Vehicle importation down by 45% over forex crisis – CGC
Adewale Adeniyi, Comptroller General of the Nigeria Customs Service, revealed a significant 45% decline in vehicle imports during the first…
Month: July 2024
Industrial and Medical Gases Nigeria Plc Appoints Aminu Ado Chairman
Industrial and Medical Gases Nigeria Plc (IMG) has appointed Aminu Ado as its new substantive chairman. This decision was made…
$1.5bn oil sector divestment deals completed – FG
The Federal Government of Nigeria has announced the successful completion of significant oil divestment deals totaling approximately $1.5 billion. These…
Equity market sustains rally with N131bn gain
The Nigerian equity market saw another day of gains on Wednesday, with investors pocketing N131 billion boosted by strong performances…
Zedcrest acquires RMB Nigeria stockbrokers
Financial solutions firm, Zedcrest, has announced its complete acquisition of RMB Nigeria Stockbrokers, a move aimed at expanding its service…
KuCoin Implements 7.5% VAT on Crypto Transactions in Nigeria
KuCoin, a prominent cryptocurrency exchange operating in Nigeria, has announced the implementation of a 7.5% Value-Added Tax (VAT) on transaction…
Protests rocks UNIBEN as students shut down Benin-Ore highway over power outage
Students of the University of Benin (UNIBEN) staged a protest on Wednesday, blocking the Benin-Ore Highway to demand an end…
Sanwo-Olu to establish Lagos state sovereign investment fund, lobbies NSIA to invest in Lekki airport project
Governor Babajide Sanwo-Olu of Lagos State announced plans to establish a Sovereign Investment Fund during a meeting with the Nigeria…
Bitcoin drops by 3% as 100,565 traders lose $262 million
In the early morning trading session, Bitcoin faced a 3% decline in its price before recovering to trade around $58.8K…
Asia stocks rise on rate cut wagers, yen wallows at 38-year lows
Asian stocks rose on Wednesday following remarks by Federal Reserve Chair Jerome Powell, indicating potential upcoming U.S. rate cuts. The…
UK Investors Pour Record £11.4 Billion into Equity Funds in First Half of 2024
British investors injected a record £11.4 billion into equity funds during the first six months of 2024, driven by the…
Nippon Steel’s Mori to visit US again next week for talks on US Steel takeover
Nippon Steel’s Vice Chairman, Takahiro Mori, will travel to the United States next week to discuss the proposed $15 billion…
No economic growth will happen unless interest rate at 30% goes down – Aliko Dangote
Aliko Dangote, Chairman of the Dangote Group, criticized the Central Bank of Nigeria’s (CBN) decision to raise the interest rate…
Access Holdings commences N351bn ordinary shares offer to shareholders
Access Holdings has launched a rights issue of 17.7 billion ordinary shares at N19.75 per share, totaling N351 billion, aimed…
FG Clears $850m Debt To EU Airlines
The Nigerian government has cleared a backlog of debts amounting to $850 million owed to European airlines, as announced by…
FAKE NEWS ALERT: No Explosion At Zungeru Hydroelectric Dam, Say ED, Police
Siraj Abdullahi, executive director of the Zungeru hydroelectric dam in Niger state, refuted reports of an explosion at the facility.…
Adefeko Calls For Urgent Action To Address Food Insecurity
Ade Adefeko, director of corporate and regulatory affairs at Olam Agri, has called for urgent measures to address Nigeria’s worsening…
Senate Passes Bill To Allow Foreigners In Nigeria Obtain NIN
The Nigerian Senate has passed a bill for a second reading that proposes granting all persons, including foreigners residing in…
Dangote Refinery Begins Gasoil Exports To West African Countries, As Imports From Europe Decline
Aliko Dangote, Chairman of the Dangote Group, strongly criticized the Central Bank of Nigeria (CBN) for increasing the interest rate…
China’s BYD posts 21% jump in quarterly EV sales, closes gap with Tesla
China’s BYD reported a 21% increase in electric vehicle (EV) sales for the second quarter, bringing its total to 426,039…
Air Canada to Receive 8 Boeing 737 MAX 8 Jets from BOC Aviation
Air Canada announced on Tuesday an agreement to receive eight Boeing 737 MAX 8 jets from lessor BOC Aviation. These…
South African rand extends losses, focus on unity government’s reforms
The South African rand continued its decline on Tuesday, trading at 18.6325 against the dollar, a 1.5% drop from the…
Biden revoked 8 licenses for China’s Huawei in 2024, document shows
In 2024, the Biden administration revoked eight more licenses that previously allowed U.S. companies to supply goods to Chinese telecom…
US job openings increase; trend still slowing
In May, U.S. job openings increased by 221,000 to 8.140 million, indicating a modest rebound following significant declines in the…
Nigeria Air Project Remains Suspended Pending Presidential Decision
The Nigerian government’s Nigeria Air project remains suspended as Minister of Aviation and Aerospace Development, Festus Keyamo, awaits President Bola…
Stanbic, Citibank, Rand lead $1bn capital importation
In the fourth quarter of 2023, Nigeria saw a 2.62% increase in capital importation, reaching $1.09 billion, compared to the…
Nigeria’s N121.6trn Debt Exceeds 50% GDP
PricewaterhouseCoopers International Limited (PWC) has reported that Nigeria’s public debt soared to N121.67 trillion in the first quarter of 2024.…
Credit to government rises by 42% to N28.4trn
Credit to the Nigerian government experienced a substantial month-on-month increase of N8.4 trillion, rising by 42 percent to N28.4 trillion…
Australia raises international student visa fees by 225% to prevent migration
Australia has significantly increased student visa application fees from $710 to $1,600, effective July 1, 2024, marking a 225% hike.…
Best performing stocks in the NGX in the first half of 2024
The Nigerian Exchange (NGX) achieved a significant growth of 33.81% in the first half of 2024, with the All-Share Index…