CBN Raises Interest Rate 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Monday raised the country’s Monetary Policy Rate (MPR) from 18.5 per cent to 18.75 per cent. The Acting Governor of the CBN, Mr Folashodun Shonubi made this known on Tuesday, while presenting the communique from the MPC meeting. The MPR is the […]

Nigerian Billionaires: Mike Adenuga  – Globacom Ltd

Early Life & Education On April 29, 1953, Michael Adeniyi Agbolade Ishola Adenuga Jr. was born. His mother, Omoba Juliana Oyindamola Adenuga, was a royal Ijebu Igbo businesswoman, while his father, Oloye Michael Agbolade Adenuga Sr., was a schoolteacher. Mike Adenuga finished his secondary education at Ibadan Grammar School in Ibadan, Oyo State, Nigeria, then […]

Nigeria’s Richest Banker Jim Ovia reaps $21.9 million in 26 Days

Jim Ovia, the wealthiest banker in Nigeria, has witnessed a substantial surge in the market value of his stake in Zenith Bank, the most profitable banking group in the country. This remarkable recovery comes after earlier setbacks caused by the devaluation of the Nigerian naira. As a prominent figure in the evolution and digital transformation […]

Naira Falls to N800 Per Dollar Lowest in 9months

Naira on Tuesday depreciated to N800 per dollar, lowest in nine months, following increased demand for the greenback at the parallel market, popularly called black market. This represents 0.62 percent lost in the value of naira when compared to N795, which was the value of one dollar quoted during the intraday trading on Tuesday. “There […]

Why Ecobank Wants To Seize Nigerian Tycoon Oba Otudeko’s FBN shares

Ecobank, a West African financial services group, wants to acquire the hares recently obtained by Nigerian tycoon Oba Otudeko in FBN Holdings due to his indebtedness to the bank. Reports say Otudeko and his affiliated companies owe Ecobank over NGN13.5 billion ($17.1 million). In 2017, Otudeko and his companies, including Honeywell Group Limited, Siloam Global […]

FULL LIST: 28 States That Attracted Zero Foreign Investments in Q1 2023

Foreign investors overlooked 28 states as the value of capital importation into Nigeria grew by 6.78 percent in the first quarter of 2023, according to the National Bureau of Statistics (NBS). The total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022. According to the NBS report, the 28 states that failed […]

Nigerian Billionnaires: Abdulsamad Rabiu- BUA Group

When talking about African business giants, Abdulsamad Rabiu is not an exception. According to Forbes, Rabiu was one of the surprises recorded in the 2023 ratings has he rose from $7.6 billion a few months ago to $8.2 billion to become the 249th richest person in the world. Meet the Nigerian Billionaire in this article […]

Nigerian Billionaires: Sijibomi Ogundele -Sujimoto Group

Sijibomi Ogundele is a real estate guru and is unarguably one of Nigeria’s youngest billionaires. Born April 8th, 1981, Sijibomi is currently 41 years old. Sijibomi Ogundele, a youthful and exemplary luxury real estate magnate and CEO of the Sujimoto Group, is a person whose alluring charisma and bold impact cannot be ignored. Education Sijibomi […]

Bloomberg Rates Aliko Dangote Richest Man In Africa

President of Dangote Group, Aliko Dangote, remains the richest man in Africa, despite the volatility of Nigerian currency against the dollar, according to Bloomberg Billionaires Index (BBI). Bloomberg, in its daily top billionaire lists released on Tuesday, revealed that Dangote with a wealth of $15.6 billion topped other Africans in the Index. Other Africans listed […]

Nigeria’s Public Debt Hits N49 Trillion

 The Debt Management Office (DMO) said the total public debt stock of Nigeria as at March was N49.95 trillion (108.30 billion dollars). According to a statement obtained from the DMO official website on Sunday, the total debt stock comprises the external and domestic debts of the Federal Government,  the 36 states and the Federal Capital Territory (FCT). […]

FAAC shares N786bn to FG, States, LGs

The Federation Account Allocation Committee (FAAC) has shared a total sum of N786.161 billion May 2023 Federation Account Revenue to Federal Government, States and Local Government Councils (LGCs). This is according to a communiqué issued at the end of the FAAC meeting for June, chaired by the Accountant General of the Federation (AGF), Dr Oluwatoyin […]

CBN Lifts Restriction On $10k Deposit On Domiciliary Account

The Central Bank of Nigeria (CBN) has said cash deposits into domiciliary accounts will no longer be restricted, and customers “shall have unfettered and unrestricted access to funds in their accounts”. The apex bank spoke in a statement issued after a meeting with the Bankers’ Committee on Sunday. The meeting was meant to provide further […]

Naira Remains Constant, Exchanges N464.67 To Dollar

Naira remained constant on Tuesday, exchanging at N464.67 to the dollar at the Investors and Exporters’ window. The local currency did not change from its value on Monday, while the open indicative rate closed at N464.96 to the dollar on Tuesday. An exchange rate of N467 to the dollar was the highest rate recorded within […]

Adenowo Appointed As CEO Standard Chartered Bank Nigeria

Olukorede Adenowo, also known as K.O, has been appointed as the new Chief Executive Officer of Standard Chartered Bank Nigeria Limited, replacing Lamin Manjang. K.O previously served as the Executive Director for Corporate, Commercial, and Institutional Banking at the bank, where he was responsible for implementing the bank’s business strategy for corporate clients. He has […]

Otedola Sells Stake In Transcorp To Tony Elumelu

Femi Otedola, the Chairman of Geregu Power, has sold his 6.3% stake in Transnational Corporation Plc (Transcorp) to Tony Elumelu, the Group Chairman of Transcorp, according to BusinessDay. Elumelu bought the shares at Transcorp’s closing price on Thursday, using an options contract to be paid in installments over time. According to BusinessDay, “Both parties believed […]

See Forbes Richest Billionaires List 2023

Elon Musk the founder, CEO and chief engineer of SpaceX; angel investor, CEO and product architect of Tesla, Inc.; owner and CEO of Twitter, Inc.; founder of the Boring Company; co-founder of Neuralink and OpenAI; and president of the philanthropic Musk Foundation, has lost the number one spot as the richest man on earth, according […]

Naira Appreciates Against Dollar By 0.07%

The Naira appreciated against the dollar on Wednesday, exchanging at N461.09 at the Investors’ and Exporters’ window. The rate represented an increase of 0.07 per cent, compared to the N461.42 it exchanged to the dollar on Tuesday. The open indicative rate closed at N461.30 to the dollar on Wednesday. An exchange rate of N462.11 to […]

Lebanese Pound Hits Historic Low Of 100,000 To Dollar

The Lebanese pound sank to a historic low against the dollar on the parallel market Tuesday, the latest sombre milestone in an economic meltdown that has plunged most of the population into poverty. Officially pegged at 15,000 to the dollar, the pound was trading at 100,000 against the greenback, dealers said — a dizzying plunge […]

Naira Gains Further, Exchanges at N461.10 to Dollar

The Naira on Thursday exchanged at 461.10 to the dollar at the Investors and Exporters window. The figure represented an appreciation by 0.02 per cent compared with the 461.17 it exchanged on Wednesday. The open indicative rate closed at N461.25 to the dollar on Thursday. An exchange rate of N462 to the dollar was the […]

Nigerians suffering, extend naira swap deadline – Atiku to CBN

The Peoples Democratic Party, PDP, presidential candidate Atiku Abubakar has called for the extension of the January 31st deadline for the naira swap. Central Bank of Nigeria, CBN, Governor Godwin Emefiele had said the 100 days time frame from late last year was sufficient. But the former Vice President said the people are suffering non-availability of cash, […]