Category: Money and Stocks

Lekoil Nigeria Makes Offer To Acquire Lekoil Cayman’s Shares Days to AGM ​

ADEOLA YUSUF

Lekoil Nigeria writes Lekoil Cayman’s shareholders, says its indicative offer to acquire Lekoil Limited shares and potential share exchange, a fresh Lifeline to them   Lekoil Nigeria Limited has written to the shareholders of Lekoil Limited (Lekoil Cayman) with an “indicative offer to acquire Lekoil Limited shares and potential share exchange.” Platforms Africa reports that despite similarity in their names, the two firms are engaged in a face-off, which began with the convening of an Extraordinary General Meeting (EGM) at the instance of Lekoil Cayman Board constituted after Metallon Corporation…

Read More

Missing $153m NNPC Money: EFCC Grills MD of First Bank Holdings, Okonkwo

ADEOLA YUSUF

Nnamdi Okonkwo has been accused of illegally transfering $153.3 million from the NNPC Account in favour of Diezani Alison-Madueke, Nigeria’s former petroleum minister.   The Economic and Financial Crimes Commission (EFCC) has interrogated the newly appointed Managing Director of First Bank of Nigeria (FBN) Holdings Plc, Nnamdi Okonkwo. Sources at the EFCC told Platforms Africa that Okonkwo was being questioned over his role in the transfer of $153.3 million from the Nigerian National Petroleum Commission in favour of Diezani Alison-Madueke, Nigeria’s former petroleum minister. The banker was managing director of…

Read More

e-Naira Disappears From Google Play Store barely 48 hours after launch

ADEOLA YUSUF

The e-Naira speed wallet has disappeared from the Google Play Store barely 48 hours after its launch. Platforms Africa reports that the digital currency has two applications, which are eNaira speed wallet and eNaira merchant wallet. “However, the e-Naira merchant wallet, which is designed for businesses, is still running and has over 10,000 downloads on the Google Play Store made available to Android users,” a report by News Direct read. Checks showed that the app had only gained 1.9 stars out of 5 stars preview. Also, in the review section,…

Read More

What is eNaira? All You Should Know About Nigeria’s Digital Currency

ADEOLA YUSUF

Any difference between eNaira and the funds in your account? In this ABC of e-Naira, Platforms Africa compiles and unveils all you may need to know about Nigeria’s digital currency and how it will affect you   eNaira is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the physical Naira and can be used the same way as cash. What’s the difference between eNaira and the funds in one’s account? eNaira is a digital currency…

Read More

e-Naira’ll be accessible By All, CBN Says As Buhari unveils e-Currency

ADEOLA YUSUF

Nigerian President Muhammadu Buhari on Monday unveiled the e-Naira at the Presidential Villa, Abuja, where the Central Bank of Nigeria (CBN) promised to make the digital currency accessible by everyone. Platforms Africa reports that Buhari launched the country’s digital currency at the Presidential Villa, Abuja. The event, according to Platforms Africa, had in attendance the Vice President, Yemi Osibanjo; Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele; Attorney General of the Federation, Abubakar Malami; among others. READ ALSO: Buhari to Unveil eNaira, Nigeria’s First Digital Currency, Monday Buhari…

Read More

CBN dragged to Court over digital currency, e-Naira

ADEOLA YUSUF

The Nigeria’s apex bank, Central Bank of Nigeria (CBN),has been dragged before a Federal High Court over the digital currency, e-Naira. Platforms Africa reports that a firm, ENaira Payment Solutions Limited, which dragged the CBN before a Federal High Court, alleged trademark infringement with the name, e-Naira. READ ALSO: Nigeria Central Bank rolls out Digital Currency, e-Naira, October 1 The Fall And Fall of Naira: Nigeria’s Exchange Unit Crumbles to 48-Year Low Nigerian Banks rattled by N10trn Debits, Interest Rates Hike Imminent Details of the lawsuit were contained in a…

Read More

Nigeria Central Bank rolls out Digital Currency, e-Naira, October 1

ADEOLA YUSUF

Here, according to CBN spokesperson, is what you may need to know about Nigeria’s digital currency and how it will affect you . The Central Bank of Nigeria (CBN) is set to, for the first time in history, roll out the Central Bank Digital Currency (CBDC) on October 1, 2021. Platforms Africa reports that The Director of Information Technology, Central Bank of Nigeria (CBN), Rukiya Mohammed, who disclosed this in a webinar, themed “Digital currency and the prospects of CBDC in Nigeria”, organised by the committee of e-Business in industry…

Read More

The Fall And Fall of Naira: Nigeria’s Exchange Unit Crumbles to 48-Year Low

ADEOLA YUSUF

Naira, Nigeria’s unit of exchange, has crashed to N545/$1, lowest level in its 48-year history     The exchange rate between the naira and the US dollar closed at N411.67/$1, at the official Investors and Exporters window, last week Meanwhile, the exchange rate at the parallel market where the majority of Nigerians patronize slumped to a new record on Friday to close at N545/$1. The naira has suffered devaluation at the parallel market and many stakeholders have expressed their concern as foreign currencies scarcity persists. Some traders have attributed the…

Read More

How Fidelity Bank Fired over 200 Employees

ADEOLA YUSUF

Details have emerged on how Fidelity Bank under the leadership of Nneka Onyeali-Ikpe disengaged over 200 of its employees. Platforms Africa reports that the bank only handed the sacked workers a paltry N200,000 each as compensation. Over 200 Fidelity Bank staff in Nigeria received their disengagement letters after attending regional training in certain states, according to reports. READ ALSO: N1.8 bn fraud rocks Sterling Bank + how Bank staff stole customer’s money Role Fidelity Bank, staff played in Nigeria’s N1.5bn Pension scam – EFCC EXCLUSIVE: Anambra becomes full fledged Oil…

Read More

Nigerian Central Bank Announces New Appointments + Full list of Who is Who

ADEOLA YUSUF

…Confirms Nwanisobi as director of corporate communications The Nigerian apex bank Central Bank of Nigeria (CBN), on Wednesday confirmed the appointment of  Osita Nwanisobi as the Director, Corporate Communications Department, with effect from August 25, 2021. Nwanisobi had being in acting capacity since October 2020, when his predecessor, Isaac Okorafor retired from service. Also appointed Directors were Elizabeth Omolara Fasoranti, who steps in as the Director, Branch Operations; Dr. Abdulkadir Abdullahi Jibril as Director, Medical Services and  Rashidat Jumoke Monguno, who now directs affairs in the Consumer Protection Department (CPD).…

Read More