M4A (Pty) Ltd, a Leading OEM, Secures Private Equity Partnership for Expansion
M4A (Pty) Ltd, an Original Equipment Manufacturer (OEM) specializing in various products, including passive network infrastructure for fibre networks and…
Month: July 2023
Kasha Raises $21 Million in Series B Funding to Revolutionize Women’s Health in Africa
As Africa’s youth population grows, entrepreneurs are urged to develop healthcare solutions catering to the continent’s future medical needs. However,…
Save Nigeria Movement Demands N2 Trillion Compensation for Consequences of Naira Redesign Scheme
The Save Nigeria Movement (SNM) has called on the Central Bank of Nigeria (CBN) to compensate Nigerians with the sum…
ECOWAS Responds to Coup in Niger with Sanctions and Demands for Restoration of Constitutional Order
The Economic Community of West African States (ECOWAS) has demanded the full restoration of constitutional order in Niger following the…
Nigerian Stock Market Records Modest Gain as Bullish Trend Slows
The Nigerian Exchange Limited witnessed a slowdown in bullish trading last week, resulting in a modest gain of N8 billion…
Meridiam Completes Acquisition of Rift Valley Energy, Strengthening Clean Energy Portfolio in Tanzania
Infrastructure investor, Meridiam, has successfully concluded the acquisition of Rift Valley Energy Tanzania (RVE), an infrastructure platform with a 30-MW…
Infra Impact’s Mid-Market Infrastructure Fund Exceeds Fundraising Target in South Africa
Infra Impact Investment Managers Successfully Closes Mid-Market Infrastructure Fund Infra Impact’s Mid-Market Infrastructure Fund 1 has achieved a remarkable milestone…
Central Bank of Nigeria Achieves 64.1% Financial Inclusion, Targets 95% by 2024
The Central Bank of Nigeria (CBN) has reported achieving a financial inclusion rate of 64.1%. The CBN aims to raise…
Sukuk Bonds: N8.17bn Rental Payments Made in Q1 2023, Similar to Previous Year
The amount paid on rentals for Sukuk bonds in Q1 2023 was N8.17bn, which remained unchanged from the same period…
Currency in Circulation Surges to N2.6tn in June 2023, CBN Reports
Currency outside banks reached N2.26tn at the end of June 2023, a significant increase of 185.68% from N792.18bn in January…
Petrol Prices Set to Surge Further as International Crude Oil Market Gains
International market data reveals that the price of Brent crude oil has increased by 20%, signaling a potential further rise…
Uniterm Nigeria Limited Seeks Winding Up of Oriental Energy Resources over $1.45 Million Debt
Uniterm Nigeria Limited files a winding-up petition at the Federal High Court in Lagos against Oriental Energy Resources Limited over…
Inadequate Bunkering Activities Cost Nigeria N200bn Monthly, Stakeholders Say
Stakeholders reveal that Nigeria is losing approximately N200bn monthly due to inadequate bunkering activities in the country. The President of…
NECA Warns of 25% Inflation Rate by End of 2023 Amid Rising Concerns
The Nigeria Employers Consultative Association (NECA) issues a warning that inflation could reach 25% by the end of 2023 if…
Ransomware Attacks Increase by 7% in Nigeria in H1 2023, Kaspersky Reports
Kaspersky reports a 7% year-on-year increase in ransomware attacks in Nigeria during the first half of 2023. Ransomware remains a…
Crude Oil Reaches $84/Barrel, Fueling Speculations of Petrol Price Hike in Nigeria
Brent crude oil, the international benchmark, surged to $84/barrel on Wednesday, raising concerns about a possible increase in the pump…
High Demand for Risk-Free Investments Despite Negative Real Returns in Nigeria
Investors bid N384 billion worth of one-year treasury bills at a rate of 12.15%, but only N255 billion was allotted…
Nigeria’s Debt Management Office Foresees Revenue Improvements Amidst Policy Changes
Nigeria’s Debt Management Office (DMO) expects improvements in government revenues through the work of the Committee on Revenues set up…
Central Bank of Nigeria Reiterates Plan to Phase Out Old Currency Notes Gradually
The Central Bank of Nigeria (CBN) has restated its commitment to gradually replace the old N200, N500, and N1,000 naira…
IMF Projects Decline in Nigeria’s Economic Growth due to Oil Sector Security Issues
The International Monetary Fund (IMF) has forecasted a decline in Nigeria’s economic growth in 2023 and 2024, attributed to security…
SAHCO Plc Reports Impressive Q2 2023 Performance with 215.60% Pre-tax Profit Surge
Skyway Aviation Handling Company (SAHCO) Plc’s Q2 2023 unaudited results show a remarkable 215.60% increase in pre-tax profits, reaching N1.38…
Global Survey Reveals Limited Support and Understanding for Central Bank Digital Currencies (CBDCs)
A survey by the CFA Institute, a global association for finance professionals, indicates that only 42% of respondents believe central…
Central Bank of Nigeria Raises Benchmark Interest Rate to 18.75% Amidst Inflationary Pressure
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to increase the benchmark interest rate…
FCCPC Cautions PoS Operators Against Price-Fixing Amidst Indiscriminate Charge Increases
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to point of sales (PoS) operators, particularly in…
Experts Call for Government Interventions to Foster Technology Growth in Nigeria
During the 17th Annual Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) in Lagos, experts…
Nigeria’s Tin Can Island Port Command Reports 110.8% Growth in Non-Oil Exports in H1’23
The Tin Can Island Port Command of the Nigeria Customs Service (NCS) has achieved remarkable growth in non-oil exports during…
Nigeria’s Excess Crude Account Stagnant at $474m Despite Remittance of N907bn
The Excess Crude Account (ECA) in Nigeria has remained stagnant at approximately $474 million over the past two years, even…
Nigerian House of Representatives Launches Investigation into $9.05 Billion Revenue Loss from Gas Flaring
The Speaker of the House of Representatives, Rep. Tajudeen Abbas, has initiated an Ad hoc Committee to conduct a comprehensive…
Nigerian National Petroleum Company Clarifies N1.3tn Debt Status
The Nigerian National Petroleum Company Limited (NNPCL) clarified that the outstanding N1.3tn debt owed by the Federal Government has no…
Unilever Nigeria’s Q2 Profits Plummet Amid Rising Costs
Unaudited results for Q2 2023 show Unilever Nigeria’s pre-tax profits fell by 72.95% to N169.9 million, with an operating loss…