Big Business

First Bank Clarifies Forex Market Ban
Big Business

First Bank Clarifies Forex Market Ban

Few days after the bank was barred from participating in the Forex market, First Bank has issued a statement clarifying its position on the CBN ban. Further to the media reports of the suspension of FirstBank — a subsidiary of FBN Holdings Plc, among other banks, from foreign exchange transactions […]

UBA’s H1 Net Income Rose By 158%
Big Business

UBA’s H1 Net Income Rose By 158%

United Bank for Africa, UBA PLC has just reported that its half year 2016 net income rose by 159% to NGN88 billion compared to NGN34 billion reported within the same period last year. The report also showed that UBA’s gross interest income fell to NGN165,5 billion versus NGN165,7 billion reported […]

Beloxxi Receives USD80 Million Investment From Private Equity Firms
Big Business

Beloxxi Receives USD80 Million Investment From Private Equity Firms

Nigeria’s private equity deal has received another boost as Beloxxi Industries Limited received an USD80 million invetment from 8 Miles and a consortium of African Capital Alliance and DEG – Deutsche Investitions und Entwicklungsgesellschaft, the German Development Finance Institution. The deal was advised by Linklaters, Aluko & Oyebode, Deloitte, SLR Consulting […]

Nigerian Cocoa Output Drops To 25-Year Low
Big Business

Nigerian Cocoa Output Drops To 25-Year Low

This is not the best of times for Nigerian cocoa farmers. According to latest data made available to Bloomberg, Nigeria’s cocoa midcrop output is seen falling by as much as 70 percent this year. Rufus Orosundafosi, a cocoa farmer told Bloomberg by phone that “This season’s midcrop harvest is the worst […]

CBN Bans Nine Banks From Forex Market
Big Business

CBN Bans Nine Banks From Forex Market

The CBN has barred nine banks from all Forex transactions over their failures to remit NNPC funds in the TSA account. According to media reports, the Dollar funds were not remitted even after the presidency ordered all funds belonging to the government to be paid back into the TSA account. The […]