Chairman, Dangote Sugar Refinery Plc, Aliko Dangote has said that the National Sugar Master Plan (NSMP), when executed as designed, can save the nation foreign exchange in excess of $700million yearly from the backward integration component. READ ALSO; Police recover stolen Dangote truck with 900 bags of cements Dangote, according to a statement by the company, made the disclosure during … Read more
The Central Bank of Nigeria says the e-naira which is set to be launched on October 1, 2021, is a legal tender equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets. The CBN Director, Payment System Management, Mr. Musa Jimoh, said this during an interview … Read more
Nigerian currency is starting the week on a good note at the official market just as the Central Bank of Nigeria (CBN) intensifies effort to reduce relevance on black-market traders. READ ALSO; Naira down to 557 against dollar – gains at official market Data obtained from FMDQ securities, shows the exchange rate between the Naira … Read more
Nigeria’s consumer price index has shown a decrease in inflation rate from 17.38 per cent in August to 17.01 per cent in August of 2021 on year-on-year basis, according to a monthly report by the National Bureau of Statistics (NBS). That is 0.37 per cent points lower than the rate recorded in July 2021 (17.38) per cent, the figure that … Read more
Naira plunged further against the U.S. dollar at the unofficial markets on Tuesday. However, the currency gained marginally against the hard currency at the official market. READ ALSO : Naira starts week at N545/$ According to abokiFX.com, a website that collates the parallel market rates in Lagos, the local unit closed at N557.00 per $1 at the black market window on … Read more
Infinix and Royal Observatory Greenwich have embarked on a corporate partnership to support Infinix in an exciting online webinar to launch the new smartphone – ZERO X Pro – to spark inspiration to capture visuals outside of the norm. READ ALSO; Again, Infinix Wins Innovative Mobile Phone Brand Of The Year Global smartphone company, Infinix, held its … Read more
The Guaranty Trust Bank has directed its staff to take the COVID-19 vaccine before the end of the month or face a 50 percent pay cut. READ ALSO; APP REVIEW: GTBANK App enables ease of transactions In a memo dated September 13, 2021, and signed by its operational risk unit, the lender warned that any … Read more
The Naira began the week at N545 per dollar at the black market, a 3.1 percent depreciation from last Monday’s opening rate. READ ALSO; We Have No Plan To Convert Domiciliary Account Holdings Into Naira – CBN The naira had opened last week at N528 but by the end of the week was trading at … Read more
SCOA, MTN Nigeria, Oando and Nigerian Breweries made the list of stocks to watch this week, for various reasons that includes market capital and operational activities. READ ALSO; MTN parts with N71.97bn to remain in business in Nigeria Their company activities are expected to have positive or negative impact on shareholders’ investment during this week’s … Read more
Today, September 13, makes it 100 days since the federal government suspended the use of twitter in the country costing the Nigerian economy about N247.61 billion, so far. READ ALSO; Better Security, Economy More Likely Where There Is Unity, Says Osinbajo On June 5, the Federal Government through the Nigerian Communications Commission (NCC) suspended Twitter … Read more
Fidelity Bank shareholders will go without dividend in the First-Half of 2021 despite the financial institution reporting revenue growth during the same period. READ ALSO; Remarkable! Fidelity Bank Turns Customers into Millionaires In its financial statements for the period ended June 30, 2021, signed by Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, it was stated that, … Read more
A fuel station owner on Sunday in Abuja charged the Petroleum Tankers Drivers (PTD) arm of the National Union of Petroleum and Natural Gas Workers (NUPENG) to respect court’s proceedings. READ ALSO, NUPENG Blasts El-Rufai, Threatens National Strike He told newsmen that failure of the drivers to distribute petroleum products in the southeast amounted to infringement on citizens’ rights to access petroleum products. The dealer, … Read more
The World Bank has banned 55 Nigerian companies for various procurement offences in the last 20 years. In a note obtained by Wotzup Nigeria on its website on Sunday, World Bank said at least 14 companies were blacklisted for fraud, and contract breaches among others till December 31, 2999. READ ALSO; World Bank, UNN support … Read more
Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up. READ ALSO; MTN parts with N71.97bn to remain in business in Nigeria Here are the Headlines: Court suspends CBN … Read more
The days of having to reach the nearest ATM booth or a bank branch to make bank transactions are gone. This is so given the advent of more secured and less time-consuming alternatives as the use of USSD code and mobile banking apps. READ ALSO; Questions as Segun Agbaje remains GTBank MD 3 months after … Read more
MTN Nigeria’s operational license has been renewed by the telecoms regulator, Nigerian Communications Commission (NCC) after paying N71.97 billion to remain in business. READ ALSO; We Made N95.5bn Advance Tax Payment To Support Govt’s Revenue — MTN The y’ello network’s Unified Access Service (UAS) licence and spectrum licence for wireless local loop in the 900MHz … Read more
On Wednesday, the Naira fell further on the parallel side of the foreign exchange (FX) market, as mounting pressure devalued the local currency by N3. READ ALSO; Ahmed Musa gives teammates 5m naira out of 10m given to him by NFF for making 100th international cap Naira fell against the U.S. dollar at the parallel … Read more
The Chief Executive Officer of Financial Derivatives Company Limited, Mr Bismarck Rewane, has said Nigeria’s Gross Domestic Product is rising and inflation rate is falling, but more people are living below the poverty line. READ ALSO; Top 10 countries in Africa by GDP per capita, Nigeria ranks 17th Rewane, a member of the Presidential Economic Advisory Council, said this … Read more
Despite a well-publicized declaration of Profit After Tax (PAT) of N287 billion, the Nigerian National Petroleum Corporation (NNPC) is still mired in financial difficulties. READ ALSO; NNPC Declared Profit Because Buhari Didn’t Make It An ATM, Says Adesina The NNPC released its audited financial report for 2020 on Wednesday evening, with auditors expressing fears about the corporation’s … Read more
Fans of the Nollywood actress Toyin Abraham have made hilarious comments about the recognition given to popular crossdresser, James Brown who fall under the category of well-dressed male to the “The Ghost and the Tout too” movie premiere despite putting on a female outfit. Wotzup.ng recalls the princess of Africa made a grand entrance with two beautiful … Read more