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Tag: Nigeria

The Central Bank of Nigeria has issued a circular aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks.
Economy

CBN moves to curb FX circulation, naira hoarding

The Central Bank of Nigeria has issued a circular aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks. The circular, titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” emphasizes the CBN’s concerns over the growing trend of banks holding large foreign currency positions. To tackle these […]

Bolt launches dash cam safety feature for Nigerian drivers
Tech

Bolt expands into Zimbabwe

Estonian e-taxi company, Bolt has expanded its services in Harare, Zimbabwe. As part of the move, Bolt is waiving commissions from drivers for at least six months as part of its launch strategy, a similar approach employed during the platform’s introduction in Zambia. Unlike its standard 18% commission in countries like Kenya, Bolt has opted […]

NNPC, First E&P provide free healthcare in host communities
Oil and Gas

NNPCL attracts South Korean investors for gas projects

The Nigerian National Petroleum Company Limited has met with a South Korean consortium led by Daewoo E & C to discuss the development of gas projects in Nigeria. According to The PUNCH, NNPCL said in a statement issued in Abuja on Tuesday that the discussions in Seoul, South Korea, intended to strengthen the oil company’s […]

Wema Bank, NYSC collaborate on youth empowerment
Banking

Wema Bank profit rises by 105%

Wema Bank’s profit increased by more than 105 percent to N23.36 billion in 2023, from N11.35 billion the previous year. The PUNCH reported that according to the lender’s unaudited financial statement submitted with the Nigerian Exchange Limited on Tuesday, revenue increased by 61.36 per cent to N181.87 billion. Net interest income climbed to N83.11 billion […]

Market capitalization falls N857bn due to sell-offs
Business

Market capitalization falls N857bn due to sell-offs

The Nigerian Exchange’s market capitalization fell for the second time this year, losing N857 billion to close at N56,425 trillion due to sell-offs. The PUNCH reported that the All-Share Index fell 1.49 per cent on Tuesday, closing at 103,110.15 points. The first loss of the year happened in January 10,  with the market capitalization falling by […]

How Edo IGR rose by 40% to N62bn in 2023 - Panel
Business

How Edo IGR rose by 40% to N62bn in 2023 – Panel

Edo State’s Internally Generated Revenue increased by more over 40% to N62 billion in 2023, from N45 billion the previous year. According to The PUNCH, the Chairman of the Edo Taskforce on Internally Generated Revenue, Osagie Inegbedion, announced this at a press briefing held in Benin City, the capital of Edo State, following the 2024 EIRS Management Performance […]

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

Relocated CBN staff to resume Lagos office February 2

The Central Bank of Nigeria’s redeployed staff, estimated at 1,533 or 36.22 per cent, are due to resume in the Lagos headquarters on Friday, February 2. According to The PUNCH, a person who was privy with the situation stated the plan was still in place and affected employees would return this weekend. “Yes, the plan is […]

Guinness Nigeria's board director Gbadegesin steps down
Appointments

Guinness Nigeria’s board director Gbadegesin steps down

Guinness Nigeria has announced the resignation of its director, Mrs Tariye Gbadegesin’s from the board. The PUNCH revealed that this is according to a statement signed by Guinness Nigeria’s Legal Director/Company Secretary, Mrs Abidemi Ademola, and the resignation is effective February 24, 2024. It added that Gbadegesin’s departure was consistent with the terms of her recent […]

Tech

Wattpad lays off staff in restructuring move 

Toronto-based storytelling platform, Wattpad owned by Naver’s Webtoon Entertainment, underwent a recent workforce reduction, cutting approximately 15% of its staff, or around 30 jobs, TechCrunch reported. This move, part of the company’s restructuring plan, aims to trim costs as its LA-based parent company prepares for a potential initial public offering in the U.S. by 2025. […]

FG shuts 13.5m social media accounts, deletes 59m posts for violations
Tech

Top ten most downloaded apps in 2023

Meta’s Instagram has remained the most downloaded app in the world across Google’s Play Store, and Apple App Store, overtaking TikTok for the first time, according to Appfigures. The photo-sharing platform garnered 54M downloads to occupy the top position with TikTok following with 47M downloads. Facebook and WhatsApp are neck on neck with 39M and […]

CBN clears $64.44m forex backlog for airlines
Aviation

CBN clears $64.44m forex backlog for airlines

Bisola David The Central Bank of Nigeria has announced that it has fulfilled its commitment by clearing a $64.44 million backlog of foreign exchange owed to airlines. The Times reported that this new payout increases the total verified amount paid to airlines to $136.73 million, completing the settlement of proven FX claims in the industry. However, this […]

Egypt leads Africa in foreign direct investment
Business

Egypt leads Africa in foreign direct investment

Bisola David The United Nations Conference on Trade and Development World Investment Report 2023, has revealed that Egypt experienced a tremendous increase in FDI, more than double of the $11 billion in 2022, establishing it as Africa’s leading economy with the most foreign investments. Business Insider reported that this considerable growth can be ascribed to increased cross-border merger […]

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