Banks’ Borrowings from Central Bank of Nigeria Surge 466% YoY Due to Increased Currency Holdings
Banks’ borrowings from the Central Bank of Nigeria (CBN) through the Standing Lending Facility (SLF) have seen a significant year-on-year…
Month: November 2023
Over N4.3tn Worth of Crude Oil Stolen in 7,143 Pipeline Vandalism Cases in 5 Years
The Nigerian government has revealed that more than N4.3 trillion worth of crude oil was stolen in 7,143 pipeline vandalism…
Unveiling Equipment Leasing Registration Authority: A Boost to Revenue Generation
The Nigerian government is set to introduce the Equipment Leasing Registration Authority (ELRA) with the aim of tapping into the…
Challenges Persist in Nigerian Power Sector Despite Multi-Trillion Naira Investments
Despite the federal government’s substantial investments exceeding N3 trillion in the power sector between 2015 and 2022, new data from…
Nigeria’s Creative Industry Poised to Drive $100 Billion to GDP by 2030, Says U.S. Department of State
The Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State, Ramin Toloui, has…
Dangote and BUA Trade Words, Renewing Rivalry
After a brief truce brokered by former Kano State governor Abdullahi Ganduje, Aliko Dangote, President of Dangote Group, and Abdussamad…
GlaxoSmithKline Consumer Nigeria Announces Scheme for Shareholder Dissolution
GlaxoSmithKline Consumer Nigeria Plc has proposed a Scheme of Arrangement for the dissolution of the company, following the UK-based pharmaceutical…
Nigeria’s Market Interest Rates Rise, Reigniting Foreign Investor Interest
Nigeria is re-emerging as an attractive destination for foreign investors following a rise in market interest rates and steps to…
Diezani Allison-Madueke Seeks Prayers as UK Court Hears Bribery and Corruption Case
Former Minister of Petroleum Resources, Diezani Allison-Madueke, appeared before a Southwark Crown Court judge in the UK over a case…
Businessman Chief Cletus Ibeto Faces Bench Warrant for Alleged N4.8 Billion Fraud
Justice I.O. Ijelu of the Lagos State High Court issued a bench warrant for businessman Chief Cletus Ibeto’s arrest after…
President Bola Tinubu May Reshape Cabinet as Ministerial Retreat Concludes
President Bola Tinubu may consider reshaping his cabinet following the conclusion of a three-day Ministerial retreat. The President’s recent appointment…
FTX Founder Sam Bankman-Fried Convicted: What Happens Next?
FTX founder Sam Bankman-Fried has been convicted of orchestrating a multibillion-dollar fraud on the cryptocurrency exchange’s customers. Here’s what to…
Nigeria Gains Traction with Foreign Investors as Economic Reforms Pick Up
Following a slowdown in reforms, Nigeria is back on the radar of foreign investors. The Central Bank of Nigeria’s decision…
AFC Successfully Exits Investment in Ghana’s Takoradi Port Expansion Project
Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has successfully exited its 35% equity investment in Atlantic…
Norrsken22 Closes $205 Million Fund to Propel African Tech Startups
Norrsken22, a Pan-African venture capital firm, has successfully closed its debut fund at an impressive $205 million, surpassing its initial…
Sanlam Private Equity Sells Majority Stake in Absolute Pets to Woolworths
Sanlam Private Equity, the private equity division of Sanlam Investments, has announced the successful sale of its majority stake in…
British International Investment Commits $26.5 Million to Enhance Food Security in Africa
British International Investment (BII), the UK’s development finance institution, has pledged a substantial investment of $26.5 million to AFEX, Africa’s…
Standard Bank Group Launches Energy Transition Fund to Drive Sustainable Growth in Africa
Standard Bank Group (SBK), in collaboration with Liberty, has initiated an Energy Transition Fund with an initial seeding of R3…
AAIC Investment Raises $40 Million for Africa Innovation & Healthcare Fund II
AAIC Investment has announced the successful second close of the Africa Innovation & Healthcare Fund (AHF) II, securing an additional…
Pearl Capital Partners Launches $6.4 Million Credit Facility Fund to Aid Smallholder Farmers in Uganda
Pearl Capital Partners (PCP) has introduced a credit facility fund totaling $6.4 million, with support from the Netherlands embassy. This…
Unlocking Over $2 Billion Investments: Lagos CNG Conversion Facility Inaugurated
The newly inaugurated Compressed Natural Gas (CNG) conversion facility in Lagos, spearheaded by the Presidential Compressed Natural Gas Initiative Steering…
Naira Gains Ground as Stock Market Hits Historic Highs
Despite recent fluctuations, the Nigerian Naira has made significant gains, settling at N1,170/$1 in the parallel market. This uptick in…
Sluggish Growth in Diaspora Inflows Adds Pressure to Kenya’s Forex Reserves
Diaspora inflows into Kenya have experienced their slowest growth rate in the past 13 years, increasing by just four percent…
British International Investment Commits $26.5 Million to Boost Food Security in Nigeria, Kenya, and Uganda
The British International Investment (BII), the UK’s development finance institution, has pledged a significant investment of $26.5 million to support…
UK and Global Partners Commit $100 Million for AI-Driven Development in Africa
The United Kingdom, in collaboration with esteemed global partners, is spearheading an initiative to accelerate development in some of the…
Controversy Surrounds Allocation of Billions for Presidential Yacht and Luxury Cars in Supplementary Budget
President Bola Tinubu’s submission of a N2.1 trillion supplementary budget to the National Assembly has sparked widespread criticism, particularly due…
President Tinubu Seeks Approval for $7.8 Billion and €100 Million Borrowing Plan for Development Projects
President Bola Tinubu has submitted separate letters to the National Assembly seeking approval for a borrowing plan totaling $7.8 billion…
Business Activity Contracts in Nigeria for the First Time in Seven Months, PMI Shows
According to the latest Purchasing Managers’ Index (PMI) report from Stanbic IBTC Bank, business activity in Nigeria experienced contraction in…
Flights to Dubai Expected to Resume by December as Nigeria Clears Trapped Funds
The Nigerian government has cleared part of the trapped funds for Emirates and Etihad Airlines, paving the way for flights…
Crude Shortages Hamper Nigerian Refineries, Dangote’s Production Targets Missed
Despite hopes for increased domestic refining capacity in Nigeria, including from the much-anticipated Dangote Refinery, the country continues to face…