Crude Oil Reaches $84/Barrel, Fueling Speculations of Petrol Price Hike in Nigeria
Brent crude oil, the international benchmark, surged to $84/barrel on Wednesday, raising concerns about a possible increase in the pump…
Year: 2023
High Demand for Risk-Free Investments Despite Negative Real Returns in Nigeria
Investors bid N384 billion worth of one-year treasury bills at a rate of 12.15%, but only N255 billion was allotted…
Nigeria’s Debt Management Office Foresees Revenue Improvements Amidst Policy Changes
Nigeria’s Debt Management Office (DMO) expects improvements in government revenues through the work of the Committee on Revenues set up…
Central Bank of Nigeria Reiterates Plan to Phase Out Old Currency Notes Gradually
The Central Bank of Nigeria (CBN) has restated its commitment to gradually replace the old N200, N500, and N1,000 naira…
IMF Projects Decline in Nigeria’s Economic Growth due to Oil Sector Security Issues
The International Monetary Fund (IMF) has forecasted a decline in Nigeria’s economic growth in 2023 and 2024, attributed to security…
SAHCO Plc Reports Impressive Q2 2023 Performance with 215.60% Pre-tax Profit Surge
Skyway Aviation Handling Company (SAHCO) Plc’s Q2 2023 unaudited results show a remarkable 215.60% increase in pre-tax profits, reaching N1.38…
Global Survey Reveals Limited Support and Understanding for Central Bank Digital Currencies (CBDCs)
A survey by the CFA Institute, a global association for finance professionals, indicates that only 42% of respondents believe central…
Central Bank of Nigeria Raises Benchmark Interest Rate to 18.75% Amidst Inflationary Pressure
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to increase the benchmark interest rate…
FCCPC Cautions PoS Operators Against Price-Fixing Amidst Indiscriminate Charge Increases
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to point of sales (PoS) operators, particularly in…
Experts Call for Government Interventions to Foster Technology Growth in Nigeria
During the 17th Annual Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) in Lagos, experts…
Nigeria’s Tin Can Island Port Command Reports 110.8% Growth in Non-Oil Exports in H1’23
The Tin Can Island Port Command of the Nigeria Customs Service (NCS) has achieved remarkable growth in non-oil exports during…
Nigeria’s Excess Crude Account Stagnant at $474m Despite Remittance of N907bn
The Excess Crude Account (ECA) in Nigeria has remained stagnant at approximately $474 million over the past two years, even…
Nigerian House of Representatives Launches Investigation into $9.05 Billion Revenue Loss from Gas Flaring
The Speaker of the House of Representatives, Rep. Tajudeen Abbas, has initiated an Ad hoc Committee to conduct a comprehensive…
Nigerian National Petroleum Company Clarifies N1.3tn Debt Status
The Nigerian National Petroleum Company Limited (NNPCL) clarified that the outstanding N1.3tn debt owed by the Federal Government has no…
Unilever Nigeria’s Q2 Profits Plummet Amid Rising Costs
Unaudited results for Q2 2023 show Unilever Nigeria’s pre-tax profits fell by 72.95% to N169.9 million, with an operating loss…
Nigerian Government Earns N80.86bn from Electronic Transfer Levies in Six Months
Data from the Federation Account Allocation Committee shows that electronic transfer levies generated N80.86 billion for the three tiers of…
Nigeria Data Protection Commission Urges Organizations to Register for Data Protection Compliance Monitoring
The Nigeria Data Protection Commission (NDPC) has directed banks, telecom operators, educational institutions, government parastatals, and other organizations handling data…
Nigeria’s Money Supply Surges to Record N64.36 Trillion Amid Increased FAAC Proceeds
The money supply in Nigeria, known as M2, has reached an unprecedented N64.36 trillion, surging by 31.62% year-on-year in June…
FBN Holdings Announces Plan to Raise Capital Through Rights Issue
FBN Holdings Plc, a financial services group, will seek approval from shareholders to raise fresh capital at its upcoming annual…
Investors Speculate Ahead of Central Bank of Nigeria’s Monetary Policy Committee Meeting
Investors are closely watching the upcoming meeting of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), following the…
NAICOM to Encourage Specialized Insurance Products for Nigeria’s Oil and Gas Industry
The Nigerian Insurance Commission (NAICOM) has revealed its plans to promote specialized insurance products tailored to meet the unique needs…
eTranzact Records Over N50 Trillion Transactions in 2022, Assures Shareholders of Regional Dominance
eTranzact International Plc achieved remarkable financial growth in 2022, processing transactions worth over N50 trillion, a significant increase from N39…
Nigeria Plans to Reduce Revenue Collection Agencies and Simplify Tax System
The Nigerian Organised Private Sector has raised concerns about the burden of multiple taxation from various government entities. As a…
British International Investment Joins SDG Outcomes Fund with $10 Million Commitment
British International Investment (BII), the UK’s development finance institution and impact investor, has pledged $10 million to the SDG Outcomes…
Norfund Invests in Plastic Recycling Initiatives in Nigeria and Ghana
Norfund, a Norwegian investment fund, is making its first direct investments in plastic recycling in Africa by providing financial support…
African Development Bank Approves US$20 Million Investment in Pembani Remgro Infrastructure Fund II in Côte d’Ivoire
The African Development Bank’s Board of Directors has sanctioned a US$20 million investment in the Pembani Remgro Infrastructure Fund II…
Globeleq Expands Renewable Portfolio in Africa with Acquisition of Mocuba Solar Plant in Mozambique
Globeleq, the leading independent power company in Africa, has reached an agreement to acquire Scatec A.S.A.’s 52.5% stake and KLP…
EIB Commits $40 Million to Acre Impact Capital’s Climate-Infrastructure Fund in Africa
The European Investment Bank (EIB) has pledged up to $40 million to Acre Impact Capital’s Export Finance Fund I, the…
AgroFresh Expands Freshness Solutions with Tessara Acquisition
AgroFresh Solutions, a global AgTech innovator specializing in post-harvest produce freshness, has announced the acquisition of Tessara, a post-harvest solutions…
Scatec’s Release Secures USD 102 Million Funding to Accelerate Renewable Energy Growth Ambitions
Scatec’s subsidiary, Release, has signed an agreement with Climate Fund Managers (CFM) to raise USD 102 million in funding. Release,…