FCMB Group Plans N110 Billion Capital Raise with New Share Offer
FCMB Group announced plans to raise N110 billion by issuing new ordinary shares at N7.30 each on the Nigerian Exchange…
Month: July 2024
African Airlines Record 11.8% Growth In Cargo
The International Air Transport Association (IATA) reported strong growth in global air cargo demand for June 2024. African airlines led…
Seplat Posts N244bn Half Year Pre-Tax Profit
Seplat Energy Plc announced a staggering 461% increase in pre-tax profit for the half-year ending June 30, 2024, reaching N244…
Tinubu approves N50,000 monthly stipend for Niger-Delta youths
President Bola Tinubu has approved a N50,000 monthly stipend for 10,000 youths in the Niger Delta to ease economic hardships.…
HSBC records $21.6 billion pre-tax profit in first half 2024
HSBC announced pre-tax profits of $21.6 billion for the first half of 2024, slightly down from last year’s record. Despite…
UK’s gain, Nigeria’s pain as nurses migration hits 9-years high
Nigerian-trained nurses are increasingly passing their professional exams in Nigeria but submitting their results abroad, particularly in the UK. A…
Youths’ anger shows up in SIM-NIN validation
On Monday, Nigerians protested aggressively against telecom companies that blocked lines not linked to the National Identification Number (NIN). The…
Airlines fly lucrative routes as plane shortage lingers
Nigerian airlines are adjusting their flight schedules to prioritize busy airports due to a shortage of aircraft. This shortage, driven…
MTN declares N519bn loss in H1 on inflation, weak naira
MTN Nigeria Communications Plc has reported a significant loss after tax of N519.1 billion for the first half of 2024,…
Bitcoin dips as Mt. Gox moves $8.6 billion ahead of looming payouts to creditors
Mt. Gox, the defunct cryptocurrency exchange, recently executed a significant transaction involving over $2 billion worth of Bitcoin. The transfer…
Lagos State Partners with PMI to Boost Project Management Efficiency
The Lagos State Government has formalized a partnership with the U.S.-based Project Management Institute (PMI) to enhance project management practices…
9mobile customers groan as network is down for over 3 days
Customers of 9mobile are experiencing significant frustration due to a prolonged network outage that has affected their ability to make…
Naira falls to 1,621/$ at official market
The naira fell to a four-month low on Tuesday, trading at N1621.12/$ at the official window, down from N1611.40/$ on…
FBN Holdings reports half year pre-tax profit of N411.9 billion
FBN Holdings reported a record pre-tax profit of N177.79 billion for the second quarter of 2024, an 18.9% increase from…
Customers besiege banks to reactivate dormant accounts
Bank customers have been visiting their banks to reactivate dormant accounts in response to new Central Bank of Nigeria (CBN)…
The AfCFTA Protocols on Intellectual Property and Patent Protection for Businesses in Lagos and Nigeria
The African Continental Free Trade Area (AfCFTA) is a landmark initiative aiming to establish a single market for goods and…
Morning Bid: Microsoft and job openings to hit pre-Fed vigil
This week, U.S. and global markets are focused on several significant events, starting with Microsoft’s quarterly update and the Federal…
Commodities fall, stocks nervy ahead of Fed, BOJ rate decisions
Oil prices fell to their lowest since early June, with Brent crude dropping to $79.34 per barrel as concerns about…
Merck cuts annual profit forecast
Merck & Co has revised its full-year earnings forecast downward to $7.94 to $8.04 per share, from the previous range…
Zenith Bank Finalises Plans For N290bn Rights Issue, Public Offer
Zenith Bank Plc is set to raise a substantial N290 billion through a combined Rights Issue and Public Offer. This…
Why CBN Wants To Take Over Dormant Account Balances From Banks
The Central Bank of Nigeria (CBN) has introduced new guidelines to manage dormant accounts and unclaimed funds in the country’s…
Customs declares N2.74trn H1 revenue, surpasses target by 8%
The Nigeria Customs Service (NCS) collected N2.74 trillion in the first half of 2024, surpassing its target of N2.54 trillion.…
NAMA Halts Increase in Airline Fees to Ease Economic Strain
The Nigerian Airspace Management Agency (NAMA) has stopped its plan to raise navigational charges for airlines. This decision came after…
Nigeria’s spending on jet fuel importation falls 87% to N31bn
Nigeria’s spending on jet fuel fell sharply by 87% in the first quarter of 2024, dropping to N31 billion from…
SEC approves extension of Fidelity Bank offer by 14 days
The Securities and Exchange Commission (SEC) has allowed Fidelity Bank to extend its Public Offer and Rights Issue by 14…
Nigerians risk layoff as top UK aid supplier faces collapse
Crown Agents, a long-established UK development contractor, is facing collapse due to severe financial issues. Staff pay for July has…
Naira crude sale ends 20-year-old opaque supply market
The Nigerian government will start selling crude oil in naira to local refineries like Dangote’s, ending a 20-year-old scheme and…
Nestle’s woes continue as pre-tax loss hit N252.5 billion in 2024 half-year
Nestle Nigeria reported a net loss of N176.9 billion for the first half of 2024, a sharp increase from the…
NAMA Suspends Planned 800% Hike In Navigation Charges For Airlines
The Nigerian Airspace Management Agency (NAMA) has suspended its planned 800% increase in aircraft navigational charges, which was set to…
Power sector strained as Togo, Benin, others owe Nigeria $14.19m for electricity exported in Q1
The Nigerian Electricity Regulatory Commission (NERC) reported that none of the four international bilateral electric power customers made payments towards…