Banking Business FCMB Group Plans N110 Billion Capital Raise with New Share Offer July 31, 2024 Ekemini Uba FCMB Group announced plans to raise N110 billion by issuing new ordinary shares at N7.30 each on the Nigerian Exchange Limited (NGX). Group Chief Executive Ladi Balogun described the offer…
Business Local African Airlines Record 11.8% Growth In Cargo July 31, 2024 Ekemini Uba The International Air Transport Association (IATA) reported strong growth in global air cargo demand for June 2024. African airlines led with an 11.8% year-on-year increase, driven by high trade volumes…
Business Energy Local Seplat Posts N244bn Half Year Pre-Tax Profit July 31, 2024 Ekemini Uba Seplat Energy Plc announced a staggering 461% increase in pre-tax profit for the half-year ending June 30, 2024, reaching N244 billion, up from N43.5 billion last year. The company also…
Local Tinubu approves N50,000 monthly stipend for Niger-Delta youths July 31, 2024 Ekemini Uba President Bola Tinubu has approved a N50,000 monthly stipend for 10,000 youths in the Niger Delta to ease economic hardships. Senate President Godswill Akpabio announced this at a conference in…
Business HSBC records $21.6 billion pre-tax profit in first half 2024 July 31, 2024 Ekemini Uba HSBC announced pre-tax profits of $21.6 billion for the first half of 2024, slightly down from last year’s record. Despite this, outgoing CEO Noel Quinn highlighted that the bank’s strong…
Business Local Trade UK’s gain, Nigeria’s pain as nurses migration hits 9-years high July 31, 2024 Ekemini Uba Nigerian-trained nurses are increasingly passing their professional exams in Nigeria but submitting their results abroad, particularly in the UK. A recent report reveals that 13,656 Nigerian-trained nurses were registered in…
Business Local Youths’ anger shows up in SIM-NIN validation July 31, 2024 Ekemini Uba On Monday, Nigerians protested aggressively against telecom companies that blocked lines not linked to the National Identification Number (NIN). The situation escalated into violence at some locations, with frustrated customers…
Business Local Airlines fly lucrative routes as plane shortage lingers July 31, 2024 Ekemini Uba Nigerian airlines are adjusting their flight schedules to prioritize busy airports due to a shortage of aircraft. This shortage, driven by high maintenance costs and recent grounding orders by the…
Business Local MTN declares N519bn loss in H1 on inflation, weak naira July 31, 2024 Ekemini Uba MTN Nigeria Communications Plc has reported a significant loss after tax of N519.1 billion for the first half of 2024, driven by severe macroeconomic conditions in the country. Despite a…
Business Crypto Bitcoin dips as Mt. Gox moves $8.6 billion ahead of looming payouts to creditors July 31, 2024 Ekemini Uba Mt. Gox, the defunct cryptocurrency exchange, recently executed a significant transaction involving over $2 billion worth of Bitcoin. The transfer of 33,105 BTC to a new address, identified as “bc1q26,”…
Business investment Local Lagos State Partners with PMI to Boost Project Management Efficiency July 31, 2024 Ekemini Uba The Lagos State Government has formalized a partnership with the U.S.-based Project Management Institute (PMI) to enhance project management practices across its 45 Ministries, Departments, and Agencies (MDAs). Governor Babajide…
Business Local 9mobile customers groan as network is down for over 3 days July 31, 2024 Ekemini Uba Customers of 9mobile are experiencing significant frustration due to a prolonged network outage that has affected their ability to make and receive calls. The outage, which began on Saturday, has…
Local Naira falls to 1,621/$ at official market July 31, 2024 Ekemini Uba The naira fell to a four-month low on Tuesday, trading at N1621.12/$ at the official window, down from N1611.40/$ on Monday. This represents a 0.60% depreciation from the previous day’s…
Local FBN Holdings reports half year pre-tax profit of N411.9 billion July 31, 2024 Ekemini Uba FBN Holdings reported a record pre-tax profit of N177.79 billion for the second quarter of 2024, an 18.9% increase from the previous year. This performance helped the group achieve a…
Banking Business Local Customers besiege banks to reactivate dormant accounts July 31, 2024 Ekemini Uba Bank customers have been visiting their banks to reactivate dormant accounts in response to new Central Bank of Nigeria (CBN) guidelines. These guidelines aim to manage dormant accounts and unclaimed…
Features The AfCFTA Protocols on Intellectual Property and Patent Protection for Businesses in Lagos and Nigeria July 30, 2024 Ekemini Uba The African Continental Free Trade Area (AfCFTA) is a landmark initiative aiming to establish a single market for goods and services across Africa. A critical component of the AfCFTA framework…
Business Technology World Morning Bid: Microsoft and job openings to hit pre-Fed vigil July 30, 2024 Ekemini Uba This week, U.S. and global markets are focused on several significant events, starting with Microsoft’s quarterly update and the Federal Reserve’s policy meeting. Investors will closely watch whether Microsoft’s Azure…
Stock World Commodities fall, stocks nervy ahead of Fed, BOJ rate decisions July 30, 2024 Ekemini Uba Oil prices fell to their lowest since early June, with Brent crude dropping to $79.34 per barrel as concerns about Chinese energy demand overshadowed geopolitical tensions. Prices for other commodities…
Local Merck cuts annual profit forecast July 30, 2024 Ekemini Uba Merck & Co has revised its full-year earnings forecast downward to $7.94 to $8.04 per share, from the previous range of $8.53 to $8.65, primarily due to a $1.3 billion…
Banking Business Local Zenith Bank Finalises Plans For N290bn Rights Issue, Public Offer July 30, 2024 Ekemini Uba Zenith Bank Plc is set to raise a substantial N290 billion through a combined Rights Issue and Public Offer. This capital injection aims to bolster the bank’s expansion plans across…
Banking Business Why CBN Wants To Take Over Dormant Account Balances From Banks July 30, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has introduced new guidelines to manage dormant accounts and unclaimed funds in the country’s financial system. This move aims to address concerns about fraud…
Business Local Customs declares N2.74trn H1 revenue, surpasses target by 8% July 30, 2024 Ekemini Uba The Nigeria Customs Service (NCS) collected N2.74 trillion in the first half of 2024, surpassing its target of N2.54 trillion. This amount is 127% higher than last year’s revenue. In…
Local NAMA Halts Increase in Airline Fees to Ease Economic Strain July 30, 2024 Ekemini Uba The Nigerian Airspace Management Agency (NAMA) has stopped its plan to raise navigational charges for airlines. This decision came after Minister of Aviation Festus Keyamo asked them to reconsider due…
Business Energy Local Nigeria’s spending on jet fuel importation falls 87% to N31bn July 30, 2024 Ekemini Uba Nigeria’s spending on jet fuel fell sharply by 87% in the first quarter of 2024, dropping to N31 billion from N239.18 billion in the last quarter of 2023. Jet A-1…
Banking Business Local SEC approves extension of Fidelity Bank offer by 14 days July 30, 2024 Ekemini Uba The Securities and Exchange Commission (SEC) has allowed Fidelity Bank to extend its Public Offer and Rights Issue by 14 days. Shareholders have agreed to use extra funds from any…
Business Trade Nigerians risk layoff as top UK aid supplier faces collapse July 30, 2024 Ekemini Uba Crown Agents, a long-established UK development contractor, is facing collapse due to severe financial issues. Staff pay for July has been cut by half, affecting about 350 employees in 20…
Business Local Naira crude sale ends 20-year-old opaque supply market July 30, 2024 Ekemini Uba The Nigerian government will start selling crude oil in naira to local refineries like Dangote’s, ending a 20-year-old scheme and enhancing transparency. This move is expected to improve the domestic…
Local Nestle’s woes continue as pre-tax loss hit N252.5 billion in 2024 half-year July 30, 2024 Ekemini Uba Nestle Nigeria reported a net loss of N176.9 billion for the first half of 2024, a sharp increase from the N49 billion loss in the same period of 2023. The…
Business Local NAMA Suspends Planned 800% Hike In Navigation Charges For Airlines July 30, 2024 Ekemini Uba The Nigerian Airspace Management Agency (NAMA) has suspended its planned 800% increase in aircraft navigational charges, which was set to take effect on September 1, 2024. The suspension was announced…
Business Energy Power sector strained as Togo, Benin, others owe Nigeria $14.19m for electricity exported in Q1 July 29, 2024 Ekemini Uba The Nigerian Electricity Regulatory Commission (NERC) reported that none of the four international bilateral electric power customers made payments towards the $14.19 million invoice for services rendered in the first…
