Posted inBusiness
ByteDance Says ‘No Plans’ To Sell TikTok After US Ban Law
Chinese tech giant ByteDance has said it has no plans to sell TikTok after a new US law put it on a deadline to divest from the hugely popular video…
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Economic Woes Force Kimberly-Clark to Shut Down Nigerian Plant
Kimberly-Clark, a multinational consumer goods corporation, is about to shut down its production facility in Ikorodu, Nigeria, due to persistent economic challenges. Reports indicated that despite investing $100 million in…
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$2.4bn of $5.5bn refinery loan repaid, says Dangote
The founder of Dangote Group, Aliko Dangote, has revealed that he has paid off $2.4bn of the $5.5bn loan for his $19bn Lagos-based refinery. The Africa’s richest man also alleged…
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Naira Depreciates by 40% in Q2 2024, Hits Record Low of N1505.30 per Dollar
The Nigerian Naira has suffered a significant decline in value, depreciating by over 40% in the second quarter of 2024, according to data from the FMDQ. The Naira weakened…
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FG Suspends Duties, Tariffs, and Taxes on Essential Food Items to Address Food Inflation
The Federal Government has announced the suspension of duties, tariffs, and taxes on essential food items imported through land and sea borders, in a bid to address the food…
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BREAKING: Global IT Outage Downs Airlines, Banks, Broadcast Stations
A widespread global IT outage has caused chaos across various industries, with airlines, banks, broadcast stations, and supermarkets experiencing technical difficulties. The global IT outage has resulted in grounded flights,…
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Naira Depreciation Continues Despite CBN’s $148m Intervention
The Central Bank of Nigeria's (CBN) recent disbursement of $148 million to authorized dealers has failed to stem the tide of the naira's depreciation, with the currency trading at N1,593…
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Court Orders Ecobank to Pay N1bn to Ex-Oceanic Bank Workers
The National Industrial Court, Lagos Division, has ordered Ecobank Nigeria Limited to pay N1,086,611,589.11 to 1,742 former Oceanic Bank staff for unpaid gratuities and staff savings. Justice…
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CBN Revives Key Economic Reports, Boosts Transparency
The Central Bank of Nigeria has announced the reintroduction of several key economic reports, including the Purchasing Managers' Index, Business Expectation Survey, and Inflation Expectation Report, in a bid to…
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Dollar to Naira Exchange Rate Plummets to N1600 at Black Market
The dollar to naira exchange rate has plummeted to N1600 at the black market, also known as the parallel market (Aboki fx), as of Monday, August 19, 2024. According…