SEC vows to block illicit funds in capital market
The Securities and Exchange Commission (SEC) is taking a firm stance against the influx of illicit funds into the capital market as part of the new banking recapitalization efforts. Dayo…
Banks set for aggressive dividend payouts- Report
A report by Ernst and Young Global Limited (EY) suggests that Nigerian banks are gearing up for robust dividend payouts in the coming years by utilizing a significant portion of…
Nigeria issues N8 trillion in securities to boost economy- Minister
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, revealed that the fiscal authority has collaborated with the Central Bank to issue N8 trillion in government securities,…
Rising unemployment make Nigerians tap into pension savings
As unemployment rates climb in Nigeria, pension savings have become a vital source of immediate financial support for many individuals, both in the public and private sectors, who have lost…
Binance collaborates with gov over detention of executives
The Economic and Financial Crimes Commission (EFCC) of Nigeria is prosecuting Binance for alleged money laundering totaling over $35 million. Two senior Binance officials, Nadeem Anjarwalla and Tigran Gambaryan, were…
Ecobank repays $500 million eurobond
Ayo Adepoju, Group Chief Financial Officer of ETI, highlighted that the Eurobond, issued in April 2019, received positive reception from global investors, including long-term partners FMO and Proparco. The repayment…
Paddy prices begin to decline
Over the past three years, the cost of paddy ranged from N9,000 to N20,000 per 100kg bag, influenced by factors such as variety and quality. However, prices surged to between…
Google fires 28 employees after protest over Israeli contract
Google has terminated the employment of 28 employees following a sit-down protest organized by the group “No Tech for Apartheid” against Google’s contract with the Israeli government. The protest, held…
Dangote Refinery utilizes cheaper US oil imports- reports
The Dangote Petroleum Refinery, with a capacity of 650,000 barrels per day, is capitalizing on cheaper oil imports from the United States, accounting for up to a third of its…
Reps urges SEC and FRC to resolve N45 Billion revenue dispute
The House of Representatives Public Accounts Committee has instructed the Securities and Exchange Commission (SEC) and the Fiscal Responsibility Commission (FRC) to settle their differences over alleged non-remittance of over…
CBN tightens monetary policy, limits banks’ ability to lend
In Nigeria, the Central Bank (CBN) is taking steps to control inflation by tightening its monetary policy, but it’s having unintended consequences on the economy. By increasing the mandatory reserve…
Access bank to reward 15,786 customers in DiamondXtra campaign
Access Bank has unveiled its Season 16 DiamondXtra campaign, aiming to reward its loyal customers with exciting prizes. The bank has allocated N200 million in cash and three SUVs to…
Tinubu applauds Dangote Group for diesel price reduction
President Bola Tinubu has praised Dangote Oil and Gas Limited for slashing the price of Automotive Gas Oil (diesel), which could have a significant impact on the cost of various…
Tariff increase to worsen economic instability — private sector
The Organised Private Sector (OPSN), composed of prominent Business Membership Organisations (BMOs), has raised alarm over the recent surge in electricity tariffs for Band A customers, warning of its detrimental…
Data shows CBN not defending naira with FX reserves
Recent data from FMDQ Securities Exchange reveals that the Central Bank of Nigeria (CBN) has conducted rare interventions in the foreign exchange (FX) market, sparking doubts about its efforts to…
Devaluation woes sweep 1,600 Nigerians off dollar millionaire list
A recent report by Henley and Partners, a London investment migration consultancy, has revealed a significant decrease in the number of dollar millionaires in Nigeria, citing naira devaluation and economic…
Shippers council implements e-registration to boost port security
The Nigerian Shippers Council (NSC) has announced the introduction of e-registration for regulated port service providers and users, aiming to enhance security measures and eliminate anonymous operators. The NSC emphasized…
IMF: South Africa needs decisive efforts to cut spending
A senior official from the International Monetary Fund (IMF) has highlighted the urgent need for South Africa to take decisive actions to decrease its spending and lower its debt compared…
Social media platform X blocked in Pakistan- Minister
Pakistan’s interior ministry recently revealed that it blocked access to a social media platform, referred to as X, around the time of February’s national election due to national security concerns.…
Tesla again seeks shareholder approval for Musk’s 2018 pay voided by judge
Tesla (TSLA.O) has requested its shareholders to once again approve CEO Elon Musk’s record-breaking $56 billion pay package, which was initially set in 2018 but rejected by a Delaware judge…
Global financial firms lag in monitoring personal messaging apps, survey Shows
A survey released on Wednesday revealed that global financial companies are falling behind in monitoring and archiving all business-related communications using personal messaging apps. The Annual Compliance Health Check conducted…
United Airlines jumps after results beat ‘dramatically low’ expectations
United Airlines (UAL.O) saw a premarket surge of about 5.3% on Wednesday following an optimistic profit forecast for the second quarter and robust first-quarter results, despite facing a $200 million…
Air Peace now connects passenger from Abuja, Asaba, Enugu others to London
Air Peace has expanded its Lagos-London route to include passengers from Abuja, Asaba, Benin, Enugu, Owerri, Warri, and Port Harcourt. This new development allows passengers from these cities to connect…
CAP records 2.5bn profit- Report
Chemical and Allied Products (CAP) Plc, a Nigerian paint and coating company, has announced its highest profit in over 13 years, as per data compiled by BusinessDay. In the past…
Banks witness 260.9% increase in impaired loans
According to data analyzed by BusinessDay, seven listed Nigerian banks, including Zenith Bank Plc, United Bank for Africa (UBA) Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, Guaranty Trust Holding…
Bread prices rise as currency woes and war squeeze bakeries
The Premium Beadmakers Association of Nigeria (PBAN) has identified the volatile exchange rate and Nigeria’s reliance on imported ingredients as key factors driving the increase in bread prices. PBAN President…
We now buy dollars at N980, sell at N1020 – BDCs president
Aminu Gwadabe, the president of the Association of Bureaux De Change Operators of Nigeria, revealed that BDC operators are now selling US dollars at N1,020/$ while buying at N980/$. Gwadabe…
IMF raises Nigeria’s economic growth forecast to 3.3% for 2024
The International Monetary Fund (IMF) has revised Nigeria’s economic growth forecast for 2024 upward from three percent to 3.3 percent. This adjustment was announced as part of the IMF’s World…
FG may revoke unused oil well licences amid $30bn loss
Concerned about the country’s declining oil revenue, the Federal Government has announced intentions to take over all idle oil wells from operators who are holding onto them. The government has…
Minister suspends mining activities at OAU and environs
Dr. Dele Alake, the Minister of Solid Minerals Development, has ordered an indefinite suspension of mining operations at Obafemi Awolowo University (OAU), Obafemi Awolowo University Teaching Hospital, and their surroundings.…