Category: Business

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CBN devalues Naira, fixes dollar sale at N392

The Central Bank of Nigeria (CBN) has devalued the Naira by N6 to Dollar. This brings the Naira closer to the exchange rate unification policy recommended by the International Monetary Fund (IMF) and the World Bank. In a weekly update for International Money Transfer Service Operators (IMTOs), Bureau De Change (BDC) Operators and Service Providers were instructed to add N6 across all rates. The circular … Continue reading CBN devalues Naira, fixes dollar sale at N392

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Forex Trader Docked in Kano for Alleged N7.6m Fraud

The Kano Zonal Office of the Economic and Financial Crimes Commission today October 16, 2020 arraigned one Abubakar Ibrahim before Justice Lewis A. Allagoa of the Federal High Court, sitting in Kano, Kano State on a five count charge of money laundering. One of the counts read ” That you Abubakar Ibrahim (being the Managing Director of Flexus Global Investment Ltd) while acting in such … Continue reading Forex Trader Docked in Kano for Alleged N7.6m Fraud

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Economist, Banker, Albert Okumagba dies at 56

A frontline economist, stockbroker, capital market operator and investment expert, Mr. Albert Okumagba, is dead. Reliable sources in the capital market, where Okumagba was highly respected, confirmed the news of his death. He was said to have died in Abuja, the Federal Capital Territory (FCT). The cause of his death could not be ascertained as at the time of filing this report. The Delta State … Continue reading Economist, Banker, Albert Okumagba dies at 56

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CBN Freezes Adebutu Kessington’s Premier Lotto, 37 Other Coy’s Accounts Over Forex Infractions, Others

The Central Bank of Nigeria has instructed banks to place a post-no-debit on the bank accounts of 38 companies. The affected accounts belong to betting companies, bureau de change companies and some logistics companies. One of the companies, Premier Lotto, is owned by Adebutu Kessington, a Nigerian businessman popularly known as “Baba Ijebu.” The report stated that the companies were being accused of forex infractions, … Continue reading CBN Freezes Adebutu Kessington’s Premier Lotto, 37 Other Coy’s Accounts Over Forex Infractions, Others

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NSE resumes September trading with N46bn growth

The Nigerian Stock Exchange (NSE) on Tuesday sustained positive trend to open trading for the month of September with a growth of N46 billion. Specifically, the market capitalisation which opened the month at N13.212 trillion appreciated by N46 billion to close at N13.258 trillion. In the same vein, the All-Share Index grew by 86.82 points or 0.34 per cent to close at 25,413.95 against 25,327.13 … Continue reading NSE resumes September trading with N46bn growth

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Federal appeals court blocks release of Trump’s tax returns to Manhattan DA

A federal appeals court in New York has halted enforcement of a grand jury subpoena from Manhattan’s district attorney for troves of President Trump’s financial records and tax returns while it considers the case. The 2nd U.S. Circuit Court of Appeals granted a request from Mr. Trump and his legal team to put the ruling from a federal district court on hold while it hears the appeal. … Continue reading Federal appeals court blocks release of Trump’s tax returns to Manhattan DA

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CBN resumes forex sale to BDCs Aug 31 at N386/$1

Efforts to control foreign exchange scarcity and the concomitant high rate crystallized on Thursday, as the Central Bank of Nigeria (CBN) says it will resume weekly forex sales to Bureau de Change operators from August 31. In a circular signed by O.S. Nnaji, Director of Trade and Exchange Department, the CBN, however, warned the BDCs not to exchange the naira at more than N386/$. The … Continue reading CBN resumes forex sale to BDCs Aug 31 at N386/$1

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Jeff Bezos is now worth a whopping $200 billion

Jeff Bezos was already the world’s richest man. Now his net worth has skyrocketed once again, setting another new record.On Wednesday, the Amazon CEO’s wealth reached an estimated $202 billion, according to the Bloomberg Billionaires index, as the company’s shares soared. That’s up about $87 billion since January.The explosive growth in Bezos’ fortune is being driven by his holdings in Amazon (AMZN). The company’s stock is up about 25% … Continue reading Jeff Bezos is now worth a whopping $200 billion

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Davido fiancee Chioma signs deal as new brand ambassador

DMW boss, Davido’s fiancée and mother of his first son, Ifeanyi, is now the new ambassador for Payporte. Chioma who just like Davido has been staying away from social media, signed the deal today with her manager, music executive, Ubi Franklin, and CEO of Payporte, Eyo Bassey. Sharing the good news, Ubi Franklin wrote; “Chioma to me few months ago – “Ubi I want to … Continue reading Davido fiancee Chioma signs deal as new brand ambassador

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Buhari approves Amos Azi as head of Investment and Securities Tribunal

President Muhammadu Buhari on Monday approved the appointment of Barrister Amos Isaac Azi as Chairman/Chief Executive Officer for the Investments and Securities Tribunal (IST). Azi, before this appointment, was a staff of the Securities & Exchange Commission. A statement from the IST said “his appointment is for an initial period of Five (5) years in accordance with the provisions of Sections 275(2) and 277(1) of … Continue reading Buhari approves Amos Azi as head of Investment and Securities Tribunal

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