Kenya: Tax Refund Claims Hit Sh109bn.
According to the Kenya Revenue Authority (KRA), unclaimed tax refunds total more than Sh109 billion, which is hurting businesses’ cash flow. Tax refund claims increased by Sh3. 2 billion in…
Fed Govt Opens Application for December Savings Bonds.
The Federal Government opened the application list for its monthly retail bond issuance, also known as the Federal Government of Nigeria Savings Bond. The savings bond was first issued in…
Nigeria would Add 1 GW by 2027 Despite the Growth of Renewable Energy Globally.
Nigeria’s growth in renewable energy would reach 1 gigawatt (GW) by 2027, according to the International Energy Agency’s (IEA) 2022 Renewables Report. The report estimates that between 2022 and 2027,…
ARUWA Capital Management Receives a USD 1.5 million Equity Investment
ARUWA Capital Management, based in Nigeria, has received a USD 1. 5 million equity investment from FSDAi Nyala Facility BV (FNF BV or Nyala). ARUWA is a Gender Lens Investing…
US and UK Promise to Keep LNG Trade at High Levels.
The UK has been affected by rising prices, but it is less dependent on Russian gas than the EU, and this year, its LNG terminals have been used to send…
CBN’s Cash Withdrawal Policy is Part of a Broader Strategy to Manage Forex Demand.
Nigerians have reacted to the news as expected as to why the central bank decided to implement this revised cash withdrawal policy. New notes: With the introduction of the new…
Iranian Authorities Plan to Freeze the Bank Accounts of Women who Reject the Hijab.
According to a member of the Iranian parliament, the government intends to introduce new penalties for women who choose not to cover their heads in public, with those who disobey…
Nigeria’s Oil Production Climbs to 1.6m Barrels.
Nigeria’s crude oil output is increasing again, rising to about 1.6 million barrels per day. Nigeria has failed to meet its OPEC production target for the past year. Nigeria lost…
Despite Global Headwinds, Remittances Grew by 5% in 2022.
Remittances to low- and middle-income countries increased by an estimated 5% to $626 billion in 2022. Remittances to China, however, are thought to have decreased by almost 4% as a…
Geregu Power Share Price Fall 9.8% on Sell Pressure.
Investors lost about N30.250 billion as a result of the selling pressure that was seen on Geregu Power Plc shares in NGX trading session. The energy company’s stock price fell…
Breaking: New revised Cash Withdrawal Limit By The Central Bank Of Nigeria.
According to the CBN memo released today 06 December 2022, the Central Bank Of Nigeria has revised its cash withdrawal limits. Below is the full extract of the memo: NAIRA…
Ifc and Airtel Partner to Connect Millions of People Across Africa.
A $194 million credit facility between Airtel Africa Plc and the International Finance Corporation has been announced (IFC). The new financing facility is in line with Airtel Africa’s strategy to…
Zenith Receives the Award for Best Bank in Nigeria.
According to The Banker’s Bank of the Year Awards 2022, Zenith Bank Plc has been named The Bank of the Year in Nigeria. It was given in honour of the…
Prior to Russia Sanctions, OPEC+ Maintains Oil Production Cuts.
23 oil-producing countries that make up OPEC and non-OPEC producers have agreed to maintain their current policy of reducing oil production by 2 million barrels per day, or roughly 2%…
China’s Yuan is Used in Russia’s Largest Digital Asset Transaction.
The first transaction involving digital financial assets denominated in foreign fiat was completed by a licensed firm in Russia. In the transaction, DFAs worth 58 million Chinese yuan (approximately $62…
BIS Issues a Warning about $80 trillion in Hidden FX Swap Debt.
Pension funds and other “non-bank” financial institutions now have more than $80 trillion in hidden, off-balance sheet dollar debt in the form of FX swaps, according to a warning from…
Ghana: A Record-high Interest Rate of 31.4% was Reached.
At the end of October 2022, the average interest rate on loans provided by banks to individuals and businesses in the nation was 31.4%. This is because increases in the…
Nigeria: DMO Demands Effective Tax Management.
The Director-General of the Debt Management Office, Ms. Patience Oniha, has urged Nigeria to run an effective tax administration in order to address revenue issues. According to her, the Federal…
Marketers Turn to Private Depots as NNPC Suffers from a Shortage.
The Nigerian Independent Petroleum Marketers Association has distanced itself from the current Premium Motor Spirit shortage. In a statement released and signed by Femi Adelaja, the chairman of Mosinmi Depot…
92 million Nigerians now have a NIN.
According to brand-new market data from the National Identity Management Commission, there were 92.63 million people with National Identification Numbers in November. Additionally, the country now has 40.52 million women…
In May 2023, Nigeria Expects to Produce 1.8 million Barrels.
The Federal Government, said it would continue to work hard to meet its Organisation of Petroleum Exporting Countries crude oil production quota of 1. 8 million barrels per day by…
Nigeria’s Trade Balance is 86% Worse Off Due to Weak Exports.
Nigeria’s trade balance has been negative quarter over quarter, as exports have decreased by 19.8% to N5. 93 trillion in the third quarter of 2022, from N7. 4 trillion in…
Africa’s LNG Export to be Driven by Nigeria, Algeria, and Egypt.
NIGERIA, Algeria and Egypt, have been tipped to drive Africa’s Liquefied Natural Gas, LNG, export in the short term. More than USD 10 billion is anticipated to be invested in…
Swiss Mining Giant Glencore to Pay US$180 Million to DRC Over Graft Claims.
Glencore announced that it has agreed to pay the Democratic Republic of the Congo $180 million to settle corruption claims. This is the most recent payment in a string of…
NNPCL Signs MoU with Companies in Ghana and Gambia.
The Nigerian National Petroleum Company Limited has signed five memorandums of understanding regarding the Nigeria-Morocco Gas Pipeline Project with the national oil firms and pertinent entities of five African nations.…
Depreciation of the Naira Increases Foreign Debt by N9 trillion.
Nigeria’s foreign debt burden increased as the value of the naira relative to the dollar dropped from N196. 92 in June 2015 to N414.72 in June 2022. The naira’s value…
According to FAO, a Food Crisis will Affect 25 million Nigerians by August 2023.
According to the Food and Agriculture Organization of the United Nations, between June and August 2023, 25. 3 million people in Nigeria will experience food insecurity. In a statement, the…
The UK is Completing its Plans to Regulate the Cryptocurrency Industry.
According to the Financial Times, the British Treasury is putting the finishing touches on plans for a package of regulations for the cryptocurrency industry that will place restrictions on advertising…
Nigerian Reps look Into NPA’s $800 million Port Operator Debt.
The Nigerian Ports Authority is allegedly indebted over $800 million in debt to port operators, according to the House of Representatives Committee on Public Accounts, which has launched an investigation.”…
Nigeria Loses More Than 500 Medical Consultants in Two Years to Developed Nations.
According to the Medical and Dental Consultants’ Association of Nigeria (MDCAN), between 2020 and 2022, at least 500 of its members left the nation. In the first ten months of…