NNPC Reveals 36 Oil Blocks Under Concession In Nigeria
Recent data released by the Nigerian National Petroleum Corporation (NNPC) Limited indicates that a total of 36 oil blocks are currently under concession to both international oil companies and indigenous counterparts in Nigeria. According to NNPC’s Consolidated and Separate Financial Statements for the Period Ended December 31, 2022, the distribution of these blocks is diverse: […]
FG Raises Cargo Clearance Exchange Rate To N1.356/$
The Central Bank of Nigeria, acting on behalf of the Federal Government, has adjusted the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar. This modification comes after successive increases in the exchange rate over the past weeks, starting from N783 per dollar and reaching N952 per dollar. Recall that in […]
Zuckerberg Wins On Wall Street After Washington Hit
Mark Zuckerberg’s Meta had a bad day in Washington this week. But on Wall Street, it took a victory lap. The social media firm updated investors with a slew of good news: quarterly profits that tripled year-on-year to more than $14bn (£11bn), a surge in users, lower costs and higher ad sales. Even its much […]
CBN Directs Banks To Sell Excess Dollars
The Central Bank of Nigeria (CBN) has issued a directive mandating Deposit Money Banks (DMBs) to divest their surplus dollar reserves by February 1, 2024, in a bid to mitigate the volatility of the country’s exchange rate. In a new circular released on Wednesday, the apex bank also warned lenders against hoarding excess foreign currencies […]
Femi Otedola Appointed Chairman Of FBN Holdings
In a significant corporate development, First Bank of Nigeria Holdings Plc has announced the appointment of Femi Otedola as its new Chairman. The decision, communicated through a notice to the Nigerian Exchange Limited and the investing public, follows a deliberation during the company’s Board of Directors meeting held on Wednesday. Femi Otedola, renowned as the […]
Elon Musk Sees $56bn Tesla Pay Deal Cancelled In Court
A judge in the US state of Delaware has annulled a $55.8bn (£44bn) pay deal awarded to Elon Musk in 2018 by the electric car company Tesla. The lawsuit was filed by a shareholder who argued that it was an overpayment. Judge Kathaleen McCormick called the compensation “an unfathomable sum” that was not fair to […]
Toyota Recalls 50,000 Vehicles In US Over Airbag ‘injury or death’ Fears
Toyota has urged owners of 50,000 older vehicles in the US to get immediate repairs as airbag inflators made by Takata could explode and kill them. The “Do Not Drive” advisory covers some of the world’s biggest carmaker’s models from 2003 to 2005. Since 2009, more than 30 deaths have been linked to air bag inflators […]
CBN Disburses $500m To Address FX Backlog
The Central Bank of Nigeria (CBN) has disbursed US$500 million to address the backlog of verified foreign exchange transactions. This action follows the recent payment of approximately $2.0 billion by the apex bank to settle outstanding commitments in manufacturing, aviation, and petroleum sectors. Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department […]
Tax Season Starts Today: 8 Things To Do Before You File
Today, the IRS will start accepting and processing 2023 federal income tax returns. Filing your taxes is a task you may not like, but it’s one you can’t ignore – at least not without a potentially hefty penalty. Guided Tax Software provides a free online tax preparation and filing at an IRS partner site. It’s free […]
Evergrande: Crisis-hit Chinese Property Giant Ordered To Liquidate
Debt-laden Chinese property giant Evergrande has been ordered to liquidate by a court in Hong Kong. Judge Linda Chan said “enough is enough” after the troubled developer repeatedly failed to come up with a plan to restructure its debts. The firm has been the poster child of China’s real estate crisis with more than $300bn […]
