Business News


17
Nov 2018
Facebook investors call on Mark Zuckerberg to resign as chairman following damaging report

Facebook investors have called on the company’s chief executive Mark Zuckerberg to step down as chairman, following reports that the company hired a public relations firm to smear its critics by drawing links to George Soros. The attack on Mr Zuckerberg is set to complicate the daunting challenge facing Sir Nick Clegg, Facebook’s new global head of policy and communications, who joined last month and has been asked to conduct a review of Facebook’s use of lobbying firms. Jonas Kron, a senior vice president at Trillium Asset Management, a US investor which owns......

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15
Nov 2018
Young Nigerians On 2019 Forbes 30 Under 30 Nomination List

Eight Nigerians have made the 2019 Forbes 30 under 30 nomination list. Forbes 30 under 30 is a set of lists issued annually by Forbes magazine and some of its regional editions to recognise business and industry figures. 300 trailblazers from 20 industries with an average age of 26 made the list. Over 55 per cent of them are founders or co-founders. Nigerians who made the list include Taofeek Abijako, Kayode Ojo, Obi Omile Jr, Adegoke Olubusi, Tito Ovia, Dimeji Sofowora, Olaoluwa Osuntokun and Emmanuel......

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19
Jul 2018
Just In!! CBN Orders Banks To Refund N65bn To All Nigerians

The Central Bank of Nigeria (CBN) has disclosed that it had ordered banks to refund N65billion to Nigerians. The refund covered wrongful deductions and charges from customers’ deposits and other transactions in the last six years. Acting Director, Corporate Communications, CBN, Isaac Okorafor, confirmed this on Wednesday at a fair with the theme: ‘Promoting Financial Stability and Economic Development’ for stakeholders in Asaba, Delta State. “We have recovered and returned to customers over N65bn out of complaints by people over acts of treatment on customers,......

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19
Jul 2018
‎SEC Warns Nigerians Again  Avoid Ponzi Schemes!

NIGERIANS have again been advised to desist from investing their money in investments that offer unreasonable levels of returns at little risk to investors. This was stated by Ag. Director General of the Securities and Exchange Commission (SEC) Ms Mary Uduk during a Town Hall meeting on Current Initiatives by the SEC Nigeria to enhance investor value held in Port Harcourt, Rivers State, Wednesday. In a statement by the Commission, Uduk, while enjoining investors to be wary of any investment that is proposing return levels......

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23
May 2018

PHOTO: nta.ng Nigeria’s petroleum sector contributed Value Added Tax (VAT) of N12.132 billion during the first quarter of 2018, data from the National Bureau of Statistics (NBS) has shown. NBS said its first quarter VAT allocation report at the weekend, that offshore operations of the oil and gas sector generated 797.489 million; oil marketing, N2.512 billion; oil producing, N7.360 billion; and gas, N1.461 billion. At a broader level, sectoral distribution of VAT data for first quarter of 2018 reflected that the sum of N269.79 billion......

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14
Mar 2018
Voila Desmond Becomes First Black Woman To Appear Alone On Canadian Currency - Michael Carter's Blog

Voila Desmond has become the first black person to appear on the Canadian dollar. The $10 bill was unveiled on the International Women’s Day. She is also the first who is not a British of royal heritage to appear alone. Voila Desmond. Photo credit: CTV This dollar will be in circulation towards the end of the year. Desmond, as a 32-year-old, was thrown into jail on the accusation of tax evasion in 1946. In reality, she had gone to watch a film and the Roseland......

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29
Jan 2018
33 ships laden with petroleum products, food items to arrive Lagos ports

Thirty three ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin Can Island Ports in Lagos from Jan. 29 to Feb. 19. The Nigerian Ports Authority (NPA) stated this in its publication, `Shipping Position’, a copy of which was made available to the News Agency of Nigeria (NAN) in Lagos on Monday. It explained that seven of the expected 33 ships would sail in with petrol. NPA said that 26 other ships contain buck wheat, frozen fish,......

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11
Jan 2018
Dollar attempts recovery as China hits out at ‘fake news’ report

The dollar recovered Thursday after China hit back over a “fake news” report that it could slow or halt purchases of US Treasuries. The greenback had dived Wednesday against most rivals as Bloomberg News reported that Chinese authorities reviewing foreign-exchange holdings had recommended the move. “The greenback is bouncing back as yesterday’s story that China is considering trimming its purchases of US government bonds has been revealed as fake news,” said CMC Markets UK analyst David Madden. China’s State Administration of Foreign Exchange denied the......

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28
Dec 2017
Rivers government, Shell Nigeria sign MoU on gas supply to industries

The Rivers State Government and Shell Nigeria Gas (SNG) have signed a Memorandum of Understanding (MoU) for the distribution of gas to industries in the Greater Port Harcourt area and its environs. The MoU sets out broad terms and conditions to guide co-operation between the two parties in the development of new gas distribution opportunities in the Greater Port Harcourt area and its environs in addition to its existing gas distribution network in the State. “The agreement is key in the efforts of the government......

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22
Dec 2017
Where Are the Modular Refineries?

I remembered quite well during the buildup to the 2015 election; APC promised to build modular refineries in months. As of today only Dangote refinery which is a private initiative, which may not come online till 2020. Please where are the promised refineries; because this fuel scarcity is hard on us the populace? God bless Nigeria. Scarcity is as a result of importation price difference due to world market.   Source: Vanguardngr.com...

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13
Dec 2017
'Anyone caught Abusing the Naira will face Jail Terms - CBN

The Central Bank of Nigeria on Friday warned Nigerians against abusing the naira notes. The apex bank said anyone caught abusing the naira would be prosecuted and if convicted the person risked six months in jail or a fine of N50,000. An official of the Currency Operation Department at the CBN headquarters, Mr. Samuel Shuaibu, disclosed this in Calabar, Cross River State capital, during the commencement of the ‘CBN Fair’, which was to sensitise residents of the state to the appropriate use of the naira.......

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11
Dec 2017
Akodessewa Fetish Market, Lomo Togo: The World Largest Voodoo Market (Graphic Photos)

Togo’s capital city of Lomé is the birthplace of the largest Voodoo market in the world – a kind of super supply store for fetishes, charms and anything else one might need for a ritual. The Akodessewa Fetish Market, or Marche des Feticheurs, is a place where you can find anything from leopard heads and human skulls to Vodou (voodoo) priests who bless and create fetishes or predict the future and make medicines to heal whatever ails you. Source: www.atlasobscura.com...

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16
Nov 2017
Global factoring volume hits €2.37 trillion

.Nigeria, others record one per cent .Stakeholders recommend trade instruments to improve support for SMEs Worried by the slow-paced growth of small and medium enterprises in Nigeria and other African countries, stakeholders have argued in favour of adoption of new and structured trade finance instruments that will de-risk SME financing and promote lending to the sector. Indeed, data from the global factoring industry showed that Africa recorded only €20.39 billion, representing one per cent of the €2.37trillion global volume in 2016. With factoring yet to......

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17
Oct 2017
IMF sees improved forex market in Nigeria as reserves hit $33 billion

Naira stabilises at N360, as CBN sells $501m The nation’s foreign exchange market may have scored a positive outlook, at least in the near term, as the International Monetary Fund (IMF), admitted that there is appreciable progress being recorded. This is coming on the heels of recognition by Forbes Magazine that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is the winner of “2017 Best of Africa Achievement” award for foreign exchange reforms, which pushed the market to stability against all odds.......

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21
Sep 2017
Naira depreciates marginally against dollar

The Naira on Thursday depreciated marginally against the dollar at the parallel market, exchanging at N365.5 to the dollar. The News Agency of Nigeria (NAN) reports that the Nigerian currency lost 50 kobo from N365 posted on Wednesday, while the Pound Sterling and the Euro closed at N487 and N436. At the Bureau De Change (BDC) window, the Naira traded at N362 to the dollar, while the Pound Sterling and the Euro closed at N487 and N436. The Naira on Thursday depreciated marginally against the......

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21
Sep 2017
Jumia offers entrepreneurs N1m in new startup initiative

Electronic Commerce platform, Jumia Nigeria has announced the launch of an entrepreneurship competition and a “Super Startup campaign” from yesterday until September 30th targeted at all entrepreneurs to have an unparalleled opportunity to grow their business. Targeting start-ups and new businesses, the nationwide competition challenges and encourages entrepreneurs who are developing a unique digital application, smart solution or much needed service that helps to solve tangible consumer or business problems Nigeria. Jumia Super Startup week kicks off with live online tech talks at Jumia.com.ng/super-startup. Speakers......

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