Union Bank Loses Chairman

By Adedapo Adesanya Nigeria has put the presidential aircraft, Falcon 900B, up for sale with the Nigerian Air Force (NAF) asking interested persons to submit their bids for the purchase of the aircraft. It was not disclosed how much the craft would be sold, according to a tweet on the official Nigerian Air Force page on X, formerly known as Twitter, where it said the aircraft was put up for sale following the federal government’s approval. “The Federal Government of Nigeria has approved the sale of Falcon 900B aircraft owned by the Nigerian Air Force (NAF),” NAF said in a

By Adedapo Adesanya Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered illicit substances bound for Europe, the United Arab Emirates and Asia. Disclosing this in a statement on Sunday, NDLEA spokesman, Mr Femi Babafemi, said the illicit substances intercepted included various quantities of methamphetamine and opioids concealed in hems of new jeans trousers, dolls, buttons, local soap and tins of milo beverage. He noted that the operation was carried out by operatives of the Directorate of Operations and General Investigation (DOGI) at courier houses in Lagos, he said some of the items seized included tramadol 225mg concealed

By Adedapo Adesanya A Federal Capital Territory High Court, Abuja, has adjourned an alleged procurement fraud case involving ex-Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to January 18 and 19, 2024, for continuation of trial. Mr Emefiele is standing trial on a six-count amended charge on alleged procurement of vehicles to the tune of N1.6 billion. He had pleaded not guilty to the charges. He was granted bail on November 17, 2023, to the tune of N300 million, and two sureties and remanded at the Kuje Correctional Centre, pending when he meets his bail conditions. However,

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has disclosed that it supplied $13.99 billion into the foreign exchange market between January and June 2020. The bank made the disclosure in its quarterly statistical bulletin on ‘Supply of forex’ for the month of June. According to the apex bank, the amount was supplied to the various levels ranging from the interbank segment, the Bureau De Change (BDCs) operators, and also the Investors & Exporters window, Small and Medium Enterprises and Invisibles markets. At the interbank from January to June, it supplied a total of $375.06 million. Giving a supply

By Dipo Olowookere Liquidity squeeze for the foreign exchange wholesale auction debits on Monday caused the average treasury bills yields to face south, Business Post is reporting. It was observed that yields of the debt instrument marginally went down by 0.06 percent at yesterday’s trading session to settle at 12.28 percent by the time market activities wrapped up. For the four maturities tracked during the session, only the one-month tenor had its yield appreciating at the close of transactions. Yield on the 30-day bill went up by 0.07 percent to close at 10.98 percent from 10.90 percent of the previous

By Adedapo Adesanya The International Institute of Tropical Agriculture (IITA) has blamed the insufficient budgetary allocation to agriculture as a major impediment in most African countries. This formed part of the points raised by the Director-General of the agency, Mr Nteranya Sanginga, who added that this had been militating against the development of the sector in the continent. Mr Sanginga, from the Democratic Republic of Congo (DRC), assumed office in 2011 and is the first African director-general of the 54-year-old international institute. Speaking in Ibadan, Oyo State at an interactive session, said that except adequate attention was paid to agriculture

By Dipo Olowookere Nigerian stocks lost 0.03 per cent on Wednesday on a day the local bourse was celebrating its 60 years of operations. The Nigerian Exchange (NGX) marked its commencement of operations three decades ago (on August 25, 1961) but the bears chose the day to show up, relegating the bulls to the background. Profit-taking in some large-cap equities contributed to the marginal collapse of the exchange at the midweek session, causing the All-Share Index (ASI) to close lower by 10.86 points to 39,449.82 points from 39,460.68 points and weakening the market capitalisation by N6 billion to N20.554 trillion

Co-founder of Andela, Mark Zuckerberg’s first big tech investment in Africa, Iyin Aboyeji, has announced his exit from the company. Andela is a Lagos-based coder training company, which raised about $24 million courtesy Facebook founder, Mark Zuckerberg, about eight weeks ago. Aboyeji said he was leaving Andela to start-up his new company called Flutterwave. He said the new company is a digital payments infrastructure platform that will aggregate various payment methods for merchants, banks, and money transfer operators across Africa. The 25-year-old tech-guru said Fluttterwave will operate in Nigeria, Ghana and the United States of America (USA). Aboyeji said he

By Adedapo Adesanya South Sudan has threatened to quit the alliance known as the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) if the group stands in the way of its ambitious plan to increase crude output to 230,000 barrels per day by 2024. This was made known by the country’s first vice-president, Mr Riek Machar, in Juba on Tuesday, saying that South Sudan has had difficulties with OPEC+ over its crude oil targets. “Our minister of petroleum has had issues with OPEC over the increment of crude production but we shall instead quit the organisation if we

By Adeniyi Ogunfowoke Not all startups have the luxury of getting investors from the very beginning. So, you have to fund your business out of your own pocket. This is what is called bootstrapping. While this is a good way to start a business, bootstrapping is more difficult than it might seem especially for first-time entrepreneurs. Accordingly, Jumia Travel, the leading online travel agency shares bootstrapping tricks to make funding your own business easier. Carefully pick your co-founder When bootstrapping, the majority of the work is done internally, so co-founders need to complement each other’s skill sets. If you’re good

By Dipo Olowookere A new package for the delight of lovers of the entertainment industry has been launched by Kwesé iflix and 9mobile. Kwesé Iflix is the Joint Venture of Econet Media, Africa’s leading pan-regional media company and broadcast network, and iflix, the leading entertainment service for emerging markets, while 9mobile is the leading customer-friendly telecom company in the country. The all new Kwesé iflix service offers users the ultimate entertainment experience, featuring Kwesé’s extraordinary content offering including live coverage of the world’s most elite sporting competitions, including the 2018 FIFA World Cup in Russia – and much more on