Business Archives - Page 36 of 46

May

07

2023

Dangote announces date for commissioning of multi-billion refineries

Business, EconomyBusiness, Dangote, Economy

Dangote Group has announced the date for the launch of its much-awaited refineries. A letter of invitation circulating on social media indicated that the commissioning would happen on May 22, 2023. The multi-billion-dollar Oil Refinery and Petrochemical Company is expected to bring solutions to Nigeria’s perennial refining issues.

Apr

16

2023

By Freeman

IMF advices African countries including Nigeria to adjust exchange rate

Business, Economy, MetroAfrica, Business, Economy, IMF, Metro, Nigeria

The International Monetary Fund has advised Sub-Saharan African countries to seek currency adjustments (devaluation) due to the realities of rising global interest rates and limited access to funding. The fund opines that “some adjustment of currencies seems unavoidable in many cases” even if their reaction was to resist it. “There are certainly some reasons for sub-Saharan African countries to resist exchange rate pressures, including an elevated share of foreign-currency debt and weakly anchored inflation. But countries have to adjust to new fundamentals of higher global interest rates and tighter financing conditions that are expected to last into the foreseeable future. For most countries, the…

Apr

16

2023

By Amos Oge Kalu

Meet Emmanuel Njoku, 21-year old drop out and founder of Lazerpay

Business, Economy, Education, LifestyleEconomy, Education, Lifestyle, Metro

One of the hottest topics among netizens in recent weeks is the shutdown of Lazerpay, a web3 and crypto payment company, that was transforming crypto payment experiences for individuals and businesses across the world. The CEO and co-founder of Lazerpay is Emmanuel Njoku, an audacious young man, who dropped out of school at age 19 to fund the startup. Emmanuel Njoku was born and raised in Port Harcourt, Rivers State Nigeria. He would recount that his family was pretty competitive and so, he always put extra effort into his studies. Born to an engineer father and a school teacher mother,…

Apr

12

2023

By Amos Oge Kalu

National assembly proposes 10-year jail term for Ponzi scheme promoters

Business, Economy, Metro, PoliticsBusiness, Economy, House of reps, Nigeria, Politics

The National Assembly has passed the Investment and Securities Bill, which includes provisions for possible jail sentences for those who promote Ponzi schemes in Nigeria. The Investment and Securities Service Bill 2023 finally scaled through the final hurdle of the National Assembly when the Senate passed it on March 29. The bill, which is expected to aid the functioning of the capital market and facilitate the ongoing economic diversification in the country, had been passed by the House of Representatives in December. It is only awaiting presidential assent to become law. At the plenary, the Senate President, Ahmad Lawan, stated…

Apr

10

2023

By Amos Oge Kalu

FG bars online banks from accessing customers’ photos, contacts

Business, Economy, Lifestyle, MetroBusiness, Economy, Metro, Nigeria

Loan apps on Play Store will lose their ability to access their users’ contacts or photos from May 31, 2023. This came as the Federal Government said it would enforce the latest policy by Google, saying the action was consistent with the Nigerian authorities’ move to curtail the invasion of customers’ privacy by loan app firms. The Federal Government had in recent time taken major decisions aimed at tackling the violation of customers’ privacy by loan apps. Notably, the Federal Competition and Consumer Protection Commission had recently registered 170 loan apps out of the 200 operating in the country. Google,…