that crackdown on illicit currency trading so that dollar could settle at N650 to N750 before the end of 2023. Oyedele made this disclosure when […]

Schweppes unveils new product
Business

Schweppes unveils new product

Schweppes, a premium beverage brand, has launched a new 40cl PET bottle in Nigeria. The Punch reported that the business noted in a statement that this most recent addition improved Schweppes’ current brand variations, which include Virgin Mojito, Chapman, and Pineapple with malt extract. Corporate executives and celebrities from the entertainment world attended the launch ceremony […]

Monthly petrol import drops by 990m litres - Minister
Oil and Gas

Operators lament oil sector investments uncertainty despite PIA

Operators in Nigeria’s oil and gas sector stated on Monday that even after the Petroleum Industry Bill was passed almost two years ago, there was still uncertainty surrounding investments in the sector. The Punch reported that the sector leaders linked Nigeria’s low oil production and income decline to investment anxiety, urging the National Assembly to reconsider the PIA […]

UBA wins Bank-of-the-Year award in Nigeria, seven other countries
Business

UBA records N115% growth in Q3 2023

United Bank for Africa Plc has again announced a splendid performance in its unaudited financial results for the third quarter ended September 30, 2023, recording impressive growth across all key performance metrics. According to The Times, the bank’s gross earnings increased by 115.2 percent to N1.309 trillion from N608 billion in the previous year, mirroring the impressive performance […]

Canada bans WeChat on govt devices
News Tech

Canada bans WeChat on govt devices

Canada on Monday prohibited the use of the Russian antivirus programme Kaspersky and the Chinese messaging software WeChat on mobile devices provided by the government due to privacy and security concerns. WeChat, owned by Tencent, and apps developed by Moscow-based Kaspersky “present an unacceptable level of risk to privacy and security,” according to a report […]

Nigerian Breweries report N106bn loss
Business

Nigerian Breweries rakes in N402bn revenues in Q3 2023

Nigerian Breweries Plc reported N402 billion in revenue for the third quarter of 2023, according to the company’s unaudited financial statement, which was made public on September 31, 2023. According to The Punch, in comparison to the N393 billion reported in the similar period of 2022, this represented a two percent growth. The Company Secretary/Legal […]

FG can train area boys to be tax officers - Oyedele
Business

Naira’ll regain full value by Dec, says Oyedele

Nigerians have been reassured by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, that the Federal Government’s current proposal to enact new foreign exchange regulations will accurately represent the value of the naira. The PUNCH quoted him to have said that by the end of 2023, the naira will have […]

Porsche to add Google Maps in vehicles
News Tech

Porsche to add Google Maps in vehicles

Luxury car brand, Porsche announced on Monday that it will include Google Maps, Google Assistance, and other Google Play apps into its upcoming vehicles. Following the termination of its software research and development collaboration with Volkswagen’s Cariad business, Porsche announced in January that it was exploring the possibility of fully integrating Google software into its […]

Web Summit names Maher as new CEO
News Tech

Web Summit names Maher as new CEO

Web Summit has named Katherine Maher, a former CEO of the Wikimedia Foundation, as its new CEO after Paddy Cosgrave’s resignation. The CEO of Web Summit, Cosgrave, stepped down earlier this month following widespread criticism of his remarks regarding the Israel-Hamas conflict, which led to some businesses pulling out of an impending conference. They said […]

White House leads TikTok acquisition deal
News Tech

Tech companies partner to combat AI-generated child abuse images

Tech companies TikTok, Snapchat, and Stability AI have committed to collaborating to combat artificial intelligence-generated images of child sex abuse. In the lead-up to a worldwide summit on AI safety that the UK is hosting this week, Britain unveiled the joint declaration on Monday at an event. The statement included the governments of the United […]

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