French Billionaire, Bollore Completes Sale Of African Ports
French billionaire Vincent Bollore’s holding company said Wednesday it had finalised the sale of its African ports and logistics business to the MSC shipping group for 5.7 billion euros ($6.05 billion).Bollore Africa Logistics is present in 47 African countries and runs port operations in countries from Ivory Coast to Cameroon and Nigeria, according to its […]
CBN debunks claims cash withdrawal limit will endanger PoS business
Claims that the Central Bank of Nigeria (CBN) is specifically targeting Point-of-Sale (PoS) agents with its new policy restricting cash withdrawals have been refuted. Although the apex bank established the weekly withdrawal limits for individuals and organizations at N100,000 and N500,000, respectively, on December 6, it allowed for compelling instances to withdraw up to N5 […]
The CBN caps cash withdrawals at N100,000, N200 now maximum ATM denomination
The Deposit Money Banks (DMOs) and other financial institutions have been directed by the Central Bank of Nigeria (CBN) to guarantee that weekly over-the-counter (OTC) cash withdrawals by both private people and corporate entities do not exceed N100,000 and N500,000, respectively. In a circular published on Tuesday and signed by Haruna Mustafa, director of banking […]
Fears as one Pound Trades For N1000 at parallel market
The sharp fall of the naira against the foreign currencies continues this weekend with the British Pound crossing N1000 in the parallel market. There are fears that the dollar which has also been on a steep rise in value against the naira may cross N1000 any moment from now. The current black market rate which […]
Dana Air to resume flight operations after four months suspension
One of Nigeria’s popular indigenous airlines, Dana Air, will on November 9 resume flight operations following the conclusion of an audit of the company organized by the Nigerian Civil Aviation Authority (NCAA). Recall that the airline’s license was suspended over four months ago by the Nigerian government to make it possible for the NCAA to […]
How CBN destroyed over N6trn banknotes under Buhari
Report claims that the Central Bank of Nigeria (CBN) may have destroyed over N6tn worth of mutilated and old banknotes under the expiring administration of President Muhammadu Buhari. According to the report published by the Punch, data obtained from the annual reports of the currency operations department of the CBN between 2016 and 2020 indicated […]
FG reopens Obajana cement despite rift between Kogi govt, Dangote
After being shut down by the Kogi State Government due to concerns over the legitimacy of the company’s acquisition of the disbanded Obajana Cement Company, the Dangote Cement Plant in Obajana, Kogi State, has now been reopened. The outcome came about as a result of a National Security Council directive to reopen the cement mill […]
Apple fined $20m for selling iPhones without chargers
A Brazilian judge fined Apple US$20 million on Thursday for selling iPhones without chargers, calling it an “abusive practice” that forces customers to buy an additional product. The decision, which can be appealed, came after Brazil’s justice ministry slapped a separate fine of nearly US$2.5 million on Apple in September over the same issue and […]
World Bank sanctions seven Nigerian companies over corruption
The World Bank has disclosed that it sanctioned seven Nigerian firms and individuals for corruption during its 2022 fiscal year. This disclosure was made in the bank’s latest Fiscal Year 2022, which covered July 1, 2021, to June 30, 2022, in the Sanctions System Annual Report. The sanction list contained three Nigerians and four Nigerian […]
Glo Introduces Moneymaster PSB, to Hire 100,000 Agents
Over 100,000 agents will be hired by Moneymaster, a Globacom subsidiary that offers payment services, to further financial inclusion in Nigeria.Glo announced the launch of the company in Lagos and stated that Moneymaster would use mobile devices, point-of-sale systems, and the internet to offer financial services to millions of Nigerians who had previously been shut […]