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Posts published in “Finance”

African Billionaires List : Dangote, Adenuga, Rabiu’s wealth Rises by $5.7billion

Forbes African Billionaires List 2021 : Three Nigerian Billionaires Dangote, Adenuga, Rabiu’s wealth Rises by $5.7billion.

The combined net worth of three of Nigeria’s richest persons increased by $5.7bn in one year to $22.5bn, according to Forbes’ 2021 World’s Billionaires list.

Brooklyn Man Accused of Using Information from Bloomberg Reporter for Insider Trading Scheme

Report reaching has it that a Brooklyn man indicted for an insider trading scheme used information from a Bloomberg News reporter about certain deals to trade, according to a review of the charging documents, in a case that comes as the volume of leaked information about mergers and acquisitions is rising.

On March 23, a federal grand jury indicted 38 year-old Jason Peltz for trading on “material nonpublic information” obtained from a company insider and a financial reporter.

Investors deliver 450 million euro financing for Spain’s Glovo

Delivery app Glovo said on Thursday it had raised an additional 450 million euros ($528 million), calling it the largest financing round secured by a Spanish start-up.

Glovo, based in Barcelona, has seen demand soar during the COVID-19 pandemic, as locked-down customers turned to its quick delivery service that provides everything from food to toiletries. It currently has some 10 million users.

MTN Nigeria expands mobile money card-less cash withdrawal service

Mobile money service provider, Y’ello Digital Financial Services, has announced the expansion of its MoMo Agent card-less cash withdrawal service to over 40 banks and other financial institutions nationwide.

Initially exclusive to Access Bank, the service has now been extended to include First Bank of Nigeria, Zenith Bank, GTBank Plc, United Bank of Africa and other tier-one commercial banks, according to a statement issued by MTN Nigeria on Wednesday.

Nigeria Senate demands details of $1.5bn, €995m agriculture loans

The Nigeria Senate Committee on Local and Foreign Debts on Tuesday asked the ministries of Agriculture, Finance and the Debt Management Office to provide details of the €995m and the $1.5bn foreign loans.

The panel specifically requested for details of the necessary approvals.

LIRS extends deadline for individual tax returns’ filling

Lagos State Internal Revenue Service has extended the deadline for filing of individual annual tax returns by two weeks starting from April 1 to April 14, 2021.

It said in a statement titled ‘LIRS extends deadline for filing of individual annual tax returns to April 14, 2021’, that this was in furtherance of its commitment to continuously mitigate the effect of COVID-19 pandemic on taxpayers in Lagos State.

Japan’s MUFG flags possible $300 million loss related to U.S. client

The brokerage arm of Japan’s Mitsubishi UFJ Financial Group on Tuesday flagged potential losses of around $300 million at its European subsidiary related to an unnamed United States client.

The potential loss does not have any material impact on the business capability of the securities arm, or its European unit, Mitsubishi UFJ Securities Holdings Co Ltd said in a statement.

Crypto firm raises $300 million, valued at $5.2 billion

Cryptocurrency firm said on Wednesday it had raised $300 million in its latest funding round at a valuation of $5.2 billion.

The round was led by partners of DST Global, Lightspeed Venture Partners and VY Capital, the London-based company said.

Mastercard resists compound interest on $19 billion UK class action

Mastercard Inc on Thursday pushed back against attempts to add compound interest to a 14 billion-pound ($19.2 billion) British consumer class action during a specialist court hearing to certify and agree the scope of the historic case.

On the first day of a two-day hearing at the Competition Appeal Tribunal (CAT), a Mastercard lawyer said that common law did not assume that interest would accrue on a compound basis on such claims.

“The law is not