Business

The Central Bank of Nigeria, CBN, has directed 0.005 percent Cybersecurity Levy deductions on electronic transfers. A circular issued by the CBN, yesterday, directed the deductions would become effective from the next two weeks. According to the CBN, the deductions shall be applied at the transaction origination. They will be put together…

Massive internet outages have been reported in Nigeria following damage to international undersea cables supplying the country with connectivity. Telecommunications companies and a number of banks which rely on the affected cables for internet services have been affected by the outage. According to reports, the damage affected major undersea cables…

The Nigerian Exchange (NGX) has started the delisting process for the removal of the shares of GlaxoSmithKline Consumer Nigeria (GSK Nigeria) Plc from the stock market. A regulatory document obtained yesterday indicated that the NGX has suspended trading on the shares of GSK Nigeria.  The NGX stated that the suspension…

The Dangote Petroleum Refinery is to supply fuel to about 150,000 retail outlets operated by the Independent Petroleum Marketers Association of Nigeria following a meeting between the management of the refinery and executives of IPMAN. Last week Monday, it was reported that IPMAN had scheduled a meeting with the management of…

President Bola Tinubu has started the implementation of the report of the Special Investigator on Central Bank of Nigeria (CBN) and related entities, Jim Obazee with the dissolution of the board and management of Titan Trust Bank and three others. The others are Union Bank of Nigeria Plc, Polaris Bank,…

Barely a few days to the commencement of the 2024 fiscal year, hope appears rekindled in the revenue horizon as the price of Nigeria’s Bonny Light, rose to $81.11 per barrel, from $78 per barrel it closed last week, indicating an excess of $3.15 per barrel against the 2024 budget reference…

The Cement Producers Association of Nigeria has called on President Bola Tinibu to end the monopoly in cement production and distribution. It also called for the inclusion of companies with verifiable local investments in cement within the participation scope. The association made the requests in a letter addressed to the…

The Central Bank of Nigeria (CBN) on Friday approved three additional designated banks for the collection of the Nigeria Export Supervision Scheme (NESS) fees. In a circular signed by Dr. W.J. Kanya on behalf of the Director for Trade & Exchange Department, the Apex bank disclosed that Coronation Merchant Bank…

Nigeria has set a plan to help startups raise their total yearly funding rounds to $5bn by 2027. This was disclosed by the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, on Monday in a document titled, ‘Accelerating our Collective Prosperity through Technical Efficiency: A Strategic Plan for…

No. 1: First, have a pretty good idea of what you’re getting into before you start. Running a company is not a 9-to-5 occupation. And much, if not most, of running a business has little to do with the quality of the product or service you sell. You have to work…