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Moving up steadily, Nigeria’s Aliko Dangote has become the 63rd richest billionaire in the world, according to the latest ranking by Bloomberg. In the ranking released on Wednesday, Elon Musk, the Chief Executive Officer of Tesla, is listed as the richest billionaire. Dangote, who moved up 37 places on the recent Bloomberg billionaire list, is […]
Continue ReadingAmazon, an American e-commerce company, says it is looking to recruit qualified persons for seven positions based in Lagos, Nigeria. The e-commerce platform is set to launch operations in Nigeria by April 2023, according to a report. According to Amazon, the vacant positions include associate solutions architect, Europe, Middle East, Africa (EMEA) startup scaling team; startup segment […]
Continue ReadingExcessive pressure on the foreign exchange market continued on Tuesday, with the dollar exchanging at N615 at the parallel market in Lagos and Abuja. The percentage of local raw materials sourced by Nigerian manufacturers declined to 52.4 per cent in 2021, from 57.5 per cent obtained in 2020, according to data from the Manufacturers Association […]
Continue ReadingNothing hurts the average Nigerian than losing money to fraud. It hits differently when they lose their money through fake bank alerts. That means someone played on their intelligence and stole from them. That hurts. Here are a few pointers to note to avoid being a victim of fake bank alerts. The advent of cashless […]
Continue ReadingIn a country where economic deficit and unemployment have become the order of the day, conceptualizing a business idea in Nigeria and subsequently starting it can be likened to a goldmine which offers an opportunity for people to tap into a better livelihood. According to Statista.com, a total of 32.5% of Nigerians were unemployed in […]
Continue ReadingBetween June 2021, and June 2022, dollar-to-naira exchange rate has risen from N500 to N603 at the parallel market, signifying the greenback appreciated by 21 per cent within the one year period. Dollar exchanged at N603 (average) at Lagos and Abuja parallel markets on Tuesday, indicating a worsening liquidity crisis in the foreign exchange market […]
Continue ReadingDual Luxury World, a leading company in citizenship and permanent residency programmes, has unveiled BBNaija’s Erica Nlewedim, popularly known as Stargirl as its Brand ambassador. The Dual Luxury World brand is about providing you with a luxurious experience of freedom. The organization, in a bid to communicate this even more effectively took things a notch […]
Continue ReadingNigeria’s proposed National Carrier, Nigeria Air, has received the Air Transport Licence (ATL) to commence flying operation. Nigeria’s Ministry of Aviation shared the good news on its Twitter handle after the Licence presentation which was done at NCAA’s headquarters in Abuja, Nigeria. This moment is coming four years after the National Carrier was unveiled to […]
Continue ReadingNigerian singer, David Adeleke, popularly known as Davido, has expressed fear of the dollar exchanging for N1k soon. He has a genuine fear because there was a time in Nigeria that American Dollar ($1) was exchanging for Nigeria’s 60kobo (N0.60). In a tweet he shared, the singer averred that there is need for drastic action. […]
Continue ReadingFears of a further devaluation of the nation’s currency, the Naira, heightening on Monday as the Dollar exchanged at N600 at the parallel market. The rate at the Importers and Exporters Window was, however, N415.75 on Monday, widening the exchange rate spread to N184.25. Punch reports that, at Zone 4 in Abuja, which is the […]
Continue ReadingNigeria’s Securities and Exchange Commission (SEC) has released new rules for digital assets, providing more clarity on trading in cryptocurrencies in the country. Nigeria’s apex capital market regulatory body, SEC, published the guidelines ‘New Rules on Issuance, Offering Platforms and Custody of Digital Assets’ on its website, thus legalising digital assets such as cryptocurrency. The […]
Continue ReadingNigeria spent 86 per cent of its revenue on servicing debt in 2021, but South Africa spent only 20 per cent of its receipts on the same purpose, according to Punch. The International Monetary Fund’s 2021 Article IV estimates show Africa’s most populous nation spent 85.5 per cent of its revenue on servicing the debt […]
Continue ReadingPopular American based Nigerian business executive and philanthropist, Sandra Ijeoma Iheuwa simply called Sandra Iheuwa has taken to Instagram to praise herself about having four degrees. Sandra who shares a daughter with music executive, Ubi Franklin, noted that “school isn’t scam. “She disclosed in her post that she has 2 A.S, 1 B.Sc and 1 […]
Continue ReadingTwitter on Monday confirmed it is selling the platform to billionaire entrepreneur Elon Musk in a deal valued at $44 billion. The sale was a dramatic shift for the board, which had originally maneuvered to block Musk from taking the social media network private. “Free speech is the bedrock of a functioning democracy, and Twitter […]
Continue ReadingCentral Bank of Nigeria (CBN) has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies. Going by a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc. The report noted that […]
Continue ReadingThe lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590 against $1 This is coming, over eight months after the Central Bank of Nigeria (CBN) stopped the sale of forex to Bureau de Change operators and promised to boost liquidity […]
Continue ReadingCommercial sex workers in Tana River County, Kenya, have elected to digitalize their business by forming WhatsApp groups led by various veterans in the trade. According to Nairobi News, the sex workers said they are yet to recover from the effects of Covid-19 despite the lifting of regulations by the government, thus forcing them to look […]
Continue ReadingGlobal oil benchmark, Brent crude, appreciated in price on Monday, moving up by 7.3 per cent or $7.88 to $115/barrel at 7.54pm Nigerian time as European Union nations considered joining the United States in a Russian oil embargo. Industry figures showed that the commodity has been gaining in price since about a week, as more […]
Continue ReadingEuropean Union (EU) has warned that consumers risk losing all their money invested in cryptoassets and could fall prey to scams. Releasing a joint statement on Thursday, March 17, European Union’s securities, banking and insurance watchdogs revealed that crypto consumers have no protections or recourse to compensation under existing EU financial services law. It marks […]
Continue ReadingInternational Monetary Fund (IMF) has projected that the Federal Government of Nigeria may spend 93 per cent of the country’s revenue on the payment of interests incurred on its debts by 2022. In a projection provided in the IMF’s ‘Nigeria Staff Report for the 2021 Article IV Consultation’ report, the Fund also projected that 139 […]
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