Category: Business News
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Nigeria’s aviation authority probes fuel contamination
Nigeria’s Civil Aviation Authority (NCAA) has launched an extensive investigation into a recent incident involving water contamination in the fuel tanks of certain aircraft. The move comes as part of the authority’s efforts to prevent future occurrences of such safety breaches and ensure the safety of air travel in the country. Speaking at a meeting…
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Avanti Communications bags leading position in Sub-Saharan Africa
For the second year running, Avanti Communications has been named the market-leading high-throughput satellite capacity partner in sub-Saharan Africa. According to reports from the 20th edition of the NSR Satellite Capacity Supply & Demand Analysis, Avanti’s market share has doubled that of its closest competitor.
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Shareholders approve NOVA Merchant Bank’s conversion to commercial bank
NOVA Merchant Bank has gotten approval from its numerous shareholders to go fully into the commercial banking system in Nigeria. The approval was granted unanimously by the shareholders at the company’s 6th Annual General Meeting in Lagos on Wednesday, where they all agreed that the bank is well-positioned to sustain and build upon its growth…
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Naira gains at I&E window, closes at 793.70/$
The naira gained slightly against the United States dollar on the Investor & Exporter forex window on Wednesday, it closed at 793.70/$. Recall that the local currency had earlier traded at N825 a week earlier on the I&E window.
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Hoodlums invade Ogbomosho, destroy properties worth millions of naira
Ogbomoso town in Oyo State was yesterday thrown into pandemonium as persons suspected to be hoodlums invaded some parts of the town and wreaked havoc on cars, house and properties worth million of naira. It was gathered that the hoodlums invaded the town in the early hours of Wednesday to cause mayhem. The areas…
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Journalists challenged on reporting in a depressed economy
Seasoned journalist has given tips to practicing media professionals on how best to report in a depressed economy at the just-concluded media seminar organized by Polaris Bank Limited, Nigeria’s leading digital retail Bank.
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Michael Jordan agrees to sell Hornets stake for $3B
Michael Jordan has agreed to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall for an approximately $3 billion valuation, according to league sources. The transaction ends Jordan’s 13-year run as majority owner.
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Currency floating: Dangote, Nigerian billionaires lose massively as Naira falls to 702/$
Following the Central Bank of Nigeria’s unification of exchange rate, the naira traded at 702.19/dollar at the close of business on Thursday. Nigeria has allowed for a free float of the national currency against the dollar and other global currencies. The naira has now lost about five percent of its value within 24 hours from…
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Nigeria’s inflation rate jump to 22.41% in May
Nigeria inflation rate jumped up to 22.41 percent in May 2023, according to Nigeria’s consumer price index (CPI), which measures the rate of change in prices of goods and services in the country. The inflation rate increased from 22.22 percent in the previous month to 22.41 percent.
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Subsidy Removal: UNILAG Management Addresses Surge in Campus Transportation Fares
In response to the outcry from students over a significant increase in campus transportation fares, the University of Lagos (UNILAG) management has issued a directive to regulate the cost of transportation within the campus and urged other vendors to maintain their existing prices until the end of June. The surge in transportation fares on campuses…