Local Uncertain Future for Union Bank and Titan Trust Bank Amid Controversy and Merger Plans December 25, 2023 Ekemini Union Bank of Nigeria Plc and Titan Trust Bank (TTB) face uncertainty following a leaked ‘CBN Special Investigation Report’ on the acquisition process of Union Bank by TTB. Union Bank,…
Local Emefiele Dismisses Allegations, Calls them False and Misleading December 25, 2023 Ekemini Former governor of the Central Bank of Nigeria, Godwin Emefiele, has dismissed allegations made against him by the special investigator appointed by President Bola Tinubu. Emefiele, who was released from…
Local Nigeria Faces Worsening Power Outages During Festive Season, Affecting Christmas Celebrations December 25, 2023 Ekemini The ongoing power crisis in Nigeria has intensified during the festive season, adversely affecting Christmas celebrations for households across the country. The closure of the Egbin Power Station for maintenance,…
Local Decline in Dollar Value of Nigeria’s 2024 Budget Limits Economic Stimulus, Says Bismarck Rewane December 25, 2023 Ekemini Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, has highlighted that the decline in the dollar value of Nigeria’s 2024 budget is restricting the government’s capacity to stimulate economic…
Local Uganda Grants Two-Year Extension to Oranto Petroleum’s Oil Exploration License December 25, 2023 Ekemini Uganda has extended the oil exploration license of Nigeria’s Oranto Petroleum Ltd. by two years after the company requested compensation for time lost during the Covid-19 pandemic. The permit, initially…
Business British International Investment Commits $15 Million to NMB Bank’s Inaugural Sustainability Bond in Tanzania December 25, 2023 Ekemini British International Investment (BII), the UK’s development finance institution and impact investor, has committed $15 million equivalent in Tanzanian Shilling to NMB Bank’s inaugural sustainability bond offering, named the NMB…
Local Government Bolsters Aviation Sector with Key Appointments December 22, 2023 Ekemini In a strategic move aimed at propelling the aviation sector forward, the Nigerian Federal Government has announced the appointment of new directors to oversee various agencies within the Ministry of…
Local Navigating Economic Challenges: Nigerians Grapple with Soaring Prices December 22, 2023 Ekemini The recent surge in prices of goods and services, triggered by the abrupt removal of fuel subsidy, escalating inflation, and naira devaluation, has thrust many Nigerians into a struggle for…
Local The Crucial Role of Stockbrokers in Bank Recapitalisation December 22, 2023 Ekemini In a recent statement, Oluwole Adeosun, the President of the Chartered Institute of Stockbrokers, emphasized the pivotal role stockbrokers play in the proposed bank recapitalization. This declaration came during the…
Local Self-employed Nigerians Increases to 88 percent- NBS December 22, 2023 Ekemini The National Beureu of Statiatics revealed in a document titled “Nigerian Lqbour Force Statistics Reports Q2 2023” that 88 percent of Nigerians are Self-employed and only 12 percent depends on…
Local Banks, Pos Operators Responsible for Naira scarcity December 22, 2023 Ekemini The Acting Director of Communications and Public Relations, Sidi Ali revealed through a statement made on Thursday that the Central Bank of Nigeria has cautioned the activities of some commercial…
Local Illegal refineries undercovered by Nigeria’s military December 22, 2023 Ekemini 636 refineries were intercepted from further operations by the Nigerian military and 21m litres of crude oil has been saved. Following the directives of the President, Bola Ahmed Tinubu to…
Local Nigeria’s Unemployment Rate Rises to 4.2% in 2023 December 21, 2023 Ekemini Nigeria’s unemployment rate has experienced a slight increase, rising to 4.2% in the second quarter of 2023 from 4.1% in the previous quarter, according to the latest Nigeria Labour Force…
Local Naira Falls at Official Market Despite Increased Dollar Supply December 21, 2023 Ekemini Despite a surge in dollar supply, the official foreign exchange market witnessed a depreciation of the Nigerian naira against the US currency. The naira fell by 1.15%, with the dollar…
Local Port Harcourt Refinery Set to Commence Operations December 21, 2023 Ekemini The Port Harcourt Refinery, with a combined capacity of 210,000 barrels per day, is poised to begin operations today. The $1.5 billion rehabilitation project initiated by the Buhari administration in…
Local Flared Gas Worth N696 Billion Can Power Millions of Households December 21, 2023 Ekemini BusinessDay’s investigation reveals that Nigeria flared natural gas estimated at N696 billion within the first 11 months of this year. Data from the Nigeria Gas Flare Tracker indicates that approximately…
Local Nigeria’s Total Debt Rises Slightly, Reaches N88 Trillion December 21, 2023 Ekemini The Debt Management Office (DMO) report reveals a slight increase in Nigeria’s total public debt, reaching N87.91 trillion at the end of September 2023 compared to N87.38 trillion in June.…
Business Maka Secures $2.65M Seed Funding to Drive Fashion and Beauty E-commerce Expansion in Africa December 21, 2023 Ekemini African fashion and beauty e-commerce platform, Maka, has successfully raised $2.65 million in seed funding led by Pan-African venture capital firms, 4DX Ventures, and Janngo Capital. The funding aims to…
Local TotalEnergies Commits $6 Billion Investment in Nigeria for Offshore Oil and Gas Projects December 21, 2023 Ekemini TotalEnergies, the French multinational integrated energy and petroleum company, has pledged a significant investment of $6 billion in Nigeria to enhance offshore oil projects and boost gas production across the…
Africa Angola Announces Exit from OPEC Amid Quota Dispute December 21, 2023 Ekemini Angola, the second-largest crude producer in Africa, has officially declared its departure from the Organization of the Petroleum Exporting Countries (OPEC). The decision was announced by Diamantino de Azevedo, Angola’s…
Local NAFDAC Director-General Highlights Challenges in the Fight Against Fake Products December 21, 2023 Ekemini Uba Moji Adeyeye, the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), has revealed that inadequate funding and a shortage of staff are hindering efforts to…
Africa Kenyan Unit Trusts Increase Annual Returns to Attract Investments Amid Elevated Rates December 20, 2023 Ekemini Kenyan unit trusts are boosting their annual returns to remain competitive with the heightened rates offered on government treasuries and bank fixed deposits. The move aims to sustain their attractiveness…
Africa Kenyan Regulator Fines Carrefour Franchise $7.2 Million for Market Power Abuse December 20, 2023 Ekemini The Competition Authority of Kenya (CAK) has imposed a record $7.2 million fine on a Carrefour franchise in Kenya for alleged abuse of market power. This penalty is reported to…
Africa Central Bank of Kenya Faces Challenge as it Seeks to Control Government Borrowing Costs December 20, 2023 Ekemini The Central Bank of Kenya (CBK) is encountering a significant test in its efforts to manage the cost of government borrowing, particularly in the ongoing sale of the Sh35 billion…
Local Delta State Government, NNPC, and UTM Offshore Sign Historic Agreement for Nigeria’s First Floating LNG Project December 20, 2023 Ekemini Delta State Government, Nigerian National Petroleum Company Limited (NNPC), and UTM Offshore Ltd have officially signed a Shareholders Agreement for the development of Nigeria’s first Floating Liquefied Natural Gas (FLNG)…
Local Bismarck Rewane Forecasts 3.3% Economic Growth for Nigeria in 2024 December 20, 2023 Ekemini Uba Bismarck Rewane, the Chief Executive Officer at Financial Derivatives Company, has made a projection that Nigeria’s economy is set to grow by 3.3% in 2024, up from the expected 2.61%…
Local Tony Elumelu-Backed Firms Lead in Stock Returns on NGX in 2023 December 20, 2023 Ekemini Among the 30 most capitalized companies on the Nigerian Exchange Limited (NGX), entities associated with billionaire businessman Tony Elumelu have delivered exceptional returns to investors in 2023. Notably, Transcorp Hotels…
Local Presidential Initiative: N75 Billion MSME Loans Disbursement Set to Begin in January 2024 December 20, 2023 Ekemini In a strategic collaboration between the Presidency and the Bank of Industry (BOI), a groundbreaking initiative is set to unfold in January 2024, as the disbursement of loans to Micro,…
Local Naira Resilience and Stock Market Surge: Exploring Factors Amidst Federal Government’s Digital FX Plans December 20, 2023 Ekemini Amidst the Federal Government’s plans to digitize foreign exchange (FX) transactions, the Nigerian Naira has exhibited resilience at the parallel market, settling at N1,170/$1. Simultaneously, the nation’s bourse experienced a…
Local NCC Mandates Full SIM Blockage: Nigeria’s Telecom Operators Set to Enforce NIN Compliance December 20, 2023 Ekemini The Nigerian Communications Commission (NCC) has issued a directive to telecommunications operators, including MTN, Airtel, Glo, and 9mobile, to implement full blockage of all subscribers’ identification module (SIM) cards not…
