FAAC Shares N966.11 Billion Among Federal, State, and Local Governments in July Amid Revenue Decline
In July, the Federation Account Allocation Committee (FAAC) distributed a total of N966.11 billion to the Federal, State, and local…
Year: 2023
Over 20 Listed Nigerian Companies Penalized for Late Filing of 2022 Audited Financial Statements
According to the X-Compliance Report, a transparency initiative by The Nigerian Exchange Limited (NGX), over 20 listed companies paid a…
Naira Depreciates on Parallel Market, CBN Directs Banks to Stop FCY Secured Naira Overdrafts
The Nigerian naira experienced depreciation to N910 to a dollar on the parallel market, compared to N850 on the previous…
Nigerian Equities Market Reopens on Positive Note, Market Capitalization Rises by N262 Billion
The Nigerian equities market started on a positive note as it reopened, with gains recorded in BuaFoods, Stanbic IBTC, and…
Moniepoint Receives Regulatory Approval for Acquisition of Kopo Kopo to Expand Services in Kenya
The Competition Authority of Kenya (CA) has granted regulatory approval to Moniepoint Inc. for its acquisition of Kopo Kopo, a…
Goldman Sachs Explores Sale of Wealth Management Unit as It Refocuses on Ultra-High Net Worth Clients
Goldman Sachs is considering the sale of a portion of its wealth management business, signaling a shift in its strategy…
Dollar Retreats from 10-Week Highs as Risk Appetite Recovers Amid Bond Yield Surge and China Concerns
The U.S. dollar has eased from its recent 10-week highs as global risk appetite rebounded following a jump in U.S.…
European Business Lobby Urges China for Clarity on Economic Plans and National Security
The European Chamber of Commerce in China, an influential business lobby, is calling on Beijing to provide a clear message…
U.S. Stock Futures Rise on Nvidia Optimism and Easing Bond Yields”
U.S. stock index futures have shown positive movement as optimism regarding Nvidia’s upcoming earnings report continues to bolster megacap growth…
S&P Global Downgrades U.S. Regional Banks Due to Funding Costs and CRE Sector Challenges
S&P Global has taken action to downgrade credit ratings and outlooks for several U.S. regional banks, citing concerns about rising…
Pilot Union Division: Advocates Push for Extended Retirement Age Amidst Concerns
The Air Line Pilots Association (ALPA), a long-standing pilot union, faces internal division as a faction of senior pilots, led…
JP Morgan Challenges Nigeria’s FX Reserve Figures, Cautiously Optimistic on Reforms
JP Morgan, a global financial services firm, has raised concerns over Nigeria’s reported foreign exchange (FX) reserve figures, estimating them…
LCCI Urges Shift Towards Asset-Linked Debt, Calls for Economic Reforms
The Lagos Chamber of Commerce and Industry (LCCI) has put forth a recommendation for the Federal Government to restructure the…
New Minister of Finance and Economy Promises to Address Reforms Pain
Wale Edun, the recently appointed Minister of Finance and Coordinating Minister of the Economy, resumed his duties at the ministry’s…
Nigerian Government Vows to Resuscitate Ajaokuta Steel Company
Nigeria’s Minister of Steel Development, Shuaibu Audu, has emphasized the need to revive the Ajaokuta Steel Company, a long-standing moribund…
Stakeholders Call for Urgent Revival of Nigeria’s Refineries to Ease Fuel Importation
Stakeholders in Nigeria have called on the federal government to take immediate action to reactivate the country’s ailing refineries and…
Arbitrary Increases in Petrol Prices Seen in Some Nigerian States – NBS
Several states in Nigeria are facing arbitrary increases in the pump price of petrol beyond the official post-subsidy prices, according…
Nigeria Could Make up to $17 Billion by Selling Stake in Oil and Gas Assets – JP Morgan
According to a report by JP Morgan, the Nigerian government could raise up to $17 billion if it sells down…
China Cuts One-Year Lending Rate, But Surprises by Keeping Five-Year Rate Unchanged
China has taken steps to stimulate credit demand by reducing its one-year benchmark lending rate, lowering it by 10 basis…
Oil Prices Rise on Tightening Supply Amid Global Demand Concerns
Oil prices increased on Monday due to tightening global supply resulting from lower exports by major oil-producing countries like Saudi…
Kenyan Banks Oppose Government Plan to Raise Threshold for Reporting Large Cash Transactions
Kenyan commercial banks have expressed opposition to a government plan to increase the threshold for reporting large cash transactions by…
Founders Factory Africa Raises $114 Million to Scale Its Impact in African Tech Ecosystem
Founders Factory Africa (FFA), a South African early-stage accelerator and investor, has secured $114 million in funding from partners including…
RMB Corvest and Umoya Capital Partners Acquire Stake in Sants Private Higher Education Institution
RMB Corvest and Umoya Capital Partners have jointly acquired a significant minority stake in Sants Private Higher Education Institution. Sants,…
AFC Invests in East Africa’s Oil and Gas Downstream Player for More Efficient Petroleum Transportation
Africa Finance Corporation (AFC), a prominent infrastructure solutions provider in Africa, has announced its investment of $95.25 million in Mahathi…
Ghana Faces Rising Interest Rates on Government Securities Amid Debt Restructuring Efforts
Ghana has experienced a rise in interest rates on government securities, with the interest on the 91-day treasury bill reaching…
Kenya Reports Slowest Growth in VAT Collections in 10 Years
Kenya has experienced the slowest growth in collections from value-added tax (VAT) in a decade, attributed to elevated inflation that…
ECOWAS Rejects Niger’s Proposed Three-Year Transition Plan by Military Junta
The Economic Community of West African States (ECOWAS) has declined to accept a proposed three-year power transition plan put forth…
NEPC Launches Youth-for-Export Program to Harness Youths’ Export Potential
The Nigerian Export Promotion Council (NEPC) has introduced a youth-for-export program aimed at involving young Nigerians in the global export…
CBN Disburses N37.6 Billion in Loans to Mortgage Banks in 2022
The Central Bank of Nigeria (CBN) has provided loans and advances totaling N37.6 billion to mortgage banks in 2022, according…
Experts Call for Widening Tax Net to Boost Nigeria’s Revenue Base
Amid Nigeria’s challenges in income generation, experts have emphasized the need for the Federal Government to expand its tax net…