Nestlé Announces a New Board Chairman.
Mr. Gbenga Oyebode has been chosen by Nestlé Nigeria Plc to serve as the new chairman of its board of directors. With effect from May 18, 2023, Mr. David Ifezulike…
Telcos are retiring obsolete USSD codes.
As instructed by the Nigerian Communications Commission, telecommunications companies have begun to phase out outdated Unstructured Supplementary Service Data shortcodes in favor of new harmonised ones. Famous USSD codes like…
States are severely lacking in debt management and financial transparency – CBN.
The Central Bank of Nigeria (CBN), said strategic efforts must be made to fortify States’ capacity in the management of borrowing, debt recording, public financial management reform, and the development…
LCCI Tells Tinubu to Address Budgetary Shortfalls and Ineffective Monetary Policy.
The Lagos Chamber of Commerce and Industry (LCCI) has directed the administration of President Bola Tinubu to prioritize matters of immediate and essential relevance to the business climate and the…
Report: Release $802m to the Aviation Sector.
Dr. Seinde Fadeni, Chairman of the Board of Nigerian Aviation Handling Company Plc (NAHCO), has urged the Federal Government to release monies held by international airlines in the vaults of…
Removal of subsidies: Petrol shortage intensifies; black market prices N800/litre
Oil marketers closed their doors to vehicles after President Bola Ahmed Tinubu’s inaugural address on Monday, in response to his announcement that the regime of gasoline subsidies will stop. According…
Domestic NGX trades decline by 45%, according to report.
Domestic trading volume on the Nigerian Exchange Limited has decreased from N3.556 trillion in 2007 to N1.945 trillion in 2022, a decline of 45.30 percent. This information was provided in…
NIMET Alerts the Public to a Fake Recruitment Website.
The Nigerian Meteorological Agency has released a disclaimer informing the public that no recruitment efforts have been made. This occurs in response to a report made by an online employment…
Tinubu takes over N16tn of the unfinished projects.
According to research by The PUNCH, Bola Tinubu, the newly elected president of Nigeria, has formally taken over Muhammadu Buhari’s unfinished projects worth over N16.29 trillion. The initiatives were found…
Nigeria Eurobonds and Stocks Rally on Tinubu Promise to End Fuel Subsidy.
Nigeria’s sovereign dollar-denominated bonds rose on Tuesday after new President Bola Tinubu declared during his inauguration that a costly fuel subsidy would be phased out and that the central bank…
NAMB Initiates Recapitalisation Review of MFBs after Revocation.
The National Association of Microfinance Banks (NAMB) has directed all licensed MFBs nationwide to update it on their recapitalisation status for assessment and follow-up actions with the regulatory authorities, apparently…
Kenya Reignites African Nations’ Push to Abandon the Dollar.
President William Ruto has challenged African leaders to take the first steps toward abandoning the globally-strong US dollar by joining a pan-African payments system to facilitate intra-Africa commerce. Dr. Ruto…
CBN and NCC Commit to Expand Financial Inclusion at RegTech Summit.
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have pledged to work together to increase financial inclusion in Nigeria. This was mentioned at the 2023 RegTech…
FG borrowed N6 trillion from CBN in 2022 – Report.
According to latest data from the Central Bank of Nigeria, the Federal Government borrowed N6.07 trillion from the apex bank through Ways and Means Advances in 2022. The Federal Government’s…
The CBN Disburses N173 billion Under the 100-for-100 Program.
Since the start of the intervention, the Central Bank of Nigeria has distributed N173.31 billion to recipients under its 100-for-100 Policy on Production and Productivity. According to the bank, the…
Tinubu States that the Subsidy is no Longer in Effect.
President Bola Tinubu stated on Monday in Abuja that his administration will end the subsidy on petroleum products. “Subsidy is gone,” Tinubu declared during his inauguration address at Eagle Square…
Al Ahly Capital is Leading the Expansion of an Egyptian Outpatient Clinic Network.
Dawi Clinics, Egypt’s largest outpatient clinic network, has signed a funding agreement worth EGP 250 million with Al Ahly Capital Holding and the Egyptian-American Enterprise Fund (EAEF). Dawi intends to…
E3 Capital and Lion’s Head Climate Fund Raises $48 million in its First Close to Support African Companies.
The E3 Low Carbon Economy Fund for Africa (E3LCEF), a fund launched by early-stage venture capital firm E3 Capital (previously Energy Access Ventures) and emerging markets investment bank Lion’s Head…
Arla Foods Opens a New Facility to Increase Milk Output.
Arla Foods, the creator of Dano Milk, has announced the opening of a cutting-edge dairy farm in Kaduna State as part of the company’s efforts to secure sustainable milk production…
Dangote Cement Ibese commissions trucks for biomass waste management, resulting in zero carbon emissions.
Dangote Cement Ibese Plant is acquiring 100 trucks customized for easy transportation of biomass waste from all over the country for the Alternative Fuel project as part of efforts to…
Finance and insurance sectors grow by 26% year on year to boost GDP in Q1 2023.
Despite Nigeria’s challenging business environment, the banking and insurance industries increased real GDP by 26% year on year (YoY) in the first quarter (Q1) of 2023. According to the latest…
FGN Savings Bond Reaches N5 billion in Five Months – NGX.
According to Nigerian Exchange Limited, overall allotments for FGN Savings Bonds have increased to N5.06 billion in the first five months of 2023. The FGN Savings Bonds market has remained…
CBN: From January to April 2023, the FG spent $894 million to service foreign debts.
According to data supplied by the Central Bank of Nigeria (CBN), the federal government spent $894 million servicing foreign debt obligations from January to April 2023. The federal government spent…
Nigeria: President Tinubu, Pledges an Economic Revival.
At his inauguration on Monday, Nigeria’s new President Bola Tinubu pledged to develop the economy by at least 6% per year, lower investment barriers, generate jobs, and unify the currency,…
The FG Hopes to Earn N7.01 billion from Train Passengers by 2025.
The Federal Government expects train passengers to generate N7.01 billion in revenue by 2025. This was stated in the recently released Nigeria Agenda 2050 document by outgoing President, Major General…
House of Rep Increase the Cap on CBN Loans.
Despite opposition, the House of Representatives passed an amendment to the Central Bank of Nigeria Act, boosting the cap of Ways and Means Advances from the national bank from 5%…
NNPCL Subsidiary Earns N256 billion in Sales – Report
The Nigerian National Petroleum Company Retail Limited, a retail component of the NNPC Limited group, earned N255.6 billion in revenue in its fiscal year 2022, according to data from the…
NBET and Transcorp Sign 726MW Power Purchase Agreement.
Transcorp Power, the mother company of TransAfam Power Plant Ltd, and Nigerian Bulk Electricity Trading (NBET) inked a power purchase agreement for the 726 megawatts (MW) TransAfam Power Plant Ltd…
Emefiele expresses concern about poor crude production.
Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has called for a collaborative effort to increase crude oil production to 1.8 million barrels per day (bpd) in…
The CBN disburses N173 billion under the 100-for-100 program.
Since the start of the intervention, the Central Bank of Nigeria has distributed N173.31 billion to recipients under its 100-for-100 Policy on Production and Productivity. “Under the 100 for 100…