Oil, Power Companies’ Bank Deficits Increases To N6.14tn
The deficits owed to Nigerian banks by oil and gas operators as well as power companies have risen above N6tn, the recent data obtained from the Central Bank of Nigeria have shown. The energy firms increased their bank debts to N6.14tn as of June 2021 from N5.94tn at the end of 2020. The N6.14tn represents […]
Air Peace Named Official Carrier Of Nigeria’s Super Eagles In $3m Deal
Nigeria’s Football Federation (NFF) has signed a four-year deal with Air Peace as the official carrier of the country’s national teams whenever they are on national assignments. The sponsorship deal is worth N300 million that will initially run for one year and is renewable for another three years by both parties, potentially rising to N1.2bn […]
Driven By Demand In US And China, Pernod Ricard’s Annual Profit Beats Expectations
French spirits maker Pernod Ricard posted a stronger-than-expected 18.3% organic rise in full-year 2020/21 operating profit, driven by a strong rebound in demand in China and the United States with the removal of COVID-19 curbs and by tight cost control. This was higher than the company’s guidance for a profit rise of as much as […]
Nigeria At $432bn Still Africa’s Biggest Economy Despite South Africa’s Rebased GDP Of $370bn
Nigeria has maintained her position as Africa’s biggest economy after South Africa released the report of its rebased Gross Domestic Product (GDP) that pushed the latter’s economy up by 11 per cent, an analysis of a new report by Statistics South Africa (SSA), has revealed. After a comprehensive overhaul of its national accounts up to […]
Oil Value Leaps To $68 After Days Of Misfortunes
The global oil benchmark, Brent crude, bounced on Monday, snapping a seven-day losing mark that was unrefined’s most exceedingly awful since 2019, as the dollar pulled back and dealers bet the recent selling was overdone. Brent, against which Nigeria’s crude oil is priced, rose by $3.58 to $68.76 per barrel as of 8:05pm Nigerian time […]
Digital Currency: Nigeria Positions Sixth On Reception In Spite Of CBN Boycott
Nigeria is the sixth driving country on the planet as far as digital currency reception is concerned. A demonstration of the flexibility of shared financial frameworks since the Central Bank of Nigeria prohibited cryptographic forms of money. According to the Chain analysis’ 2021 Global Crypto Adoption Index published on Wednesday, global adoption of crypto assets […]
Dangote’s Fortune Increases To $17.8bn, Only Nigerian On Bloomberg’s Top Billionaires’ List
Africa’s richest man, Aliko Dangote, has significantly moved up in the World billionaires’ list as his fortune increased to $17.8 billion as against last year’s $14.8 billion to emerge as the only Nigerian in the Bloomberg’s yearly top billionaire lists. Other Africans on the lists are three South Africans. They are Johann Rupert and family, […]
CBN Recuperates N89bn Surplus Bank Charges, Illegal Charges On Customers
The Central Bank of Nigeria, CBN, has revealed that it has so far recuperated N89.2 billion excess and illegal charges slammed on customers by banks in Nigeria. Meanwhile, the Apex bank moreover said that Nigeria’s cash-related framework is sound, serious, and stable in opposition to bits of snitch in obscure quarters. The CBN Governor, Godwin […]
Twitter’s Dorsey Leads $29bn Buyout Of Lending Pioneer Afterpay
Square Inc, the payments firm of Twitter Inc co-founder Jack Dorsey, will purchase buy now, pay later (BNPL) pioneer Afterpay Ltd for $29 billion, creating a global transactions giant in the biggest buyout of an Australian firm. The takeover underscores the popularity of a business model that has upended consumer credit by charging merchants a […]
CBN Orders DMBs To Sell FX To Customers
The Central Bank of Nigeria, CBN, has ordered Deposit Money Banks, DMBs to sell foreign exchange (FX) to customers. CBN disclosed this in a letter to all banks reminding them to set up teller points at designated branches across the country to fulfill legitimate FX requests by customers. The regulator, on Tuesday, has announced the […]
