Business
The rhythm of Nigeria's business world
Flexible office-space provider WeWork, which was once valued at a staggering $47 billion and attracted investments from industry giants like SoftBank, BlackRock, and Goldman Sachs, has filed for Chapter 11 bankruptcy protection. In an astonishing twist of fortune, WeWork listed over $18.6...
The Nigerian Naira faced a steep fall on Monday, hitting an average of 1,030 Naira against the US Dollar in the parallel market. This marked a significant loss, with an 8.42% decline compared to the N950 exchange rate at the close of the previous week. This alarming devaluation follows a recent...
In a dynamic turn of events, the value of the Nigerian Naira witnessed significant fluctuations over the weekend. On the black market, the Naira surged, trading at N901 per dollar, a marked improvement from N1,050 the previous week. The cause of this surge was the optimistic outlook stemming...
Nigeria
Cooking Gas Scarcity Hits Multiple Nigerian States, Triggering Soaring Prices and Public Concerns
In a growing crisis, Nigeria is experiencing a dire scarcity of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, with Lagos and several other states severely impacted. This predicament has left households and small businesses struggling to afford this essential energy source. The...
Nigeria
Nigerian Billionaire Rivalry: Aliko Dangote and Abdul Samad Rabiu Clash Over Business Domination
Two Nigerian billionaires, Aliko Dangote and Abdul Samad Rabiu, have reignited their long-standing feud over control of key industries. Dangote, Africa's richest person, owns Dangote Industries Limited, while Rabiu is the founder of BUA Group. Their rivalry spans decades and revolves around...
In a remarkable turn of events, the Nigerian naira continued its impressive rebound against the US dollar on Friday, surging to an exchange rate of ₦950/$ in the parallel market. This marks a substantial gain of ₦170 or a 15.18% appreciation of the local currency compared to the ₦1,120/$ it...
In a move that has left many Nigerians grappling with financial concerns, Multichoice, the owners of DSTV Nigeria, has announced another subscription fee increase. This hike, which amounts to at least 16 percent depending on the bouquet, follows a previous fee adjustment earlier in the year...
Retail lender, Unity Bank Plc has recorded gross earnings of N38 billion for the nine-month period ended September 30, 2023, with customer deposits appreciating by 5% to N344.4 billion within the period, an indication of business growth and customer confidence in the Bank.
A review of the...
Nigeria
Nigerian Naira Experiences Remarkable Appreciation, Surges to N1,040 Against the Dollar in Parallel Market
In a surprising turn of events, the Nigerian naira witnessed a remarkable appreciation against the U.S. dollar in the parallel section of the foreign exchange market. On Friday, the local currency soared by N145, marking a substantial increase of 12.24 percent, reaching the impressive exchange...
Interswitch, a prominent African payments and infrastructure company, is reeling from a massive financial setback after suffering a loss of approximately ₦30 billion due to a chargeback fraud incident.
According to court documents reviewed by TechCabal and insiders familiar with the matter, a...
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