Nigerian Businesses Grapple with Foreign Supplier Rejections Amid Escalating Currency Shortages
Nigerian businesses dependent on imports face a severe setback as foreign suppliers reject letters of credit (LC) and insist on…
Year: 2023
IMF Calls on Nigerian Finance Ministry and Central Bank to Champion Climate Policies in Economic Strategies
The International Monetary Fund (IMF) has emphasized the pivotal role of Nigeria’s Ministry of Finance and Central Bank in combatting…
NGX CEO Affirms Capital Market’s Potential in Achieving Government Objectives Through Tax Reforms
Temi Popoola, the CEO of Nigerian Exchange Limited (NGX), expressed confidence in President Tinubu’s ongoing tax reforms, stating that they…
Nigeria Exchange Limited Greenlights Capital Hotels Plc Delisting for Strategic Ventures
Summary: The Nigeria Exchange Limited (NGX) has granted approval for the delisting of Capital Hotels Plc’s shares, paving the way…
Mali’s Elections Postponed Due to Technical Challenges and Dispute with IDEMIA
Mali’s military junta has decided to postpone the scheduled February elections, citing technical difficulties and a dispute with the international…
Nigerian Senate Resumes with Key Agendas Including CBN Leadership Confirmation
The Nigerian Senate is set to resume sessions after a two-month summer recess. Among the key expectations are the confirmation…
EBRD Commits Up to €30 Million in Mediterrania Capital Partners’ MC IV Fund to Support Mid-Cap Companies in Africa
The European Bank for Reconstruction and Development (EBRD) is set to invest up to €30 million in Mediterrania Capital Partners’…
Valu Closes EGP 922.3 Million Securitized Bond Issuance in Partnership with EFG Hermes
Valu, a prominent financial technology company in the MENA region, has successfully completed its sixth securitized bond issuance in collaboration…
Kasada Strengthens South African Hospitality Portfolio with Acquisition of Former Radisson Blu Hotel & Residence
Kasada, a real estate private equity platform focused on Africa’s hospitality sector, has purchased the former Radisson Blu Hotel &…
Vumela Enterprise Development Fund Invests R18 Million in South African Subscription Model Startup Rentoza
Rentoza, South Africa’s first pure-play subscription model for digital goods and appliances, has secured an investment of R18 million from…
Metier Capital Growth Fund III Raises Over $182 Million in First Close
Metier has successfully completed the first close of its Metier Capital Growth Fund III, securing just over $182 million in…
Nigeria to Host International Financial Inclusion Conference (#IFIC2023) to Accelerate Global Financial Inclusion Efforts
The Central Bank of Nigeria, in partnership with agencies within the National Financial Inclusion Governance Committees, will host the second…
Nigeria Faces Risk of Debt Overhang as Public Debt Surges
Nigeria’s public debt has risen to N87.38 trillion in the second quarter of 2023, with additional debt from “Ways and…
Nigeria’s Oil Rig Count Rises as Gains from the Petroleum Industry Act Materialize
Nigeria has seen a notable increase in its oil rig count, rising from 17 in 2019 to 31 as of…
Key International Oil Companies Commit to Over $55 Billion Investments in Nigeria’s Energy Sector by 2030
Leading International Oil Companies (IOCs) are showing renewed interest in Nigeria’s energy sector, with commitments to invest over $55 billion…
Nigerian Government Aims to Boost Fintech Funding through Improved Regulatory Environment and Infrastructure
The Nigerian Ministry of Communications, Innovation, and Digital Economy plans to create a conducive regulatory environment and enhance digital infrastructure…
Goldman Sachs Raises Brent Crude Forecast to $100, Poses Economic Challenges for Nigeria
Goldman Sachs has revised its 12-month ahead forecast for Brent Crude oil prices, projecting $100 per barrel, up from the…
Aliko Dangote Clarifies NNPC’s Support for Refinery Project, Pledges to Utilize Nigerian Crude for Operations
Aliko Dangote, President of the Dangote Group, has addressed misconceptions regarding crude oil supply to his 650,000 barrels per day…
U.S. Federal Reserve Maintains Interest Rates, Cautious Amidst Rising Oil Prices
The U.S. Federal Reserve has opted to keep interest rates steady for September, signaling a potential shift in the pace…
Google Faces Lawsuit Over Alleged Failure to Update Maps Leading to Tragic Accident
The family of Philip Paxson, a US man who tragically lost his life after driving off a collapsed bridge, is…
Ivorian E-commerce Startup Anka Raises $5 Million in Pre-Series A Extension Round
Anka, an Ivorian e-commerce company that has a substantial presence in Nigeria and Kenya, has secured $5 million in a…
Amazon’s Alexa Upgraded with More Natural, Emotionally Responsive Voice
Amazon’s voice assistant, Alexa, is set to receive a significant upgrade with a more natural-sounding voice and enhanced emotional responsiveness.…
Naira Devaluation Boosts Crypto Transactions to $56.7 Billion Despite CBN Ban
A report by Chainalysis reveals that the devaluation of the Naira in 2022 led to a year-on-year surge in crypto…
Nigerian Electricity Regulatory Commission Orders DisCos to Reimburse Meter Acquisition Costs
The Nigerian Electricity Regulatory Commission (NERC) has mandated electricity distribution companies (DisCos) to refund customers who have paid for the…
Fidson Healthcare Reports Strong Financial Performance in 2022, Declares Increased Dividend
Fidson Healthcare Plc, an indigenous pharmaceutical manufacturer, has posted impressive financial results for the year 2022. The company reported a…
Central Bank of Nigeria Introduces Online Platform for Microfinance Bank License Applications
The Central Bank of Nigeria (CBN) has introduced the CBN Licensing, Approval and Other Requests Portal (CBN LARP) to streamline…
Delisting of Major Companies to Reduce NGX Capitalization by Over N205 Billion
The planned delisting of prominent companies including GlaxoSmithKline (GSK) Plc, PZ Cusson Plc, Oando Plc, Coronation Insurance Plc, and Capital…
Nigerian Equities Market Records Slight Decline, Losing N13 Billion
Nigeria’s stock market experienced a marginal dip, with a 0.03% decrease equivalent to N13 billion in market capitalization at the…
President Bola Tinubu Advocates for Africa’s Prosperity and Sovereignty at the UN General Assembly
In his debut speech at the 78th United Nations General Assembly, President Bola Tinubu of Nigeria highlighted critical issues facing…
Nigerian Trade Unions Threaten Strike Action Amid Unresolved Demands
The Trade Union Congress of Nigeria (TUC) has issued a one-week ultimatum to the Federal Government, warning of potential industrial…