Category: Money and Stocks

Naira Sheds N2, Downgrades To N480 per $1

ADEOLA YUSUF

  The Nigeria’s unit of exchange, Naira, at the weekend shed N2 in value against the dollar, dropping to N480/$1. The new value of naira was recorded on Friday from N478/$1 on Thursday at the parallel market. Data obtained from “Abokifx,” a website that tracks forex rates on the parallel market, shows that after falling to N487 per dollar in late November, the naira appreciated to N465/$1 during the Christmas festivities. It, however, resumed its downward trend a fortnight ago, dropping to between N475 and N478 per dollar, due to…

Read More

Dangote retains No1 spot with $12.1bn fortunes + 10 African Billionaires

ADEOLA YUSUF

  Aliko Dangote has retained the number one spot as the richest man in Africa with fortunes worth $12.1 billion. Forbes, in its latest list of 10 Africa’s billionaires sighted by Platforms Africa, stated that Dangote, 63, is followed by Nassef Sawiris, 60, an Egyptian with fortunes worth $8.3 billion. Aside from Dangote, two other Nigerians made the list. They are Mike Adenuga, 67, with $6.3billion; and AbdulSamad Rabiu, 60, with fortunes worth $5.5 billion. Here is the list:  

Read More

How FIRS Raked In N4.9trn, 98% of Nigeria’s 2020 Tax Target

ADEOLA YUSUF

    The Nigeria’s tax revenue collector-Agency Federal Inland Revenue Service (FIRS), has given reasons it realised a revenue collection of ₦4.9 trillion for the year 2020. This figure represents approximately 98% of the national tax target of N5.076 trillion set for the agency by the Federal Government. Speaking during a press conference in Abuja, FIRS Chairman, Muhammad Nami listed key sectors such as the banking, telecommunications and the ICT as major contributors to the feat. “The conscientious taxpayers in the country and dedicated members of staff of the FIRS…

Read More

Refinery: NNPC takes hunt for $1bn loans to Afreximbank, Others 

ADEOLA YUSUF

  The Nigerian National Petroleum Corporation (NNPC) is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt. Reuters, which reported this on Thursday quoted seven sources familiar with the discussions including the spokesperson for Afreximbank. If the financing is concluded, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel…

Read More

Finbank ex-MD, Okey Nwosu, Jailed over depositors’ N18bn Theft + PHOTO

ADEOLA YUSUF

  A former Managing Director of the defunct Finbank Plc, Okey Nwosu, has been found guilty and sentenced to three years imprisonment by Justice Lateefat Okunnu of a Lagos High Court in Igbosere for N18 billion theft. The judge handed down the verdict after she found the former bank boss and three other Directors of the bank guilty of stealing the huge sum from Finbank Plc. Convicted alongside Nwosu were three former Directors of the defunct bank: Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike. In her judgement, Justice Okunnu sentenced…

Read More

Why Oando suspended 2018 AGM, delayed Q3 unaudited financial statement

ADEOLA YUSUF

  OANDO Plc has opened up on the reason the integrated oil giant delayed the release of its third (Q3) Unaudited Financial Statement for 2020. The company stated that the inability of the oil company to meet its 2020, Q3 filing of accounts obligation, which was due on November 20, 2020, is as a result of the indefinite suspension of the company’s 2018 Annual General Meeting (AGM).   This was disclosed in a notification by OANDO for shareholders and stakeholders, which was sent to the Nigerian Stock Exchange (NSE) on…

Read More

Nigeria embargoes Diaspora remittance’s withdrawal in Naira

ADEOLA YUSUF

  . Remittances now to be withdrawn in dollars – CBN The Nigeria’s apex bank, Central Bank of Nigeria (CBN), had announced  a new policy initiative, which would help to boost remittance inflows and foster an environment of faster, cheaper, and more convenient flow of remittances back to the country. The new policy which was unveiled by the Apex Bank on Monday, will become effective from Friday, 4th December, 2020. CBN Governor, Mr Godwin Emefiele who made the announcement while addressing stakeholders  in Abuja on Thursday said the new policy…

Read More

Nigeria’s Apex Bank, CBN, Devalues Naira To 392/Dollar, Sells $1bn to BDCs

ADEOLA YUSUF

. CBN sells $10,000 twice weekly to BDCs and has sold over $1 billion since September 7 when it resumed intervention The Central Bank of Nigeria (CBN) has devalued Naira to N392 per Dollar, directing bureau de change operators in the country not to sell dollars higher than the benchmark to end users. In a circular signed by O.S. Nnaji, director of trade and exchange at the CBN, and expectec to take effect from November 30 to December 14, 2020, the apex bank said the volume of sales for each…

Read More

Naira crashes, nears N500/$1 On Parallel Market

ADEOLA YUSUF

  . Nigeria’s currency and unit of exchange, Naira, sheds N8 against dollar in less than 24 hours The Naira, Nigeria’s currency and unit of exchange, fell further near N500/1$ to N495/$1 on Thursday from N487 per dollar on Wednesday. The currency, which exchanged exactly at N450/$1 on Thursday, had exchanged for N484/$1 at the weekend. Quotong a data obtained from “Abokifx,” a website that tracks forex rates on the parallel market, New Telegraph reported that although trading had opened earlier in yesterday with the naira at N487/$1, it depreciated…

Read More

Role Fidelity Bank, staff played in Nigeria’s N1.5bn Pension scam – EFCC

ADEOLA YUSUF

. Anti-graft agency shows how Nigeria’s ex-official, Oronsaye, operated 66 accounts unknown to Accountant-General The testimonies against Abdulrasheed Maina, former Chairman, Nigeria’s Pension Reform Task Force Team (PRTFT), continued on Wednesday before Justice Okong Abang of the Federal High Court, Abuja, with that of the ninth prosecution witness, (PW9), Rouqayyah Ibrahim, a principal investigation officer with the EFCC who narrated how Fidelity Bank allegedly played a role in the whole scenerio. Ibrahim is in Anti Money Laundering and Combating Terrorism Financing (AML CFT) unit of the Commission and member, Pension…

Read More