Real Time Financial News Website
Nigerian businesses dependent on imports face a severe setback as foreign suppliers reject letters of credit (LC) and insist on cash transfers due to mounting foreign currency shortages. The Central…
The International Monetary Fund (IMF) has emphasized the pivotal role of Nigeria’s Ministry of Finance and Central Bank in combatting climate change by integrating climate policies into the nation’s economic…
Temi Popoola, the CEO of Nigerian Exchange Limited (NGX), expressed confidence in President Tinubu’s ongoing tax reforms, stating that they will leverage the capital market’s potential to create value and…
Summary: The Nigeria Exchange Limited (NGX) has granted approval for the delisting of Capital Hotels Plc’s shares, paving the way for the company to pursue strategic opportunities. The approval is…
Mali’s military junta has decided to postpone the scheduled February elections, citing technical difficulties and a dispute with the international firm IDEMIA over a civil identification system. The delay, following…
The Nigerian Senate is set to resume sessions after a two-month summer recess. Among the key expectations are the confirmation of Olayemi Cardoso as the Central Bank of Nigeria’s governor…
The European Bank for Reconstruction and Development (EBRD) is set to invest up to €30 million in Mediterrania Capital Partners’ MC IV fund. This move aims to provide support to…
Valu, a prominent financial technology company in the MENA region, has successfully completed its sixth securitized bond issuance in collaboration with EFG Hermes. The issuance, valued at EGP 922.3 million,…
Kasada, a real estate private equity platform focused on Africa’s hospitality sector, has purchased the former Radisson Blu Hotel & Residence in Cape Town. The 214-room property, known for its…
Rentoza, South Africa’s first pure-play subscription model for digital goods and appliances, has secured an investment of R18 million from the Vumela Enterprise Development Fund. Rentoza’s subscription-based approach aims to…
Metier has successfully completed the first close of its Metier Capital Growth Fund III, securing just over $182 million in commitments. The fund, with a target size of $200 million,…
The Central Bank of Nigeria, in partnership with agencies within the National Financial Inclusion Governance Committees, will host the second edition of the International Financial Inclusion Conference (#IFIC2023) on October…
Nigeria’s public debt has risen to N87.38 trillion in the second quarter of 2023, with additional debt from “Ways and Means” measures. The country’s external debt stands at $38.8 billion,…
Nigeria has seen a notable increase in its oil rig count, rising from 17 in 2019 to 31 as of last month. The improvement in drilling activities was attributed to…
Leading International Oil Companies (IOCs) are showing renewed interest in Nigeria’s energy sector, with commitments to invest over $55 billion in various oil and gas activities up to 2030. This…
The Nigerian Ministry of Communications, Innovation, and Digital Economy plans to create a conducive regulatory environment and enhance digital infrastructure to facilitate fintechs’ access to funds, particularly from angel investors.…
Goldman Sachs has revised its 12-month ahead forecast for Brent Crude oil prices, projecting $100 per barrel, up from the previous estimate of $93. This adjustment is attributed to stronger…
Aliko Dangote, President of the Dangote Group, has addressed misconceptions regarding crude oil supply to his 650,000 barrels per day (bpd) refinery project. Dangote affirmed that the Nigerian National Petroleum…
The U.S. Federal Reserve has opted to keep interest rates steady for September, signaling a potential shift in the pace of future rate cuts. Despite a robust economy, persistent inflation…
The family of Philip Paxson, a US man who tragically lost his life after driving off a collapsed bridge, is filing a lawsuit against Google. They claim that Google’s failure…
Anka, an Ivorian e-commerce company that has a substantial presence in Nigeria and Kenya, has secured $5 million in a pre-Series A extension round. This funding comes after the company’s…
Amazon’s voice assistant, Alexa, is set to receive a significant upgrade with a more natural-sounding voice and enhanced emotional responsiveness. The company has introduced an updated “speech-to-speech” engine that can…
A report by Chainalysis reveals that the devaluation of the Naira in 2022 led to a year-on-year surge in crypto transaction volume, reaching $56.7 billion. This significant growth occurred despite…
The Nigerian Electricity Regulatory Commission (NERC) has mandated electricity distribution companies (DisCos) to refund customers who have paid for the acquisition of meters under the Meter Assets Provider (MAP) initiative.…
Fidson Healthcare Plc, an indigenous pharmaceutical manufacturer, has posted impressive financial results for the year 2022. The company reported a profit of N4.19 billion, representing a significant increase from N3.72…
The Central Bank of Nigeria (CBN) has introduced the CBN Licensing, Approval and Other Requests Portal (CBN LARP) to streamline the submission process for microfinance bank (MFB) license applications. This…
The planned delisting of prominent companies including GlaxoSmithKline (GSK) Plc, PZ Cusson Plc, Oando Plc, Coronation Insurance Plc, and Capital Hotel Plc from the Nigerian Exchange Limited (NGX) will result…
Nigeria’s stock market experienced a marginal dip, with a 0.03% decrease equivalent to N13 billion in market capitalization at the close of trading on Wednesday. Key decliners included Transcorp Hotels,…
In his debut speech at the 78th United Nations General Assembly, President Bola Tinubu of Nigeria highlighted critical issues facing Africa. He emphasized the continent’s potential for prosperity through democratic…
The Trade Union Congress of Nigeria (TUC) has issued a one-week ultimatum to the Federal Government, warning of potential industrial action if their demands are not met. A similar threat…