Bank Verification Numbers (BVNs) Reach 57.96 Million as CBN Plans to Close Unlinked Accounts
According to data from the Nigeria Inter-Bank Settlement System Plc, the total number of issued Bank Verification Numbers (BVNs) in…
Month: July 2023
New Gas Pricing Template and Clearing Power Sector Debts: Boosting Nigeria’s Decade of Gas
A new gas pricing template for the power sector and gas-based industries in Nigeria is awaiting approval from President Bola…
Enhancing the Passenger Experience: Addressing Challenges in Nigerian Airports
The recent surge in passenger-operator clashes in Nigerian airports has raised concerns about the friendliness and efficiency of the country’s…
Flour Mill of Nigeria Leverages Strong Credit Rating to Secure Capital Market Funding
Flour Mill of Nigeria Plc, a prominent consumer conglomerate in Nigeria, has reaffirmed its commitment to utilizing its impressive credit…
Nigeria’s Low VAT Performance Raises Concerns and Calls for Policy Changes
The Nigerian Federal Government expressed alarm over the country’s underperforming Value Added Tax (VAT) compared to other nations in the…
Nigeria to Seek Increased OPEC Oil Quota in November, Says NNPCL
The Nigerian National Petroleum Company Limited (NNPCL) has stated that the Federal Government of Nigeria plans to renegotiate the country’s…
Kenya to Float Second Tranche of Bond to Clear Fuel Subsidy Pending Bill
The Treasury is set to float the second tranche of a bond worth Ksh 28 billion this week to clear…
Decline in Value of Safaricom’s Bonga Points Indicates Increased Redemption by Customers
The value of unused Safaricom customer loyalty awards, known as Bonga points, has reached its lowest point in 12 years.…
Bank of Ghana to Sell $120 Million to Bulk Oil Distribution Companies (BDCs) in Q3 2023
The Bank of Ghana has announced plans to sell $120 million to Bulk Oil Distribution Companies (BDCs) in the third…
Kenya Sees Increase in Foreign Direct Investment, but Lags Behind Regional Peers
Kenya experienced a turnaround in foreign direct investment (FDI) in 2022, with FDI inflows rising by 63.93% to $759 million.…
Forex Inflows into Nigerian Trading Channel Rise by Almost a Quarter
The abolition of multiple forex rates by the Central Bank of Nigeria (CBN) has contributed to a 23.8% increase in…
Ecobank Petitions FBN Holdings to Halt Approval of Otudeko’s Share Acquisition
Ecobank Plc has filed a petition to FBN Holdings, urging them to suspend the approval of Oba Otudeko’s bid for…
Nigeria’s Dominance in Africa’s Gas Market: A Promising Future
Nigeria’s gas reserves have positioned the country as a dominant player in Africa’s gas market, accounting for 33 percent of…
Unraveling the Unexpected Decline in Nigeria’s Insurance Industry.
The Nigerian insurance industry recently experienced an unexpected setback, witnessing a negative growth of eight percent in the second quarter…
Nigeria’s Capital Importation Witnesses a 28% Decrease in Q1 2023: NBS Report.
The recent report released by the National Bureau of Statistics (NBS) on capital importation in Nigeria reveals a significant decline…
Petrol Consumption in Nigeria Drops After Subsidy Removal: A Closer Look.
: The Nigerian government recently announced that the volume of Premium Motor Spirit (PMS), commonly known as petrol, consumed in…
Equity is the first bank to increase loan interest rates to take into account the new CBK rate.
Equity Bank, Kenya’s most profitable bank, has announced an increase in loan prices following the Central Bank of Kenya’s (CBK)…
New Sh70 billion syndicated loan eases Kenya’s currency problems.
Kenya has secured a syndicated loan of Sh70.4 billion ($500 million) from a consortium of international lenders, including Citi Group,…
Naivas founders aim for Sh5.8 billion as foreigners take over
The family of Peter Mukuha Kago, the founder of Naivas, plans to sell an additional 11% stake in the company…
To alleviate hardship, President Tinubu suspends important tax measures.
In an effort to boost manufacturing and improve the ease of doing business, President Bola Ahmed Tinubu of Nigeria has…
We are collaborating with key players to shorten the settlement cycle – NGX
Nigerian Exchange Limited (NGX) has announced its commitment to reducing the settlement cycle from T+3 to T+1 in collaboration with…
Productivity declined in June as a result of the removal of fuel subsidies- PMI Report.
In June 2023, the Nigerian economy experienced a decline in productivity following the removal of fuel subsidies, resulting in heightened…
CBN adds Cameroon, Vietnam, and Croatia to its radar for money laundering.
The Central Bank of Nigeria (CBN) has issued a circular instructing banks and other financial institutions in the country to…
NNPCL intends to build a new $8 billion international gas pipeline.
The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to construct another international gas pipeline valued at approximately $8…
Why DSE Trade Dropped Significantly in the First Half of 2023.
The first half of 2023 saw a decline in trading and liquidity at the Dar es Salaam Stock Exchange (DSE)…
Despite the impact of DDEP, Société Générale Ghana reports GHS 109M in profit in 2022.
Société Générale Ghana Plc has reported a profit after tax of GHS 109 million for the year 2022, representing a…
State Intends to Issue a Water Bond Following a Failed Initial Attempt.
Nearly half of the water supplied in Kenya is unmetered, resulting in a significant loss of revenue for water companies…
The World Bank Endorses Kenya’s New Digital Tariffs.
The World Bank has expressed its support for Kenya’s efforts to expand the reach of taxation in the digital marketplace.…
Safaricom Considers Venture Companies in its Acquisitions Push.
Safaricom, the leading telecommunications company in Kenya, plans to establish two venture capital firms in order to invest in promising…
Expert: Inter-agency Conflict Harming the Cocoa Business.
Ayo Akinola, a Technical Expert to the Federal Ministry of Industry, Trade, and Investment on the National Cocoa Plan, has…