Fakoyejo Olalekan, Author at Prime Business Africa

World Bank Stops Loan Disbursement To Uganda Over Anti-Homosexuality Law

World Bank Stops Loan Disbursement To Uganda Over Anti-Homos3xuality Law

World Bank has halted loan discussion and disbursement to Uganda’s government due to the East African country’s Anti-Homos3xuality Act 2023. In May, Uganda’s President Yoweri Museveni signed a bill criminalising homosexuality or same-sex conduct in the country. Anti-Homos3xuality Act 2023 signed by

August 9, 2023

Business

Banks Adopt Plan To Repay MTN, Airtel, Others N120bn USSD Debt

Deposit Money Banks (DMBs) have adopted a repayment plan to resolve their faceoff with telecommunications firms over the use of the Unstructured Supplementary Service Data (USSD) service by the banks’ customers. The financial institutions are owing MTN Nigeria, Airtel, Globacom and other

August 9, 2023

Dangote Cement, Rand Merchant Bank Begin Commercial Paper Issuances On FMDQ Exchange

Business·Insights

Dangote, BUA, Lafarge Cement Losing Revenue To Rising Costs Of Raw Materials, Labour, Others

Nigerian Cement companies, Dangote, BUA and Lafarge Cement are losing their earnings to the rising cost of sales, Prime Business Africa analysis showed. In the first half (H1) of 2023, the cement industry saw the cost of sales rise by 16.03 per

August 9, 2023

Naira Appreciates To N869/$1 As Experts Debate Stability

Business·Currency

Black Market Dollar Rate Rises, Official USD Hits N757.51

The official market exchange rate between the dollar and the naira closed at N757.51/$1 on Tuesday, as the Nigerian currency appreciated by 2.22 per cent. This indicates the price for the United States currency dropped by N17.27 kobo at the end of

August 9, 2023

Business·Markets

Tantalizer, Mutual Benefit, Others Drag Nigerian Bourse Value Down By N14.72bn

Stock market capitalisation ended trading on Tuesday with N35.54 trillion, as selloffs in Tantalizer, Mutual Benefit and others dragged the bourse’s value down by 0.04 per cent. This wiped N14.72 billion from the market capitalisation, which closed trading on Monday with N35.55

August 8, 2023

Business·Technology

Twitter Starts Ad-sharing Payment To Nigerian Content Creators

X, formerly known as Twitter, has begun payment to Nigerian content creators on the platform through its ad revenue-sharing program, which started last month in the United States. The ad revenue-sharing program was created by X to increase its paid subscriber base

August 8, 2023

The authorised dealers in the official market sold the United States Dollar (USD) at the rate of N774.77/$1 at the end of trading on Tuesday.

Business·Oil & Gas

Seplat Operating Profit Falls By 51.7%, Records $33.8m Net Loss

The naira devaluation affected the operating profit of Seplat Energy in the first half (H1) of 2023, Prime Business Africa gathered. Seplat’s operating profit depreciated by 51.7 per cent or $126.90 million due to the naira devaluation and low oil prices, according

August 8, 2023

Naira Ends Week With Marginal Gain Against Dollar

Business·Currency

Dollar Trades As Low As N475/$1 In Official Market, Stabilises In Black Market

Authorised dealers in the investors’ and exporters’ window on Monday increased the asking price of the United States Dollar to N774.78/$1. Investors and exporters saw the price rise by N31.71 kobo at the end of trading in the I&E window of the

August 8, 2023

Business

FG To Stop Taxing Tomatoes, Other Non-taxable Goods, Services

Federal Government is planning to stop taxes on tomatoes and other raw food items, the Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami, has revealed. Nami said FG is taking steps to end taxation on non-taxable goods and services, as well

August 8, 2023

Business·Markets

GSK, Wema Bank, Others Lift Stock Market Cap By N75.44bn

After trading on Monday, the Nigerian stock market capitalisation rose to N35.55 trillion, as the bourse’s valuation appreciated by 0.21 per cent. This represents N75.44 billion gain in the stock market capitalisation, which closed Friday’s trading at N35.47 trillion. According to data from the

August 7, 2023

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Fakoyejo Olalekan

World Bank Stops Loan Disbursement To Uganda Over Anti-Homos3xuality Law

Banks Adopt Plan To Repay MTN, Airtel, Others N120bn USSD Debt

Dangote, BUA, Lafarge Cement Losing Revenue To Rising Costs Of Raw Materials, Labour, Others

Black Market Dollar Rate Rises, Official USD Hits N757.51

Tantalizer, Mutual Benefit, Others Drag Nigerian Bourse Value Down By N14.72bn

Seplat Operating Profit Falls By 51.7%, Records $33.8m Net Loss

Dollar Trades As Low As N475/$1 In Official Market, Stabilises In Black Market

FG To Stop Taxing Tomatoes, Other Non-taxable Goods, Services

GSK, Wema Bank, Others Lift Stock Market Cap By N75.44bn

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