Nigeria, Other ECOWAS Members Secure $2m Grant For Electricity Reforms
The Board of Directors of the African Development Fund (ADF) has approved a technical assistance grant of $2 million to…
Month: June 2022
CPPE Seeks Legislations To Compel Large Companies To Sub Contract Some Operations To SMEs
The Chief Executive Officer, The Centre for the Promotion of Private Enterprise [CPPE], Dr. Muda Yusuf, said there should be…
UTM Offshore, Afreximbank Sign $11.4Bn Financing Deal
African Export-Import Bank has signed a financing deal with UTM Offshore Limited. This deal was signed at its 29th Annual…
Commission Cancels Niger Insurance, Standard Alliance’s Operational Licences
The regulator of the insurance industry, the National Insurance Commission, has cancelled the certificates of registration of Niger Insurance Plc…
Why Nigeria May Not Adopt Bitcoin As Legal Tender
In April 2022, the Central African Republic became the first African country to adopt Bitcoin as a legal tender. The…
Sterling Bank Launches Ethical Investment Platform
Sterling Alternative Finance has launched an ethical investment platform called Altinvest. During the launch in Lagos, Sterling Alternative Finance, which…
FAAC Allocation Declines By 30%, States’ Finances May Worsen
Revenue allocation to federal, state and local governments has declined from a peak of N970.57bn in July 2021 to N680.783bn…
Nigeria Lost N500.6Bn Crude Oil In Five Months – Investigation
Revenues accruable to Nigeria from the sale of crude oil crashed by about N500.6bn between January and May this year.…
FG Approves Reforms To Boost Non-Oil Revenue To N3.8 Trillion Annually.
The Federal Government through the Federal Executive Council (FEC) has approved reforms to boost Nigeria’s non-oil revenue; to N3.8 trillion…
The NGX Closes Flat As Market Cap Declines Slightly By N811 Million.
The NGX closed on a flat note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 0.3…
Rising Inflation, Others Worsening Naira Volatility
The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has said that rising inflation; among other…
Third Time Lucky For Italy’s De Nora Family As Shares Hit Market
Italy’s De Nora family is relieved that the electrode manufacturer made it onto the Milan Stock Exchange. After previous attempts…
Nigeria Boosts Deep Blue Project, Signs $2.7m Deal With Japan.
In a bid to boost the deep blue project, the Federal Government of Nigeria has signed a $2.78m exchange of…
Unity Bank Plans N10m Business Grant In Entrepreneur Initiative- Nigeria.
Unity Bank has said it will commence the eight edition of its flagship Entrepreneurial Development Initiative; Corpreneurship Challenge across 10…
Asian Shares Suffer Painful Quarter, Dollar In Rude Health
Asian shares were ending a rough quarter in a sombre mood. Amid fears central banks’ cure for inflation will end…
Over 20% Of Toshiba Investors Against Activist Fund Execs, Dissident Director.
More than 20% of Toshiba Corp (6502.T) shareholders voted against a dissident external director and two board directors from activist…
Russia’s Economy In May Fell 4.3% Year On Year.
Russia’s economy shrank by 4.3% in May year on year after falling by a revised 2.8% in April; the economy…
French Inflation In June Hit Record High Of 6.5% – Preliminary Figures.
French inflation climbed further from the previous month to a record high of 6.5%, according to official preliminary figures; adding…
Gartner Revises 2022 Mobile Sales Estimates To Fall 7.1%.
Gartner forecast global mobile phone sales to fall 7.1% this year, revising its earlier estimate of a growth of 2.2%,…
EU Backs Crypto Anti-Money Laundering Rules
European Union negotiators on Wednesday reached a provisional agreement on anti-money laundering rules for cryptocurrencies that would spur crypto firms…
Stocks Rise, Dollar Struggles On Fed Bets
World shares rose on and it pinned the dollar near five-week lows on hopes of an eventual slowdown in U.S.…
Nigeria’s Unclaimed Dividends Rises To N180 Billion
The Security and Exchange Commission (SEC) has stated that the commission is working to ensure it reduces the level of…
N50Trn Debt Stock: Again IMF Promises More Funds For Nigeria
Speaking at the National Economic Dialogue on ‘Critical Challenges Confronting the Nigerian Economy’ organized by the Nigerian Economic Summit Group…
CBN Raises Interest Rate To 13%
The Central Bank of Nigeria on Tuesday raised the interest rate to 13% for the first time in two years.…
GSMA Says Google, Facebook, Others Are Squeezing Telcos’ Revenue
The global body of mobile network operators, GSM Association (GSMA), has said that online service providers such as Google, Facebook…
Proposed Tariff Hike May Raise Telcos’ Voice Revenue To N1.55tn–NCC report
Telecommunications companies’ voice revenue could jump by at least N442.57bn to N1.55tn in a year. If the price floor of…
Oil Prices Take Breather After Three-Day Rally
Oil prices fell on Wednesday after rising in the previous three sessions, but it a limited loss on the view…
Asian Stocks Lose Bounce From Shorter China quarantine, Slip On Inflation Fears
Stocks fell across Asia on Wednesday morning, extending overnight losses on Wall Street amid concerns over recession, inflation and high…
Fuel Subsidy, Refinery Rehabilitation Gulped N1.3tn In Five Months – NNPC
The amount spent on petrol subsidy monthly has been depleting the revenues accruable to the Federation Account. Thus limiting the…
Afreximbank’s Payment Solution To Save Traders $5Bn
The African Export-Import Bank has created a payment solution platform, the Pan-African Payment and Settlement System. This is to facilitate…