Category: Money and Stocks

Elon Musk’s Wealth Rises by $13bn After Trump’s Win

ADEOLA YUSUF

The wealth of billionaire Tesla and X owner, Elon Musk, has soared by about $13 billion hours after his ally, Donald Trump, won the United States presidential election. Early Wednesday, investors said Trump’s win will also be a win for Musk’s major public holding, Tesla (TSLA), sending shares of his electric vehicle maker up 13% at the market open, CNN reports. The development lifted the value of the 411 million shares of Tesla that Musk owns outright by more than $13 billion, which works out to a better than a…

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Why Naira Is Worst Performing Currency, Crashes Further To N1,710/$

ADEOLA YUSUF

Against the backdrop of the abysmal performance of Nigeria’s currency in the international market, financial analysts have indicated that the Naira is still facing more distortions that could further erode its value. Meanwhile the local currency sustained the depreciation trend yesterday hitting N1,710/$ in the parallel market, as against N1,690/$ the previous day. The Naira also faced similar fate in the official market, depreciating to N1,660/$ from N1,659/$ the previous day. READ ALSO: Thumbs-up: Don’t Reverse Fuel Subsidy, Naira Floating – World Bank Hails Tinubu ‘Very Sick’ Kenyan Deputy President…

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How FG, States, LGCs Shared N1.289 Trillion In September – FAAC

ADEOLA YUSUF

The Federation Account Allocation Committee (FAAC), at its October 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.298 Trillion to the three tiers of government as Federation Allocation for the month of September, 2024 from a gross total of N2.298 Trillion. From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED and Augmentation of N150.000 billion, the Federal Government received N424.867 Billion, the States received…

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Naira Appreciates To N1,685 In Parallel Market

ADEOLA YUSUF

The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,700 per dollar on Monday. Similarly, the Naira appreciated to N1,659.26 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.26 per dollar from N1,669.15 per dollar on Wednesday, indicating N9.89 appreciation for the naira. READ ALSO: Crescent Varsity Lecturer, Jamiu Folarin, Bags PhD Student Dies In Tragic Campus Accident, Exams Suspended Zenera, CEO Olowola Win PR Agency, Brand Strategist Of The Decades…

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‘Third Biggest Debtor,’ Nigeria’s Debts To W’Bank’s IDA Hits $16.5bn

ADEOLA YUSUF

In a significant development, Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), with its borrowing increasing by 14.4% to $16.5 billion in the fiscal year 2024. This surge in borrowing has pushed Nigeria ahead of India, which previously held the third position, and reflects a growing reliance on international financing to support the country’s development agenda. According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by $2.2 billion from $14.3 billion in 2023, marking a notable shift in its borrowing…

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Domestic Air Fare Jumps By 25% In July — NBS

ADEOLA YUSUF

Domestic travellers paid 25 per cent more for air flights in July 2024, a new report by the Nigerian Bureau of Statistics (NBS) has said. The bureau in its Transport Fare Watch Report for July said domestic air fare rose by 25 per cent year-on-year (YoY) to ₦98,561.74 in July 2024 from ₦78.775.74 in July 2023. NBS said: “In air travel, the average fare paid by air passengers for specified routes single journey was N98,561.74 in July 2024, showing an increase of 9.65 per cent compared to the previous month…

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How Hackers Seized GTBank Website

ADEOLA YUSUF

The website of GTBank, a leading Nigerian financial institution, has been hacked. The incident which happened on Wednesday night made the site inaccessible as some customers lamented on social media. Multiple attempts to log on to www.gtbbank.com returned error signs as of 10:30pm on Wednesday. The incident happened after the domain name was renewed for another five years from August 13, 2024, through March 21, 2029, according to platforms that analyse domain information. READ ALSO Ugochinyere: Bringing Back Distasteful Memory of a Time Gone By, By Kumbi Aderibigbe Hunger Protest,…

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Naira Down To N1,525/$ In Parallel Market

ADEOLA YUSUF

The Naira yesterday depreciated in the parallel market to N1,525 per dollar from N1,520 per dollar last weekend. However, the Naira appreciated to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,339.33 per dollar from N1,482.81 per dollar last weekend, indicating N143.48 appreciation for the naira. READ ALSO: Nigeria Invests N309bn In Agriculture In One Year – Minister Why I Relocated To US – Pastor Sam Adeyemi 2024 Hajj: Nigerian Pilgrim Dies In Mecca…

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Family Of Detained Accountant Asks IG To Probe Fraud Allegations

ADEOLA YUSUF

The family of detained chartered accountant, Ms. Omafume Ayinuola, has asked the Inspector General of Police IGP, Kayode Egbetokun to probe accusation of fraud preferred against their daughter by a prominent stockbroker and businessman, Peter Ololo. The family in a petition by Erhievuyere-Dominic Peter, a brother to the detained accountant, lamented that members of the family were currently living in fear for the safety of detained sister, stressing that members of the family have been subjected to harassment and intimidation. The petitioner complained that “The actions taken against his family…

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