NEM’s shareholders approve N3.0bn dividend
At the Annual General Meeting, shareholders of NEM Insurance Plc approved a N3 billion dividend for the fiscal year ending…
Month: July 2024
Access Holdings’ N351bn Rights Issue opens for subscription
Access Holdings Plc has announced the commencement of its N351 billion Rights Issue, part of a larger Capital Raising Programme…
Why CBN insists on another recapitalisation — Cardoso
The Central Bank of Nigeria (CBN) emphasized that further bank capitalisation is crucial for the nation’s economic stability. CBN Governor…
Foreign investments in manufacturing down 57.4% to N192bn in Q1’24
The harsh business environment in Nigeria led to a 57.36% decline in foreign investments in the manufacturing sector, falling to…
Brewing industry choking over high cost of raw materials
The Nigerian brewery industry is grappling with severe cost pressures as prices for local raw materials such as sorghum and…
Only 1.3% Of Informal Businesses Make N2.5m Profit – Report
The 2024 Informal Economy Report, compiled by Moniepoint, reveals that a mere 1.3% of Nigerian informal businesses make over N2.5…
FG Exempts GenCos, DisCos, Others From Withholding Tax
The federal government has exempted all electricity companies, including Generation and Distribution Companies (GenCos and DisCos), from paying Withholding Tax,…
Banks’ weekly borrowing from CBN jumps to N5.38trn on liquidity demand
The recent data from the Central Bank of Nigeria (CBN) reveals a significant increase in borrowing by Deposit Money Banks…
Oil slips as Gaza talks ease supply disruption woes; Hurricane Beryl in focus
Oil prices dropped on Monday after four weeks of gains due to potential progress in Gaza ceasefire talks, reducing Middle…
US, Australia commit to better Pacific banking as China influence grows
U.S. and Australian officials reaffirmed their commitment to improving financial connectivity in the Pacific as regional lenders and policymakers gathered…
Boeing to plead guilty to fraud in US probe of fatal 737 MAX crashes
Boeing has agreed to plead guilty to a criminal fraud conspiracy charge and pay a $243.6 million fine to settle…
FG Increases Rate Of Mining Licences
The Ministry of Solid Minerals Development has introduced new rates for mining licenses to enhance ease of doing business and…
MTN Renovates School In Lagos
MTN has renovated Iwerekun Community High School in Lagos, demonstrating its commitment to improving learning standards. The renovation is part…
Exchange rate gap closes as dollar trades at N1,520.24 at official market
On Thursday, the naira/dollar exchange rate reached N1,520 in both the official and parallel markets. This rare convergence reflects the…
NCAA Suspends Permits of 10 Private Jet Operators Over Recertification Issues
The Nigeria Civil Aviation Authority (NCAA) has suspended the Permit for Non-Commercial Flights (PNCF) of 10 private jet operators for…
Tinubu targets production of 2million bpd oil, 6GW electricity, 135m tonnes food
On Thursday, President Tinubu announced a N2 trillion economic stabilization package alongside the National Construction and Household Support Programme. The…
NHIA increases health insurance capitation by 60%, implements 40% fee for service hike in Nigeria
The National Health Insurance Authority (NHIA) has announced substantial tariff adjustments, including a 60% increase in capitation and a 40%…
New UK Leader: British pound shows strength against naira and U.S dollar
Keir Starmer’s centre-left Labour Party secured a substantial majority in the UK general election, providing reassurance to the global currency…
FG Inaugurates 12 New CNG Stations in Lagos, Abuja
The federal government and the Nigeria National Petroleum Corporation (NNPC) have inaugurated twelve new Compressed Natural Gas (CNG) stations in…
Band A customers: NLC demands new tariff hike reversal
The Nigeria Labour Congress (NLC) has criticized the recent increase in electricity tariffs for Band A customers from N206.80 to…
NNPC disagrees as report puts petrol debt at $6bn
Nigeria’s state-owned Nigerian National Petroleum Company Limited (NNPC) is facing a mounting debt crisis in its petrol imports, which has…
SEC approves Chiemeka’s appointment as NGX CEO
Jude Chiemeka has been officially appointed as the Chief Executive Officer of the Nigerian Exchange Limited (NGX), effective from July…
Union Bank promotes 337 employees
Union Bank of Nigeria has announced the promotion of 337 employees across its various departments. The bank’s Managing Director/Chief Executive…
China’s BYD opens EV factory in Thailand, first in Southeast Asia
China’s leading electric vehicle (EV) manufacturer, BYD (002594.SZ), has inaugurated its first Southeast Asian factory in Thailand. This is a…
Access Holdings Kicks Off N351bn Capital Raising
Access Holdings Plc is set to raise a whopping N351 billion through a Rights Issue for its existing shareholders. This…
DisCos further raise Band A electricity tariff, blame operating costs
Electricity Distribution Companies (DisCos) in Nigeria have approved another tariff hike for Band A consumers due to soaring operational costs.…
Senate to receive ‘N6.6trn’ supplementary budget next week
The Senate Committee on Public Affairs, led by Yemi Adaramodu, is set to review a supplementary budget of around N6.6…
FG up to date on debt payments, $700m paid, says Edun
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the federal government has paid $700…
NCDMB won’t register oil service providers without capacity – ES
The Nigerian Content Development and Monitoring Board (NCDMB) has announced stricter measures for approving oil service companies. Felix Ogbe, the…
Labour, private sector protest as Discos hike tariff again
The Nigeria Labour Congress, Trade Union Congress, and Organised Private Sector have criticized the recent hike in electricity tariffs for…