Nigerian Government Earns N80.86bn from Electronic Transfer Levies in Six Months
Data from the Federation Account Allocation Committee shows that electronic transfer levies generated N80.86 billion for the three tiers of…
Month: July 2023
Nigeria Data Protection Commission Urges Organizations to Register for Data Protection Compliance Monitoring
The Nigeria Data Protection Commission (NDPC) has directed banks, telecom operators, educational institutions, government parastatals, and other organizations handling data…
Nigeria’s Money Supply Surges to Record N64.36 Trillion Amid Increased FAAC Proceeds
The money supply in Nigeria, known as M2, has reached an unprecedented N64.36 trillion, surging by 31.62% year-on-year in June…
FBN Holdings Announces Plan to Raise Capital Through Rights Issue
FBN Holdings Plc, a financial services group, will seek approval from shareholders to raise fresh capital at its upcoming annual…
Investors Speculate Ahead of Central Bank of Nigeria’s Monetary Policy Committee Meeting
Investors are closely watching the upcoming meeting of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), following the…
NAICOM to Encourage Specialized Insurance Products for Nigeria’s Oil and Gas Industry
The Nigerian Insurance Commission (NAICOM) has revealed its plans to promote specialized insurance products tailored to meet the unique needs…
eTranzact Records Over N50 Trillion Transactions in 2022, Assures Shareholders of Regional Dominance
eTranzact International Plc achieved remarkable financial growth in 2022, processing transactions worth over N50 trillion, a significant increase from N39…
Nigeria Plans to Reduce Revenue Collection Agencies and Simplify Tax System
The Nigerian Organised Private Sector has raised concerns about the burden of multiple taxation from various government entities. As a…
British International Investment Joins SDG Outcomes Fund with $10 Million Commitment
British International Investment (BII), the UK’s development finance institution and impact investor, has pledged $10 million to the SDG Outcomes…
Norfund Invests in Plastic Recycling Initiatives in Nigeria and Ghana
Norfund, a Norwegian investment fund, is making its first direct investments in plastic recycling in Africa by providing financial support…
African Development Bank Approves US$20 Million Investment in Pembani Remgro Infrastructure Fund II in Côte d’Ivoire
The African Development Bank’s Board of Directors has sanctioned a US$20 million investment in the Pembani Remgro Infrastructure Fund II…
Globeleq Expands Renewable Portfolio in Africa with Acquisition of Mocuba Solar Plant in Mozambique
Globeleq, the leading independent power company in Africa, has reached an agreement to acquire Scatec A.S.A.’s 52.5% stake and KLP…
EIB Commits $40 Million to Acre Impact Capital’s Climate-Infrastructure Fund in Africa
The European Investment Bank (EIB) has pledged up to $40 million to Acre Impact Capital’s Export Finance Fund I, the…
AgroFresh Expands Freshness Solutions with Tessara Acquisition
AgroFresh Solutions, a global AgTech innovator specializing in post-harvest produce freshness, has announced the acquisition of Tessara, a post-harvest solutions…
Scatec’s Release Secures USD 102 Million Funding to Accelerate Renewable Energy Growth Ambitions
Scatec’s subsidiary, Release, has signed an agreement with Climate Fund Managers (CFM) to raise USD 102 million in funding. Release,…
Nigerian Naira Continues Downward Trend Against Dollar, Central Bank Faces Monetary Pressure
The Nigerian naira maintained its depreciating trend against the dollar, reaching 876/$ at the parallel market on Sunday. Just a…
NOVA Merchant Bank Receives Shareholder Approval for Transition to Commercial Banking
NOVA Merchant Bank has obtained the approval of its shareholders to transition into a commercial bank during its annual general…
Nigeria Signs Historic Agreement for Indigenous Floating LNG Project
The Nigerian National Petroleum Company Limited (NNPCL) and UTM Offshore Limited have entered into a significant Heads of Terms (HoT)…
Rising Cement Prices Threaten Building Standards in Nigeria’s Real Estate Sector
Operators in Nigeria’s real estate sector have expressed concerns over the recent hike in prices of cement and other building…
NGX Reclassifies Fidelity Bank Plc’s Stock to Medium Price Category
The Nigerian Exchange Limited (NGX) has announced the reclassification of Fidelity Bank Plc’s stock from Small price stock to Medium…
FocusEconomic Analysts Forecast 2.8% GDP Growth for Nigeria in 2023 Despite Fuel Subsidy Removal
According to the August 2023 FocusEconomics Consensus Forecast report, Nigeria’s economy is projected to expand by 2.8% in 2023 and…
NECA Raises Concerns Over Rising Inflation and Public Debt in Nigeria
The Nigeria’s Employers Consultative Association (NECA) has voiced apprehension about the country’s surging inflation and burgeoning debt, stating that these…
Nigerian Pension Assets Rise by N2tn in First Half of 2023
Assets under the Contributory Pension Scheme in Nigeria experienced a significant boost, surging by approximately N2tn in the first half…
Dana Air to Train Over 50 Corps Members and Interns as Part of CSR Initiative
Dana Air, a prominent Nigerian airline, has unveiled a comprehensive Corporate Social Responsibility (CSR) program aimed at absorbing and training…
Nigeria Advances Indigenous Floating LNG Project with Heads of Terms Agreement
In a significant move towards strengthening its energy sector and reducing carbon emissions, the Nigerian National Petroleum Company Limited (NNPCL)…
Nigerian Government Records Highest Revenue Allocation in June 2023, Shares N907.054bn
In what is described as a revenue windfall, Nigeria’s federal, state, and local government councils shared a total of N907.054…
Federal Government Faces Revenue Shortfall from Gas Flaring Penalties
The Federal Government recorded a revenue shortfall of N13.33 billion in January and February 2023 from gas flaring penalties issued…
Fidelity Bank to Raise Additional Capital through Public Offer and Rights Issue
Fidelity Bank plans to seek approval from its shareholders to raise additional capital through the issuance of 13,200 billion ordinary…
Rising Maize Prices Threaten Poultry Farms in Delta State, Nigeria
The soaring cost of maize, a major component of poultry feeds, is leading to the closure of farms in Delta…
Dangote Cement Repurchases N41.2 Billion Worth of Shares in Share Buyback Program
Dangote Cement Plc has bought back approximately N41.2 billion worth of its shares from open transactions at the stock market.…