Category: Money and Stocks

Elumelu Is A Betrayer Otedola Declares As Billionaires’ War Degenerates

ADEOLA YUSUF

How the UBA boss backstabbed me in Power, Bank deals, Otedola opens up in new twist to Transcorp tussle   Billionaire businessman, Femi Otedola, has disclosed how the Chairman of the United Bank for Africa (UBA), Tony Elumelu, allegedly backstabbed him in power and bank deals. Platforms Africa reports that Otedola, in a statement issued on Tuesday, May 9, said he gave Elumelu $20 million (N2 billion) for the acquisition of UBA in 2005 but the latter took over his shares in the bank when he went bankrupt in 2008.…

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Otedola Surrenders Transcorp’s Top Ownership Tussle To Elumelu

ADEOLA YUSUF

Shares of Transcorp, owner of three power plants with 2,000 megawatts or more than 40 per cent of Nigeria’s total power-generating capacity, slumped 9.9 per cent on the Nigerian Exchange (NGX) in Lagos   Nigerian businessman Femi Otedola has sold his substantial shareholding of 6.3 per cent, a haul of 2.6 billion shares bought in separate transactions in Transcorp, to Mr Tony Elumelu. Earlier, within days of his acquisition of a substantial shareholding, Mr Elumelu had racked up his interest from 2.07 to 25.9 per cent. This is perceived by…

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Nigeria’s Inflation Rate Hits 22%

ADEOLA YUSUF

The National Bureau of Statistics has revealed that Nigeria’s inflation rate climbed to  22.04% in March 2023. The per cent represents a 13.4 basis points increase compared to 21.91% recorded in the previous month. READ ALSO: BREAKING: Aishatu Binani Is Adamawa Governor-Elect – INEC Rescheduled Mock UTME: JAMB Urges Candidates To Print Slip Lagos Begins Structural Integrity Test On Banana Island Buildings NIHRCO Petitions IG, NASS Over Alleged Criminal Land Grabbing In Lagos It noted that food inflation was 24.45% in March 2023 from 24.35% in February 2023, while urban…

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Nigeria Bars Illegal Online Banks, Approves 173 Loan Apps

ADEOLA YUSUF

: President Muhammadu Buhari has, through the Nigerian Competition and Consumer Protection Commission, barred illegal online banks as he approved 173 digital lending applications to operate in the country. Of the 173, 119 have full approvals and 54 have conditional approvals. After loan apps started harassing Nigerians, the FCCPC began a registration drive to protect citizens from the atrocities of these apps. It released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022’ to regulate the digital lending space and make registration and approval a prerequisite for…

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Is CBN Suspending OPAY, PALMPAY? Here is The Truth

ADEOLA YUSUF

Numbers of Opay and PalmPay users in Nigeria have reached 40 million   The Central Bank of Nigeria (CBN) has made clarification on viral reports that it has suspended accounts of some Fintech companies like OPAY and PALMPAY. Platforms Africa reports that the apex bank refuted the reports, describing it as fake news. READ ALSO: Naira Crisis: Millions of Nigerians Already Dragged Into Mental Illness – Expert How I Rake In N245,000 Weekly From Lagos Motorists – Fake LASTMA Officer BREAKING: NLC Declares Nationwide Strike Over Naira Scarcity Cash Crunch:…

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BREAKING: CBN Jittery, Orders Banks To Open on Saturdays, Sundays

ADEOLA YUSUF

“No going back on picketing of CBN branches nationwide over naira scarcity” – NLC   The Central Bank of Nigeria (CBN) has directed all commercial banks to open for operation on Saturdays and Sundays as part of a coordinated effort to ease circulation of Naira of all denominations. This came as the Nigerian Labour Congress (NLC) declared that there is no going back on its decision to picket the CBN by Wednesday. This is as the bank says it has confirmed the evacuation of banknotes from its vaults to commercial…

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More Naira as Banks Get Old Notes Deposited with CBN

ADEOLA YUSUF

Forgive me, Emefiele Tenders Apology To Nigerians over failed online transactions   Reliable sources in the CBN said banks have been instructed to collect the old Naira noted they deposited in CBN and that before the end of the week, the country would be awash with Naira notes. This came as the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, on Tuesday apologised to Nigerians for the failed online transactions. Emefiele admitted challenges faced by bank customers following the limit on cash withdrawals and said the CBN would sustain the…

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Naira Crisis: Millions of Nigerians Already Dragged Into Mental Illness – Expert

ADEOLA YUSUF

  THEY LIVE WITH US: More than 95 per cent of those suffering mental illness are not in the hospitals, US-based Nigerian Psychiatry expert, Dr. Andy Newton, opens up during Platforms Africa’s e-Discourse on the Naira Crisis, petrol scarcity, toxic election campaign, and effects on mental health of Nigerians + all you need to know about mental health   What is your assessment of the state of mental health in African, that is those living on the continent? The State of the Mental health in Africa is dire. The idea…

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Barcelona Charged With Corruption Over $6.9m Referee Payments

ADEOLA YUSUF

Spanish prosecutors on Friday charged the football club of Barcelona with corruption over payments the club made to a former refereeing chief’s company. Two of the club’s former presidents, Josep Maria Bartomeu and Sandro Rosell and the ex-refereeing chief Jose Maria Enriquez Negreira are facing the same charge. The afair concerns alleged payments Barcelona made to Negreira, the former refereeing technical committee vice-president, for providing the club with verbal advice on topics relating to referees. READ ALSO: Pele’s Widow To Inherit 30 Percent Of His assets Real Madrid Reject UEFA…

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NCDMB, BOI Launch $50m Fund for Oil Industry Manufacturing

ADEOLA YUSUF

  The Nigerian Content Development and Monitoring Board (NCDMB) and Bank of Industry on Wednesday in Lagos launched a $US50 million dollars fund for NOGAPS Manufacturing Product Line. The fund is to incentivize companies that would operate in the Nigerian Oil and Gas Parks and engage in the manufacturing of equipment components used in the oil and gas industry and linkage sectors. Speaking at the signing, the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote mentioned that the fund would support oil and gas companies that would operate in the…

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