Category: Business News
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Court orders freezing of Shell’s accounts in 20 Nigerian banks
In a bid to recover the cash value of more than 16 million barrels of crude oil allegedly diverted from AITEO Eastern E & P Company Ltd., a Federal High Court sitting in Ikoyi, Lagos has granted an interim injunction directing 20 commercial banks to freeze the accounts of Shell Petroleum Development Company of Nigeria…
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Scarcity: NNPC, other stakeholders debunk fresh fuel hike rumours
The Nigerian National Petroleum Corporation (NNPC) on Tuesday allayed nationwide fears over alleged plans to hike pump price of petrol. TheNewsGuru.com, TNG reports that some states including the FCT are experiencing scarcity of the product as some filling stations shut down. This has led to fears of a possible hike in the product. TNG also…
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Brokers urged to leverage digital solutions for sustainable business
Insurance brokers have been advised to leverage digital solutions to help sustain their businesses amid the COVID-19 pandemic. Speaking during the general meeting of the Nigerian Council of Registered Insurance Brokers (Lagos Area Committee), Obafemi Oshinowo, Director, L&D, Leadway Assurance Company Limited, said the world has gone digital and there is no going back; therefore,…
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Nigeria’s inflation soars to record high, hits 16.47%
Nigeria’s inflation rate has climbed to a 33-month high, as it rose further to 16.47% in January 2021 from 15.75% in December 2020, the latest figures published by the National Bureau of Statistics (NBS) have shown. The report published on the website of the bureau shows that food inflation rose to 20.57% in January 2021…
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Fidelity Bank issues largest ticket Tier II local bonds
Fidelity Bank Plc says it has successfully issued 10 years N41.21 billion in fixed rate unsecured subordinated bond at 8.5 per cent coupon rate due 2031. Mr Mustapha Chike-Obi, Fidelity Bank Chairman, disclosed this in a statement on Sunday in Lagos. Chike-Obi said that the bond issuance which was fully subscribed given that total investor…
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Bankers sign MOU on takeover of National Theatre
The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has led the Bankers Committee to sign a Memorandum of Understanding (MOU) on takeover of the National Arts Theatre, Iganmu, Lagos, for the purpose of reconstructing the facility. Information obtained from CBN’s website on Sunday indicated that the MOU was signed between the…
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NDEP Plc appoints new MD/CEO
Niger Delta Exploration & Production Plc (NDEP), a foremost Independent, Integrated Energy Company in Nigeria, has announced the appointment of Mr. Adegbite (Gbite) Falade as its new Managing Director and Chief Executive Officer. Mr. Falade joins NDEP with 25 years of impactful and extensive experience across multiple sectors and continents in the energy sector. He…
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Cryptocurrencies: SEC to suspend admittance of persons affected by CBN directives
The Securities and Exchange Commission (SEC) says it will put on hold, admittance into its Regulatory Incubation Framework for Fintech firms, all persons affected by the Central Bank of Nigeria (CBN) cryptocurrencies circular. The commission made the disclosure in a statement it issued in Lagos on Thursday. It said that assessment of all persons and…
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Ecobank Nigeria Announces $300m Bond Pricing
Ecobank Nigeria announced that it has successfully priced its $300 million bond issuance maturing in February 2026, with settlement of the debt instrument to take place on February 16, 2021. According to a statement from the bank, the fixed-rate, US dollar-denominated bond, with a tenor of 5 years, carries a coupon rate of 7.125% and…
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CBN directs banks, others, to accept travel documents, refugee ID card for identification
The Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to, henceforth, accept Machine Readable Travel Documents (MRCTD) and Refugee Identification Card, as means of identification for financial transactions. The directive was given by Dr Kevin Amugo, Director, Finance Policy Regulation Department, on Wednesday, in Abuja, through a memo to the…