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 […]
Dangote Tops Forbes Richest In Africa List, Otedola Ranks 20th
American business magazine, Forbes has positioned Femi Otedola as the 20th wealthiest individual in Africa, amassing a fortune of $1.1 billion. In a publication on Monday, Forbes said Aliko Dangote maintains the lead as Africa’s richest with a wealth of $13.9 billion, securing the top spot for the 13th consecutive year. Forbes noted that the combined […]
Apple Watch: US Upholds Ban On Sale Over Patent Dispute
Apple has once again been banned from selling two smartwatch models in the US, while a legal battle continues over a patent dispute. The tech giant was earlier allowed to sell its Series 9 and Ultra 2 watches while proceedings were ongoing – but a US appeals court has since reversed that decision. Imports of […]
Apple Overtakes Samsung As World’s Biggest Phonemaker
Apple now has the lion’s share of the global smartphone market, knocking Samsung off the top spot for the first time in 12 years. The American phone giant accounted for more than a fifth of phones shipped last year, according to data from the International Data Corporation (IDC). Samsung took 19.4% of the market share […]
Shell Agrees To Sell Nigerian Onshore Oil Business To Renaissance Consortium
Shell has announced a deal to sell its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium of five firms that includes four Nigerian exploration and production companies and an international energy group. The completion of the transaction is contingent on approvals from the Federal Government of Nigeria […]
