Nigerian Banks Record ₦154 Billion in Fees for Electronic Banking Services in H1 2023
Customers of nine leading Nigerian commercial banks paid ₦154 billion in fees for using electronic banking services in the first…
Year: 2023
JPMorgan Extends Lead in Investment Banking Fees Amid Deal-Making Drought
JPMorgan has strengthened its position at the forefront of the investment banking fee rankings, securing 8.6% of the global dealmaking…
Closure of Lagos Markets Impacts Traders’ Revenue Amid Waste Management Concerns
The Lagos Waste Management Authority (LAWMA) has temporarily closed the Oyingbo and Alayabiagba markets on the Lagos Mainland due to…
Rising Crude Oil Prices Prompt Concerns Over Subsidy Costs and Manufacturing Expenses in Nigeria
The Federal Government of Nigeria is expected to incur additional subsidies on premium motor spirit (PMS), also known as petrol,…
Genomics Startup 54Gene Initiates Closure After Securing $45 Million Funding
54Gene, a genomics startup co-founded by Abasi Ene-Obong, has begun the process of winding down its operations after successfully raising…
Risevest Acquires Digital Trading Startup Chaka in Strategic Deal
Fintech startup Risevest has completed the acquisition of digital trading startup Chaka, a deal that had been in discussions for…
EEOC Files Lawsuit Against Tesla Alleging Widespread Racial Harassment
The U.S. Equal Employment Opportunity Commission (EEOC) has filed a lawsuit against Tesla, accusing the automaker of violating federal law…
Nigerian Investors Experience N112 Billion Loss in Bearish Trading
Investors on the Nigerian Exchange Limited (NGX) faced sustained losses as the market saw a decline of N112 billion. This…
Canadian Dollar Weakens Against USD Amidst Robust Greenback and Investor Caution
The Canadian dollar, known as the “loonie,” has experienced a 0.5 percent decline against the US dollar, reaching its lowest…
Foreign Investors Decrease Control in Nigerian Stock Market Transactions in August
In August 2023, foreign investors traded 14.15 percent of the overall N262.56 billion in the Nigerian stock market, while domestic…
Nigerian Exchange Group (NGX) Records 25% Surge in Other Income Despite Marginal Revenue Decline in H1 2023
Despite a marginal decline in revenue during the first half of 2023, the Nigerian Exchange Group (NGX) experienced a 25%…
National Economic Council Confirms $3 Billion Emergency Loan for Crude Oil to Stabilize Naira
The National Economic Council has affirmed that the $3 billion emergency loan-for-crude oil, secured by the Federal Government in August,…
Nigerian National Petroleum Company Seeks $3 Billion Loan from Afrexim Bank to Support Naira
The Nigerian National Petroleum Company Limited (NNPC) is in discussions with the African Export-Import Bank (Afrexim Bank) to secure a…
Top Five Nigerian Exporters Earn $22 Million in April and May
According to figures from the Central Bank of Nigeria (CBN), the top five non-oil exporters in Nigeria collectively earned $22…
Access Holdings’ Net Foreign Exchange Gains Surge by 362% to N244 Billion in H1 2023
Access Holdings Plc has reported a remarkable increase in its net foreign exchange gains, which rose by 362% to N244…
New CBN Governor Olayemi Cardoso Aims to Address Naira Downturn
The foreign exchange (FX) market in Nigeria remained relatively calm on Thursday, with market participants eagerly awaiting the next policy…
Africa’s MSMEs Must Embrace Digital Transformation for Sustainable Growth
Professor Olajumoke Familoni, an expert in management and entrepreneurship, emphasized the need for African nations, particularly Nigeria, to proactively embrace…
FX Scarcity Drives Surge in Local Raw Material Sourcing in Nigeria
The Manufacturers Association of Nigeria (MAN) reports a significant increase in the utilization of local raw materials in the manufacturing…
Canadian Dollar Weakens Against US Dollar, Influenced by Robust USD Dominance
The Canadian dollar, also known as the “loonie,” has experienced a 0.5 percent decline against the US dollar, marking its…
Food Prices Surge by 31% in Ebonyi and Abia States Over 12-Month Period
According to the ‘Selected Food Price Watch’ report published monthly by the National Bureau of Statistics, food prices in Ebonyi…
IMF Urges Nigeria to Halt Tax Waivers and Prioritize Domestic Revenue amid Debt Crisis
The International Monetary Fund (IMF) has recommended that Nigeria and other Sub-Saharan African nations focus on abolishing tax exemptions and…
Nigerian National Petroleum Company Spends N34.47 Billion on Pipeline Repairs in 18 Months
The Nigerian National Petroleum Company Limited (NNPCL) has allocated nearly N34.47 billion towards the repair and management of pipelines over…
Oil Prices Surge to $95 per Barrel Amid Resurfacing Fuel Queues in Lagos
Oil prices experienced a notable increase of over $1 per barrel on Wednesday following the reappearance of fuel queues in…
Equinor to Sell Stake in Nigerian Agbami Oil Field to Chappal Energy
Norway’s Equinor ASA is in the process of selling its 20.2 percent stake in Nigeria’s Agbami oil field to Chappal…
BUA Foods Achieves Remarkable 182.8% Growth in Cash and Cash Equivalents in H1 2023 Despite Challenging Business Environment
BUA Foods, a fast-moving consumer goods company in Nigeria, has reported an impressive 182.8% increase in its cash and cash…
JPMorgan Warns of Possible $150 per Barrel Brent Crude by 2026
JPMorgan’s Head of EMEA Energy Equity Research, Christyan Malek, has cautioned that Brent crude prices could potentially reach $150 per…
Amazon Invests Up to $4 Billion in AI Startup Anthropic to Fuel AI Advancements
Amazon is set to invest up to $4 billion in Anthropic, an AI startup aiming to develop a “frontier model”…
Analysis: Nigeria’s Top 5 Sectors and Their Contributions to H1 2023 Nominal GDP
In the first half of 2023, Nigeria’s dominant sectors collectively contributed N75.22 trillion, marking a modest 1.6% increase compared to…
Bank of Ghana Set to Conclude Interest Rate Hikes Amid Falling Inflation
The Bank of Ghana is expected to conclude its series of interest rate hikes as Ghana’s headline inflation rate declined…
Money Supply in Nigeria Sees Marginal Decline in August 2023
In August 2023, Nigeria’s narrow money supply (M1), comprising cash in circulation and easily convertible deposit accounts, decreased by 0.56…