Azman Air Halts Operations Amid Forex Challenges, Becoming Second Operator to Suspend Business in Four Years
Azman Air, an aviation company with a nine-year operating history, has ceased its operations due to challenges in accessing foreign…
Month: August 2023
Nigerian Pension Fund Administrators Set to Engage in Securities Lending, Boosting Capital Market
The National Pension Commission (PenCom) has announced its efforts to establish regulations allowing Pension Fund Administrators (PFAs) to engage in…
First Bank of Nigeria Holdings Amends AGM Agenda Amidst Court Order
First Bank of Nigeria Holdings has made revisions to its agenda for the upcoming Annual General Meeting (AGM), which was…
Nigerian Naira Plunges to Record Low of N925/$1 on Parallel Market Amid Supply Scarcity
The Nigerian Naira has spiraled to an unprecedented low of N925 against the US Dollar on the parallel market, largely…
Canadian Mining Company Silvercorp Metals Invests in Tanzanian Gold Project
Canadian mining firm Silvercorp Metals has entered into a placement agreement with OreCorp, a gold developer, to provide an equity…
Kenya Finalizing Selection of Lead Arrangers for New Eurobond
The Kenyan Treasury is in the final stages of selecting lead arrangers for the country’s upcoming Eurobond issuance. This move…
Lack of Access to Bank Services Hampers Non-Oil Export Growth in Nigeria
The Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, has highlighted the lack of access to…
Ghana’s Inflation Reaches Four-Month High Amid Rising Food Costs
Ghana’s inflation rate surged to 43.1% in July, marking the highest level in four months. The increase was primarily driven…
Rising Business Divestment and Closure Threatens Nigeria’s Economy
The Nigeria Employers’ Consultative Association (NECA) has expressed concern about the escalating instances of business divestment, capital flight, and closures…
Nigerian Electricity Supply to Niger Faces Payment and Political Challenges
According to the Nigerian Electricity Regulatory Commission’s (NERC) first-quarter report, Niger currently owes Nigeria N4.22 billion ($5.48 million) for power…
Abandoned Projects in Nigeria’s Niger Delta Region Highlight Challenges
A report from the Niger Delta Development Commission (NDDC) has revealed that a total of 1,587 projects worth N612.4 billion…
US Expresses Concern over China’s Influence on Nigeria Through Loans
The United States has expressed concerns about China’s potential to exert influence over the Nigerian government through the provision of…
Strong Demand for Nigerian Treasury Bills Despite Rising Inflation
The latest treasury bill auction in Nigeria on August 9, 2023, saw investors submitting bids worth N808 billion for one-year…
Nigeria LNG Extends Force Majeure Due to Supply Disruption
Nigeria LNG has confirmed the continuation of the force majeure that was declared in October, attributing it to extensive flooding…
Association of Bureaux De Change Operators of Nigeria Calls for Ban on Binance Operations
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Nigerian government to ban the operations of…
Nigerian Safety Investigation Bureau and Lagos State Emergency Management Agency Collaborate to Enhance Crash Site Safety
The Nigerian Safety Investigation Bureau (NSIB) and the Lagos State Emergency Management Agency (LASEMA) have signed a Memorandum of Understanding…
Nigerian Farmers Yet to Receive Promised Fertilizers from Government
The All Farmers Association of Nigeria has revealed that farmers have not yet received the fertilizers promised by President Bola…
Telecommunication Firms Consider Proposed Repayment Plan to Settle N120bn USSD Debt
Telecommunication companies are contemplating a repayment proposal from Deposit Money Banks (DMBs) to resolve the N120 billion debt related to…
NDIC commences payment of depositors in 183 banks closed by CBN
The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of closed microfinance banks (MfBs) and mortgage banks of the prompt…
OPEC-13 Crude Oil Production Hits Near Two-Year Low
According to a survey by S&P Global Commodity Insights, OPEC-13’s crude oil production reached a near two-year low in July…
WTO Director-General Ngozi Okonjo-Iweala Assures Support for Nigeria
World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala has pledged her support for Nigeria during its difficult economic challenges. After a…
Naira Hits Record Low of N900/$1 on Parallel Market
The Nigerian naira has reached a record low of N900 against the US dollar on the parallel market, driven by…
Trans-Saharan Trade at Risk Due to Border Closure
The closure of the border between Nigeria and Niger Republic has put approximately $1.3 billion worth of trade at risk…
Rising Costs Impact Nigeria’s Housing Market
Nigeria’s housing market has experienced a sharp increase of about 40% in the cost of leases and sales in the…
Nigeria Suffers $7 Billion Economic Damage from 2022 Floods
The Nigerian government has reported that the direct economic damage caused by floods in 2022 amounts to $7 billion, with…
Nigeria Loses N20 Trillion Annually Due to Tax Gaps
Nigeria is reportedly losing an estimated N20 trillion annually due to tax gaps, as revealed by Taiwo Oyedele, Chairman of…
Nigeria’s Manufacturing Sector Faces Decline in Production Value
The Manufacturers Association of Nigeria (MAN) has reported a decline in the value of manufacturing production due to a challenging…
Nigerian Banks Deposit N822.34 Billion with Central Bank Amid Excess Liquidity
Nigerian Deposit Money Banks (DMBs) deposited N822.34 billion with the Central Bank of Nigeria (CBN) in July 2023, marking a…
Triodos Funds Support Bridge Taxi Finance to Empower South African Entrepreneurs
Triodos Microfinance Fund and Triodos Fair Share Fund have extended a USD 10 million loan to Bridge Taxi Finance in…
Remedial Health Raises $12 Million to Digitize Pharmacy Operations in Nigeria
Nigerian startup Remedial Health has secured $12 million in a Series A equity-debt funding round, co-led by Fintech VC firm…