Prince Adewole Ebenezer Adebayo, an international lawyer and former presidential candidate of the Social Democratic Party (SDP) in the 2023 election, has described the recent seizure of a Nigerian aircraft in France as a “temporary embarrassment.” In an interview, Adebayo explained that the legal dispute stems from a conflict between the Ogun State government and […]
Category archives: Business
Nigerian Cargo Rejections Abroad: Experts Identify Key Causes
LAGOS – The frequent rejection of Nigerian cargo in international markets is primarily due to the lack of goods integrity and exporters’ failure to adhere to best practices throughout the intermodal supply chain. This was the consensus at the fourth CHINET Aviacargo Conference held in Lagos, themed ‘e-Commerce and the Future of Air Cargo in […]
Dollar to Naira Exchange Rate in Black Market on August 24, 2024
The exchange rate for the dollar to naira in the black market (also known as the parallel market) is a crucial piece of information for those looking to convert currency outside of official channels. On Friday, August 23, 2024, in Lagos, black market traders were buying dollars at N1610 and selling at N1615, according to […]
NNPCL Denies Presidential Involvement in Controversial OVH Merger
The Nigeria National Petroleum Company Limited (NNPCL) has dismissed claims made by former Vice President Atiku Abubakar that President Bola Tinubu and his son, Wale Tinubu, are using the acquisition of NNPC Retail Limited by OVH for personal gain. NNPCL clarified that the merger was conducted purely for business reasons, with no involvement or interest […]
Dollar to Naira Exchange Rate: Black Market Rates for 23rd August 2024
As of 22nd August 2024, the dollar to naira exchange rate in the Lagos Parallel Market (Black Market) stood at N1605 for buying and N1615 for selling, according to sources from Bureau De Change (BDC). Despite the Central Bank of Nigeria’s (CBN) directive for individuals to use official banking channels for foreign exchange, the black […]
NIMASA Debunks Rumours of NSDP Beneficiaries’ Recall from Indian University
The Nigerian Maritime Administration and Safety Agency (NIMASA) has denied reports suggesting that it plans to recall beneficiaries of the Nigerian Seafarers Development Programme (NSDP) from Centurion University in India. The Director General of NIMASA, Dr. Dayo Mobereola, reaffirmed the Agency’s commitment to ensuring that the 296 NSDP beneficiaries receive quality training and become globally […]
Chinese Firm to Auction Seized Nigerian Properties on eBay to Recover $70 Million Debt
A Chinese investment group, Zhongshang Fucheng Industrial Investment Ltd, plans to auction two residential properties seized from Nigeria on eBay to recover up to $70 million from an arbitration award. The properties, located at 15 Aigburth Hall Road and Beech Lodge, 49 Calderstones Road in Liverpool, were seized in June 2024 after Nigeria failed to […]
SEC Unveils New Initiatives to Drive Capital Market Growth and Attract Listings
The Securities and Exchange Commission (SEC) has introduced a series of new initiatives aimed at boosting activity in Nigeria’s capital market and aligning with the Federal Government’s goal of reaching a $1 trillion economy. At his first post-Capital Market Committee (CMC) press briefing in Lagos, Dr. Emomotimi Agama, the Director-General of SEC, outlined the commission’s […]
CISLAC and Transparency International Urge State Governors to Prioritize Due Diligence in Contracts
Civil Society Legislative Advocacy Centre (CISLAC) and Transparency International Nigeria (TI-Nigeria) have called on state governors to emphasize due diligence and legal consultations before entering into contract agreements. This call follows the recent seizure of three Nigerian presidential jets by a French court due to a contract dispute between the Ogun State Government and the […]
Naira Falls to N1,600/$ in Parallel Market, While Appreciating in Official Market
The Naira experienced a depreciation in the parallel market yesterday, dropping to N1,600 per dollar from N1,590 per dollar over the weekend. However, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated slightly, reaching N1,579.22 per dollar from N1,579.89 per dollar last Friday, showing a 67 kobo gain. According to data from FMDQ, […]