International Breweries shareholders approve $379.9m loan-to-equity conversion
During an Extraordinary General Meeting, shareholders of International Breweries endorsed a $379.9 million loan from its majority shareholder, AB InBev…
Month: April 2024
Naira rebound leads to drop in rice prices across Nigeria
The recent strengthening of the naira against the dollar has brought relief to consumers, with the price of a 50-kilogram…
Sportsbet.io welcomes three new ambassadors to Its team
Yolo Group’s Sportsbet.io has expanded its team of ambassadors with three new additions, joining the likes of Nwankwo Kanu, Brett…
Sterling, FCMB, Stanbic see biggest jump in FX gain
While big banks grabbed attention for foreign exchange gains last year, Sterling Financial Holdings Plc, FCMB Group Plc, and Stanbic…
Diop to replace Chaudhuri as World Bank country director for Nigeria
Ndiame Diop, a Senegalese national, is set to assume the position of World Bank Country Director for Nigeria, replacing Shubham…
Naira gains to N1,250/$ after CBN sells fresh dollars to BDCs
The Central Bank of Nigeria (CBN) has initiated another round of discounted dollar sales directly to Bureau De Change (BDC)…
Nigeria sees 16% drop in POS transactions on bank transfers
Point-of-Sale (POS) transaction values in Nigeria experienced a notable downturn in the first quarter of 2024, witnessing a decline of…
NNPC resume crude oil production at Awoba field after shutdown
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner, Newcross Exploration and Production Ltd., have restarted…
World bank halts $150m funding for Tanzania tourism project
The World Bank has suspended funding for a $150 million tourism project in Tanzania following allegations of severe harm inflicted…
Turkey to commence oil drilling in Somalia from 2025
Somalia has announced that Turkey will begin oil drilling operations along the country’s extensive coastline starting next year, as confirmed…
Microsoft introduces smaller AI model
Microsoft (MSFT.O) unveiled Phi-3-mini, a cost-effective small language artificial intelligence model aimed at performing tasks like content creation and social…
Why dollar is battering euro, Japanese yen and Chinese yuan
The resurgence of the US dollar has caught global financial markets off guard in 2024, with the US dollar index…
JAMB to reimburse fees for visually-impaired UTME candidates
The Joint Admissions and Matriculation Board (JAMB) has announced plans to reimburse fees paid for forms by visually-impaired candidates of…
Nigeria eyes $30bn from debut forex bond
Nigeria is getting ready to borrow money from international investors by selling its first foreign currency bond. The country hopes…
Segun Alebiosun to serve as acting CEO of First Bank
Segun Alebiosun, currently the Executive Director and Chief Risk Officer, is likely to become the acting Managing Director and Chief…
Stable Naira appreciation expected to ease Inflation
Analysts predict that the recent stability in Nigeria’s foreign exchange market, along with the strengthening of the naira, will help…
Dangote diesel supply to displace European imports
BusinessDay’s investigation reveals that the Dangote oil refinery’s diesel supply is set to replace the importation of the product from…
10 Of 39 MDAs scored above 50% in business facilitation — PEBEC
The Presidential Enabling Business Environment Council (PEBEC) has revealed that only 10 out of 39 government Ministries, Departments, and Agencies…
FG expects $2.2 billion World Bank loan and AfDB budget
The Federal Government of Nigeria anticipates receiving a $2.2 billion single-digit interest loan from the World Bank and additional budget…
Transcorp hotel reports 36.2% revenue growth
Transcorp Hotel Plc has revealed a notable increase of 36.2% in its revenue for the year 2023. During a presentation…
Dana Air introduces health initiatives for staff and customers
Dana Air, a prominent Nigerian airline plans to host health talks and screenings for staff and regular customers, scheduled to…
Massive banking stocks sell-off persists
The banking sector witnessed a significant sell-off last week ahead of the Central Bank of Nigeria’s (CBN) recapitalization exercise, resulting…
FG to commercialize FMBN to enhance housing delivery
The Federal Government says it is reviewing loans and projects estimated at $500m executed by the Nigerian Content Development and…
FG reviews $500 million loans and projects by NCDMB
The Federal Government is conducting a review of loans and projects totaling $500 million executed by the Nigerian Content Development…
Aviation threatens strike over aviation agencies’ revenue deduction
The Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) has issued a threat of industrial action if the Federal…
Afriland Properties records 34% increase in profit
Afriland Properties Plc, a property management, investment, and development company, has reported a profit before tax of N2.41 billion for…
Sub-Saharan Africa incomes falling further behind rest of world, says IMF
The International Monetary Fund (IMF) has highlighted that incomes in Sub-Saharan Africa are falling further behind the rest of the…
Risk sensitive South African rand weakens as geopolitical tensions bite
South Africa’s rand experienced volatility in early Friday trading following reports of an Israeli attack on Iran, which dampened risk…
Ghana deal with bondholders ‘a matter of time’, says IMF official
An IMF official stated that Ghana reaching a restructuring agreement with holders of its international bonds is more a matter…
Report shows FG may criminalise fiber cable damage -Report
Nigeria is taking steps to make it a crime to damage broadband fiber cables following complaints from major telecommunications companies…