BDCs vindicated by discovery of money in Lagos, says Gwadabe

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) said that the discovery of huge sums of money in Lagos has vindicated its members. In an interview with the News Agency of Nigeria (NAN) on Friday in Lagos, Gwadabe said that ABCON was saddened by the development, but added that……

Forex stability: financial experts’ predict further drop in inflation rate

Some financial experts on Friday expressed optimism that the nation’s inflation figure would continue to slowdown with enhanced stability in the foreign exchange market. They said this in an interview with the News Agency of Nigeria (NAN) in Lagos while reacting to March inflation figure. The experts said that the inflation figure would continue to……

Apple Reportedly Looking to Buy Disney For Over $200 Billion

Over the years, Disney has bought up lots of companies that include Pixar, Lucasfilm, and Marvel making them the biggest powerhouse in Hollywood. Now it looks like Disney could end up being the one that is bought and that buyer is reportedly Apple. According to Variety, they are looking to pull off a $237 billion……

Recession: Senate threatens to expose importers, banks behind N30trn forex scam

The senate has vowed to publish names of importers and banks found culpable in the ongoing investigation into over N30 trillion alleged foreign exchange frauds perpetrated between 2006 and 2017. Hope Uzodinma, chairman, senate committee on customs, made this known on Thursday, which was the second day of meeting with representatives of all commercial banks,……

NSE indices sustain positive trend, up by 0.05%

The market indices of the Nigerian Stock Exchange (NSE) closed for Easter holiday with a growth of 0.05 per cent to sustain a positive trend. The News Agency of Nigeria (NAN) reports that the All-Share Index rose by 13.3 points or 0.05 per cent to close at 25,510.01 against 25,496.71 posted on Wednesday. Also, the……

NSE indices sustain positive trend, up by 0.05%

The market indices of the Nigerian Stock Exchange (NSE) closed for Easter holiday with a growth of 0.05 per cent to sustain a positive trend. The News Agency of Nigeria (NAN) reports that the All-Share Index rose by 13.3 points or 0.05 per cent to close at 25,510.01 against 25,496.71 posted on Wednesday. Also, the……

Recession: Senate to launch probe into N30trn forex scam

The Upper House (Senate)  has launched a probe into an alleged N30 trillion foreign exchange racketeering (forex scam) by commercial banks and importers. The upper legislative chamber claims that the country lost over N30 trillion to the alleged diversion of forex between 2006 and 2017. Senate Committee on Customs, Excise and Tariff, on Wednesday, told……

Nigeria’s Inflation declines by 0.52 % in March

The National Bureau of Statistics (NBS) on Thursday stated that the inflation rate dropped by 0.52 per cent in March to close at 17.26 per cent, the second decline recorded in two months. The first decline was recorded in February when inflation dropped by 0.94 per cent to close at 17.78 per cent. “This is……

Uber In Hot Water for Reportedly using ‘Hell’ Program to Track Competitors

Uber seems to be getting into more trouble with alarming frequency these days, as another revelation about ethically questionable business practices by the company has been made public. According to the Information, Uber has been secretly tracking Lyft drivers using an internal software program dubbed ‘Hell’. The program not only lets Uber see how many……

FIRS realises N2.5bn from VAT automation with airlines

The Federal Inland Revenue Service(FIRS) has entered into Value Added Tax (VAT) automation with Aero contractors, Dana and Medview airlines to boost revenue collection in Aviation. The Director, ICT FIRS, Mr Kola Okunola, said this in a presentation at the ongoing training by Journalism. Com Ltd. in collaboration with FIRS on Wednesday in Abuja. Okunola……

Arik Air owes N387bn To Banks, Others – AMCON

The Asset Management Corporation of Nigeria (AMCON) on Wednesday put the total debt of Arik Air at N387 billion, saying there is no way the carrier could have remained in profitable without the takeover of the business by government. This came just as AMCON said it has injected over N1.5 billion into the troubled carrier……

Economic growth under Jonathan was fake – World Bank

The president of Nigeria Economic Society and a World Bank consultant, Olu Ajakaiye has stated that the economic growth recorded from 2010 to 2014, under the leadership of Goodluck Jonathan, was fictitious in nature. He further stated that the Muhammadu Buhari-led government and subsequent Nigerian governments must develop the country, even if it means stealing from other……