The World Bank Group has announced the 30-month debarment of two Nigerian companies, Viva Atlantic Limited and Technology House Limited, alongside their Managing Director and Chief Executive Officer, Mr Norman Didam, for fraudulent, collusive, and corrupt practices linked to the National Social Safety Nets Project in Nigeria. In a statement issued on Monday, the World …
Equity market loses N1.45tn in one week
The Nigerian equity market experienced a loss last week, shedding N1.45tn in market capitalisation. The All-Share Index fell by 2.94 per cent, closing the week at 102,353.68 points, while the market capitalisation also dropped by 2.26 per cent to N62.85tn. A total of 2.252 billion shares, valued at N58.83bn, were traded in 63,657 deals, a …
Ex-FirstBank boss Onasanya dismisses fraud allegation
A former Group Managing Director of FirstBank, Dr. Bisi Onasanya, has dismissed claims of his involvement in a commercial loan transaction carried out 12 years ago at the lender. Onasanya refuted the allegation in a statement signed by his communication advisor, Mr. Michael Oshunuyi, on Sunday, wherein he described the claims as baseless and an …
Dangote releases statement over the hike of fuel price
Dangote Refinery and Petroleum Products Marketers have spoken on the recent premium motor spirit price hike to global crude oil prices as Nigerians lament its impact. Reacting to the latest price hike, Dangote Refinery, in a statement by its spokesperson, Anthony Chijiena, explained that it is due to a significant surge in the global prices …
Tax bills will be passed in Q1, implementation to commence in July – Oyedele
The Chairman of the presidential committee on tax policy and fiscal reforms, Taiwo Oyedele, says the tax reform bills will be passed into law in the first quarter (Q1) of 2025. Oyedele made this disclosure on Saturday, January 18 while speaking at The Platform, an event organized by The Covenant Nation to facilitate national development. …
Petrol price hike: Queues resurface at filling stations
Oil marketers have declared that filling stations should not be blamed for the hike in the pump prices of Premium Motor Spirit, popularly called petrol, as queues for the commodity surfaced in various locations on Saturday. Many filling stations in Lagos, Ogun, Abuja, and Port Harcourt, among others, were closed on Saturday, as dealers explained …
95% bank debtors borrowed from MFBs in 2024 – CBN
The Central Bank of Nigeria has revealed that 95.66 per cent of bank debtors borrowed from microfinance banks as of September 2024. This dominance highlights the critical role of MFBs in the country’s lending ecosystem, particularly for individuals and small businesses. Out of the 6,537 total debtors recorded across all creditor types, 6,253 were linked …
Canadian businessman, Kevin O’Leary offers $20B cash to buy TikTok
Canadian businessman and, Investor Kevin O’Leary, has offered TikTok’s owners $20 billion in cash to buy the platform. Recall a bipartisan bill, which President Biden signed, called TikTok a threat to national security and forced ByteDance, the platform’s Chinese parent company, to divest from the platform or sell it in order for TikTok to remain …
Trump’s meme coin surges to $4bn market cap nine hours after launch
Donald Trump, the United States president-elect, has officially launched a new meme coin named $Trump. The announcement was made on X (formerly Twitter) on Saturday, where Trump encouraged his supporters to join the initiative. Just nine hours after its launch, $Trump reached a market capitalization of $4 billion, according to cryptocurrency aggregator Coingecko. Initially priced …
Maritime workers raise alarm over poor safety at ports
The Maritime Workers Union of Nigeria has said that the safety of port workers under dilapidated quay aprons is not guaranteed. The President General of MWUN, Adewale Adeyanju, stated this in a chat with The PUNCH in Lagos on Monday. According to him, the workers’ lives are no longer safe because of the quay aprons, which are …