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Tag Archives: Business Gist

olam

Multibillion dollar FX fraud: Olam Nigeria pays ₦1billion bail bond to secure release of director

Olam Nigeria Limited has paid a huge bail bond of N1billion to secure the release of one of its directors, Prakash Kanth. The payment was made into a special recovery account operated by the State Security Service, SSS. Other top executives ...

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business plan

Business Plan: The map of a business

A business plan is like a map of a business. It outlines the company, what it plans to sell, who it intends to sell to, how much money it might spend and make, and more. It’s an essential document that ...

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Cbn

Emefiele suspension: Nigerian Stocks post 4% gain

The Nigerian stock market witnessed a powerful rebound on Tuesday, as investors welcomed the news headlines of the suspension of the CBN Governor, Mr Godwin Emefiele, by President Bola Tinubu. President Bola Ahmed Tinubu suspended Mr Godwin Emefiele, CFR, last ...

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ChatGPT

NITDA warns Nigerians over fake ChatGPT websites

Key highlights NITDA says several websites are now posing as ChatGPT to steal people’s data. Users are being lured from Facebook pages to fraudulent websites. The agency warns Nigerians to be wary of clicking on links they are unsure of ...

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Bitcoins vs stocks

Intel stops Bitcoin mining chips almost a year after release

Intel (NASDAQ: INTC) confirmed on Tuesday it is ending production of its processors used to mine Bitcoin, slightly higher than a year after launching them.“Once we prioritize our investments in IDM 2.0, we’ve end-of-life the Intel Blockscale 1000 Series ASIC ...

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Naira Redesign: What CBN needs to do to prevent another scarcity

Key highlights Analysts advise that CBN needs to work with the non-cash vendors to take the demand for cash. Scarcity experienced was the failure of Banks not having cash but non-cash outlets(POS, online) failing due to excessive demand. FG urged ...

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De-dolarising

Nigeria’s economy set to be driven by non-oil sector in 2023 – World Bank

In its April 2023 Africa’s Pulse report, the World Bank stated that Nigeria’s economy is likely to be driven by the non-oil sector as oil production is projected to keep subdued in 2023 due to many factors. More details from ...

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binance

Binance Temporarily halts Spot Trading; Bitcoin Dips $700 Immediately

Bitcoin slightly dipped as Binance spot trading was suspended. Crypto exchange Binance suspended spot trading amid an issue on the world’s most-used trading platform for cryptocurrencies. “We are aware of an issue impacting spot trading on Binance,” Binance tweeted. “All ...

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Fed Panics: Signature Bank Closed By Regulators; Fed, TSY, FDIC Announce Another Banking System Bailout

Fed Panics: Signature Bank Closed By Regulators; Fed, TSY, FDIC Announce Another Banking System Bailout

Source On Friday, we said that the Fed will have to make an announcement before the Monday open, and we didn’t have to wait that long: in fact, the Fed waited just 15 minutes after futures opened for trading to ...

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crashing

The US financial sector is experiencing a large-scale crisis: the activities of two large Silicon Valley banks have been discontinued at once.

“Banks that served companies in the high-tech sector were at the center of the events. First of all, these are Silicon Valley Bank, Signature Bank, and Silvergate. Today, the problems accumulated by the States since 2008 are shooting up,” noted ...

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