Category: Business News
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Cryptocurrency ban: FG, CBN just succeeded in moving Nigeria backwards, Nigerians react on social media
Nigerians have expressed displeasure over the directives by the Godwin Emefiele led Central Bank of Nigeria (CBN) to Deposit Money Banks (DMBs) and other financial institutions in the country to close accounts of persons who are using their systems for cryptocurrency trading. TheNewsGuru.com, TNG, reports that a cryptocurrency is a virtual or digital currency that…
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Nigeria’s foreign capital importation drops to $9.68bn
The total value of capital importation into Nigeria has recorded a huge decline from $23.9 billion recorded in 2019 to $9.68 billion in 2020, the lowest in three years. According to the data released by the National Bureau of Statistics (NBS) on Friday, this is a decline of 59.65 per cent between 2019 and 2020.…
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JUST IN: CBN bans cryptocurrency trading, orders banks to close operating accounts
The Central Bank of Nigeria (CBN) has ordered all banks to close accounts of anyone who transacts in cryptocurrency. TheNewsGuru.com, TNG reports that a cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market forces. The order was contained in a circular to banks and other financial institutions, signed…
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Tony Elumelu Foundation Announces Three Senior Executive Appointments
The Tony Elumelu Foundation (TEF), the leading philanthropy empowering African entrepreneurs, has announced three senior executive appointments, effective February 1, 2021. This follows the launch of the 2021 TEF Entrepreneurship Programme, on www.TEFConnect.com, which this year prioritises the economic recovery of small and medium scale enterprises and young African entrepreneurs, following the disruptive effects of…
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Billionaire Amazon founder, Jeff Bezos announces plans to step down as CEO
Jeff Bezos said Tuesday he would give up his role as Chief Executive of Amazon later this year as the tech and e-commerce giant reported a surge in profit and revenue in the holiday quarter. The company said Andy Jassy, who heads Amazon Web Services, would take over as CEO in the third quarter. The…
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EFCC arraigns P&ID Commercial Director, Muhammed Kuchazi for money laundering
The Economic and Financial Crimes Commission (EFCC), on Monday, arraigned a Process and Industrial Development (P&ID) Commercial Director, Muhammed Kuchazi, before Justice Folashade Giwa-Ogunbanjo of the Federal High Court, Abuja, on eight counts bordering on money laundering. Kuchazi was arraigned alongside his company, Kore Holdings Limited, on alleged money laundering related charges. TheNewsGuru.com, TNG gathered…
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How powerful forces stopped Fola Adeola from fixing power sector during Obasanjo’s administration – Okupe
A former presidential aide, Dr Doyin Okupe, has revealed how some powerful interests scuttled the decision of former President Olusegun Obasanjo to bring on board a co-founder of GTBank, Fola Adeola, to fix the defunct National Electricity Power Authority (NEPA). Adeola, he said, had agreed to fix the defunct NEPA after Obasanjo agreed to his…
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NNPC Pledges Support for $3.6bn Brass Methanol Plant
The Nigerian National Petroleum Corporation (NNPC) says it would do everything within its powers to ensure the timeous completion of the $3.6bn Integrated Gas Processing and Methanol Plant in Odioma, Brass Island, Bayelsa State. The Group Managing Director of NNPC, Mallam Mele Kyari, made the commitment at the signing of the Final Investment Decision (FID)…
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NNPC Records 92% Increase in Sales of Petroleum Products in October
The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded a total of ₦158.04 billion from the sales of white products in the month of October 2020 representing 92% increase over the ₦80.15 billion sales in September 2020. A press release by the Group General Manager,…
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NOVA Merchant Bank Promotes Staff, Flags-Off Executive Trainee Scheme
NOVA Merchant Bank, a leading merchant bank in Nigeria, began 2021 on a high note as it announced several promotions for its employees who excelled in the performance of their responsibilities. The Bank announced on Monday that the promotions are in line with its goal of building a high performance culture, adding that they cut…