Business

Insurance operators conclude share capital increment exercise

As a of National Insurance Commission’s (NAICOM) proposed changes to the minimum regulatory requirement on paid-up capital for market expansion, some operators are concluding share capital increment exercise. Speaking on this, the Chief Executive Officer, AXA Mansard Insurance, Kunle Ahmed, said that paid-up capital is a form of corporate reorganisation, which involves making substantial changes to a company’s capital structure. ...

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Outage: MTN rewards subscribers with free airtime, data

MTN Nigeria has rewarded its subscribers with free data and airtime for national calls & SMS, as compensation for the outage witnessed on October 9, 2021. This was confirmed from the messages the Telco giant via its Chief Executive Officer, Karl Toriola, shared with the subscribers on Sunday. The CEO’s message was to apologise to customers who were affected by ...

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Buhari urges ExxonMobil, others to take advantage of PIB

President Muhammadu Buhari has urged operators in the petroleum industry to take advantage of the new Petroleum Industry Act (PIA) to promote their investments in the oil and gas sector. The president said this at an audience with a team from ExxonMobil Corporation led by Liam Mallon, its President on Upstream Oil and Gas, at State House Abuja, on Wednesday. ...

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CBN Governor says local Fintech firms attract $500m Investment in five years

The Central Bank of Nigeria CBN says that Fintech firms owned by Nigerians have attracted $500 million investments in five years. CBN Governor Godwin Emefiele disclosed this on Wednesday He attributed the development to the confidence the investing community has in Nigeria’s robust payment system. He added that after missing the launch date of October 1, Nigeria’s digital currency the ...

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LCCI expresses concern as investors lament difficulty in accessing foreign exchange

The Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns over businesses’ inability to access foreign exchange for the importation of raw materials for production, noting that operators are still experiencing liquidity challenges. The president, LCCI, Toki Mabogunje, at a press briefing on the state of the economy, explained that many investors are still lamenting the difficulty of accessing ...

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DSTV CEO says the company spent N4.3b to organize BB Naija

Organisers of Big Brother Naija, BBNaija season 6 has revealed how much it cost to host the show. CEO of DSTV in Nigeria said it cost N4.3 billion to make the show happen this year. He said this at the season 6 winner’s prize presentation. “We employed 12,000 persons for this show, it cost us N4,3billiom to air this show ...

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I won’t allow agony of divorce to affect my business- Bill Gates

The co-founder of Microsoft Corporation, Bill Gates, has described his recent divorce from Melinda French Gates, as “a very sad milestone” and a source of “personal sadness.” Billionaire Gates spoke in an interview with CNN’s Anderson Cooper as reported by the New York Post on Wednesday, saying that his relationship with billionaire Jeffrey Epstein was a “mistake.” Jeffrey Edward Epstein ...

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How FG wants to generate N100bn from lottery business- Official

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Amid concerns about low revenue generated by the lottery industry, the Federal Government has planned to generate N100 billion from the sector annually. This disclosure was made by the Executive Secretary of the National Lottery Trust Fund (NLTF), Bello Maigari, on Thursday during the presentation of sporting kits to the agency’s staff in Abuja. It should be noted that despite ...

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$2.76m Deal: Manufacturing giant, PUMA threatens to sue FG, AFN

German sportswear manufacturing giants PUMA will sue the Athletics Federation of Nigeria and Federal Ministry of Youth and Sports, The sportswear manufacturer had terminated the four-year contract in a letter dated Wednesday, August 4, 2021, and signed by the company’s director Manuel Edlheimb. It was gathered that the AFN under the leadership of Ibrahim Gusau had entered into a controversial ...

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FMDQ Securities Exchange lists securities worth of N2.07 trillion in 2020

FMDQ Securities Exchange has listed 82 securities worth N2.07 trillion in the 2020 business year. The group also planned to start listing and trading in equities. Speaking at the group’s Annual General Meeting (AGM), Chairman, FMDQ Holdings Plc, Dr. Kingsley Obiora, said the group recorded significant achievements during the year despite the challenges posed by COVID-19 pandemic. Obiora, who was ...

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