Employees Joining Contributory Pension Scheme Boost Assets to N16.76 Trillion
The National Pension Commission (PenCom) has reported that the assets of the Contributory Pension Scheme (CPS) have risen to N16.76…
Year: 2023
Petroleum Traders May Benefit from Falling Oil Prices and Strengthening Naira
Major petroleum product traders and independent traders could potentially experience relief from rising gasoline importation costs due to a combination…
Nigeria’s Central Bank Introduces Forex Price Verification System
The Central Bank of Nigeria (CBN) has launched a Foreign Exchange Price Verification System aimed at facilitating importers’ access to…
Kenya Commercial Banks Raise Base Lending Rates for Seventh Consecutive Month
Kenyan commercial banks have increased their base lending rates for the seventh consecutive month, reaching 13.31 percent by the end…
Kenya: High Court Suspends Exclusive Macadamia Nut Export Rights Pending Case Determination
The High Court has issued a suspension on the Kenyan government’s decision to grant exclusive export rights for raw macadamia…
BOST Records Profits for Second Consecutive Year, Marks Turnaround
The Bulk Oil Storage and Transportation Limited Company (BOST) has reported a profit after tax of GH¢342 million for the…
Auditor-General Raises Concerns Over Non-Performing Investments in NSSF
The Auditor-General has flagged non-performing investments totaling Sh630.3 million in the National Social Security Fund (NSSF), a State-controlled entity in…
NDIC Trains Law Enforcement Operatives to Probe Revoked MfBs and PMBs
The Nigeria Deposit Insurance Corporation (NDIC) has organized a workshop to train law enforcement operatives and officers responsible for investigating…
Coronation Insurance Delays Shareholders’ Meeting for NGX Delisting Indefinitely
The planned shareholders’ meeting of Coronation Insurance Plc, which was ordered by the court and aimed at discussing the proposed…
CBN’s Efforts Bring Hope for Resolution of Telcos’ USSD Debt Dispute
After a prolonged dispute between Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) over unpaid debts for the use…
Africa’s Marine and Coastal Tourism Sector Poised for $100 Billion Opportunity
Africa holds a significant economic opportunity within its grasp, owning approximately one-third of the world’s major international water basins. A…
Transcorp Group: A Driving Force for Nigeria’s Energy Transformation
Transcorp Group, under the leadership of Chairman Tony Elumelu, is emerging as a pivotal force in propelling Nigeria and Africa…
Seplat Energy Clarifies Ownership Amidst Oil Rig Incident Controversy
Seplat Energy, an independent oil producer, has responded to controversies surrounding the ownership of the Majestic oil rig, which was…
Naira Strengthens Against Dollar Following CBN’s Forex Market Intervention
The Nigerian naira demonstrated strength against the US dollar, closing at 740.67/$ on the Investor & Exporter forex window. This…
Nigeria Ready to Join Second Phase of AfCFTA’s Guided Trade Initiative
Nigeria’s participation in the second phase of the Guided Trade Initiative (GTI) under the African Continental Free Trade Area (AfCFTA)…
Central Bank of Nigeria Launches Price Verification System to Enhance Trade Transparency
The Central Bank of Nigeria (CBN) has officially launched its Price Verification System (PVS) portal, which will require all applications…
ECOWAS Prepared to Intervene Militarily in Niger Republic’s Political Crisis
The Economic Community of West African States (ECOWAS) has announced its readiness to intervene militarily in Niger Republic if diplomatic…
Nigerian Stock Exchange Continues Bearish Trend, Market Capitalization Drops by N58 Billion
The Nigerian Stock Exchange (NSE) has extended its bearish performance from the previous trading session, resulting in a decline of…
Binance Shuts Down Fiat-to-Crypto Platform Amidst Crypto Market Fluctuations
Binance, a prominent cryptocurrency exchange, has announced the closure of its fiat-to-crypto payments platform, Binance Connect. This decision comes as…
US Unemployment Claims Fall Slightly, Indicating a Tight Labor Market
The number of Americans filing new claims for unemployment benefits fell by 11,000 to a seasonally adjusted 239,000 for the…
China’s Reluctant Response to Economic Challenges Raises Concerns
China’s economy is facing challenges such as a potential property crisis and stagnation, leading to concerns over the government’s tepid…
Investors Call for Government Support Amid Decline in Manufacturing Sector Profitability
The local manufacturing industry in Nigeria has been hit hard by the harsh operating environment, leading to a significant decline…
Legal Battle Over First Bank Holdings Shares Continues, Court Adjourns Hearing
A Federal High Court in Lagos has adjourned a hearing on various applications related to the controlling shares of First…
Suspended Nigerian Central Bank Governor Faces N6.9 Billion Procurement Fraud Charges
Suspended Central Bank of Nigeria (CBN) Governor Godwin Emefiele is set to be arraigned in court alongside an associate and…
Nigerian Export Promotion Council Targets Over $5 Billion Revenue from Non-Oil Exports
The Nigerian Export Promotion Council (NEPC) is aiming to generate more than $5 billion in revenue from non-oil exports. In…
Manufacturers Association of Nigeria Raises Concerns Over Inflation’s Impact on Manufacturing Sector
The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has expressed concerns about the adverse effects of the…
Nigerian Liquefied Natural Gas Ltd Shutdown Threatens Gas Production
The continued shutdown of operations by Nigerian Liquefied Natural Gas Ltd (NLNG) is posing a serious risk to the country’s…
Nigeria Secures $3 Billion Emergency Loan to Stabilize Naira Amid Concerns
The Nigerian National Petroleum Company Limited (NNPCL) and Afreximbank have jointly signed a commitment letter and term sheet for an…
Naira Rebounds Against Dollar as CBN Announces Intervention
The Nigerian naira has rebounded against the United States dollar in the parallel market, closing at 850/dollar. This rebound comes…
Bank Consolidation Gathers Pace in Tanzania, 15 Banks Vanish in 5 Years
The banking landscape in Tanzania has witnessed significant consolidation over the past five years, resulting in the disappearance of 15…