Business
CBN releases new guidelines on forex
The Central Bank of Nigeria (CBN) on Monday released some amendments to the current policy. A statement signed by its Acting Director of Corporate Communications, Isaac Okorafor, listed major areas it intends to make changes. Such area includes the sale of foreign exchange by Deposit Merchant Banks at international airports…
Read More »IMF to help Somalia print first banknotes
The International Monetary Fund has signified interest to help replace Somalia’s tattered currency notes. The country’s notes were printed before the Horn of Africa nation plunged into civil war almost three decades ago. The new Somali shilling notes may come into circulation this year, alongside the dollar that’s been the…
Read More »Citigroup slashes CEO’s pay
Citigroup has agreed to slash its Chief Executive Officer, Micheal Corbat’s pay after the company fail to meet its financial target. Citigroup’s board of directors said Michael Corbat will lose his compensation by 6 percent. Corbat received $15.5 million in total compensation, including a base salary of $1.5 million,…
Read More »Unilever snubs $143bn Kraft Heinz takeover bid
Unilever has rejected Kraft Heinz $143bn offer to takeover the beverage giant. Kraft Heinz Co. made a $143bn offer for Unilever in what would be the largest-ever takeover in the food or beverage industry, opening a campaign to create a consumer-goods giant with household names from Dove soap to Heinz…
Read More »Forex: CBN clears the air, reacts to media report
The Central Bank of Nigeria (CBN) on Thursday reacted to a media report suggesting that the Office of the Attorney General of the Federation and Minister of Justice has issued a query to the apex bank over issues relating to the sale of foreign exchange. The apex bank in a…
Read More »UBA wins Most Innovative Bank Award
Pan African banking and financial services group, United Bank for Africa (UBA) Plc, emerged at the weekend the Most Innovative Bank of the Year at the Independent Newspapers Awards. The award which is in recognition of innovative products and services introduced by the bank in the past years towards meeting…
Read More »FG takes over another airline
Barely a week since the Federal Government of Nigeria took over operations of Arik Air, the government has taken over another airline, Odengene Air-Shuttle Services (OAS) Helicopters in Lagos following a court order. The News Agency of Nigeria (NAN) reported that AMCON had on Tuesday sealed OAS Maryland, Lagos…
Read More »Weststar introduces the new Mercedes-Benz E-Class
Weststar Associates Limited, sole general distributor of Mercedes-Benz in Nigeria is proud to introduce a cutting-edge luxury sports sedan, the new E-class. This is proof that Mercedes-Benz is committed to transforming not just automobiles, but the very idea of mobility itself. The E-class is one of the most technologically sophisticated…
Read More »N50 stamp duties: NECA frowns at banks’ disregard for court order
The Nigeria Employers’ Consultative Association (NECA) has frowned at the continuous deduction of N50 per transaction as stamp duties by the Deposit Money Banks (DMBs), against the directive by a federal court. It would be recalled that the Federal Court of Appeal had in the matter between Kasmal International Services…
Read More »Bribery: Samsung Boss faces probe
Samsung chief Jay Y. Lee appeared at the South Korean special prosecutor’s office for questioning on Monday as part of a wider investigation into an influence-peddling scandal that could topple President Park Geun-hye. The special prosecutor has focused on South Korea’s biggest conglomerate, accusing Lee in his capacity as Samsung…
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