Category: Business

On Tinubu’s Order,’ CBN Grants Banks Freedom To Trade Forex ‘Freely’

ADEOLA YUSUF

Central Bank of Nigeria has given commercial banks and dealers in the forex market the green light to sell forex freely at a market-determined rate. Platforms Africa eports that this is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market. The initial understanding of this message is that banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate. READ ALSO: Ethiopian Airlines Chairman Girma Wake Resigns  Re-igniting Nigeria’s Engine of Growth: Prof. Olamade…

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Ethiopian Airlines Chairman Girma Wake Resigns 

ADEOLA YUSUF

Ethiopia has since appointed the head of the country’s air force, Lieutenant General Yilma Merdassa, to replace Wake.While commander of Ethiopia’s air force, Yilma served on the company’s board of directors “for the last two and half years,” before assuming his new role on June 8, the carrier said.   Wake, a 79-year-old veteran of the African airline industry, joined the company in 1965 and served as its Chief Executive Officer from 2004-2011, a period of strong growth for the carrier, before taking on its chairmanship in March 2022. Girma’s…

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US Judge Pauses Microsoft’s $69bn Activision Buy

ADEOLA YUSUF

A US federal judge on Tuesday temporarily blocked Microsoft from completing its $69 billion buyout of gaming giant Activision Blizzard, a court filing showed.Judge Edward Davila said in a ruling that it “is necessary to maintain the status quo” while the court considers a longer-term injunction on the purchase as requested by regulators at the Federal Trade Commission. A hearing was set for June 22 and June 23 in San Francisco federal court to hear evidence in the matter, according to the ruling.The ruling came a day after the FTC…

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What TotalEnergies Found: CloseUp on Nigeria’s OML 102 Latest Oil Discovery

ADEOLA YUSUF

Location. Formation. Expectation. What to know about Ntokon-1AX discovery in 238 words.   TotalEnergies has announced oil and gas discovery in the Ntokon field located in OML102 offshore Nigeria. Located in shallow waters, 60 km off the southeast coast of Nigeria, the Ntokon-1AX discovery well encountered 38 meters of net oil pay and 15 meters of net gas pay, while its side-track Ntokon-1G1 encountered 73 meters of net oil pay, in well-developed and excellent quality reservoirs. Ntokon-1G1 tested successfully up to a maximum rate of about 5,000 barrels per day of…

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7 Easy Steps to Access the Student Loan

ADEOLA YUSUF

Here, as a part of Platforms Africa’s solution journalism, are the conditions, sure way to access, and repay the Nigeria’s students loan   The Student Loan Bill which is now Law officially known as AN ACT TO PROVIDE EASY ACCESS TO HIGHER EDUCATION FOR NIGERIANS THROUGH INTEREST FREE LOANS FROM NIGERIAN EDUCATION BANK ESTABLISHED was Sponsored by Hon. Femi Ghajabiamila 1. Students applying for loan under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfaction of the following conditions: READ ALSO: 8 Facts…

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Stock Market Jumps To 15-Year High After Emefiele’s Suspension

ADEOLA YUSUF

The Nigerian stock market rose to its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele. According to a report by Bloomberg, investors are betting on a currency devaluation and sent the main index of the Nigerian Exchange to above 57,437 points, which contrasted with a flat performance for MSCI’s main emerging equity benchmark. READ ALSO: Don’t Release Your wards Back On Campus Yet’ – TASUED Management Warns Parents BREAKING: Hilda Baci Certified As World Cook-a-thon Record…

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SEC Declares Binance Illegal, Says Nigerians Investing At Own Risks

ADEOLA YUSUF

The Securities and Exchange Commission has declared the activities of Binance illegal in Nigeria. This is according to a published circular on the commission’s website dated June 9, 2023. The commission stated that Binance is neither registered nor regulated by it, and its operations in the country are illegal. It noted that anyone conducting business on the exchange is doing so at their own risk. It said, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the…

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BREAKING: Adebisi Shonubi Is Acting CBN Governor

ADEOLA YUSUF

“With Immediate Effect,” statement from SGF office and What to know about the Nigeria’s new number one banker President Bola Tinubu has approved the appointment of Mr. Folashodun Adebisi Shonubi as the acting Governor of Central Bank of Nigeria. Platforms Africa reports that this was contained in a statement from the Secretary yo the Government of yhe Federation. “Mr. Folashodun Adebisi Shonubi is now acting CBN Governor. “The office of the SGF asked the suspended CBN Governor, Mr Emefiele to hand over to him with immediate effect,” the statement read.…

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Polaris Bank Reacts As NUBIFIE Pickets HQ Over “Poor Staff Welfare”

ADEOLA YUSUF

Polaris Bank has clarified that she did not violate any law in a recent disengagement of some staff, which it said was done in line with the terms of the contract guiding their engagements The bank was reacting to a report of the picketing of its headquarters by NUBIFIE this morning by a section of the media. READ ALSO: 90 Arrested Over EKEDC Asset Vandalism In Last 6 Months First Class Graduate Commits Suicide Over Unemployment Nigeria Declares Monday, June 12, Public Holiday The Bank disclosed that it has engaged…

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‘Mele Kyari, Maikanti Baru Spent $19bn On Refineries’ Maintenance In 8 Yrs’

ADEOLA YUSUF

Money NNPC under Buhari lavished to maintain inefficient refineries surpassed $18.5bn Dangote used to build World’s largest single train refinery, Nasarawa state governor spills the beans     Nassarawa state Governor, Abdullahi Sule, has said that the government of ex-President Muhammadu Buhari spent more than the $19 billion to maintain Nigeria’s refineries in eight years. Mallam Mele Kyari and late Maikanti Baru held sway as the Group Managing Directors of the Nigerian National Petroleum Company Limited (NNPCL) during the eight years. Kyari, at different fora told journalists that Buhari never…

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