Access Bank to Acquire Standard Chartered’s Sub-Saharan Subsidiaries
Access Bank Plc has recently entered into an agreement to purchase the sub-Saharan subsidiaries of Standard Chartered Bank. As part…
Year: 2023
Rising Government Borrowing Pushes up Loan Costs for Kenyan Households and Businesses
The Kenyan government’s increasing reliance on more expensive domestic loans has resulted in higher interest rates for households and businesses.…
Improved Liquidity in Kenyan Market Lowers Interbank Rates
The interbank rate in Kenya has dropped from double-digit levels to 8.62 percent, following improved liquidity in the market. This…
Ghanaian Government Plans to Dispose of 17 Defunct State-Owned Enterprises
The Ministry of Public Enterprises in Ghana has announced plans to dispose of 17 defunct state-owned enterprises, including the State…
Nigerian Power Distribution Companies Apply for Tariff Review
The Federal Government has announced that the 11 power distribution companies (Discos) in Nigeria have submitted applications for the review…
Nigeria’s Crude Oil Earnings Rise to N1.68tn in June as Output Increases
Nigeria’s crude oil earnings reached over N1.68tn in June 2023 due to an increase in the country’s oil output, according…
Central Bank of Nigeria Directs IMTOs to Pay Out Using I&E Window Rate
The Central Bank of Nigeria (CBN) has issued a directive requiring International Money Transfer Operators (IMTOs) to pay out proceeds…
Central Bank of Nigeria Upgrades eNaira App with NFC Technology
The Central Bank of Nigeria (CBN) has enhanced its eNaira app by integrating Near Field Communication (NFC) technology, making it…
Declining Foreign Investments Pose Challenges for Nigeria’s Manufacturing Sector
Foreign investments in Nigeria’s manufacturing sector witnessed a significant drop of 35% from $392.5 million in Q4 2022 to $256…
Access Bank Completes Acquisition of Majority Stake in Finibanco Angola S.A.”
Access Bank Plc, the flagship subsidiary of Access Holdings, has successfully completed its acquisition of a majority equity stake in…
Dangote Cement Expands Production Capacity in Itori, Ogun State, and Across Africa
Dangote Cement has announced its plans to expand production capacity through the construction of a new integrated cement plant in…
Central Bank of Nigeria Introduces Naira Payout Option for Diaspora Remittances
The Central Bank of Nigeria (CBN) has announced the inclusion of the Naira as a payout option for recipients of…
Inflows into Nigeria’s Investors and Exporters Window Rise to $2.55bn
Data obtained from the FMDQ revealed that the total inflows into Nigeria’s Investors and Exporters Window (I&E Window) reached $2.55…
Senate Probes Alleged Uneven Disbursement of N483bn Intervention Loans
The Nigerian Senate has launched an investigation into the alleged uneven disbursement of N483 billion in intervention loans by the…
Nigeria’s Oil Production Set to Increase with Addition of 192,000 Barrels per Day
The Nigerian National Petroleum Company Limited (NNPCL) and its joint venture partners have announced plans to boost Nigeria’s oil production…
Bank Verification Numbers (BVNs) Reach 57.96 Million as CBN Plans to Close Unlinked Accounts
According to data from the Nigeria Inter-Bank Settlement System Plc, the total number of issued Bank Verification Numbers (BVNs) in…
New Gas Pricing Template and Clearing Power Sector Debts: Boosting Nigeria’s Decade of Gas
A new gas pricing template for the power sector and gas-based industries in Nigeria is awaiting approval from President Bola…
Enhancing the Passenger Experience: Addressing Challenges in Nigerian Airports
The recent surge in passenger-operator clashes in Nigerian airports has raised concerns about the friendliness and efficiency of the country’s…
Flour Mill of Nigeria Leverages Strong Credit Rating to Secure Capital Market Funding
Flour Mill of Nigeria Plc, a prominent consumer conglomerate in Nigeria, has reaffirmed its commitment to utilizing its impressive credit…
Nigeria’s Low VAT Performance Raises Concerns and Calls for Policy Changes
The Nigerian Federal Government expressed alarm over the country’s underperforming Value Added Tax (VAT) compared to other nations in the…
Nigeria to Seek Increased OPEC Oil Quota in November, Says NNPCL
The Nigerian National Petroleum Company Limited (NNPCL) has stated that the Federal Government of Nigeria plans to renegotiate the country’s…
Kenya to Float Second Tranche of Bond to Clear Fuel Subsidy Pending Bill
The Treasury is set to float the second tranche of a bond worth Ksh 28 billion this week to clear…
Decline in Value of Safaricom’s Bonga Points Indicates Increased Redemption by Customers
The value of unused Safaricom customer loyalty awards, known as Bonga points, has reached its lowest point in 12 years.…
Bank of Ghana to Sell $120 Million to Bulk Oil Distribution Companies (BDCs) in Q3 2023
The Bank of Ghana has announced plans to sell $120 million to Bulk Oil Distribution Companies (BDCs) in the third…
Kenya Sees Increase in Foreign Direct Investment, but Lags Behind Regional Peers
Kenya experienced a turnaround in foreign direct investment (FDI) in 2022, with FDI inflows rising by 63.93% to $759 million.…
Forex Inflows into Nigerian Trading Channel Rise by Almost a Quarter
The abolition of multiple forex rates by the Central Bank of Nigeria (CBN) has contributed to a 23.8% increase in…
Ecobank Petitions FBN Holdings to Halt Approval of Otudeko’s Share Acquisition
Ecobank Plc has filed a petition to FBN Holdings, urging them to suspend the approval of Oba Otudeko’s bid for…
Nigeria’s Dominance in Africa’s Gas Market: A Promising Future
Nigeria’s gas reserves have positioned the country as a dominant player in Africa’s gas market, accounting for 33 percent of…
Unraveling the Unexpected Decline in Nigeria’s Insurance Industry.
The Nigerian insurance industry recently experienced an unexpected setback, witnessing a negative growth of eight percent in the second quarter…
Nigeria’s Capital Importation Witnesses a 28% Decrease in Q1 2023: NBS Report.
The recent report released by the National Bureau of Statistics (NBS) on capital importation in Nigeria reveals a significant decline…