Lagos State government has begun the process of regulating Uber, Bolt, amongst other ride-hailing services through a sum of N25 million and N10 million license and renewal fees respectively. For months now, the government has been considering ways to regulate the industry. And with approval from Governor Babajide-Sanwo-Olu, the state...
Access Bank has been accused of abuse of power after placing a restriction on the account of a company, Gatefield Nigeria Limited, for supporting the EndSARS protest in Nigeria. The restriction on the account comes amidst accusations that the government through the Central Bank of Nigeria (CBN) is cracking down...
GTBank has secured the approval of the Central Bank of Nigeria (CBN) to become a financial holding company, with its Approval-In-Principle. This follows a month after Sterling Bank obtained theirs in order to branch out of the core banking business. With its Holding Company status, GTBank will commence its restructuring, which...
Tragedy struck on Thursday, November 5, 2020, when fire razed a petroleum tank farm belonging to multinational energy company, Oando Plc. Unmask NG learnt that the incident happened at Ijora Badia area of Lagos. Confirming the incident, Olufemi Oke-Osanyintolu, the Director-General, Lagos State Emergency Management Agency (LASEMA), said emergency responders,...
Oil multinational, Chevron Nigeria Limited has announced the appointment of Richard Kennedy as its new Chairman and Managing Director. With this disclosure, Kennedy succeeds Jeffrey Ewing, who recently moved into a new role outside Nigeria in Chevron’s Middle East, Africa and South America Region. Kennedy’s appointment which had already taken effect...
Chams Plc is struggling to survive under Managing Director, Gavin Young, as revenue fell by 63.8% in the third quarter of 2020. The information available to Unmask NG has it that Chams Plc's revenue failed to surpass the NGN847.4 million of last year Q3, after generating NGN306.7 million in 2020...
Information reaching Unmask NG has it that there's an ongoing dispute between board members of Jaiz Bank. According to our sources, they are all at loggerheads over the re-appointment of Hassan Usman, as the financial institution's Managing Director (MD). Recently, Jaiz Bank moved to appoint Muhammad Shaheed Khan as a...
Following Transcorp Hilton’s decision to cut down its workforce by 40%, staff members of the hospitality company have begun an indefinite strike action. Recall that Dupe Olusola, the Managing Director, Transcorp Hotels Plc, had lamented how the firm was affected by the raging COVID-19 pandemic. Hence, according to her, in...
MTN Group is making efforts to reduce its debt burden by leveraging Jumia and its stake in the African telecoms market. This move will also help the telco consider entering new frontiers. Information available to Unmask NG has it that MTN has an 18.9 percent stake in Jumia, a German-owned...
Commercial banks and mobile network operators, TELCOS have commenced discussion on how the Unstructured Supplementary Service Data (USSD) accumulated debt will be paid. In response to the development, the Chairman, Association of Licensed Telecommunication Operators of Nigeria, Gbenga Adebayo, said, “Discussions are ongoing and we are hoping that this will...