Thursday, December 8

Business

Airlines’ Trapped Funds In Nigeria Hit $550m
Business

Airlines’ Trapped Funds In Nigeria Hit $550m

Despite the recent intervention of the Central Bank of Nigeria (CBN) to clear part of the trapped funds belonging to foreign airlines, the funds have increased to $550m. The International Air Transport Association (IATA) revealed this Tuesday, saying the fund is about half of the $1.1bn blocked funds in Africa and the Middle East. IATA Regional Vice President for Africa and the Middle East, Mr Kamil Ala Wadhi disclosed this when he paid a courtesy visit to the House of Representatives Committee Chairman on Aviation, Rep. Nnolim Nnaji.  A statement from Nnaji’s office quoted him as appealing to IATA to prevail on its member airlines to show understanding as the various organs of government were making efforts to ensure that their ticket proceeds were duly remitted. ...
NEPC seeks foreign market for Nigeria’s annual 31m metric tonnes of ginger
Business

NEPC seeks foreign market for Nigeria’s annual 31m metric tonnes of ginger

The Nigerian Export Promotion Council in collaboration with the Centre for the Promotion of Imports from Developing Countries (CBI) of the Netherlands is currently on a Market Orientation Mission (MOM) to the Netherlands and France to get foreign buyers for Nigeria’s burgeoning ginger farms. About 17 Small and Medium Entrepreneurs (SMEs) in the ginger value chain are with the federal government delegation to these European markets. NEPC’s Head of Corporate Communications, Ndubueze Okeke said the objective of the programme which is hinged on the Nigeria Sustainability Ginger Programme (NGSP 2021-2025) is to leverage on the potential of the commodity to get more value and diversify its market through sustainability, improved quality, certification, organic production and refin...
BREAKING : CBN limits cash withdrawals for individuals to N100,000 weekly
Business

BREAKING : CBN limits cash withdrawals for individuals to N100,000 weekly

Deposit money banks and other financial institutions have been directed by the Central Bank of Nigeria to ensure that over-the-counter cash withdrawals by individuals and corporate entities per week do not exceed N100,000 and N500, 000, respectively. This was conveyed in a memo issued on Tuesday, December 6, and signed by the Director of Banking Supervision, Haruna .B. Mustafa. Banks have also been directed to load only N200 and lower denominations into their ATM. It read;  “Further to the launch of the redesigned naira notes by the President, Major General Muhammadu Buhari (retd.), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with th...
Nigeria To Meet 1.8m Barrels OPEC Oil Target May 2023 – FG
Business

Nigeria To Meet 1.8m Barrels OPEC Oil Target May 2023 – FG

Timipre Sylva The Minister of State Petroleum Resources, Timipre Sylva, says Nigeria will continue to work hard to meet its Organisation of Petroleum Exporting Countries’ crude oil production quota of 1.8 million barrels per day by the end of May 2023. He spoke a day after OPEC agreed to maintain its production cut among member countries to maintain market stability. In a statement on Monday by his spokesman, Horatius Egua, the minister said the inability of Nigeria to meet the current OPEC quota was due to pipeline vandalism. He was hopeful of more refined product capacity with Dangote refinery next year and the government’s 410,000 barrels capacity refineries being rehabilitated. On the discovery of crude oil in Kolmani between Bauchi and Gombe States, he said Nigeria...
Nike ‘ends its partnership with Kyrie Irving’ over his anti-Semitism scandal
Business, Sports

Nike ‘ends its partnership with Kyrie Irving’ over his anti-Semitism scandal

Sportwear giant, Nike has ended its partnership with Brooklyn Nets guard Kyrie Irving.  The two sides have parted ways one month after Nike suspended its partnership with Irving in the wake of the player's anti-Semitism row, according to Shams Charania.  Irving faced criticism and backlash after sharing a link to the Amazon page for the 2018 film 'Hebrews to Negroes: Wake Up Black America' which contained anti-Semitic tropes. Nike cut its ties with Irving in November after he initially refused to apologize for his controversial tweet. In a statement, the company said it was 'deeply saddened and disappointed by the situation'. The brand also said it would not launch the Kyrie 8s - the shoe designed by the player and company - which were...
Flight to UK from Poland is diverted to Prague after a ‘possible bomb’ was found on board
Business

Flight to UK from Poland is diverted to Prague after a ‘possible bomb’ was found on board

An EasyJet flight heading to the UK from Poland has been diverted to the Czech Republic after a 'possible bomb' was found on board.  Flight EZY6276 from Krakow to Bristol was an hour into its two-and-a-half-hour flight when it landed at Prague's Vaclav Havel Airport at 10.50pm on Sunday. Prague Airport tweeted: 'There was reported a possible bomb on board an aircraft. 'All actions to ensure the safety of passengers and all air traffic are currently being carried out by Police of the Czech Republic.' Czech police said 'pyrotechnicians' had been sent to the scene in order to investigate and dispose of the suspicious device. It is thought passengers were taken off the plane while a search was carried out by police investigators. Prague Airport offici...
No single NNPC depot has fuel, says IPMAN
Business

No single NNPC depot has fuel, says IPMAN

Ogun State chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that no single Nigeria National Petroleum Corporation, NNPC, depot has fuel, blaming the current scarcity on the cooperation and Federal Government. IPMAN, in a statement signed by the Mosinmi Depot Chairman, Otunba Femi Adelaja, and made available to newsmen in Abeokuta, the Ogun State capital, attributed cause of the current scarcity of petrol in the State to the federal government and the Nigeria National Petroleum Corporation (NNPC) failure to make the product available for its members at an affordable prices. The statement read: “Leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Ogun State has noticed with serious concerns, the scarcity...
<a href="https://www.vanguardngr.com/2022/12/air-peace-introduces-additional-flights-on-enugu-owerri-routes/">Air Peace introduces additional flights on Enugu, Owerri routes</a>
Business

Air Peace introduces additional flights on Enugu, Owerri routes

Nigeria’s largest airline, Air Peace has introduced new flights on its Enugu and Owerri routes. According to the airline, there is available scheduled flights as follows, Owerri-Lagos 09:10, Lagos-Owerri 15:30, Enugu-Lagos 07:20 and Lagos-Enugu 17:00 flights. Air Peace also noted that the flights have been introduced to provide more connectivity options for the flying public, especially regular passengers on both routes. “Passengers can now connect Lagos from Enugu at 07:20 in the morning via Air Peace and return with our 17:00 flight in the evening. This is also applicable to the Owerri route. Passengers can join our Owerri-Lagos 09:10 flight in the morning and return with our 15:30 Lagos-Owerri flight”, the airline said in a statement. Air Peace leads Nigeria’s aviation ...
Abuja-Kaduna train service will resume on December 5 – FG
Business

Abuja-Kaduna train service will resume on December 5 – FG

The Abuja-Kaduna rail corridor would resume duty from December 5, as announced by the Federal Government. Recall that the Nigerian Railway Corporation (NRC) had suspended train service along the route after terrorists attacked a passenger train in Kaduna on March 28. NRC Managing Director, Fidet Okhiria, who noted that they are ready to resume services, advised passengers wishing to utilize the service to update their mobile app from December 3 for booking. The services will commence with two train rides from Abuja-Kaduna and vice versa.  Okhiria also assured passengers of their safety.  He said; “AK 1 will depart Idu station at 9:45hrs and arrive Rigasa Station at 11:53hrs. “KA 2 will departs Rigasa at 8:00hrs and arrive Idu ...
feud with Apple has been resolved – Elon Musk says
Business

feud with Apple has been resolved – Elon Musk says

New Twitter owner, Elon Musk has said that he and Apple boss Tim Cook have resolved the "misunderstanding" over the potential removal of the social media app from the app store. Musk had raised an alarm of Apple halting most of its advertising on Twitter on Monday, November 28. He also accused the company of threatening to cut the social media platform from its apple store. Giving an update on the situation in the early hours of today, December 1, the South African born billionaire said he met with Apple CEO, Tim Cook.  He thanked the tech mogul for showing him the "beautiful HQ", adding that they had a "good conversation" during his visit. Musk also tweeted;  "Among other things, we resolved the misunderstanding about&...
‘Twitter has interfered in elections’ – Elon Musk says
Business

‘Twitter has interfered in elections’ – Elon Musk says

Twitter owner and CEO Elon Musk on Wednesday November 30, acknowledged that prior to his takeover, the "obvious reality" was that Twitter " has interfered in elections" through its content moderation policies. Musk's assertion came in response to comments made by Yoel Roth, Twitter's former head of trust and safety, who indicated that Twitter was not safer under the Tesla CEO's leadership.  Roth was speaking at a Knight Foundation conference on Tuesday, November 29 when he explained why he resigned from Twitter, accusing Musk of running the company like a dictator.  "One of my limits was if Twitter starts being ruled by dictatorial edict rather than by policy... there's no longer a need for me in my role, doing what I do," Roth said. As the head of trust an...
BREAKING : Kano bans tricycle operations on major roads
Business

BREAKING : Kano bans tricycle operations on major roads

The Kano Road Traffic Agency has banned tricycle riders known as "Adaidaita Sahu" from operating on some major roads in Kano. The ban will come into effect from Wednesday, November 30, 2022. The order was contained in a statement by the Public Relations Officer of KAROTA, Nabilusi Na’isa, and issued to newsmen in Kano on Tuesday, Nov. 29. The statement partly reads: "Adaidaita Sahu drivers (tricycle operators) are prohibited from following Ahmadu Bello Way by Mundubawa road to Gazawa and Tal’udu road to Gwarzo." As an alternative, the government has provided 100 ultra-modern buses and 50 taxis that would be conveying passengers on the prohibited roads. The statement adds that the government will also announce when tricycle operators will stop using other ...
Elon Musk calls out Apple and CEO Tim Cook as he claims the site has threatened to remove the Twitter app
Business

Elon Musk calls out Apple and CEO Tim Cook as he claims the site has threatened to remove the Twitter app

Elon Musk has taken to Twitter to call out Apple and its CEO Tim Cook. Twitter has lost half of its top 100 advertisers since Musk took over, according to Media Matters for America. Now, Elon Musk has claimed Apple has "mostly stopped on Twitter" and he asked if Apple hates free speech in America. Since taking over Twitter, Musk has reiterated his belief in free speech and said account users will not be suspended for tweeting their minds. He also restored the accounts of Donald Trump and Kanye West, both banned by the former Twitter management for their tweets that violated Twitter policies. Asides from accusing Apple of hating free speech, Elon Musk also claimed in a series of tweets that Apple had threatened to remove the Twitter app from the App Store as ...
Tyler Perry signs huge four-film deal with Amazon Prime
Business, Celebrity Gist

Tyler Perry signs huge four-film deal with Amazon Prime

Filmmaker, actor and writer, Tyler Perry has signed a huge movie production deal with video streaming service, Amazon prime. The new deal will see Perry direct and produce four feature films for Amazon Studios that will be released on Prime Video. The announcement on Monday, November 28 comes on the heels of Perry's first streaming outing on Netflix, which housed movies such as ‘A Madea Homecoming’ and more recently ‘A Jazzman’s Blues.’ Speaking in a statement, Perry said: “Jennifer Salke and the entire team have welcomed me with open arms, and I’m looking forward to continuing telling unique stories and bringing my next projects to the global audiences that they reach.” Amazon Studios Head Jennifer Salke added: “Tyler Perry is undeniably one of the most prolific ...
Balenciaga hits producers of controversial child porn Ad with $25M lawsuit
Business

Balenciaga hits producers of controversial child porn Ad with $25M lawsuit

Clothing brand, Balenciaga has hit the producers of a controversial advert featuring children dresses in bondage gear beside BDSM props with a $25m lawsuit. The suit was filed after an apology from the luxury fashion house for an ad featuring children posing with teddy bears that are dressed in what appears to be bondage gear. Balenciaga says it is suing the production company, North Six that handled an ad campaign linking the French fashion house with child pornography. Balenciaga says North Six made “inexplicable acts and omissions” by displaying in an ad a court decision upholding a criminal prohibition against child pornography, according to a complaint seeking $25 million filed on Friday in the New York State Supreme Court. It alleges that the production house’s “...
Amazon shuts down business in India
Business

Amazon shuts down business in India

Amazon.com recruiting 100,000 workers as online sales boom U.S. online retailer, Amazon will shut down its wholesale distribution business in India as it moved to focus more on its core retail business. This was announced on Monday by a spokesperson from the global business in a released statement. Amazon Distribution, its wholesale e-commerce website available to small neighbourhood stores in Bengaluru, Mysore and Hubli, was designed to help small stores, pharmacies and department stores in India secure inventory from the firm. “We don’t take these decisions lightly. We are discontinuing this program in a phased manner to take care of current customers and partners,” a company spokesperson said in a statement. The exit will result in the layoffs of hundreds of workers....
Suspend regulation on cocoa, others, FACAN tells Ayade
Business

Suspend regulation on cocoa, others, FACAN tells Ayade

cocoa …says no law can gag cocoa farmers, others ABUJA-THE Federation of Agricultural Commodity Association of Nigeria, FACAN, Monday, called on the Governor of Cross River State, Prof Ben Ayade, to suspend proposed regulation on cocoa farmers and others. Speaking on the move by Ayade, President, FACAN, Dr Victor Iyama, said the regulations infringes on the rights of farmers in the State, hence the Governor should discontinue his regulation on cocoa and other agricultural produce. Iyama in an interview decried the regulation coming under the auspices of an Executive Order Bill initiated by Ayade, which he said is against farmers’ productivity and could demoralize them as it deprives them of enjoying the forces of demand and supply as far as cocoa is concerned. He added by d...
Apple ‘interested in buying Manchester United in £5.8billion deal’
Business, Sports

Apple ‘interested in buying Manchester United in £5.8billion deal’

US tech giant, Apple has reportedly joined the race to buy Premier League club, Manchester United. Earlier this week, United announced the news that the one of the world's biggest football clubs, is effectively for sale in a statement issued. According to a report from the Daily Star,  the world's largest tech company, Apple, may be interested in acquiring the club for £5.8billion. The California-based tech firm has never previously owned a major sports team, but the commercial opportunities provided by United are said to be a primary factor in their interest. Any potential deal would will become the most costly acquisition of a football club in history, surpassing the £4.25billion fee a consortium led by Todd Boehly paid for Chelsea earlier this year. CE...
Dangote increases sugar plantation by 24,200 hectares
Business

Dangote increases sugar plantation by 24,200 hectares

L-R: President/CE Dangote Industries Limited, Aliko Dangote congratulates the overall winner of the Outgrower scheme, Christiana Rufus with Group Managing Director, Dangote Sugar Refinery Plc, Ravindra Singhvi; at the Flag-off ceremony of 2022/2023 Crushing Season and Outgrower Scheme Awards at Dangote Sugar Refinery in Numan, Adamawa State yesterday. President of the Dangote Group, Aliko Dangote has announced that the Dangote Sugar Refinery (DSR) Plc is significantly scaling up its investment in the sugar sub-sector in line with the requirement of the Nigeria Sugar Master Plan (NSMP). Speaking at the flag-off ceremony of the 2022/2023 Crushing Season and Outgrower Scheme Awards in Numan, Adamawa State, Dangote said the company is making massive investments in Adamawa State ...
Kanye West claims Adidas froze four of his bank accounts totalling $75M {VIDEO}
Business, Celebrity Gist

Kanye West claims Adidas froze four of his bank accounts totalling $75M {VIDEO}

Rapper and fashion entrepreneur, Kanye West has claimed that his former business partner Adidas have placed a whopping $75 million hold on four of his bank accounts. Speaking to paparazzi he let into his office complex on Tuesday, November 22, Ye, 45, explained his running for president again in 2024 was due to adidas allegedly going into his bank accounts and locking up all of his money. Ye says he's running for election to change the laws and protect Americans along with their money. “The reason why I’m announcing that I’m running for president is I want the FCC to look at my money,” Ye said.  “If they actually see, I was looking at my money, and there might have been a possibility that adidas wouldn’t have went into JP Morgan and froze my account and put a $75 m...
World Bank to inject $700m for adolescent girls education in 19 states
Business

World Bank to inject $700m for adolescent girls education in 19 states

World Bank Country Director for Nigeria, Shubham Chaudhuri, has disclosed that the World Bank was set to inject the sum of $700 million for adolescent girls education in 19 states of the country. He made the disclosure on Monday, during a parliamentary summit on fast-tracking Nigeria’s demographic transition, organised by the Office of the Speaker, House of Representatives and the National Population Commission, supported by the World Bank in Abuja. According to him, the World Bank was committed in supporting Nigeria in empowering adolescent girls and youths, adding that it would help the nation in achieving its demographic transition. He said, “The key in some ways to helping realise Nigeria’s demographic dividend is to make sure that the girl-child stays in school. We have ...
Instagram sheds a tear for Twitter as “RIP Twitter” trends amid mass resignations
Business, Technology

Instagram sheds a tear for Twitter as “RIP Twitter” trends amid mass resignations

Many Twitter users are saying their goodbyes to the platform, including Instagram, as "RIP Twitter" trends. Due to the massive layoffs and other Twitter employees opting to resign rather than face the new working conditions, many fear Twitter is dying. "Twitter is shutting down" and "RIP Twitter" are trending following reports the platform is running a skeletal crew after many employees quit. Many fear this signifies the beginning of the end for the platform and they are already saying their goodbyes to friends they made on Twitter. Even Instagram's official Twitter account tweeted about the shut down. "TBH we love Twitter," Instagram wrote alongside a crying face emoji. Another Twitter user wrote: "It should've been Facebook." See more tweets below. ...
Elon Musk replies Twitter user who said he’s destroying the platform for charging $8 blue-check verification
Business

Elon Musk replies Twitter user who said he’s destroying the platform for charging $8 blue-check verification

Elon Musk is not backing down on his $8 monthly fee for a Twitter Blue subscription since taking over as the owner.  The Billionaire owner has been facing scrutiny for demanding an $8 monthly for verified Twitter users to retain their blue-check status and be able to post longer videos and have their content prioritized in replies, mentions, and searches. Despite the outrage over the $8 monthly fee, Musk took to his page to tweet that he loves when "people complain about Twitter on Twitter." This didn't go down with a verified user who quickly accused him of destroying the platform with his "corrupt" verification.  See the exchange below.  Share this Story Kindly leave your comment, like and share this story: FOR MORE INFOR, NEWS UPDATE AND LIVE ST...
Why  Lagos government to begin impounding unpainted commercial vehicles
Business

Why Lagos government to begin impounding unpainted commercial vehicles

Lagos State Traffic Management Authority (LASTMA) will from Monday, November 7, begin impounding unpainted commercial vehicles in the state as directed by the state government. This was disclosed by the General Manager of LASTMA, Bolaji Oreagba, in a statement released on Sunday, November 6, by the Director of Public Affairs Unit of the authority, Toafik Adebayo. Oreagba said minibuses known as ‘Danfo’, including ‘Korope’, should be painted in Yellow with Black stripes while mass transit buses with two doors should be painted with the approved Red Colour. Drivers of buses that have been authorised to ply Victoria Island and its environs, have been directed to ensure it has the approved colour and also registered at established offices. It...
UPDATE : Twitter reportedly asking some fired employees to return to work
Business

UPDATE : Twitter reportedly asking some fired employees to return to work

Twitter is reportedly reaching out to dozens of employees who lost their jobs and asking them to return to work, after laying off roughly half the company's 7,500 employees on Friday November 4, following Elon Musk’s $44 billion acquisition.  According to a report by Bloomberg, some of those being asked to return were laid off by mistake. They were let go before management realized that their work and experience may be necessary to build the new features Musk envisions, the people said, asking not to be identified discussing private information.  Twitter eliminated close to 3,700 jobs via email last Friday. Many employees learned their positions had been terminated after their access to company systems, like Slack and email, were abruptly ...
Former Twitter CEO, Jack Dorsey, launches new social media platform
Business

Former Twitter CEO, Jack Dorsey, launches new social media platform

Jack Dorsey, the founder and former CEO of the microblogging website Twitter, has launched a new social media platform called "Bluesky." This happened just a week after business tycoon and owner of Tesla cars, Elon Musk,took over ownership of Twitter. Drsey's new app, which is in its testing stage, already has over 30,000 people signed up for its beta testing within two days of the announcement. According to Business Insider, Bluesky’s website stated that the new platform gives creators independence from platforms and developers and the freedom to design, allowing users to choose their experience. Dorsey co-founded Twitter 17 years ago and briefly served as its CEO. He returned as CEO from 2015 to 2021 when he resigned. Meanwhile, Bluesky has announced a number of job o...
Rapper Diddy helped Elon Musk buy Twitter by pumping $10 million into his $44billion bid
Business

Rapper Diddy helped Elon Musk buy Twitter by pumping $10 million into his $44billion bid

It has been revealed that Diddy was one of the investors who helped Elon Musk buy Twitter for $44billion after pumping $ 10million into the bid.  The hip-hop music legend, 53, is said to have wanted 'a seat a the table' so helped Musk with his billion-dollar social media takeover.  Elon Musk bought the tech company for $44 billion last week and has already made his presence known by firing hoards of staff across the globe and re-instating accounts that were previously suspended.  He was able to take over Twitter with the help of wealthy investors - including Diddy - and loans from Wall Street banks.  According to TMZ, sources say that Diddy's investment comes from the fact that he 'believes' in Musk's vision for the so...
Export Trade: FCMB Rallies Operators To Diversify And Stimulate The Economy
Business

Export Trade: FCMB Rallies Operators To Diversify And Stimulate The Economy

Nigeria's vast non-oil endowment must be urgently leveraged to diversify and expand its revenue base, reduce the dependence on crude oil for foreign exchange earnings, and stimulate rapid economic growth. From left: Executive Director, Wholesale Banking, First City Monument Bank (FCMB), Mr. ObaroOdeghe; Divisional Head, Transaction Banking, Mrs. Rolayo Akhigbe; Managing Director of the Bank, Mrs. Yemisi Edun; Head, Strategic Planning, Nigerian Export Import Bank, Mr. Tayo Omidiji and Customs Area Controller, Kirikiri Lighter Terminal Command, Comptroller Hammi Swomen, during a Seminar on, ‘’Refocusing Nigeria's Economic Development Through Non-Oil Exports’’organised by FCMB held on November 1, 2022 in Lagos. Policymakers, fi...
JUST IN : Emirates Suspends Nigerian Flights Indefinitely
Business

JUST IN : Emirates Suspends Nigerian Flights Indefinitely

The United Arab Emirates (UAE) carrier, Emirates, has suspended its flights to Nigeria indefinitely, citing its trapped funds in Nigeria. It also said it was yet to get its allocation from the $260m released by the Central Bank of Nigeria (CBN) to clear part of the blocked funds belonging to foreign airlines. Daily Trust reports that Emirates had suspended its flight on September 1 but reinstated it after the CBN announced the release of $260m to clear part of the outstanding funds now estimated to over $700m. Daily Trust reports that this flight suspension occurred a week after the UAE authorities suspended visa issuance to Nigerians visiting Dubai, which has further reduced the load factors of airlines. It said, “However, Emirates has yet to receive an allocation of ...
Check out Seven top coys that dumped Kanye West over anti-semitic comments
Business

Check out Seven top coys that dumped Kanye West over anti-semitic comments

 Share Controversial US rapper, Kanye West, has been at the receiving end of heated backlash over his recent anti-semitic comments. In a series of anti-semitic rants on social media, West had alleged that the Jews controlled Hollywood and vowed to “go Defcon 3” on the Jewish people, apparently referring to the military readiness condition and also debuted “White Lives Matter” t-shirts at his Yeezy Season 9 show during Paris Fashion Week on Oct. 3, 2022. His actions sparked outrage and increased public pressure on the companies with whom the rapper has business dealings to sever ties with him. Here are seven top firms that dumped Kanye West over his anti-semitic remarks; *Adidas The sportswear brand cut ties with the rapper on Tuesday after conducting a “thor...
BREALING ” Lagos drivers said no going back on strike
Business

BREALING ” Lagos drivers said no going back on strike

. The Joint Drivers Association of Nigeria (JDWAN), Lagos State Chapter, on Friday, said that their proposed seven days warning strike meant to kick off on Monday, October 31, 2022, remains sacrosanct. The joint drivers disclosed this at a press briefing, which was held at the Right’s House, Adeniyi Jones, Ikeja, Lagos State. Those expected to participate in the upcoming strike are drivers of minibuses (Korope), coaster buses federal Mass Assisted Transit, Mazda buses, T4, LT, Ford and cars who will remove their vehicles off Lagos roads for one week. Addressing the press conference, the Lead Counsel to the drivers, Ayo Ademiluyi, said the strike action is necessary to protest multiple extortion and violent harassment by members of Lagos State Parks and Management Committee...
Dollar knocks down Naira again at investors, exporters window
Business

Dollar knocks down Naira again at investors, exporters window

The Naira on Friday exchanged at N444.75 to the dollar at the Investors and Exporters window, a depreciation of 0.06 per cent, compared with N444.50 to the dollar it exchanged on Thursday. The open indicative rate closed at N443 to the dollar on Friday. An exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N444.75. The Naira sold for as low as 438 to the dollar within the day’s trading. A total of 61.89 million dollars was traded at the official Investors and Exporters window on Friday. In recent time, the Nigerian currency has continued to weaken against the dollar At the Black Market, the the Nigerian currency exchanges between ₦765 and ₦775 with an average of ₦770.00 today on 28 February, accordi...
JUST IN : Amid Terror Threat, British Airways Cancels London-Abuja Flight
Business

JUST IN : Amid Terror Threat, British Airways Cancels London-Abuja Flight

British Airways has cancelled its flight which was expected to arrive in Abuja in the early hours of Saturday, finding by our correspondent has revealed. The development comes after a BA83 flight from London-Heathrow to the Nnamdi Azikiwe International Airport (NAIA), Abuja, was suddenly diverted to Lagos. Passengers affected by the cancellation and diversion lamented that there was no adequate notice. Though BA did not provide any reason for the decision, the diversion of the flight might not be unconnected with the terror alert in Abuja, with several foreign missions issuing travel warnings to their citizens. Despite allaying of fears by the federal government, foreigners have been reportedly leaving the country in droves, while a major mall in Nigeria’s capital shut...
Mark Zuckerberg’s fortune plummets by $11 billion
Business

Mark Zuckerberg’s fortune plummets by $11 billion

Mark Zuckerberg's wealth has dropped a further $11 billion, meaning his net worth has now plummeted more than $100 billion in just 13 months. Meta reported a decline in revenue for the second consecutive quarter this week. The company has struggled to come out on top after investing $70 billion into the Metaverse, its immersive virtual world. The quarter’s weak results raised fresh questions about Meta’s plans to pour more money at least $10 billion a year - into the virtual realm, as investors raise doubts about growth, the report said.  The company is also said to be falling in advertising sales as it faces competition from TikTok’s wildly popular video app. The quarterly results from Meta Platforms Inc. sent its stock tumbling 19% in after-hours trading on Wednesda...
Why we want  to redesign N200, N500 and N1000 notes – CBN
Business

Why we want to redesign N200, N500 and N1000 notes – CBN

The Central Bank of Nigeria (CBN) has announced plans to redesign some naira notes. The CBN boss, Godwin Emefiele, disclosed this at a press conference on Wednesday, October 26. According to Emefiele, the Naira notes to be redesigned include N200, N500 and N1000.  He stated that the new design and issues will be effective from December 2022 and advised Nigerians to go to the bank when the time comes to exchange the old notes for the newly designed ones. Share this Story Kindly leave your comment, like and share this story: FOR MORE INFOR, NEWS UPDATE AND LIVE STREAM JOIN US BELOW AND PLEASE HELP TO REACH 1K SUBSCRIBERS ON OUR YOUTUBE CHANNEL THANKS AND GOD BLESS https://youtu.be/NrPHjKaVTB4
JUST IN : T.J Maxx cuts ties with Kanye West’s Yeezy amid backlash for anti-Semitism
Business

JUST IN : T.J Maxx cuts ties with Kanye West’s Yeezy amid backlash for anti-Semitism

T.J. Maxx is the latest company to pull the plug on Kanye West's Yeezy brand.  TJX Companies - operators of T.J. Maxx, Marshalls, and Home Goods - made the announcement on Wednesday, October 26,. The company told CNN Business, "At TJX we do not tolerate discrimination, harassment, or hate of any kind. We have instructed our buying teams not to purchase this merchandise for sale in any of our stores globally." Kanye West's "death con 3" post, has resulted in companies boycotting the rapper. Share this Story Kindly leave your comment, like and share this story: FOR MORE INFOR, NEWS UPDATE AND LIVE STREAM JOIN US BELOW AND PLEASE HELP TO REACH 1K SUBSCRIBERS ON OUR YOUTUBE CHANNEL THANKS AND GOD BLESS https://youtu.be/NrPHjKaVTB4
Fuel Scarcity : Petrol ex-depot price rises to N178 per litre
Business

Fuel Scarcity : Petrol ex-depot price rises to N178 per litre

There are now different fuel prices in the country just after fuel queues resurfaced in some states.  The Nation reported that Premium Motor Spirit (PMS), otherwise known as fuel, sold for between N198 and N200 in Lagos, Ogun, and Oyo states against the official pump price of N165 at stations operated by major dealers and N175/180 by independent marketers. The Independent Petroleum Marketers Association of Nigeria (IPMAN), Western Zone, blamed the development on the lack of fuel at  Nigerian National Petroleum Company Limited (NNPCL) depots. It added that private depots hiked prices to N178 per litre as against N145. According to the association, it is practically impossible for its members to continue to sell at N175/180 per litre.&nbs...
BREAKING : Gap to get rid of Yeezy products from its stores and site
Business, Celebrity Gist

BREAKING : Gap to get rid of Yeezy products from its stores and site

American rapper, Kanye West who lost his billionaire status today after Adidas pulled out of a deal with him over his anti-Semitic comments, is suffering yet another loss as Gap is now taking “immediate steps” to remove all Yeezy products from their stores and site amid Kanye West’s anti-Semitic comments. While the retailer ended its relationship with the rapper last month, Page Six reported that President & CEO of Gap Brands Mark Breitbard confirmed that they would continue with “upcoming Yeezy Gap launches and releases in the pipeline, as planned”. However, in the wake of West’s “White Lives Matter” and anti-Semitic comments which have seen Adidas, Balenciaga, Vogue and more cut ties with him, Gap is taking s...
BREAKING : Rapper Kanye West drops from billionaire list after Adidas terminates deal
Business, Celebrity Gist

BREAKING : Rapper Kanye West drops from billionaire list after Adidas terminates deal

Kanye West has lost his status as a billionaire after Adidas ended a lucrative Yeezy deal in response to his bizarre anti-Semitic scandal , according to Forbes Of West’s estimated $2 billion fortune, a whopping $1.5 billion was attributable to his relationship with Adidas, Forbes said on Tuesday, October, 25,  The loss of the deal effectively erases that massive chunk of his net worth, which is now estimated to be a comparatively paltry $400 million. The estimated $1.5 billion value of West’s Adidas deal is based on a multiple of the partnership’s annual earnings, according to Forbes. The publication noted his remaining net worth is tied to his music catalog, real estate holdings, liquid cash, and his 5% stake in Skims, his ex-wife Kim Kardashian’s bu...
UPDATE : Rapper, Kanye West ‘set to lose his billionaire status’ after Adidas terminated his partnership 
Business

UPDATE : Rapper, Kanye West ‘set to lose his billionaire status’ after Adidas terminated his partnership 

American rapper, Kanye West could lose his billionaire status after being dropped by Adidas amid growing backlash over his anti-Semitic rants. The rapper's $220million annual deal with the German sports brand, which is worth $1.5billion in total, has been terminated after his controversial behaviour. According to Forbes, West, 45, is set to lose his billionaire status after cutting ties with the sportswear giant – and is currently worth $2billion. The rapper's wealth could plummet to below $1billion after the termination of the brand, which comes after several other lucrative deals have been dropped.   Adidas announced that they would be terminating their partnership in a statement, with the sportswear maker having put its deal with Ye under review. ...
PMAN explains why fuel queues returned to Lagos
Business

PMAN explains why fuel queues returned to Lagos

The Independent Petroleum Marketers’ Association of Nigeria (IPMAN) has explained why there is fuel scarcity in Lagos. Speaking to Daily Trust, Chairman of IPMAN Lagos Depot, Akinrinade Akinade said many IPMAN members were not buying the products because private depots have jerked up the retail price. Akinade who revealed that the association had informed the appropriate authorities on the development, added that the situation might get worse if the authorities fail to intervene immediately. He said;  “For some days now, the private depots have jerked up their ex-depot price and it will be difficult for our members to sell at the price they are selling to us and that is what accounts for the flash queues you are seeing now.“We have contacted t...
Jakande Lekki, Shoprite reopens mall 2yrs after EndSARS protest looting 
Business

Jakande Lekki, Shoprite reopens mall 2yrs after EndSARS protest looting 

Retail Supermarket Nigeria Limited (RSN), owners of Shoprite Nigeria, has reopened of its store in Circle Mall in Jakande area of Lekki, Lagos State, 24 months long after it’s forced closure following a series of looting incidents which occurred on the heels of the nationwide #EndSARS protest in 2020. The Circle Mall store is one of 24 nationwide outlets currently bridging the gap between local businesses and consumers. Speaking at the reopening over the weekend, Chief Executive Officer, RSN, Hubertus Rick, stated: “Two years ago, we made a tough decision to shut down operations at the Shoprite Circle Mall in response to the insecurity situation. The closure was in the interest of our customers as well as our staff as we had to prioritise the safety of lives and propert...
Why Petrol Is Still Scarce In Abuja After Lokoja Flood – IPMAN
Business

Why Petrol Is Still Scarce In Abuja After Lokoja Flood – IPMAN

FILE PHOTO President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Debo Ahmed, says petrol is still scarce in the Federal Capital Territory (FCT) and its environs even after the flood that caused traffic gridlock in Lokoja, Kogi State, has receded because of the supply gap the blockade created. Since early October, there have been long fuel queues in some of the filing stating in Abuja with many others not selling the product. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had blamed the flood taking over highways in Lokoja for the scarcity.  But days after the flood has receded, the scarcity of the petroleum product has persisted in Abuja and its environs. The IPMAN’s president attributed the current scarcity to th...
Motorcycle association to begin digital identification of okada riders
Business

Motorcycle association to begin digital identification of okada riders

The Riders and Owners of Motorcycle Association of Nigeria (ROMAN) say plans are being made to issue digital identification to its members in a bid to check criminality among members. Speaking on Sunday, October 23, during a sensitisation meeting at Karu, federal capital territory (FCT), Olusola Razaq, national president of the association, said the development would help to regulate the activities of commercial motorcyclists and prevent outright bans by the federal and state governments. He said his leadership had already hired an ICT firm to conduct a digital image capture of every member across the country for proper identification. He said: "The reason we are here is to inaugurate the FCT executive ahead of the national reforms as ordered by the federal gov...
There’s nothing Nigerian about Nigeria Air – Airline Operators
Business

There’s nothing Nigerian about Nigeria Air – Airline Operators

Spokesman of Airline Operators of Nigeria (AON), Prof. Obiora Okonkwo, has said that the national carrier which the federal government is trying to float, has no Nigerian side to it.  Speaking at a webinar on Thursday October 20, Okonkwo who claimed that the President was ill-advised on the feasibility of the national carrier, added that the national carrier cannot survive with the proposed shareholding structure, Daily Trust reports. The Federal Government had selected Ethiopian Airlines as the equity partner in the proposed Nigeria Air. Ethiopian Airlines would hold 49 percent stake while the federal government holds 5 percent and the remaining 46 percent goes to Nigerian investors. Also querying the genuineness and transparency of the whole process...
NLNG Force Majeure: Nigerians May Pay More For Cooking Gas
Business

NLNG Force Majeure: Nigerians May Pay More For Cooking Gas

A cooking gas point The cover price of Liquefied Petroleum Gas (LPG) also known as cooking gas, may soon spike across various parts of the country as the... . The cover price of Liquefied Petroleum Gas (LPG) also known as cooking gas, may soon spike across various parts of the country as the Nigeria Liquefied Natural Gas (NLNG) Limited declared force majeure on its 22.2 million tons per year Bonny LNG export facility. Experts have warned that the cost of filling a 12.5kg cylinder of cooking gas in Nigeria may hit N12,000 or more by November, up from N9,800 as of October. Daily Trust checks indicate that NLNG declared force majeure on its gas supply contracts due to the widespread flood that has disrupted the upstream activities of the gas supply. The NLNG disclosed the d...
CBN Gov woos foreign investors for Nigeria
Business

CBN Gov woos foreign investors for Nigeria

Godwin Emefiele, CBN Governor Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has invited foreign investors to consider Nigeria and other countries in Africa as their choice investment destination, noting that business confidence in the continent is on the rise. He said this during the EuroKnowledge award conferred on him by FIN Banking on Emerging Markets Forum on the sidelines of the ongoing International Monetary Fund/World Bank Annual Meetings in Washington. Specifically, he listed countries that investors should consider to include    Nigeria, Angola, South Africa and Egypt. “Today, we talk about the frontier market and what I keep telling people is that as you continue thinking about growth opportunities in the world and you are looking ...
Air Peace set to commence direct flights to Israel — CEO
Business

Air Peace set to commence direct flights to Israel — CEO

The Chief Executive Officer, Air Peace, Mr Allen Onyema, has expressed the company’s readiness to operate direct flights to Israel. Mr Stanley Olisa, the Media Executive, Air Peace said in a statement in Lagos on Saturday.that Onyema said this during a courtesy visit to the Nigerian Christian Pilgrims Commission(NCPC), boss in Abuja. Olisa said that the Executive Secretary of NCPC, Rev Yakubu Pam, also hinted that by the end of November, direct flights from Nigeria to Israel would be launched. He said that Pam made this disclosure while playing host to the Israeli Ambassador to Nigeria, Mr Michael Freeman and Onyema in his office in Abuja. Olisa quoted said the NCPC boss as saying, ”having a direct flight to Israel by a Nigerian airline will curtail the issue ...
Business, Investment Summit: Canada receives delegate from Nigeria
Business

Business, Investment Summit: Canada receives delegate from Nigeria

Toronto has been buzzing with the arrival of delegates from Nigeria for the LGC 2022 Canada-Nigeria Business & Investment Summit taking place at the Marriott hotel in downtown Toronto. Even as many Canadian investors are lined up to participate in the high-level summit. The two-day conference with the theme, “Trade and investment opportunities Africa’s biggest economy.” will feature eight critical sectors of the economy. The key sectors to be highlighted are Agriculture/Agro-Allied – value chain, food and cash-crop processing, preservation, and packaging; Solid Minerals/Extractive Innovation – extractive and modern technology; Health Care – primary healthcare, ambulance, medical laboratories, trauma centres, and nursing homes. Power & Alternative Energy – sola...
Nigeria’s economic growth will slow to 3% in 2023 — IMF
Business

Nigeria’s economic growth will slow to 3% in 2023 — IMF

THE International Monetary Fund, IMF, has projected that Nigeria’s economic growth will slow  to 3.0 per cent  in 2023 while  the  inflation rate drops to 17 per cent. Making these projections in the IMF October World Economic Outlook, WEO, released on the sidelines of the ongoing IMF/World Bank annual meetings, in Washington DC, the Fund called for fiscal policies that support current efforts by central banks to curb inflation as well as protect the vulnerable from the impact of inflation. According to the IMF, Nigeria is projected to record Gross Domestic Product, GDP, growth of 3.2 per cent in 2022, and 3.0 per cent in 2023, both representing 0.2 percentage points lower than the 3.4 per cent and 3.2 percent respectively  projected in the July WEO....
Air Peace restarts Johannesburg flights operation tomorrow
Business

Air Peace restarts Johannesburg flights operation tomorrow

. Nigeria’s private airline company, Air Peace said it will recommence its scheduled flight operations to Johannesburg, South Africa, on October 10, 2022. Vanguard had reported that the airline had suspended scheduled flight operations to South Africa on August 22, 2022, following the delays of the issuance of South African visas to travellers, along with the worsening forex crunch and the increasing cost of aviation fuel as well as its scarcity. But in a statement made available to Vanguard by the company’s Public Relations Officer, Mr Stanley Olisa, it stated that “This is to inform the flying public that our Johannesburg service resumes on Sunday, October 9, 2022. “The schedules are now live on our website/mobile app, and you can now book your flights to South Africa. ...
Confusion As Ethiopia ‘Bans’ Visa On Arrival For Nigerians
Business

Confusion As Ethiopia ‘Bans’ Visa On Arrival For Nigerians

There is confusion in the travel industry following the purported ban of visa on arrival (VOA) for Nigerian travellers visiting Ethiopia. The development which took effect on Tuesday is expected to create some hiccups in travel to Ethiopia, according to stakeholders. The management of Ethiopian Airlines, the national airline of Ethiopia, had informed travel partners of the new development. Daily Trust reports that Ethiopian Airlines is one of the popular foreign airlines in Nigeria, operating into five destinations. Before, passengers travelling to Ethiopia or transiting through the country from Nigeria could easily obtain a visa on arrival (VOA) on getting to Bole International Airport, Addis-Ababa. But this would no longer be the case as prospective travelers ...
JUST IN : FG sues Meta for violation of the advertising laws and loss of revenue, seeks 30bn penalty
Business

JUST IN : FG sues Meta for violation of the advertising laws and loss of revenue, seeks 30bn penalty

The Advertising Regulatory Council of Nigeria is suing Meta Platforms Incorporated (owners of Facebook, Instagram, and WhatsApp platforms) and its agent AT3 Resources Limited]  for violation of the advertising laws and loss of revenue. The suit was filed at the Federal High Court, Abuja Judicial Division. According to a statement on Tuesday by the apex regulatory body for Nigeria’s advertising ecosystem, ARCON is seeking a declaration among others that the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring the same is vetted and approved before exposure is illegal, unlawful and a violation of the extant advertising Law in Nigeria. ARCON ...
Cattle Dealers Ban Passengers From Boarding Trucks Conveying Cows
Business

Cattle Dealers Ban Passengers From Boarding Trucks Conveying Cows

Amalgamated Union of Foodstuffs and Cattle Dealers of Nigeria has introduced a law banning overloading of passengers alongside cattle to South West and South East regions of the country. Speaking at a meeting in Kaduna, National President of the Union, Comrade Mohammed Tahir, said the union took the step to protect the lives of the passengers being conveyed to markets in southern regions. “This law bans the overloading of passengers in the same vehicles conveying cattle from the north to Lagos, Port Harcourt, and other parts of the southern regions. The trailers and trucks or lorries are meant for only goods, not humans. But due to disrespect for human beings, you will see some vehicles conveying 20-30 people in the same vehicle with animals. “We all know what happened re...
Fidelity Bank Shareholders Approve Private Placement Of 3bn Unissued Shares
Business

Fidelity Bank Shareholders Approve Private Placement Of 3bn Unissued Shares

Fidelity Bank Plc has secured the approval of its shareholders to issue, by way of private placement, the 3,037,414,308 unissued ordinary shares of the bank. The approval was secured at the Bank’s Extra-Ordinary General Meeting (EGM) which was held in Lagos. Chairman, Fidelity Bank Plc, Mustafa Chike-Obi, said the EGM was called to ensure the Bank complies with Section 124 of the Companies and Allied Matters Act, 2020 (CAMA) and Regulation 13 of the Companies Regulations 2021 which require companies with unissued shares at the time of commencement of CAMA 2020 to issue such shares by December 31, 2022. “After considering the options, the Board resolved that the Company’s outstanding 3,037,414,308 unissued Ordinary Shares of 50Kobo each should be disposed of by way of Priv...
2022 Nigeria National Business Conference 
Business

2022 Nigeria National Business Conference 

2022 National Business Conference By BNI NIGERIA When and where Date and time Thu, Oct 6, 2022, 9:00 AM – Fri, Oct 7, 2022, 4:00 PM WAT Location Online he conference will be virtual via zoom. Register now to reserve your place HERE IS THE REGISTRATION LINK :    https://bit.ly/3Rgy9ZS https://bit.ly/3Rgy9ZS About this event The 2022 National Business Conference holds on Friday, 7, with the THEME: "Better Together" You will be privileged to collaborate with industry experts, professionals, global speakers, business owners and executives. This year's conference is designed to help you see practical ways to overcome business challenges, and, grow your business locally and globally. Sessions will include: Networ...
British man arrested for sexually assaulting female passenger who sat next to him on a flight to Spain
Business

British man arrested for sexually assaulting female passenger who sat next to him on a flight to Spain

A British man has been arrested after touching up a female stranger sat next to him on a Ryanair flight from Liverpool to Majorca.  Shortly after the passenger complained about his lewd comments and behaviour, the cabin crew radioed police from 35,000ft in the air. The victim who was also British told the crew that the man touched her breasts and asked her to have sex with him in the toilet. Popular newspaper Ultima Hora said; “The man began to touch her shoulder and suddenly, after she moved his hand away, he touched one of her breasts above her clothes.“The woman said this gesture lasted for a few seconds and shocked her.“She asked the air crew for help and they advised the Civil Guard. The man was arrested as soon as he set foot in Palma Airport.” ...
Advertise Your Business, Products and Services at Snow Multimedia Connect (SNOW TV)
Business

Advertise Your Business, Products and Services at Snow Multimedia Connect (SNOW TV)

Reach thousands of your target audience across the globe by advertising your product and Services with us 10 Reasons Why you should Advertise with us at SNOW MULTIMEDAI CONNECT (SNOW TV) Ads are everywhere. You turn on the TV, open up an internet browser, or walk down a street and you’ll see ads. They’re all clamoring for your attention and – ultimately – your money. Ads can be annoying, but what would the world be without them? Here are ten reasons why advertising is important to businesses and society at large: 1 Advertising is a crucial part of marketing2 Good advertising tells a story3 Advertising lets you target specific customers4 Advertising helps retain customers5 Advertising helps businesses stand out6 Advertising tells customers if a business aligns with the...
BBNaija host, Ebuka Obi-Uchendu, meets Bill Gates See Photos
Business, Celebrity Gist

BBNaija host, Ebuka Obi-Uchendu, meets Bill Gates See Photos

Popular media personality, Ebuka Obi-Uchendu, has met American business magnate and one of the world's richest men, Bill Gates. The Big Brother Naija show host anchored the Goalkeepers 2022 awards of the Bill and Melinda Gates Foundation and met Bill Gates at the event in New York. Ebuka exchanged a handshake with the renowned Microsoft co-founder and shared photos from the meeting on his social media pages. "When Big Bill met Nnakenyi", he captioned the photos. Reacting to the photos, colleagues, fans, and followers heaped praise on Ebuka over his numerous wins and continuous career success. The photos won him the admiration of veteran Nollywood actor, RMD, actress, Nancy Isime, and others who praised his resilience, dedication, and hard work. See photos bel...
34 restaurants and hotels for sale in Cornwall
Business

34 restaurants and hotels for sale in Cornwall

If you've ever dreamt of running your own business in one of the most beautiful parts of the country, it seems like now is the perfect time to do just that. With 34 hotels and restaurants currently up for sale in Cornwall, there are plenty of options for those looking to turn their hospitality dreams into a reality. From rural coastal locations to bustling town centres, one of these establishments could be yours - with outright purchases and leasehold options available. The most expensive restaurant for sale has a guide price of £2.5 million, while another can be taken on for just £10,000. So, if you have been thinking about a change in career - or if you're just being nosey (like us) - we've put together a list of hospitality venues currently for sale in Cornwall. Ho...