Market Japan warns against rapid FX moves, reiterates readiness for action June 24, 2024 Ekemini Uba Japan is prepared to intervene against excessive market movements as the yen approaches 160 to the dollar, top currency diplomat Masato Kanda said. Finance Minister Shunichi Suzuki also stressed the…
Technology World Apple’s App Store rules breach EU tech rules, EU regulators say June 24, 2024 Ekemini Uba The EU has charged Apple with breaching tech rules by preventing app developers from steering consumers to alternative offers. This charge, based on the Digital Markets Act (DMA), could lead…
World Deadly Fire at South Korean Lithium Battery Plant June 24, 2024 Ekemini Uba A fire broke out at a lithium battery manufacturing plant in Hwaseong, South Korea, on Monday, resulting in multiple fatalities. The blaze, largely extinguished, started around 10:30 a.m. following a…
Local Dangiwa Elected Chair of African Ministers’ Housing Financial Caucus June 24, 2024 Ekemini Uba Ahmed Dangiwa, the Minister of Housing and Urban Development, has been elected as the first chairman of the Financial Caucus of African Ministers of Housing and Urban Development. The election…
Business Finance Local FBN Holdings gross earnings soared by 181% in Q1 June 24, 2024 Ekemini Uba FBN Holdings reported a significant 181.43% increase in gross earnings to N1.60 trillion for Q1 2024. Interest income contributed 60% of total earnings, while non-interest income surged by 153.67% to…
Business Local Caverton Offshore loss worsens to N12bn June 24, 2024 Ekemini Uba Caverton Offshore Support Group’s losses after tax worsened by 146.79% to N12.75 billion at the end of 2023, compared to N5.17 billion in the previous year. This marks the third…
Business Local High food prices persist despite N1.25tn agriculture budget June 24, 2024 Ekemini Uba Farmers and stakeholders have criticized the rising food prices in Nigeria, despite the federal government allocating over N1.25 trillion to the Ministry of Agriculture and Food Security over the past…
Business Currency Local Naira sells 1,485/dollar as official forex market records $23bn June 24, 2024 Ekemini Uba Forex turnover in Nigeria’s official market surged to $23.29 billion over six months, driven by Central Bank of Nigeria reforms. The naira traded between N980 and N1,500 per dollar from…
Banking Local NOVA Merchant Bank Transitions to Commercial Bank June 24, 2024 Ekemini Uba NOVA Merchant Bank Limited has obtained approval to transition into a national commercial bank, announced Phillips Oduoza, the Board Chairman. Full commercial operations are set to commence in July, starting…
Business Energy Aiteo resumes production at OML 29 in Bayelsa after oil leak shutdown June 24, 2024 Ekemini Uba Aiteo Eastern Exploration and Production Company (AEEPCO) has resumed production at Oil Mining License (OML 29) in the Nembe swamp field, Bayelsa State, following a shutdown due to an oil…
Business Local Airport extortion beyond aviation ministry’s control – Keyamo June 24, 2024 Ekemini Uba The Minister of Aviation and Aerospace Development, Festus Keyamo, acknowledged that the problem of extortion by officials at Nigeria’s airports is beyond the ministry’s control. He assured the public that…
Business Energy Local NNPC shifts $700m gas pipeline delivery date to August June 24, 2024 Ekemini Uba The Nigerian National Petroleum Company Limited (NNPC) has postponed the completion date of the $700 million Obiafu-Obrikom-Oben (OB3) gas pipeline project from March 2024 to August 2024. This update follows…
Business Local Nigeria Spends $15.55bn on Debt Servicing Over Five Years June 24, 2024 Ekemini Uba The Federal Government of Nigeria spent $15.55 billion on debt servicing between 2019 and 2024, according to data from the Central Bank of Nigeria. Payments rose significantly from $588.33 million…
Business Energy Local Dangote accuses IOCs of plotting failure of its refinery June 24, 2024 Ekemini Uba Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, has accused International Oil Companies (IOCs) in Nigeria of attempting to undermine the Dangote Oil Refinery and Petrochemicals.…
Africa Business Protests Erupt in Kenya Over New Tax Increases June 24, 2024 Ekemini Uba Protests have erupted across Kenya following the approval of significant tax increases by lawmakers, which have proven unpopular even among supporters of President William Ruto. The tax on petroleum products…
Finance World China asks Visa, Mastercard to cut card fees, Bloomberg News reports June 21, 2024 Ekemini Uba China is advocating for Visa and Mastercard to decrease their bank card transaction fees in the country, aiming to boost spending by foreign visitors, Bloomberg News reported, citing a source…
Market World Chinese automakers retain grip over Southeast Asia’s booming electric car market June 21, 2024 Ekemini Uba Electric vehicle (EV) sales in Southeast Asia have more than doubled in the January to March quarter compared to the previous year, with Chinese manufacturer BYD and Vietnamese company VinFast…
Business World JPMorgan wealth head sees China’s economic outlook improving June 21, 2024 Ekemini Uba Mary Erdoes, CEO of asset and wealth management at JPMorgan Chase, expressed optimism about the bank’s business prospects in China following a challenging period, citing signs of an improving economy.…
Local Market NNPC, TotalEnergies Commit $550m To Boost Domestic Gas Market June 21, 2024 Ekemini Uba In a significant move to enhance Nigeria’s oil and gas production, NNPC and TotalEnergies have announced a $550 million Final Investment Decision (FID) on the Ubeta Field Development Project. Discovered…
Banking Business Local First Bank of Nigeria Appoints Olusegun Alebiosu as CEO, Ini Ebong as Deputy MD June 21, 2024 Ekemini Uba First Bank of Nigeria Limited has officially named Olusegun Alebiosu as its new Managing Director and Chief Executive Officer. Alebiosu had been serving in an acting capacity since April 2024,…
Commodities World Toyota Reveals 2025 Crown Signia June 21, 2024 Ekemini Uba Toyota has introduced the 2025 Toyota Crown Signia, a new addition to the Crown family that promises “effortless elegance” and versatility for modern car enthusiasts. This new hybrid-powered crossover, positioned…
Local Cooking gas price increases by 70% in yearly refill costs for 5kg LPG cylinders June 21, 2024 Ekemini Uba The average retail price for refilling a 5kg Liquefied Petroleum Gas (LPG) cylinder, commonly known as cooking gas, has surged by 70.12% year-on-year, reaching N7,418.45 in May 2024 compared to…
Business Local FG’s deficit spending rises 8% to N1.07trn June 21, 2024 Ekemini Uba The Federal Government of Nigeria’s deficit spending rose by 8.0% year-on-year (YoY) to N1.07 trillion in January 2024, up from N980 billion in January 2023, according to the Central Bank…
Business NLNG’s $4.3bn Train-7 project reaches 67% completion June 21, 2024 Ekemini Uba Nigeria LNG Limited has announced that its $4.3 billion Train-7 project is now 67% complete. The project has achieved 45 million man-hours without any Lost Time Injury (LTI) and has…
Business Local FG seeks N450 billion from June 2024 bond auction June 21, 2024 Ekemini Uba The Federal Government of Nigeria aims to raise at least N450 billion through its June 2024 bond offer, as announced by the Debt Management Office (DMO). The bond auction, scheduled…
Business investment Local Olufemi Otedola Becomes Largest Shareholder in FBN Holdings with New Share Purchase June 21, 2024 Ekemini Uba Olufemi Otedola, chairman of FBN Holdings, has acquired an additional 546,674,034 shares through Calvados Global Services Limited at N21.97 per share, totaling N12.01 billion. This purchase on June 20 raises…
Business Local Africa Global Logistics Launches in Nigeria, Unveils Growth Plans June 21, 2024 Ekemini Uba Africa Global Logistics (AGL), formerly Bolloré Africa Logistics, has officially launched in Nigeria, aiming to revolutionize the country’s logistics landscape and drive economic growth. At the unveiling ceremony in Lagos,…
Banking Local Fidelity Bank: we have all it takes to surpass N500b capital June 21, 2024 Ekemini Uba Fidelity Bank Plc has announced a capital-raising initiative of N127.10 billion to enhance its market position and expand its international presence. This initiative was highlighted at an event held at…
Business investment Local WIOCC raises $41 million to expand infrastructure in Nigeria, others June 21, 2024 Ekemini Uba The West Indian Ocean Cable Company (WIOCC) has secured $41 million in debt funding led by IFC and Proparco to expand its data centre infrastructure in Nigeria, South Africa, and…
Business Nigerians Living In Urban Cities Make Up 83% Of Beneficiaries Of FG’s Cash Transfer Program June 21, 2024 Ekemini Uba The Nigerian government’s cash transfer program, supported by an $800 million World Bank loan, has reached over three million poor and vulnerable households as of May 2024. However, a significant…
