Business

CBN FINES MONIPOINT, OPAY ₦1B EACH AS NIGERIA TIGHTENS FINTECH REGULATION In a continuation of the Central Bank of Nigeria’s (CBN) increased scrutiny of fintech startups, two of the country’s most prominent unicorns, Moniepoint and OPay, were fined ₦1 billion each in the second quarter of 2024, sources with direct knowledge of the matter told TechCabal. While several other fintech …

NAIRA APPRECIATION MAY FORCE PRICE REDUCTION, INFLATION DECLINE – ECONOMISTS Nigerian economists are optimistic that the Naira’s appreciation against the dollar, if sustained, may lead to a drastic reduction in the prices of imported goods, by extension the country’s headline inflation, which stood at 33.88 percent in October, 2024.The Chief Executive Officer of SD & D Capital Management, Gbolade Idakolo, …

TURMOIL IN FIRST BANK AS OTEDOLA WIELDS BIG STICK Folake Ani-Mumuney was asked to resign as First Bank’s global head of marketing and corporate communications by Femi Otedola, the chairman of the holding company, insiders have told TheCable. A top employee of the bank informed TheCable that Otedola was “seriously irked” when he learned that a whopping sum was spent …

DANGOTE, PH REFINERIES: NIGERIANS VOICE OUT FRUSTRATIONS AMID HIGH FUEL PRICE Reactions have continued to trail the persistent high cost of Premium Motor Spirit, PMS, commonly known as petrol in Nigeria despite having two functional refineries in the country: Dangote and Port Harcourt refineries. Many Nigerians say the price of fuel was expected to reduce with the coming on board …

NAIRA GAINS RAPIDLY AGAINST DOLLAR AS SELLERS STRUGGLE TO FIND BUYERS The exchange rate between the naira and the dollar continued its rapid appreciation on the official EFEM market, closing at N1,535/$1 on Friday, December 6, 2024. This marks a significant milestone, as the naira strengthens further following three consecutive days of appreciation since the Central Bank of Nigeria (CBN) …

NNPC BEGINS EXPORT Of PETROL TO DUBAI FROM PORT HARCOURT REFINERY The PH Refinery ships its first export of petroleum products to Dubai.The company is expected to load the cargo in the coming days onboard the Wonder Star MR1 ship, signalling the commencement of operations at the plant and the exportation of petroleum products. The ship will load 15,000 metric …

TINUBU MOVES TO BRING PEUGEOT, DUNLOP BACK TO NIGERIA President Bola Ahmed Tinubu has given marching order to Nigerian Consumer Credit Corporation (CREDICORP) to ensure return of Peugeot Automobile and Dunlop tyre to the country as Nigeria joins nations with credit facility for the purchase of brand new automobiles. Managing Director/ CEO of CREDICORP Engr. Uzoma Nwagba, confirmed Tinubu’s directive …

DESPITE TAKE OFF OF DANGOTE, PH REFINERIES, NIGERIA IMPORTS 2.3BN LITRES OF FUEL Amid the takeoff of the Dangote Refinery and the controversial Port-Harcourt Refinery, Nigeria’s importation of Premium Motor Spirit (PMS), popularly known petrol, rose to 2.3billion litres between September 11 and December 5, 2024, according to a report by the Nigerian Ports Authority (NPA). The continued importation comes …

BITCOIN PRICE CROSSES $100,000 MARK FOR 1ST TIME The price of the cryptocurrency, Bitcoin, on Thursday surpassed the 100,000 dollars threshold for the first time on the Bitstamp platform. The oldest and best-known cryptocurrency climbed by about 4.8 per cent more than 24 hours, reaching 103,252 dollars at about 0300 GMT. In the past seven days, the leading cryptocurrency has …

OIL MARKETERS REJECT N1,030/LITRE PETROL PRICE AS PH REFINERY OPENS UP ON HALTING OPERATIONS The Port Harcourt Refining Company (PHRC) has confirmed that its operations were not entirely halted but scaled down temporarily to implement improvements.This clarification came as the Independent Petroleum Marketers Association of Nigeria (IPMAN) expressed concerns over the potential high cost of petrol produced at the facility. …