Category Archives: Business News

CBN suspends activities at forex market till end of lockdown … As backlog of forex demand piles

The additional two extension on lockdown as a result of the COVID-19, means the Central Bank of Nigeria (CBN) cannot participate in activities at the foreign exchange (forex) market, save its skeletal services it is running at the Import and Export (I&E) window.
The apex bank has been forced to stopped sales of forex since March 20, 2020. If the lockdown continues after April 28, then, demand for forex will continue to pile.

Nigerian stocks ahead global bourses as COVID-19 continues ruthless spread

In spite of the relentless ruthless spread of the COVID-19, a number of stock markets all over the world shrugged off the pains of the Coronavirus to registered positive growth last week, with the Nigerian stock market outperforming others.
The bulls held sway, leading to a 7.2 per cent rise in the All Share Index (ASI).

Protect Your Bank Details; Don’t Get Scammed; UBA Warns Customers

Pan African financial institution, United Bank for Africa (UBA) Plc, has called on its customers to exercise utmost caution in their banking transactions and ensure that they do not fall prey to any nefarious activities during the Coronavirus lock down period.

Despite COVID-19, GP Global acquires Nigeria’s lubricant assets of Grand Petroleum

GP Global, a leading global energy-to-agriculture conglomerate, today said it had made a strategic acquisition of the lubricants assets of Grand Petroleum, Nigeria’s leading lubricants player and part of the Nosak Group, in order to expand and strengthen its presence in Nigeria and west Africa.

NOVA Merchant Bank Supports the Fight Against COVID-19 with Relief Materials

NOVA Merchant Bank yesterday announced a donation of various relief materials to the vulnerable sector in Lagos. This is in response to the fight against the Coronavirus (COVID-19) pandemic.

Nigeria to shut down its oil refineries as it works to revamp -NNPC chief

Nigeria has made a “conscious decision” to shut down all its oil refineries while it works to revamp them, the head of NNPC said yesterday.
The three refinery sites in Africa’s largest oil exporter have worked only sporadically due to years of underinvestment. It has been working to revamp them, but has struggled to find external financing to do so.

NOVA Merchant Bank Supports the Fight Against COVID-19 with Relief Materials

NOVA Merchant Bank today announced a donation of various relief materials to the vulnerable sector in Lagos. This is in response to the fight against the Coronavirus (COVID-19) pandemic.
The provision will support the drive to limit the spread of COVID-19 in Nigeria. Beneficiaries of this intervention include:
– Pacelli School of the Blind, Surulere Lagos.
– Vigilant Heart Orphanage, Lekki Lagos.
– Heritage Home Foundation, Ikota Lagos.
– Old Peoples Home, Yaba Lagos.
Handing over the items, Omolara Abiola, Head Brand Marketing and Corporate Communications on behalf of the Board expressed the bank’s commitment to the fight against COVID-19. “COVID-19 is a global pandemic and it is our responsibility to protect our communities by taking deliberate steps to limit the spread of this virus,” she said.

UBA announce N5bn COVID-19 relief support across Africa

United Bank for Africa Plc (UBA) today announced a donation of over 5 billion Naira (USD14 million), through the UBA Foundation, to catalyse a comprehensive pan-African response to the fight against the coronavirus (COVID-19) global pandemic.

UBA Empowers 400 Entrepreneurs In Onitsha with Capacity Training

Pan African financial Institution, United Bank for Africa during the weekend held a Micro Small and Medium Enterprises (MSME) capacity training in Onitsha where about 400 small and medium scale business entrepreneurs in Onitsha, Anambra State, benefitted immensely from the impactful training.

Abule-Ado Gas Explosion: Dangote Donates N100m Cement to victims for Reconstruction …As Dangote Cement Management commiserates with gov Sanwo-Olu

Dangote Cement Plc yesterday donated N100 million worth of cement to the Lagos State government, to support the ongoing reconstruction process at the Abule-Ado area of Amuwo-Odofin Local Government of the state, which was affected by a pipeline explosion last weekend.