Business

A South African grocery retailer, Pick n Pay said it will exit Nigeria by selling its 51 per cent stake in a joint venture. According to Reuters, Sean Summers, chief executive officer of Pick n Pay, said the move is part of its plans to restructure outside of its home market. The retailer has two stores in Nigeria, having entered…

International Finance Corporation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have signed an agreement to finance critical sectors in Nigeria with $1billion in the coming years. The partnership with CBN is targeted at increasing local currency financing to enable private businesses in Nigeria to grow and thrive. A joint statement by  IFC…

FBN Holdings Plc recently held the signing ceremony to commence the Rights Issue offering of 5,982,548,799 ordinary shares of 50 kobo each at N25.00 per share to its existing shareholder on the basis of one (1) new ordinary share for every (6) ordinary shares held as at October 18, 2024. The Offer is part of the Company’s plan to recapitalize…

Air Peace has addressed reports circulating online about a purported 100per cent  fare increase across domestic flight routes, debunking the claim as false. The disclosure was contained in a statement posted on the airline’s official X (formerly Twitter) account on Saturday, clarifying that the information did not originate from Air Peace. According to the viral message, “effective 1st November 2024,…

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has revealed that consultations are ongoing “at the highest levels” for the country to exit the grey list. Grey list is an anti-money laundering watchlist of the Financial Action Task Force’s (FATF). The development comes 24 hours after the Nigerian Financial Intelligence Unit (NFIU) announced that FATF had approved…

The Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso has said it has engaged leading International Money Transfer Operators (IMTOs) to drive remittance inflows to $1 billion through formal channels. Leading the Nigerian delegation, the CBN governor and Wale Edun, the minister of finance, have been engaging global leaders, investors, and the diaspora community in the past week at…

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso says the federal government is considering a diaspora bond in the United States next year and is targeting remittance inflows of $1 billion monthly. Cardoso spoke on Thursday in an interview with Reuters on the sidelines of the International Monetary Fund (IMF) and World Bank meetings in Washington, DC. The…

The Nigeria Civil Aviation Authority (NCAA) has announced that passengers on domestic flights can claim up to $1,000 for lost luggage, while those on international flights are entitled to 1,288 Special Drawing Rights (SDR). The SDR is a monetary value that can be converted to any global currency, allowing compensation to reflect the value of the missing luggage as declared…

The Central Bank of Nigeria (CBN) has dismissed claims that the old series of N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024. The CBN has reaffirmed that the Supreme Court’s order to extend the use of old Naira banknotes indefinitely is still in force. In a statement, the CBN said its directive to…

Financial literacy, financial consumer protection, and financial inclusion have been described  as three essential pillars for the financial empowerment of individuals and the overall stability of the financial system. Director General of the Securities and Exchange Commission, Dr Agama Emomotimi stated this at the Flag-off of the 3rd Phase of the AFEC Financial Literacy and Inclusion Awareness Campaign  organised by…