Local FG to Boost internet Connectivity in Eight States January 15, 2024 Ekemini Uba In the first quarter of 2024, Nigeria is set to launch the National Broadband Alliance for Nigeria, an initiative aimed at enhancing broadband development and adoption in Edo, Ogun, Kwara,…
Local Opportunities in 2024 Budget for Nigerian Economy-First Bank CEO January 15, 2024 Ekemini Uba Adesola Adeduntan, the Chief Executive Officer of First Bank of Nigeria, emphasized the presence of opportunities in the 2024 budget for serious players in the Nigerian economy. Speaking at the…
Local Potential 400% Revenue Increase through Foreign Investment in Hospitality- Stakeholders January 15, 2024 Ekemini Uba Stakeholders in the hospitality industry have highlighted the potential for a substantial 400% increase in revenue within six months through harnessing Foreign Direct Investment (FDI). In an exclusive interview with…
Local NOVA Merchant Bank Increases Employee’s Salary by 50% Salary January 15, 2024 Ekemini Uba NOVA Merchant Bank Limited has implemented a substantial 50% salary increase for its staff effective November 1, 2023. The bank, which has received shareholders’ approval to transition to a commercial…
Local Ajaokuta Steel Company Faces Disconnect Over N33bn Electricity Debt, FG Begins Investigation January 12, 2024 Ekemini Uba The Federal Government has announced an investigation into the non-functioning Ajaokuta Steel Company Limited, which accumulated a staggering N33bn in electricity debt. This debt led to the Transmission Company of…
Local FG Adopts N800 to Dollar Exchange Rate in 2024 Budget January 12, 2024 Ekemini Uba With the aim of ensuring stability in the 2024 Appropriation Act, the Federal Government disclosed on Thursday that it settled for an exchange rate of N800 to the dollar. The…
Local ILO Warns of Global Job Losses in 2024, Projects 5.2% Unemployment Rate January 12, 2024 Ekemini Uba The International Labour Organisation (ILO) has issued a projection, stating that approximately two million workers could lose their jobs in 2024. This prediction accompanies an expected increase in the global…
Local Multinationals May Exit Nigeria in 2024 Amid Economic Environment- Report January 12, 2024 Ekemini Uba A recent report by financial solutions firm Cardinal Stone suggests that multinational firms in the Fast Moving Consumer Goods (FMCG) subsector may consider exiting the country in 2024 if the…
Local Wema Bank Reports Over 130% Growth in Profit January 12, 2024 Ekemini Uba Wema Bank has showcased remarkable financial performance in the third quarter of 2023, as its Profit Before Tax surged by over 130% to N21.76bn compared to N9.46bn during the same…
Local Emerging Africa Capital Redeems Series 3 Commercial Paper Worth N1.6Bn January 12, 2024 Ekemini Uba Emerging Africa Capital Limited, an Investment Banking and Financial Services company, announced the successful redemption of its Series 3 commercial paper valued at N1.655bn. The Commercial Paper was issued in…
Local Nigerian Stock Market Bounces Back, Gains N313bn January 12, 2024 Ekemini Uba The Nigerian Exchange Limited closed on a positive note on Thursday, with investors gaining approximately N313bn. The All-Share Index rebounded by 0.70%, closing at 82,597.08, while the market capitalisation, appreciating…
Local International Breweries Plc Board Considers Rights Issue and Share Capital Increase January 12, 2024 Ekemini Uba International Breweries Plc’s Board of Directors is set to deliberate on a Rights Issue and an increase in its share capital, according to a corporate update filed with the Nigerian…
Local cNGN Faces Challenges as CBN Plans Transition from eNaira January 12, 2024 Ekemini Uba As the Central Bank of Nigeria (CBN) prepares to introduce cNGN, its stablecoin, through commercial banks and fintech companies, challenges emerge, notably from its predecessor, the eNaira. While the official…
Business European Stocks Gain Amid Wall Street Momentum January 11, 2024 Ekemini European stock markets rose on Thursday, influenced by positive developments on Wall Street and ahead of the release of crucial U.S. inflation data. U.S. CPI Data Impact on Market Sentiment…
Business U.S. Dollar Steady Ahead of Crucial Inflation Data January 11, 2024 Ekemini The U.S. dollar maintained its strength in early European trade, holding onto most of its gains from the beginning of 2024. Traders eagerly awaited key U.S. inflation data, which could…
Business Bitcoin Holds Steady After U.S. SEC Approves ETFs January 11, 2024 Ekemini Bitcoin maintained its position on Thursday near its highest level since March 2022 following the landmark approval of the first U.S.-listed exchange-traded funds (ETFs) tracking the cryptocurrency by the Securities…
Business Oil Prices Rise Amid Middle East Tensions and Supply Concerns January 11, 2024 Ekemini Oil prices climbed on Thursday following reports of an oil tanker being boarded by an armed group in Oman, raising concerns about escalating conflict in the Middle East. Brent crude…
Business European Shares Rise with Focus on U.S. Inflation Data January 11, 2024 Ekemini European shares advanced on Thursday, with the pan-European STOXX 600 gaining 0.5% by 0921 GMT. The upward movement was led by increases in automobile and technology stocks. Investors are eagerly…
Business Global Trade Faces Setback Amid Red Sea Attacks January 11, 2024 Ekemini Global trade experienced a 1.3% decline from November to December 2023, according to a report from the German economic institute, IfW Kiel. The drop is attributed to a surge in…
Business EU Court Adviser: Google, Amazon, Airbnb Exempt from Italian Rule January 11, 2024 Ekemini An adviser to the European Union’s top court has recommended that Alphabet’s Google, Amazon, and Airbnb are not required to comply with an Italian rule mandating them to provide information.…
Local EFCC: Ministers get Investigated, ICPC Recovers N50bn January 11, 2024 Ekemini Uba The Independent Corrupt Practices and Other Related Offences Commission (ICPC) successfully recovered N50bn that was on the brink of embezzlement. This substantial amount, designated for vulnerable citizens during the tenure…
Local Naira Depreciates by 26.36% Against Dollar as CBN Clears $2bn Debt January 11, 2024 Ekemini Uba The Nigerian Naira has experienced a significant 26.36% depreciation against the US Dollar in the official Investor and Exporter window of the foreign exchange market. This decline follows the Central…
Local Hassan Imam Gets Appointed as New CEO of Keystone Bank January 11, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) appointed Hassan Imam as the new Chief Executive Officer and Managing Director of Keystone Bank, succeeding Olaniran Olayinka. Olayinka had served as CEO since…
Local FG Allocates N450bn for Power Interventions in 2024 Budget January 11, 2024 Ekemini Uba The Federal Government of Nigeria allocates N450 billion towards power interventions in 2024, as revealed in the budget analysis of the Nigerian Bulk Electricity Trading Company. The government-owned enterprise outlined…
Local Nigerian Stock Market Drops by N638bn in the New Year January 11, 2024 Ekemini Uba The Nigerian Exchange Limited experienced its first depreciation in market capitalization for the New Year as the market cap declined by approximately N638 billion, settling at N44.885 trillion. This downturn…
Local Oil Marketers Seek Collaboration with Dangote Refinery January 11, 2024 Ekemini Uba Oil marketers, represented by the Independent Petroleum Marketers Association of Nigeria, plan to meet with Dangote Petroleum Refinery management to facilitate the smooth supply and distribution of refined petroleum products…
Local Tinubu Plans Governance Cost Cut- Daniel Bwala January 11, 2024 Ekemini Uba Daniel Bwala, former member of the All Progressive Congress (APC) and spokesperson for the Atiku Abubakar Presidential Campaign team, has disclosed that President Bola Tinubu is set to implement measures…
Local Union Bank Names Yetunde Oni as Managing Director January 11, 2024 Ekemini Uba On Wednesday, Sidi-Ali Hakama, the acting director of Corporate Communication at the Central Bank of Nigeria (CBN), through a circular dated January 10, 2024, appointed Yetunde Oni as its new…
Local Nigeria Retains Position as One of the Least Powerful Passports Globally” January 11, 2024 Ekemini Uba Nigeria continues to hold its position as one of the least powerful passports globally, impacting the international opportunities available to its citizens. This status, revealed in the 2024 Henley Passport…
Local Three Nigerian Banks Reaches N1trn Market Cap Milestone January 11, 2024 Ekemini Uba This year, three of Nigeria’s largest banks achieved the N1 trillion market capitalization milestone, marking substantial gains in the first six trading days. The exclusive club of companies with at…
