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Arik Air Resumes Scheduled Flight Operations As Labour Unions Call Off Industrial Action

Aviation unions have called of their industrial action against Arik Air following an intervention by the Nigerian Civil Aviation Authority (NCAA). This was made known in a communique signed by the leadership of the unions, Arik Air management and a representative of the NCAA. The communique was signed by Olayinka Abioye, General …

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Tech Billionaire To Pay Wife Over $1 Billion In Divorce

Chinese tech tycoon, Zhou Yahui has agreed to pay his now ex-wife Li Qiong a massive $1.1 billion in divorce settlement. Zhou, the chairman of online gaming firm Beijing Kunlun Tech agreed to transfer hundreds of millions of shares in his company to his wife.  The huge settlement has made headlines in China and …

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CBN Issues License To 11 New Int’l Money Transfer Operators

Central Bank of Nigeria CBN has issued license to 11 new International Money Transfer Operators (IMTOs).  This was disclosed in a statement released by the apex bank’s Acting Director, Corporate Communications, Isaac Okorafor yesterday August 30th.  The new entrants are joining Western Union, MoneyGram and Ria, which had been cleared …

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Nigeria Risks Losing N218billion Abacha Loot As Justice Minister Malami, US-based Attorney Battle

One of the issues believed to have been discussed by President Muhammadu Buhari and the visiting U.S. Secretary of State, John Kerry, during a closed-door meeting last Tuesday was the return of millions of dollars of Nigeria’s money looted by late military dictator, Sani Abacha. However, Nigeria stands the risk of forfeiting …

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Naira Crashes To N415 To The Dollar As CBN Ban On Banks Lingers

Amidst lingering dispute between Central Bank of Nigeria, CBN, and eight banks banned from participating in the inter-bank foreign exchange market.  The local currency, Naira, has suffered further bashing, depreciating to N415/ USD1 yesterday in the parallel market, bringing total weekly loss to N20 per dollar. But the inter-bank market registered moderate stability as mid-day …

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Dangote Reveals His Company Lost #50 Billion To Flexible Exchange Policy

Dangote Group President Aliko Dangote said at the weekend that his company lost N50 billion to the flexible foreign exchange policy. Dangote spoke when Vice President Yemi Osinbajo toured the project sites of Dangote Fertiliser and Dangote Refinery in Lekki, Lagos. Dangote said the $161 million his companies bought during …

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