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Devaluation: Experts highlight trends clouding economy’s growth in 2020

The Central Bank of Nigeria (CBN) may eventually devalue the naira in 2020, as experts highlighted several disturbing trends clouding growth prospects in the Nigerian economy. Speaking during the 2020 Nairametrics Economic Outlook Hangout, which held in Lagos over the weekend, financial experts and analysts disclosed that CBN might devalue the naira as structural imbalances […]

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Hyundai partners Kia to invest €100m in electric vehicles

Hyundai Motor Company has partnered with Kia Motors Corporation to jointly invest in the manufacturing of electric vehicles. With Hyundai investing €80 million and Kia, €20 million, a total of €100 million has been invested in a United Kingdom-based start-up that manufactures electric vans called Arrival.  Details of the partnership: The car giants plan to use […]

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Here’s why Continental Reinsurance is delisting from NSE

Continental Reinsurance Plc has reverted to a private limited liability company after two decades of operating as a public limited liability company. The company also got delisted from the Nigerian Stock Exchange (NSE). Due to review of its business strategy and restructuring, Continental Reinsurance had backtracked to its early years of private operation after shareholders’ investments were acquired […]

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GTBank’s CEO gives outlook for 2020, talks changing competitive market landscape

The Group Chief Executive Officer of Guaranty Trust Bank Plc (GTBank), Segun Agbaje, said he does not see the potential of Nigeria’s GDP growth figure going beyond 2% in the next twelve months of 2020. According to him, events such as the US-China trade tensions and the lingering Brexit deal could all result in stunted growth […]

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Lagos airport witnesses better growth in 2019, FAAN says

The Murtala Muhammed International Airport (MMIA), Lagos, recorded more passenger growth in 2019 compared to 2018. This is according to the Federal Airports Authority of Nigeria (FAAN). The airport, according to the aviation regulator, recorded 96,621 aircraft movements, handled 187.49 million cargo and 7.319 million passengers in 2019. On the other hand, in 2018, the airport movement was […]

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Union Bank issues series 3 & 4 Commercial Paper, to raise N20 billion

One year after Union Bank Plc successfully raised N24.3 billion through the issuance of the series 1 and 2 of its N100 billion commercial paper programme, the company is now raising an additional N20 billion by issuing series 3 and 4 into the domestic capital market. A statement signed by the Company Secretary, Somuyiwa Sonubi, as seen on the […]

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Samsung discloses why it chose Nigeria as investment spot

The Nigerian subsidiary of South Korean company, Samsung Heavy Industries, has explained the reason the Asian company chose Nigeria as its first construction facility site outside Korea. Managing Director, Samsung Heavy Industries Nigeria (SHIN) Limited, Jejin Jeon, explained that the country has some business traits that hold revenue potentials. Jeon said the country’s business environment was poised for growth, […]

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Afreximbank, MIA sign $190million deal

The African Export-Import Bank (Afreximbank) has announced that it has sealed a $190 million facility deal with the Made In Africa Inc. (MIA) company. Details: The deal involves Afreximbank providing MIA with the $190 million, which it needs in order to acquire African Fabric Holdings BV, Netherlands, also known as Vlisco Group. The deal was signed during a ceremony […]

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Access Bank finally acquires Kenyan bank, Transnational Bank Plc

Access Bank has finally acquired 100% of Kenya’s Transnational Bank Plc and its 28 branches, as the Central Bank of Kenya (CBK) gave its final nod. Nairametrics had reported in October 2019 that Access Bank from the first quarter of 2020, would expand its footprint across Africa. The bank, which is the largest in Nigeria by customer-size, had […]

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DStv earns most preferred pay Tv recognition during festive season

The Nigerian  Entertainment Today (theNETng), in its latest report, has declared MultiChoice Nigeria’s DStv and GOtv platforms as the nation’s preferred Pay TV service providers for home entertainment. The feat, which was based on viewership during festive season between November 2019 and January 2020, was revealed in a newly published independent report that surveyed hundreds […]

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GTBank crashes payday loan to 1.33% monthly

Guaranty Trust Bank, Nigeria’s largest bank by market capitalization, has crashed its interest rate for its payday loans from 1.75% to 1.33% per month. The bank reviewed its rate, which is published on its website,  as it becomes one of the lowest in the lending space. Banks on the offensive: In a growing sign of competition […]

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National grid collapse is inevitable – TCN

The Transmission Company of Nigeria (TCN) has disclosed that subsequent collapse of the National Grid cannot be totally avoided in the country. In a statement titled, “TCN Restores Supply After System Collapse,” the company explained that as National Grid is still being operated with zero spinning reserve, system instability like the partial system disturbance might […]

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Nigerian Professor spends $185K US grant in strip clubs, iTunes, others

The office of the Philadelphia District Attorney has alleged that a former professor of Drexel University, Chikaodinaka Nwankpa, spent fund meant for research on adult entertainment venues. Nwankpa, has been arrested and charged with theft for stealing $185,000 in research grant. The grant was supposed to cover research on approved studies though it is still […]

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Nigerians spend N3.73 billion in Cinemas in 2019

Nigerians across major cities spent N3.730 billion on Top 20 movies (weekends) at several cinemas across the country, most of which were foreign ones. This was disclosed in the data obtained by Nairametrics from the Cinema Exhibitors Association of Nigeria (CEAN). CEAN is an association of cinema owners, operators, and managers incorporated by the Corporate […]

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FG uses VAIDS to raise N70 billion from Nigerians

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has disclosed that the Federal Government made use of the Voluntary Assets and Income Declaration Scheme (VAIDS) programme to raise over N70 billion from Nigerians. The VAIDS programme was launched to encourage individuals and companies yet to declare their assets and taxes to come forward without prosecution from the tax administrator. […]