Real Time Financial News Website
Data from the Federation Account Allocation Committee shows that electronic transfer levies generated N80.86 billion for the three tiers of government in the first half of 2023. The levy, introduced…
The Nigeria Data Protection Commission (NDPC) has directed banks, telecom operators, educational institutions, government parastatals, and other organizations handling data in Nigeria to register with the Commission for data protection…
The money supply in Nigeria, known as M2, has reached an unprecedented N64.36 trillion, surging by 31.62% year-on-year in June 2023. This growth is primarily attributed to increased proceeds from…
FBN Holdings Plc, a financial services group, will seek approval from shareholders to raise fresh capital at its upcoming annual general meeting The group plans to raise funds through a…
Investors are closely watching the upcoming meeting of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), following the recent removal of Mr. Godwin Emefiele as the CBN Governor.…
The Nigerian Insurance Commission (NAICOM) has revealed its plans to promote specialized insurance products tailored to meet the unique needs of the country’s oil and gas industry. The Commissioner for…
eTranzact International Plc achieved remarkable financial growth in 2022, processing transactions worth over N50 trillion, a significant increase from N39 trillion in the previous year. As a result, the company…
The Nigerian Organised Private Sector has raised concerns about the burden of multiple taxation from various government entities. As a response, the government is considering a plan to shrink the…
British International Investment (BII), the UK’s development finance institution and impact investor, has pledged $10 million to the SDG Outcomes Fund. As an anchor investor alongside the US International Development…
Norfund, a Norwegian investment fund, is making its first direct investments in plastic recycling in Africa by providing financial support to companies in Nigeria and Ghana. The investments aim to…
The African Development Bank’s Board of Directors has sanctioned a US$20 million investment in the Pembani Remgro Infrastructure Fund II in Côte d’Ivoire. This investment will enable the Fund to…
Globeleq, the leading independent power company in Africa, has reached an agreement to acquire Scatec A.S.A.’s 52.5% stake and KLP Norfund Investments A.S.’s 22.5% stake in the 41 MW Central…
The European Investment Bank (EIB) has pledged up to $40 million to Acre Impact Capital’s Export Finance Fund I, the first fund of its kind investing in the commercial debt…
AgroFresh Solutions, a global AgTech innovator specializing in post-harvest produce freshness, has announced the acquisition of Tessara, a post-harvest solutions provider, from Carlyle, a global investment firm. The acquisition aims…
Scatec’s subsidiary, Release, has signed an agreement with Climate Fund Managers (CFM) to raise USD 102 million in funding. Release, established by Scatec in 2019, offers a flexible leasing solution…
The Nigerian naira maintained its depreciating trend against the dollar, reaching 876/$ at the parallel market on Sunday. Just a week earlier, it had traded at 820/$. The unification of…
NOVA Merchant Bank has obtained the approval of its shareholders to transition into a commercial bank during its annual general meeting in Lagos. The shareholders expressed confidence in the bank’s…
The Nigerian National Petroleum Company Limited (NNPCL) and UTM Offshore Limited have entered into a significant Heads of Terms (HoT) agreement to build Nigeria’s first indigenous 1.5 million tonnes per…
Operators in Nigeria’s real estate sector have expressed concerns over the recent hike in prices of cement and other building materials. They warn that this increase could lead to a…
The Nigerian Exchange Limited (NGX) has announced the reclassification of Fidelity Bank Plc’s stock from Small price stock to Medium price stock. The decision is in line with Rule 15.29…
According to the August 2023 FocusEconomics Consensus Forecast report, Nigeria’s economy is projected to expand by 2.8% in 2023 and 3.7% in 2024. This growth forecast comes despite the challenges…
The Nigeria’s Employers Consultative Association (NECA) has voiced apprehension about the country’s surging inflation and burgeoning debt, stating that these challenges are negatively impacting organized businesses, weakening the economy, and…
Assets under the Contributory Pension Scheme in Nigeria experienced a significant boost, surging by approximately N2tn in the first half of 2023, as reported by the National Pension Commission (PenCom).…
Dana Air, a prominent Nigerian airline, has unveiled a comprehensive Corporate Social Responsibility (CSR) program aimed at absorbing and training over 50 corps members and interns. The training will span…
In a significant move towards strengthening its energy sector and reducing carbon emissions, the Nigerian National Petroleum Company Limited (NNPCL) and UTM Offshore Limited have signed a Heads of Terms…
In what is described as a revenue windfall, Nigeria’s federal, state, and local government councils shared a total of N907.054 billion as the Federation Account Allocation Committee (FAAC) allocation for…
The Federal Government recorded a revenue shortfall of N13.33 billion in January and February 2023 from gas flaring penalties issued to oil and gas firms. Earlier, the government had announced…
Fidelity Bank plans to seek approval from its shareholders to raise additional capital through the issuance of 13,200 billion ordinary shares. The capital will be raised through a combination of…
The soaring cost of maize, a major component of poultry feeds, is leading to the closure of farms in Delta State, Nigeria. The price of maize has increased by 75%,…
Dangote Cement Plc has bought back approximately N41.2 billion worth of its shares from open transactions at the stock market. The company repurchased about 0.71% of its issued share capital…