Fakoyejo Olalekan

World Bank To Invest $750 million In Nigeria’s Rural Electrification Project

TCN Fails To Address Allegation Of Plunging Abia Into Indefinite Blackout

The Transmission Company of Nigeria (TCN) has failed to address the allegation of unfair treatment towards an electricity distribution company, Aba Power, which has resulted in power outage for most areas in Abia State. Residents in Abia State will spend the weekend

April 21, 2023

Business

Ex-staff Wins Case Against UBA, Judge Orders UBA To Pay Her N1 million

The United Bank for Africa (UBA) has been ordered by Justice Ayokunle Faji of the Lagos Federal High Court to pay its former employee, Olufunke Bella, N1 million for illegally and unlawfully closing her account. Justice Faji said UBA breached the fundamental

April 21, 2023

Naira-Dollar Rate May Hit N630 On Emefiele Suspension, Arrest - Expert

Business·Currency

Dollar Rate Hits N463.67, Tinubu Plans To Cut Exchange Rate To N200

The foreign exchange rate between the Naira and the Dollar was ₦463.67 kobo at the end of trading in the official market on Thursday, 20 April 2023. According to the FMDQ Exchange date obtained, the official market rate of both currencies is

April 21, 2023

Business

Nigerian Banks Earn N135.52 Trillion From CBN’s Naira Policy, E-Payments

The value of electronic payment transactions grew by 298 per cent year-on-year in the first quarter of 2023, thanks to the Naira policy of the Central Bank of Nigeria (CBN), led by Godwin Emefiele. According to the Nigeria Interbank Settlement System (NIBSS),

April 21, 2023

Business·Oil & Gas

Seplat Energy, Immigration Service Settle Job Dispute Involving CEO, Roger Brown

Seplat Energy and the Nigeria Immigration Service (NIS) have settled their dispute as the latter withdraws the lawsuit filed against the oil and gas company. The Nigeria Immigration Service had sued Seplat Energy for breaching the Immigration Act 2015 after employing its

April 21, 2023

Femi Otedola Sells Geregu Shares After Plan To Acquire Transcorp Fails

Business

Otedola Finally Confirms Acquiring N5 billion Shares In Transcorp Plc

Transnational Corporation (Transcorp) Plc, on Thursday, 20 April, revealed that Femi Otedola acquired a majority stake in the diversified investment company. Transcorp said Otedola, who is also the majority investor in Geregu Power, acquired 2.24 billion shares, which gives him a 5.52

April 20, 2023

Naira Opens Week With Gain Across FX Markets

Business·Currency

Official Market’s Foreign Exchange Dealers Reduce Dollar Rate

The official market’s foreign exchange rate closed at ₦462.50 kobo on Wednesday, 19 April 2023, as the Dollar loses ground to the Naira. Nigeria’s currency grew in value by 0.16 per cent at the end of trading, as traders dropped the price

April 20, 2023

Access Holdings Plc Reports 71.39% Profit Surge In H1 2023

Business

Access Holdings’ Net Profit Drops N7.19bn, Shareholders Share N46.20bn Dividends

Access Holdings has revealed that its profit after tax plummeted in 2022, as the financial institution closed last year with N152.90 billion. The net profit dropped by N7.19 billion between January to December last year, considering Access Holdings recorded N160.09 billion within

April 20, 2023

Business

Fear Of Nigeria Losing Infrastructure To China Over Debt Forces DMO To React

The Debt Management Office (DMO) has reacted to claims that Nigeria has been unable to meet its debt obligations to the Chinese government. DMO said reports circulated that the Federal Government defaulted on loan repayment to China, which stood at $4.1 billion

April 20, 2023

Business

CBN Fines Union Bank N200 million For Cryptocurrency Trading

Union Bank of Nigeria (UBN) has been penalised by Nigeria’s financial regulator, the Central Bank of Nigeria (CBN), for enabling cryptocurrency trading. According to the commercial bank’s financial statements for the period of 2022, the central bank fined Union Bank N200 million

April 20, 2023

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Fakoyejo Olalekan

TCN Fails To Address Allegation Of Plunging Abia Into Indefinite Blackout

Ex-staff Wins Case Against UBA, Judge Orders UBA To Pay Her N1 million

Dollar Rate Hits N463.67, Tinubu Plans To Cut Exchange Rate To N200

Nigerian Banks Earn N135.52 Trillion From CBN’s Naira Policy, E-Payments

Seplat Energy, Immigration Service Settle Job Dispute Involving CEO, Roger Brown

Otedola Finally Confirms Acquiring N5 billion Shares In Transcorp Plc

Official Market’s Foreign Exchange Dealers Reduce Dollar Rate

Access Holdings’ Net Profit Drops N7.19bn, Shareholders Share N46.20bn Dividends

Fear Of Nigeria Losing Infrastructure To China Over Debt Forces DMO To React

CBN Fines Union Bank N200 million For Cryptocurrency Trading

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