EFCC Extradites Nigerian Fraud Suspect On FBI’s Wanted List To US.
A wire fraud suspect, Fatade Idowu Olamilekan, who is on the wanted list of the Federal Bureau of Investigation (FBI) was on Thursday July 14, 2022, extradited to the United…
Billionaire Investor, Ken Langone, Highlights Three Things All Businesses Need In Order To Grow.
Billionaire investor and philanthropist, Ken Langone has pointed out three core business principles that worked for him during his career. He told CNBC in an interview that aired on Mad…
Official Exchange Rate Appreciates As Forex Supply Surges By 301% To $389 Million.
The exchange rate between the naira and the US dollar closed at N424.17/$1 at the official Investors. Naira appreciated significantly against the US dollar at the official market, with a…
South Korea Unbothered About Capital Outflows, Finance Minister Says
Choo Kyung-ho, South Korea’s finance minister has shrugged off the short-term dangers of capital outflows from the Asian financial system as gaps in world charges widen. At the Group of…
Chinese Banks Hold Lending Rates as PBOC Remains Cautious
Chinese banks held their main lending rates steady in the absence of more easing from the central bank, which is trying to strike a balance between preventing faster inflation and…
Dutch Central Bank Fines Binance 3.3 Million Euros.
The Dutch central bank (DNB) said it had fined Binance, one of the biggest cryptocurrency exchanges; 3.3 million euros ($3.35 million) for offering services in the Netherlands without being registered…
More Worries Over Rising Inflation, Headwinds As MPC Meets Today
In the face of economic and financial challenges, members of the rate-fixing arm of the Central Bank of Nigeria and the Monetary Policy Committee will face tough choices in the…
Airtel Pushes SWOOTs Capitalization Up By N316.86 Billion
The combined market capitalization of stocks worth over one trillion (SWOOTs); appreciated by 1.58% to close at N20.74 trillion from N20.41 trillion the previous week, reflecting a gain of N316.86…
Dollar Prowls Just Below Highs As Euro Gasps For Gas
The dollar began the week nudging down from multi-year highs; with hotter-than-forecast inflation reading in New Zealand lending modest support to the kiwi; though fears about Europe’s gas supply put…
Russia To Block Sale Of Foreign Banks’ Russian Subsidiaries- Ifax Cites Finance Ministry
Russia will block the sale of foreign banks’ Russian subsidiaries while Russian banks abroad cannot function normally; the Interfax news agency cited Deputy Finance Minister Alexei Moiseev.Russia’s central bank is…
Amidst Rising Inflation, Telcos Are Rolling Out Cheaper Tariff Plans
Despite the rising inflation across sectors of the economy and globally, telecommunications operators in Nigeria are still rolling out more affordable tariff plans. This is according to a newly approved…
Morgan Stanley Profit Slumps 30% As Deals Stall, Recession Risks Rise.
Morgan Stanley’s second-quarter profit slumped 30%, it reported, falling short of analysts’ estimates for the first time in nine quarters; as its investment banking business suffered from a slump in…
Banks’ Borrowings From CBN Hits N595.34bn In Two Months
The Central Bank of Nigeria (CBN) through its Standing Lending Facility in two months, lent to commercial banks a total of N595.34 billion. The figure is captured in its recently…
Shareholders Of Nestle Nigeria Lose N124.05 billion Year-To-Date On Sell Pressure
Sell pressure witnessed on the shares of Nestle Nigeria Plc since the beginning of the year has resulted in investors of the company; losing about N124.05 billion at the close…
Stakefair Launches, Raises $670,000 In Pre-Seed Funding
Stakefair, a Decentralized Finance (DeFi) company that is poised to disrupt the Real-Money Gaming industry, has launched. Stakefair allows users to predict the outcome of sports matches and other real-world…
Global Startup Funding Fell 23% In Q2 2022, Largest Drop In About A Decade.
Venture capitalists are reckoning with their worst quarter in almost a decade as economic uncertainty. And lackluster returns have prompted investors to hold back following the startup funding boom in…
Tizeti Declares First Dividend Of N2.00 Per Share For Year Ended December 2021.
Pioneer solar-based internet service provider in West Africa, Tizeti Network Limited; is set to pay its shareholders its first dividend ending December 31st, 2021. The company says it has been…
Bears Maintain Dominance As Stock Market Valuation Dips By N90 Billion.
The Nigerian Exchange Group closed negative amidst buy-interests and sell-offs as bears dominated proceedings. Weighing down the broad market by 32 basis point. The All-share Index (ASI) depreciated by 0.32%…
Kadmos, a salary payments platform for migrant workers, raises $29.5M
Companies from across the industrial spectrum often rely on a migrant workforce employment. But being away from their domestic jurisdiction and financial infrastructure presents a host of challenges. Including what…
Russia’s Sberbank Executes First Digital Asset Issue On Its Platform.
Russia’s dominant lender Sberbank (SBER.MM) said it had carried out the first digital financial asset transaction on its own platform. With its subsidiary SberFactoring executing a 1-billion rouble ($16 million)…
Twitter Hires Law Firm Wachtell To Sue Musk After Pulling Out Of $44 Billion Deal
Twitter Inc has hired U.S. law firm Wachtell, Lipton, Rosen & Katz LLP as it prepares to sue Elon Musk; and force him to complete the $44 billion acquisition of…
Brazil’s Itau To Buy 35% Stake In Broker Avenue For $92 Mln, Eyes Control Later
Brazil’s largest private lender Itau Unibanco Holding SA (ITUB4.SA) has agreed to acquire control of Avenue; a brokerage that provides Brazilians with access to foreign markets. Itau Unibanco will spend…
Essity Buys 80% Of Canada’s Knix Wear For $313 Million
Sweden’s Essity on Friday said it had agreed to buy 80% of Canadian company Knix Wear. A maker of leakproof apparel for periods and incontinence, for around 3.3 billion Swedish…
CBN Releases Guidelines For Digital Financial Service Awareness
The Central Bank of Nigeria has issued an exposure draft for the digital financial services awareness guidelines to address gaps in consumer knowledge and practices with Digital Financial Services. The…
External Reserves Gain $679.12M In One Month
NIGERIA’S external reserves returned to a growth path after gaining $679.12m. However, Figures obtained from the Central Bank of Nigeria revealed that the reserves; which stood at $38.48bn as of…
NatWest Hands Staff Pay Rise To Ease Impact Of Soaring Inflation
British bank NatWest has joined rivals in handing out an unscheduled pay boost; to staff to help shield them from soaring price rises, according to an internal memo. The state-backed…
DeFi Ecosystem Lost $156 Billion In Total Value Locked In Q2 2022
Currently, the cryptocurrency space has lost a great deal; especially with Bitcoin posting its worst quarterly performance in 11 years. Away from the price and the allure of market valuation;…
Airtel Reduces Debt To Parent Company By $450 Million
Airtel Africa announced that it has redeemed up to $450 million out of the $1 billion loan it owes to its subsidiary Bharti Airtel International (Netherlands) B.V. (‘BAIN’). The loan…
Ardova Plc Blames Subsidiaries For N3.8 Billion Full Year Loss
Oil and gas retail giant, Ardova Plc reported a loss of N3.8 billion for the year ended December 2021. This contain in its audited financial statements published by the company.…
Debt Management Office Lists $1.25 Billion Eurobond On NGX, FMDQ
The Debt Management Office (DMO) has announced plans to list the 8.375%, $1.25 billion; March 2029 Eurobond on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited. This disclosure contain…