Minimum wage negotiations inconclusive, says Ajaero as presidency debunks N105,000 proposal rumour
With just days left before the expiration of the ultimatum given by organized labor, negotiations on the minimum wage remain…
Month: June 2024
Airtel Africa to pay N276 billion total dividend for 2023, chooses N1,485.99 as exchange rate for final dividen
Airtel Africa is set to pay a total dividend of N276 billion ($224 million) for the fiscal year ending March…
Mansard’s 704% profit surge masks core operational concerns
Despite a staggering 704% increase in pre-tax profits, a closer look reveals a need for improvement in core business operations…
Relief for households as cooking gas price falls to N900/kg
Households in Nigeria are celebrating a significant decrease in the price of Liquefied Petroleum Gas (LPG), also known as cooking…
Heritage Bank Depositors to Get Money Back Within a Week
The Nigerian Deposit Insurance Corporation (NDIC) has begun the process of reimbursing depositors of Heritage Bank, whose license was revoked…
FG Considers Duty Suspension and VAT Cuts to Fight Inflation
In an effort to combat inflation, the Nigerian government is proposing a six-month suspension of import duties on essential goods.…
Atiku Tackles Tinubu As FG Projects N5.4trn For Fuel Subsidy In 2024
Former Vice President Atiku Abubakar has accused President Bola Ahmed Tinubu of misleading Nigerians about the administration’s stance on petrol…
FCMB Secures $15m Trade Finance Facility with ITFC
First City Monument Bank (FCMB) has entered into a $15 million Master Murabaha Agreement with the International Islamic Trade Finance…
Fidelity Bank goes for N127.1bn capital raise
In response to the Central Bank of Nigeria’s revised minimum capital requirements for commercial banks introduced in March 2024, Fidelity…
FG Plans N6.6 Trillion Supplementary Budget under ASAP
The Federal Government is preparing to seek approval from the National Assembly for a N6.6 trillion supplementary budget to fund…
Nigeria’s current account balance exceeds $1.432bn, says IMF
Nigeria’s current account balance has achieved a surplus of $1.432 billion in 2024, an improvement from the $1.21 billion surplus…
Oil price drops below budget benchmark, as output stagnates
Nigeria’s 2024 national budget is under significant funding pressure due to a sustained decline in oil prices and stagnant crude…
Fidelity Bank Plc undertakes a N29.6bn Rights Issue and N97.5bn public offer
Fidelity Bank Plc is set to raise up to N127.1 billion via a Rights Issue and Public Offer, as part…
Investors shun 182-day T-Bills, flock to 364-day bills with N677 billion subscriptions
The latest Nigerian Treasury Bill auction on June 5th, 2024 revealed a strong preference for longer-term investments. Investors heavily subscribed…
FCMB Shareholders Raise Issued Capital To N150bn
FCMB Group Plc shareholders have approved a significant increase in the company’s capital base. This move will allow the financial…
CNG initiative to cut petrol import spendings by $4.4bn annually–FG
Nigeria’s government is launching a Compressed Natural Gas (CNG) initiative to reduce reliance on expensive petrol imports and promote cleaner…
Foreign airlines mull comeback as FG clears trapped funds
Foreign airlines are flocking back to Nigeria after the government cleared nearly all of their previously trapped funds. This positive…
Minimum wage: Our 494k demand is not fixated – TUC president
Nigeria’s five-day-old labor strike protesting low wages has been called off to allow for continued negotiations between unions and the…
Naira remains calm across FX markets dollar sales rise by 94.46%
Nigeria’s naira remained relatively stable on Tuesday across both official and unofficial foreign exchange markets. Despite a significant rise (94.46%)…
Fitch Ratings sees naira settling at 1450/$ by December
Fitch Ratings, an international credit agency, forecasts the Nigerian naira to end 2024 at 1450 per dollar. They acknowledge the…
Oil investors wrestle 20 agencies in dollar-starved Nigeria
Nigeria’s oil and gas sector, despite boasting Africa’s largest oil reserves, is struggling to attract investment due to excessive bureaucracy.…
Minimum Wage Talks Paused for Further Consultation
Nigeria’s tripartite committee tasked with negotiating a new minimum wage has temporarily halted discussions to allow for wider consultations with…
Customs intercept N96m marijuana along Lagos Bar Beach
Nigerian Customs officers intercepted a large shipment of cannabis sativa worth an estimated N96 million during a patrol along the…
FG to Mandate Oil Sales to Dangote Refinery
Nigeria’s oil regulator, NUPRC, is stepping in to ensure international oil companies (IOCs) supply crude oil to the newly built…
CNG will reduce petrol imports by $4.4bn–FG
Nigeria is making a strong push to transition towards Compressed Natural Gas (CNG) as a transportation fuel. The government aims…
Nigeria loses N149bn to one-day oil workers strike
Nigeria’s oil production was significantly disrupted due to a nationwide strike by oil workers protesting the government’s minimum wage proposal.…
Global unemployment declines, says ILO
The International Labour Organization (ILO) predicts a small decline in global unemployment for 2024, reaching 4.9% compared to 5.0% in…
Atlanta Black Chambers names Nigerian spokesman
The Atlanta Black Chambers (ABC), a prominent organization supporting Black-owned businesses, has appointed Samuel Adeyemi to a key leadership role.…
Nigerian Pension Provider Launches AI Chatbot for Improved Customer Experience
Veritas Glanvills Pensions Limited (VG Pensions) has introduced an innovative customer service solution – an AI-powered chatbot named Vicki. This…
Passengers Report Stolen Belongings on Air Peace Flight
Several passengers on a recent Abuja-bound Air Peace flight claim their belongings went missing during the trip. A Nigerian passenger,…