Real Time Financial News Website
Customers of nine leading Nigerian commercial banks paid ₦154 billion in fees for using electronic banking services in the first half of 2023 (H1’23). This represents a 16.7% year-on-year increase…
JPMorgan has strengthened its position at the forefront of the investment banking fee rankings, securing 8.6% of the global dealmaking fee pool in the first three quarters of 2023. This…
The Lagos Waste Management Authority (LAWMA) has temporarily closed the Oyingbo and Alayabiagba markets on the Lagos Mainland due to ongoing environmental concerns. The closure is a response to repeated…
The Federal Government of Nigeria is expected to incur additional subsidies on premium motor spirit (PMS), also known as petrol, due to the surge in global crude oil prices, which…
54Gene, a genomics startup co-founded by Abasi Ene-Obong, has begun the process of winding down its operations after successfully raising $45 million in funding. The company, established in 2019, aimed…
Fintech startup Risevest has completed the acquisition of digital trading startup Chaka, a deal that had been in discussions for several months. The founders of both companies confirmed the acquisition,…
The U.S. Equal Employment Opportunity Commission (EEOC) has filed a lawsuit against Tesla, accusing the automaker of violating federal law by permitting ongoing racial harassment of its Black employees and…
Investors on the Nigerian Exchange Limited (NGX) faced sustained losses as the market saw a decline of N112 billion. This marks a continuation of a bearish trend that began earlier…
The Canadian dollar, known as the “loonie,” has experienced a 0.5 percent decline against the US dollar, reaching its lowest level in eight days. Analysts note that the loonie was…
In August 2023, foreign investors traded 14.15 percent of the overall N262.56 billion in the Nigerian stock market, while domestic investors accounted for 85.85 percent of the transactions. Analysts believe…
Despite a marginal decline in revenue during the first half of 2023, the Nigerian Exchange Group (NGX) experienced a 25% surge in other income, totaling N490.25 million. This increase was…
The National Economic Council has affirmed that the $3 billion emergency loan-for-crude oil, secured by the Federal Government in August, will be utilized to stabilize the fluctuating value of the…
The Nigerian National Petroleum Company Limited (NNPC) is in discussions with the African Export-Import Bank (Afrexim Bank) to secure a loan of approximately N2.3 trillion (equivalent to $3 billion) aimed…
According to figures from the Central Bank of Nigeria (CBN), the top five non-oil exporters in Nigeria collectively earned $22 million in April and May. The CBN’s monthly economic report…
Access Holdings Plc has reported a remarkable increase in its net foreign exchange gains, which rose by 362% to N244 billion in the first half of 2023 from N52.84 billion…
The foreign exchange (FX) market in Nigeria remained relatively calm on Thursday, with market participants eagerly awaiting the next policy moves of the recently appointed Central Bank of Nigeria (CBN)…
Professor Olajumoke Familoni, an expert in management and entrepreneurship, emphasized the need for African nations, particularly Nigeria, to proactively embrace digital transformation and support Micro, Small, and Medium Enterprises (MSMEs)…
The Manufacturers Association of Nigeria (MAN) reports a significant increase in the utilization of local raw materials in the manufacturing sector during the first half of 2023, reaching 55.3%, up…
The Canadian dollar, also known as the “loonie,” has experienced a 0.5 percent decline against the US dollar, marking its lowest point in eight days. This trend is attributed to…
According to the ‘Selected Food Price Watch’ report published monthly by the National Bureau of Statistics, food prices in Ebonyi and Abia states have experienced a significant 31% increase within…
The International Monetary Fund (IMF) has recommended that Nigeria and other Sub-Saharan African nations focus on abolishing tax exemptions and enhancing domestic revenue collection as a means to mitigate fiscal…
The Nigerian National Petroleum Company Limited (NNPCL) has allocated nearly N34.47 billion towards the repair and management of pipelines over a span of 18 months, as per the latest Oil…
Oil prices experienced a notable increase of over $1 per barrel on Wednesday following the reappearance of fuel queues in Lagos and its environs. Brent crude futures rose to $95…
Norway’s Equinor ASA is in the process of selling its 20.2 percent stake in Nigeria’s Agbami oil field to Chappal Energy. This move follows a trend among multinational producers, including…
BUA Foods, a fast-moving consumer goods company in Nigeria, has reported an impressive 182.8% increase in its cash and cash equivalents for the first half of 2023. The company’s financial…
JPMorgan’s Head of EMEA Energy Equity Research, Christyan Malek, has cautioned that Brent crude prices could potentially reach $150 per barrel by 2026. This projection is attributed to factors including…
Amazon is set to invest up to $4 billion in Anthropic, an AI startup aiming to develop a “frontier model” ten times more powerful than current AI capabilities. Amazon’s investment…
In the first half of 2023, Nigeria’s dominant sectors collectively contributed N75.22 trillion, marking a modest 1.6% increase compared to 2022 year-end figures. The growth was led by the manufacturing…
The Bank of Ghana is expected to conclude its series of interest rate hikes as Ghana’s headline inflation rate declined to 40.1% in August, reaching a 10-month low. The majority…
In August 2023, Nigeria’s narrow money supply (M1), comprising cash in circulation and easily convertible deposit accounts, decreased by 0.56 percent to N24.02 trillion from N24.16 trillion in July. Additionally,…