Breaking News Archives - Nairametrics https://nairametrics.com/category/breaking-news/ Destination for Business news and analysis from Africa's largest economy Fri, 14 Jun 2024 12:58:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://nairametrics.com/wp-content/uploads/2021/08/cropped-cropped-favicon-1.png?resize=75,75 Breaking News Archives - Nairametrics https://nairametrics.com/category/breaking-news/ 32 32 201037849 Nigerian Court discharges Tigran Gambaryan, Nadeem from FIRS tax evasion case against Binance  https://nairametrics.com/2024/06/14/nigerian-court-discharges-tigran-gambaryan-nadeem-from-firs-tax-evasion-case-against-binance/ https://nairametrics.com/2024/06/14/nigerian-court-discharges-tigran-gambaryan-nadeem-from-firs-tax-evasion-case-against-binance/#respond Fri, 14 Jun 2024 12:22:43 +0000 https://nairametrics.com/?p=491269 The Federal High Court on Friday discharged Tigran Gambaryan, a 39-year-old American, and fleeing Nadeem Anjarwalla from the  Federal Inland Revenue Service (FIRS) tax evasion case against the cryptocurrency exchange platform, Binance. 

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]]> https://nairametrics.com/2024/06/14/nigerian-court-discharges-tigran-gambaryan-nadeem-from-firs-tax-evasion-case-against-binance/feed/ 0 491269 Multichoice Group has an account balance of N31.6 billion with Heritage Bank   https://nairametrics.com/2024/06/14/multichoice-group-has-an-account-balance-of-n31-6-billion-with-heritage-bank/ https://nairametrics.com/2024/06/14/multichoice-group-has-an-account-balance-of-n31-6-billion-with-heritage-bank/#respond Fri, 14 Jun 2024 09:17:10 +0000 https://nairametrics.com/?p=491246 Multichoice Group, owners of DSTV, had an account balance of N31.6 billion with Heritage Bank, before the bank’s liquidation.  

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]]> https://nairametrics.com/2024/06/14/multichoice-group-has-an-account-balance-of-n31-6-billion-with-heritage-bank/feed/ 0 491246 Nigeria secures World Bank’s approval for $2.25 billion loan to boost reforms  https://nairametrics.com/2024/06/13/nigeria-gets-world-banks-approval-for-2-25-billion-loan-to-boost-reforms/ https://nairametrics.com/2024/06/13/nigeria-gets-world-banks-approval-for-2-25-billion-loan-to-boost-reforms/#comments Thu, 13 Jun 2024 21:50:41 +0000 https://nairametrics.com/?p=491220 The World Bank has announced the approval of two significant financial operations aimed at bolstering Nigeria's economic stability and supporting its vulnerable populations.  

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]]> https://nairametrics.com/2024/06/13/nigeria-gets-world-banks-approval-for-2-25-billion-loan-to-boost-reforms/feed/ 1 491220 Seplat ExxonMobil $1.28 billion deal gets boost as NNPC moves to withdraw lawsuit https://nairametrics.com/2024/06/13/nnpc-applies-to-withdraw-suit-challenging-exxonmobils-1-28-billion-asset-divestment-to-seplat/ https://nairametrics.com/2024/06/13/nnpc-applies-to-withdraw-suit-challenging-exxonmobils-1-28-billion-asset-divestment-to-seplat/#respond Thu, 13 Jun 2024 14:13:02 +0000 https://nairametrics.com/?p=491189 NNPC has filed a motion in the High Court of the Federal Capital Territory, Abuja, seeking to discontinue its ongoing legal action against several subsidiaries of Mobil Nigeria and the Nigerian Upstream Petroleum Regulatory Commission.

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]]> https://nairametrics.com/2024/06/13/nnpc-applies-to-withdraw-suit-challenging-exxonmobils-1-28-billion-asset-divestment-to-seplat/feed/ 0 491189 Guinness share price surges on announcement of Tolaram takeover   https://nairametrics.com/2024/06/11/guinness-share-price-surges-on-announcement-of-tolaram-takeover/ https://nairametrics.com/2024/06/11/guinness-share-price-surges-on-announcement-of-tolaram-takeover/#respond Tue, 11 Jun 2024 11:50:03 +0000 https://nairametrics.com/?p=491072 Guinness Nigeria’s share price has gained over 8%, trading at N55.60 as of mid-day on June 11, 2024. The gain is coming on the heels of an announced takeover of Guinness Nigeria by Tolaram. 

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]]> https://nairametrics.com/2024/06/11/guinness-share-price-surges-on-announcement-of-tolaram-takeover/feed/ 0 491072 Tolaram to acquire majority shares in Guinness Nigeria as Diageo exits  https://nairametrics.com/2024/06/11/tolaram-to-acquire-majority-shares-in-guinness-nigeria-as-diageo-exits/ https://nairametrics.com/2024/06/11/tolaram-to-acquire-majority-shares-in-guinness-nigeria-as-diageo-exits/#respond Tue, 11 Jun 2024 10:39:36 +0000 https://nairametrics.com/?p=491059 In a landmark deal set to reshape Nigeria's beverage market, Tolaram has agreed to acquire Diageo's 58.02% shareholding in Guinness Nigeria Plc. Guinness made this announcement via a press release on the NGX. 

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]]> https://nairametrics.com/2024/06/11/tolaram-to-acquire-majority-shares-in-guinness-nigeria-as-diageo-exits/feed/ 0 491059 Tribunal orders Multichoice to give Nigerians one-month free subscription  https://nairametrics.com/2024/06/07/tribunal-orders-multichoice-to-give-nigerians-one-month-free-subscription/ https://nairametrics.com/2024/06/07/tribunal-orders-multichoice-to-give-nigerians-one-month-free-subscription/#respond Fri, 07 Jun 2024 10:49:08 +0000 https://nairametrics.com/?p=490812 The verdict delivered by three of the panel led by Thomas Okosu on Friday also ordered Multichoice to give Nigerians a one-month free subscription on DSTV and GOTV.

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]]> https://nairametrics.com/2024/06/07/tribunal-orders-multichoice-to-give-nigerians-one-month-free-subscription/feed/ 0 490812 First Bank recovers N456 Billion loan from Heritage Bank before license revocation https://nairametrics.com/2024/06/05/first-bank-recovers-n456-billion-loan-from-heritage-bank-before-license-revocation/ https://nairametrics.com/2024/06/05/first-bank-recovers-n456-billion-loan-from-heritage-bank-before-license-revocation/#respond Wed, 05 Jun 2024 07:40:56 +0000 https://nairametrics.com/?p=490628 Nairametrics can confirm that First Bank has received the full repayment of a N456 billion loan extended to Heritage Bank.

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]]> https://nairametrics.com/2024/06/05/first-bank-recovers-n456-billion-loan-from-heritage-bank-before-license-revocation/feed/ 0 490628 Flour Mills of Nigeria incurs N1.84 trillion expense on raw materials, posts N3.54 billion profit in FY 2023/2024   https://nairametrics.com/2024/06/03/flour-mills-of-nigeria-incurs-n1-84-trillion-expense-on-raw-materials-posts-n3-54-billion-profit-in-fy-2023-2024/ https://nairametrics.com/2024/06/03/flour-mills-of-nigeria-incurs-n1-84-trillion-expense-on-raw-materials-posts-n3-54-billion-profit-in-fy-2023-2024/#comments Mon, 03 Jun 2024 13:49:47 +0000 https://nairametrics.com/?p=490534 Flour Mills of Nigeria has published its audited financial statement for the fiscal year ending March 31, 2024, reporting a profit after tax of N3.54 billion.  

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]]> https://nairametrics.com/2024/06/03/flour-mills-of-nigeria-incurs-n1-84-trillion-expense-on-raw-materials-posts-n3-54-billion-profit-in-fy-2023-2024/feed/ 1 490534 CBN revokes Heritage Bank’s licence due to poor financial performance  https://nairametrics.com/2024/06/03/cbn-revokes-heritage-banks-licence-due-to-poor-financial-performance/ https://nairametrics.com/2024/06/03/cbn-revokes-heritage-banks-licence-due-to-poor-financial-performance/#respond Mon, 03 Jun 2024 09:28:35 +0000 https://nairametrics.com/?p=490504 The Central Bank of Nigeria (CBN) has revoked the licence of Heritage Bank Plc with immediate effect.

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]]> https://nairametrics.com/2024/06/03/cbn-revokes-heritage-banks-licence-due-to-poor-financial-performance/feed/ 0 490504 Exchange rate back to normal range, falls to N1,484.75 at official market https://nairametrics.com/2024/05/30/exchange-rate-back-to-normal-range-falls-to-n1484-75-at-official-market/ https://nairametrics.com/2024/05/30/exchange-rate-back-to-normal-range-falls-to-n1484-75-at-official-market/#respond Thu, 30 May 2024 18:01:01 +0000 https://nairametrics.com/?p=490297 The exchange rate between the naira and the dollar fell to N1,484.75 on Thursday, May 30, 2024, marking the second consecutive day of decline.

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]]> https://nairametrics.com/2024/05/30/exchange-rate-back-to-normal-range-falls-to-n1484-75-at-official-market/feed/ 0 490297 Presidential tax committee proposes exemption of manufacturers and farmers from withholding tax  https://nairametrics.com/2024/05/30/presidential-tax-committee-proposes-exemption-of-manufacturers-and-farmers-from-withholding-tax/ https://nairametrics.com/2024/05/30/presidential-tax-committee-proposes-exemption-of-manufacturers-and-farmers-from-withholding-tax/#comments Thu, 30 May 2024 17:48:13 +0000 https://nairametrics.com/?p=490298 The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has stated that the committee has proposed an exemption of manufacturers and farmers from paying withholding tax as a way of reducing the tax burden on businesses.  

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]]> https://nairametrics.com/2024/05/30/presidential-tax-committee-proposes-exemption-of-manufacturers-and-farmers-from-withholding-tax/feed/ 1 490298 Huggies maker, Kimberly-Clark, to stop production three years after investing $100m in Nigeria  https://nairametrics.com/2024/05/30/huggies-maker-kimberly-clark-to-stop-production-three-years-after-investing-100m-in-nigeria/ https://nairametrics.com/2024/05/30/huggies-maker-kimberly-clark-to-stop-production-three-years-after-investing-100m-in-nigeria/#comments Thu, 30 May 2024 10:23:11 +0000 https://nairametrics.com/?p=490254 Diaper and sanitary pad manufacturer, Kimberley Clark will soon announce an imminent shutdown of its Ikorodu production facility two years after investing $100 million in Nigeria.  

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]]> https://nairametrics.com/2024/05/30/huggies-maker-kimberly-clark-to-stop-production-three-years-after-investing-100m-in-nigeria/feed/ 4 490254 Naira appreciates to N1,339.33/$1 on official market, best in 2 months https://nairametrics.com/2024/05/27/naira-appreciates-to-n1339-33-1-on-official-market-best-in-2-months/ https://nairametrics.com/2024/05/27/naira-appreciates-to-n1339-33-1-on-official-market-best-in-2-months/#respond Mon, 27 May 2024 18:08:27 +0000 https://nairametrics.com/?p=490032 The exchange rate between the Naira and the Dollar at the official window saw a significant appreciation of 10.71% on Monday, closing the day at N1,339.33/$1.

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]]> https://nairametrics.com/2024/05/27/naira-appreciates-to-n1339-33-1-on-official-market-best-in-2-months/feed/ 0 490032 Nigeria’s letter of credit payments fall by 63% in Q1 2024  https://nairametrics.com/2024/05/26/breaking-nigerias-letter-of-credit-payments-fall-by-63-in-q1-2024/ https://nairametrics.com/2024/05/26/breaking-nigerias-letter-of-credit-payments-fall-by-63-in-q1-2024/#respond Sun, 26 May 2024 14:16:07 +0000 https://nairametrics.com/?p=489949 Nigeria’s letter of credit payments have plummeted by 63% in the first quarter of 2024 compared to the same period in the previous year, according to the International payments data of the Central Bank of Nigeria (CBN).  The total letter of credit payments made via official channels for Q1 2024 was $204.47 million, reflecting a […]

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]]> https://nairametrics.com/2024/05/26/breaking-nigerias-letter-of-credit-payments-fall-by-63-in-q1-2024/feed/ 0 489949 FBN Holdings releases 2023 audited accounts, profits surge by 128% https://nairametrics.com/2024/05/23/fbn-holdings-releases-2023-audited-accounts-as-profits-surge-128/ https://nairametrics.com/2024/05/23/fbn-holdings-releases-2023-audited-accounts-as-profits-surge-128/#comments Thu, 23 May 2024 17:09:30 +0000 https://nairametrics.com/?p=489778 FBN Holdings Plc, the parent company of FirstBank, has released its audited financial statements for the year ended December 2023.

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]]> https://nairametrics.com/2024/05/23/fbn-holdings-releases-2023-audited-accounts-as-profits-surge-128/feed/ 1 489778 Binance Executive Gambaryan slumps in Abuja court during EFCC’s “forex contravention” case  https://nairametrics.com/2024/05/23/binance-executive-gambaryan-slumps-in-abuja-court-during-efccs-forex-contravention-case/ https://nairametrics.com/2024/05/23/binance-executive-gambaryan-slumps-in-abuja-court-during-efccs-forex-contravention-case/#respond Thu, 23 May 2024 13:55:41 +0000 https://nairametrics.com/?p=489760 A detained Binance executive, Tigran Gambaryan, slumped before the Federal High Court Abuja during a foreign exchange contravention and money laundering trial instituted against him by the Economic and Financial Crimes Commission (EFCC). 

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]]> https://nairametrics.com/2024/05/23/binance-executive-gambaryan-slumps-in-abuja-court-during-efccs-forex-contravention-case/feed/ 0 489760 Breaking: FG to offer two months of free rides on Abuja Light Rail starting Tuesday, says Wike https://nairametrics.com/2024/05/23/fg-to-offer-2-months-of-free-rides-on-abuja-light-rail-starting-tuesday-says-nyesom-wike/ https://nairametrics.com/2024/05/23/fg-to-offer-2-months-of-free-rides-on-abuja-light-rail-starting-tuesday-says-nyesom-wike/#respond Thu, 23 May 2024 11:17:20 +0000 https://nairametrics.com/?p=489733 Federal Capital Territory (FCT) Minister, Nyesom Wike, has announced that the federal government will commence a 2 month free ride service on the Abuja Light rail following its inauguration on Monday.

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]]> https://nairametrics.com/2024/05/23/fg-to-offer-2-months-of-free-rides-on-abuja-light-rail-starting-tuesday-says-nyesom-wike/feed/ 0 489733 Ex-aviation minister, Sirika, brother deny EFCC’s fresh N19.4 billion fraud charge https://nairametrics.com/2024/05/23/ex-aviation-minister-sirika-brother-deny-efccs-fresh-n19-4-billion-fraud-charge/ https://nairametrics.com/2024/05/23/ex-aviation-minister-sirika-brother-deny-efccs-fresh-n19-4-billion-fraud-charge/#respond Thu, 23 May 2024 11:04:21 +0000 https://nairametrics.com/?p=489728 A former Minister of Aviation, Hadi Sirika, and his brother, Ahmad, have pleaded not guilty to a fresh fraud charge instituted against them by the Economic and Financial Crimes Commission (EFCC) before a Federal Capital Territory High Court, Garki, Abuja.

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]]> https://nairametrics.com/2024/05/23/ex-aviation-minister-sirika-brother-deny-efccs-fresh-n19-4-billion-fraud-charge/feed/ 0 489728 CBN releases approved guidelines for BDCs, asks players to meet new requirements in six months https://nairametrics.com/2024/05/22/cbn-releases-approved-guidelines-for-bdcs-asks-bdcs-to-meet-new-requirements-in-six-months/ https://nairametrics.com/2024/05/22/cbn-releases-approved-guidelines-for-bdcs-asks-bdcs-to-meet-new-requirements-in-six-months/#respond Wed, 22 May 2024 19:50:19 +0000 https://nairametrics.com/?p=489674 The Central Bank of Nigeria (CBN) has released the approved guidelines for operations of Bureau De Change (BDCs) across the country while asking BDCs to reapply for licensing online with the new regulatory requirements in the next six months. This was disclosed in a revised guideline for the operations of BDCs signed by the bank’s […]

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]]> https://nairametrics.com/2024/05/22/cbn-releases-approved-guidelines-for-bdcs-asks-bdcs-to-meet-new-requirements-in-six-months/feed/ 0 489674