Business Local Minimum wage negotiations inconclusive, says Ajaero as presidency debunks N105,000 proposal rumour June 7, 2024 Ekemini Uba With just days left before the expiration of the ultimatum given by organized labor, negotiations on the minimum wage remain inconclusive as the federal government has yet to present its…
Business Local Airtel Africa to pay N276 billion total dividend for 2023, chooses N1,485.99 as exchange rate for final dividen June 6, 2024 Ekemini Uba Airtel Africa is set to pay a total dividend of N276 billion ($224 million) for the fiscal year ending March 31, 2024. This comes despite the company reporting a net…
Business Local Mansard’s 704% profit surge masks core operational concerns June 6, 2024 Ekemini Uba Despite a staggering 704% increase in pre-tax profits, a closer look reveals a need for improvement in core business operations for AXA Mansard Insurance Plc (Mansard). The substantial profit surge…
Business Local Relief for households as cooking gas price falls to N900/kg June 6, 2024 Ekemini Uba Households in Nigeria are celebrating a significant decrease in the price of Liquefied Petroleum Gas (LPG), also known as cooking gas. The price has fallen from N1,500 per kilogram to…
Business Local Heritage Bank Depositors to Get Money Back Within a Week June 6, 2024 Ekemini Uba The Nigerian Deposit Insurance Corporation (NDIC) has begun the process of reimbursing depositors of Heritage Bank, whose license was revoked by the Central Bank of Nigeria due to financial performance…
Commodities Local FG Considers Duty Suspension and VAT Cuts to Fight Inflation June 6, 2024 Ekemini Uba In an effort to combat inflation, the Nigerian government is proposing a six-month suspension of import duties on essential goods. This includes staple food items, drugs, and other necessities. The…
Business Atiku Tackles Tinubu As FG Projects N5.4trn For Fuel Subsidy In 2024 June 6, 2024 Ekemini Uba Former Vice President Atiku Abubakar has accused President Bola Ahmed Tinubu of misleading Nigerians about the administration’s stance on petrol subsidy. Atiku claims that despite public declarations of subsidy removal,…
Business Local Trade FCMB Secures $15m Trade Finance Facility with ITFC June 6, 2024 Ekemini Uba First City Monument Bank (FCMB) has entered into a $15 million Master Murabaha Agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB)…
Banking Business Fidelity Bank goes for N127.1bn capital raise June 6, 2024 Ekemini Uba In response to the Central Bank of Nigeria’s revised minimum capital requirements for commercial banks introduced in March 2024, Fidelity Bank Plc has announced plans to raise ¦127.1 billion through…
Business Local FG Plans N6.6 Trillion Supplementary Budget under ASAP June 6, 2024 Ekemini Uba The Federal Government is preparing to seek approval from the National Assembly for a N6.6 trillion supplementary budget to fund the Accelerated Stabilization and Advancement Plan (ASAP). This is aimed…
Business Nigeria’s current account balance exceeds $1.432bn, says IMF June 6, 2024 Ekemini Uba Nigeria’s current account balance has achieved a surplus of $1.432 billion in 2024, an improvement from the $1.21 billion surplus recorded in 2023, according to the International Monetary Fund’s (IMF)…
Business Commodities Local Oil price drops below budget benchmark, as output stagnates June 6, 2024 Ekemini Uba Nigeria’s 2024 national budget is under significant funding pressure due to a sustained decline in oil prices and stagnant crude oil output. With over 70% of the national budget funded…
Banking Business Local Fidelity Bank Plc undertakes a N29.6bn Rights Issue and N97.5bn public offer June 6, 2024 Ekemini Uba Fidelity Bank Plc is set to raise up to N127.1 billion via a Rights Issue and Public Offer, as part of its strategy to meet the Central Bank of Nigeria’s…
Business Local Investors shun 182-day T-Bills, flock to 364-day bills with N677 billion subscriptions June 6, 2024 Ekemini Uba The latest Nigerian Treasury Bill auction on June 5th, 2024 revealed a strong preference for longer-term investments. Investors heavily subscribed to the 364-day bills, with total offers exceeding N677 billion,…
Banking Local FCMB Shareholders Raise Issued Capital To N150bn June 5, 2024 Ekemini Uba FCMB Group Plc shareholders have approved a significant increase in the company’s capital base. This move will allow the financial institution to raise an additional N150 billion to fuel its…
Business Local CNG initiative to cut petrol import spendings by $4.4bn annually–FG June 5, 2024 Ekemini Uba Nigeria’s government is launching a Compressed Natural Gas (CNG) initiative to reduce reliance on expensive petrol imports and promote cleaner energy. This program is expected to save the country $4.4…
Business Local Foreign airlines mull comeback as FG clears trapped funds June 5, 2024 Ekemini Uba Foreign airlines are flocking back to Nigeria after the government cleared nearly all of their previously trapped funds. This positive development is leading to a significant increase in flight options…
Business Local Minimum wage: Our 494k demand is not fixated – TUC president June 5, 2024 Ekemini Uba Nigeria’s five-day-old labor strike protesting low wages has been called off to allow for continued negotiations between unions and the government. The NLC and TUC unions had demanded a significant…
Business Currency Local Naira remains calm across FX markets dollar sales rise by 94.46% June 5, 2024 Ekemini Uba Nigeria’s naira remained relatively stable on Tuesday across both official and unofficial foreign exchange markets. Despite a significant rise (94.46%) in dollar sales at the official market, the naira closed…
Business Local Fitch Ratings sees naira settling at 1450/$ by December June 5, 2024 Ekemini Uba Fitch Ratings, an international credit agency, forecasts the Nigerian naira to end 2024 at 1450 per dollar. They acknowledge the recent volatility but anticipate it to decrease by Q3 due…
Business Investing Local Oil investors wrestle 20 agencies in dollar-starved Nigeria June 5, 2024 Ekemini Uba Nigeria’s oil and gas sector, despite boasting Africa’s largest oil reserves, is struggling to attract investment due to excessive bureaucracy. A complex web of regulations involving up to 20 government…
Business Local Minimum Wage Talks Paused for Further Consultation June 5, 2024 Ekemini Uba Nigeria’s tripartite committee tasked with negotiating a new minimum wage has temporarily halted discussions to allow for wider consultations with stakeholders. This move comes after a meeting with President Bola…
Local Customs intercept N96m marijuana along Lagos Bar Beach June 5, 2024 Ekemini Uba Nigerian Customs officers intercepted a large shipment of cannabis sativa worth an estimated N96 million during a patrol along the Bar Beach in Lagos. The 17 sacks containing 1,257 parcels…
Business Local Trade FG to Mandate Oil Sales to Dangote Refinery June 5, 2024 Ekemini Uba Nigeria’s oil regulator, NUPRC, is stepping in to ensure international oil companies (IOCs) supply crude oil to the newly built Dangote refinery. This intervention follows complaints by Dangote Group Chairman…
Commodities Local CNG will reduce petrol imports by $4.4bn–FG June 5, 2024 Ekemini Uba Nigeria is making a strong push to transition towards Compressed Natural Gas (CNG) as a transportation fuel. The government aims to significantly reduce reliance on imported petrol and leverage the…
Business Local Trade Nigeria loses N149bn to one-day oil workers strike June 5, 2024 Ekemini Uba Nigeria’s oil production was significantly disrupted due to a nationwide strike by oil workers protesting the government’s minimum wage proposal. This one-day strike is estimated to have cost the country…
Africa Global unemployment declines, says ILO June 5, 2024 Ekemini Uba The International Labour Organization (ILO) predicts a small decline in global unemployment for 2024, reaching 4.9% compared to 5.0% in 2023. This revision is lower than their previous forecast of…
Business Local Atlanta Black Chambers names Nigerian spokesman June 5, 2024 Ekemini Uba The Atlanta Black Chambers (ABC), a prominent organization supporting Black-owned businesses, has appointed Samuel Adeyemi to a key leadership role. Adeyemi, currently the Public Relations Officer of the Lagos chapter…
Local Technology Nigerian Pension Provider Launches AI Chatbot for Improved Customer Experience June 5, 2024 Ekemini Uba Veritas Glanvills Pensions Limited (VG Pensions) has introduced an innovative customer service solution – an AI-powered chatbot named Vicki. This 24/7 chatbot is designed to provide clients with convenient access…
Business Local Passengers Report Stolen Belongings on Air Peace Flight June 5, 2024 Ekemini Uba Several passengers on a recent Abuja-bound Air Peace flight claim their belongings went missing during the trip. A Nigerian passenger, Lere Adams, reported that his phone, plugged into a power…
