Japan warns against rapid FX moves, reiterates readiness for action
Japan is prepared to intervene against excessive market movements as the yen approaches 160 to the dollar, top currency diplomat…
Month: June 2024
Apple’s App Store rules breach EU tech rules, EU regulators say
The EU has charged Apple with breaching tech rules by preventing app developers from steering consumers to alternative offers. This…
Deadly Fire at South Korean Lithium Battery Plant
A fire broke out at a lithium battery manufacturing plant in Hwaseong, South Korea, on Monday, resulting in multiple fatalities.…
Dangiwa Elected Chair of African Ministers’ Housing Financial Caucus
Ahmed Dangiwa, the Minister of Housing and Urban Development, has been elected as the first chairman of the Financial Caucus…
FBN Holdings gross earnings soared by 181% in Q1
FBN Holdings reported a significant 181.43% increase in gross earnings to N1.60 trillion for Q1 2024. Interest income contributed 60%…
Caverton Offshore loss worsens to N12bn
Caverton Offshore Support Group’s losses after tax worsened by 146.79% to N12.75 billion at the end of 2023, compared to…
High food prices persist despite N1.25tn agriculture budget
Farmers and stakeholders have criticized the rising food prices in Nigeria, despite the federal government allocating over N1.25 trillion to…
Naira sells 1,485/dollar as official forex market records $23bn
Forex turnover in Nigeria’s official market surged to $23.29 billion over six months, driven by Central Bank of Nigeria reforms.…
NOVA Merchant Bank Transitions to Commercial Bank
NOVA Merchant Bank Limited has obtained approval to transition into a national commercial bank, announced Phillips Oduoza, the Board Chairman.…
Aiteo resumes production at OML 29 in Bayelsa after oil leak shutdown
Aiteo Eastern Exploration and Production Company (AEEPCO) has resumed production at Oil Mining License (OML 29) in the Nembe swamp…
Airport extortion beyond aviation ministry’s control – Keyamo
The Minister of Aviation and Aerospace Development, Festus Keyamo, acknowledged that the problem of extortion by officials at Nigeria’s airports…
NNPC shifts $700m gas pipeline delivery date to August
The Nigerian National Petroleum Company Limited (NNPC) has postponed the completion date of the $700 million Obiafu-Obrikom-Oben (OB3) gas pipeline…
Nigeria Spends $15.55bn on Debt Servicing Over Five Years
The Federal Government of Nigeria spent $15.55 billion on debt servicing between 2019 and 2024, according to data from the…
Dangote accuses IOCs of plotting failure of its refinery
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, has accused International Oil Companies (IOCs) in Nigeria…
Protests Erupt in Kenya Over New Tax Increases
Protests have erupted across Kenya following the approval of significant tax increases by lawmakers, which have proven unpopular even among…
China asks Visa, Mastercard to cut card fees, Bloomberg News reports
China is advocating for Visa and Mastercard to decrease their bank card transaction fees in the country, aiming to boost…
Chinese automakers retain grip over Southeast Asia’s booming electric car market
Electric vehicle (EV) sales in Southeast Asia have more than doubled in the January to March quarter compared to the…
JPMorgan wealth head sees China’s economic outlook improving
Mary Erdoes, CEO of asset and wealth management at JPMorgan Chase, expressed optimism about the bank’s business prospects in China…
NNPC, TotalEnergies Commit $550m To Boost Domestic Gas Market
In a significant move to enhance Nigeria’s oil and gas production, NNPC and TotalEnergies have announced a $550 million Final…
First Bank of Nigeria Appoints Olusegun Alebiosu as CEO, Ini Ebong as Deputy MD
First Bank of Nigeria Limited has officially named Olusegun Alebiosu as its new Managing Director and Chief Executive Officer. Alebiosu…
Toyota Reveals 2025 Crown Signia
Toyota has introduced the 2025 Toyota Crown Signia, a new addition to the Crown family that promises “effortless elegance” and…
Cooking gas price increases by 70% in yearly refill costs for 5kg LPG cylinders
The average retail price for refilling a 5kg Liquefied Petroleum Gas (LPG) cylinder, commonly known as cooking gas, has surged…
FG’s deficit spending rises 8% to N1.07trn
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…
NLNG’s $4.3bn Train-7 project reaches 67% completion
Nigeria LNG Limited has announced that its $4.3 billion Train-7 project is now 67% complete. The project has achieved 45…
FG seeks N450 billion from June 2024 bond auction
The Federal Government of Nigeria aims to raise at least N450 billion through its June 2024 bond offer, as announced…
Olufemi Otedola Becomes Largest Shareholder in FBN Holdings with New Share Purchase
Olufemi Otedola, chairman of FBN Holdings, has acquired an additional 546,674,034 shares through Calvados Global Services Limited at N21.97 per…
Africa Global Logistics Launches in Nigeria, Unveils Growth Plans
Africa Global Logistics (AGL), formerly Bolloré Africa Logistics, has officially launched in Nigeria, aiming to revolutionize the country’s logistics landscape…
Fidelity Bank: we have all it takes to surpass N500b capital
Fidelity Bank Plc has announced a capital-raising initiative of N127.10 billion to enhance its market position and expand its international…
WIOCC raises $41 million to expand infrastructure in Nigeria, others
The West Indian Ocean Cable Company (WIOCC) has secured $41 million in debt funding led by IFC and Proparco to…
Nigerians Living In Urban Cities Make Up 83% Of Beneficiaries Of FG’s Cash Transfer Program
The Nigerian government’s cash transfer program, supported by an $800 million World Bank loan, has reached over three million poor…