Category: Business

JUST IN: CBN redesigns Naira

Emporium Reporters

The Central Bank of Nigeria has announced its decision to redesign the Naira.   The CBN Governor, Mr. Godwin Emefiele, who announced this at a press briefing in Abuja, said the exercise would affect the the highest denominations: 200, 500, 1000 notes.   He said that the action was taken in order to take control of the currency in circulation.   According to him, the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.       Details…

JUST IN: CBN sells Polaris bank for N50bn after rescuing it with N1.2trn

Emporium Reporters

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100percent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).   The deal secured the approval of the House of Representatives, who, on Wednesday, October 19, 2022, sanctioned the sale of Polaris Bank and affirmed that the acquisition followed laid down procedures and got the relevant presidential approval.   A statement issued by the Director, Corporate Communications Department…

GREE Air Conditioner unveils new Product Friday, woos New Dealers

Emporium Reporters

Ahead of the official unveiling of its new product on Friday, October 14, 2022, one of the companies listed on the Fortune 500 and a market leader, GREE is wooing new dealers from across Nigeria. This was contained in a statement signed by Jubril Arogundade the Group head of communication made available to journalists on Wednesday, October 12. “GREE is one of the companies listed on the Fortune 500 and a market leader amongst Air conditioner manufacturers in the world, which inspires the world and shapes the future with transformative…

Golden Stardom crowns Dr Augustine Onwueme as Nigeria King of Real Estates

Emporium Reporters

Chairman PWAN Group,Dr Augustine Onwumere has been honored as Nigeria King Of Real Estates, at the ongoing Economic Movement of Hope for Nigeria.   Some delegates of GOLDEN STARDOM, headed by Noble Eze Oluchukwu,crowned this Distinct Personality as King, for his sustainable impact towards Humanity, as Mr Empowerment. His wealth of experience in Real Estates Business, with Large Network and credible Net-Worth, which affirmed his capacity to graft Nigerians into Billionaires Network through investments in his Brands Products and Projects. He is involved to champion Economic Growth in Real Estates,…

Yahaya Bello’s Govt, Dangote fight dirty over Obajana cement plant in Kogi

Emporium Reporters

The crisis over the ownership of the Obajan cement plant in Kogi State deepened on Friday, October 7, 2022, as the state government under Governor Yahaya Bello, and Dangote Cement Plc continued to lay claims to the facility.   The management of the firm also vowed to take legal action over the recent invasion of the plant and the shooting of its employees by armed vigilantes allegedly on the orders of the government.   Recall that there was pandemonium on Wednesday, October 5, 2022, when officials of the Kogi State…

CBN and the lost fight against Inflation By Adefolarin A Olamilekan

Emporium Reporters

The global economy is currently uninspiring as it is still under the sieges of inflation. That demonstrates a spike in over 9% globally. With a worsening purchasing power and dampening economic outlook of countries. Although each country is experiencing uncommon inflation pressures. Hence, the fact about the phenomenon of Inflation resides in both positive and negative forms of economic growth. Which perhaps in context of the meaning of Inflation suggested. it is the rate at which the value of a currency is failing and consequential general rise in prices of…

CAC collaborates with NEPC to boost Non-Oil Exports

Emporium Reporters

The Corporate Affairs Commission (CAC) has pledged continued support to the Nigerian Export Promotion Council (NEPC) as it strived to improve online services to grow the Non-Oil Exports sector.   The Registrar General/ CEO of the Corporate Affairs Commission, Alhaji Garba Abubakar stated this on Wednesday in Abuja when he received in audience, the Executive Director/ CEO of the NEPC, Dr. Ezra Yakusak.   in a statement released by the Head Media of the commission, Rasheed Mahe ,said Alhaji Garba Abubakar stressed that the Commision had ensured series of collaborations…

CAC set to formalize more small businesses at discounted rates

Emporium Reporters

By ABUBAKAR YUSUF, Abuja         The Corporate Affairs Commission has pledged to support the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Business Women Working Group (NAWORG) in its quest to provide customized advocacy training for women entrepreneurs to motivate them to register their businesses.   In a release by the Head, Media of the corporation Rasheed Mahe,CAC Registrar General said the initiative will also provide access to credible women and youth owned informal businesses operating in various areas.   The Registrar General of…

Fidelity Bank to acquire Union Bank UK

Emporium Reporters

Fidelity Bank Plc says it has entered a binding agreement to acquire a 100 percent equity stake in Union Bank UK Plc.   The bank said this in a corporate filing on the Nigerian Exchange Limited (NGX) signed by Ezinwa Unuigboje, the company secretary.   Fidelity Bank said the Central Bank of Nigeria (CBN) had issued “No Objection” letter for the deal.   It also added that the transaction is still subject to the approval of the Prudential Regulatory Authority (PRA) of the United Kingdom.   While speaking on the…

BREAKING: CBN releases $265m foreign airlines’ trapped funds

Emporium Reporters

In a fast move to avert a total shutdown of Nigeria’s aviation sector, the Central Bank of Nigeria (CBN) on Friday, released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales.   A breakdown of the figure indicates that the sum of $230 million was released as special FX intervention while another sum of $35 million was released through Retail SMIS Secondary Market Intervention Sales) auction.   Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, said that…