Posts by category: Business

Dangote Halts Steel Industry Investment Amid Monopoly Allegations

Aliko Dangote, the chairman of Dangote Industries Limited, has decided to halt the company’s entry into Nigeria's steel industry due to accusations of monopoly. He highlighted that his company utilizes local raw materials and does not deter others from entering the same business. Encouraging other Nigerians to invest, Dangote emphasized that a level playing field exists for all investors.

Central Bank of Nigeria Revokes Heritage Bank’s License Amid Financial Instability

The Central Bank of Nigeria has revoked the license of Heritage Bank due to persistent financial struggles and a bleak outlook for recovery. Heritage Bank, established in the late 1970s, has faced numerous challenges over the years, leading to its current dire situation. The Nigeria Deposit Insurance Corporation has been appointed as the bank's liquidator.