External auditors to examine NNPC N2.6tn subsidy claim
The Federal Government of Nigeria is set to hire an external auditor to verify the N2.7 trillion fuel subsidy claim…
Month: August 2024
Reps promises to pass bill on electricity theft
The Chairman of the House of Representatives Committee on Privatisation and Commercialisation, Hamisu Ibrahim, announced plans to collaborate with other…
AMCON set to sell Ibadan Disco
The Assets Management Corporation of Nigeria (AMCON) plans to sell the Ibadan Electricity Distribution Company (IBEDC) to investors capable of…
Recapitalisation: ASHON accuses banks of sidelining stockbrokers
The Association of Securities Dealing Houses of Nigeria (ASHON) has accused banks of bypassing licensed stockbrokers in the ongoing bank…
Zuckerberg says Biden administration pressured Meta to censor COVID-19 content
Meta CEO Mark Zuckerberg has stated that senior officials from the Biden administration pressured his company to censor certain COVID-19…
Canada to impose 100% tariff on Chinese EVs, including Teslas
Canada has announced plans to impose a 100% tariff on imports of Chinese electric vehicles (EVs) and a 25% tariff…
UBS Wealth Management raises odds of U.S. recession to 25% from 20%
UBS Global Wealth Management has increased the likelihood of a U.S. recession to 25% from 20%, pointing to a weakening…
US to award HP $50 mln for semiconductor tech project
The U.S. Commerce Department announced plans to award $50 million to HP to expand and modernize its existing facility in…
Sony to raise PlayStation 5 price by 20% in Japan
Sony announced a 20% price increase for its PlayStation 5 (PS5) console in Japan, citing global economic fluctuations and a…
Stock deals jump 44% on banks’ recapitalisation
In the first seven months of 2024, Nigerian equities market transactions increased by 44% compared to the same period in…
Naira closes at 1,596.60/$ as dollar liquidity declines
The naira closed at N1,596.60 per dollar on Monday, marking a 1.66% depreciation from Friday’s rate of N1,570.14 at the…
Divestment of NAOC to Oando in line with PIA, says NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that the recent approvals for Nigerian Agip Oil Company’s (NAOC) divestment…
Africa Prudential grows profit by 87% to N1.1b in first half
Africa Prudential Plc has reported an impressive 87% increase in profit for the first half of 2024, reaching N1.13 billion,…
Richway Microfinance Bank Receives DBN’s Award for Highest Impact on Start-Ups
Richway Microfinance Bank has been honored with the 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups by…
CBN lifts suspension on Standing Lending facility
The Central Bank of Nigeria (CBN) has lifted the suspension on the Standing Lending Facility (SLF), allowing banks to borrow…
FG spending exceeds revenue by 225% — BudgIT
A report by BudgIT has revealed that the Nigerian government spent N19.50 trillion in 2023, three times its revenue of…
198 Extractive Companies and Agencies Submit Data for NEITI’s 2022/2023 Revenue Audit
The Nigerian Extractive Industries Transparency Initiative (NEITI) has received data submissions from 198 extractive companies and government agencies for its…
Oando acquisition of Agip followed due process – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that Oando Plc’s acquisition of Nigeria Agip Oil Company (NAOC) complies…
FG may convert Arik, Aero Contractors to national carriers
The Asset Management Corporation of Nigeria (AMCON) is considering merging Arik Air and Aero Contractors into a national carrier due…
Morning Bid: Rate-cut hopes meet Mid-East risks
Jerome Powell, U.S. Federal Reserve Chair, hinted at a potential interest rate cut in September during his speech at the…
Fed’s shift to job market risks is done; now policy has to catch up
The Federal Reserve is navigating a delicate situation as today’s interest rate of 5.25%-5.50% is seen as restricting economic growth…
Darkening global outlook, central bank pivots signal more turbulence
At the annual Jackson Hole conference, global policymakers highlighted the shifting focus of central banks from high inflation to weakening…
Nvidia Q2 sales likely to double, even a slight miss may hurt shares
Nvidia is set to report its second-quarter earnings on Wednesday, with expectations that revenue will more than double. The company’s…
Customs ushers in new leadership with latest appointments
As the Nigeria Customs Service (NCS) bids farewell to several key management members due to statutory retirement, Comptroller General of…
Tinubu to inaugurate N178bn Onne terminal next week
President Bola Tinubu will officially open the newly upgraded West Africa Container Terminal (WACT) in Onne, Rivers State, next week.…
FX turnover hit $7.4bn in July – Report
In July, Nigeria’s foreign exchange turnover reached N11.48 trillion ($7.39 billion) at the official trading window, up from N10.01 trillion…
CBN, SEC okay Ecobank custody business
Ecobank Nigeria Limited has received approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN)…
Naira shows strength, dollar hits two-year low against British Pound
The Nigerian Naira strengthened against the US dollar during Friday’s trading session, appreciating to N1570.14/$ from N1586.1/$ on Thursday. This…
We support NDC’s fixed rate proposal on imports – Abossey Okai Spare Parts Dealers
Ireland has donated €200,000 to the World Trade Organization’s (WTO) Standards and Trade Development Facility (STDF) to enhance global food…
Nigeria’s domestic dollar bond steals Eurobond shine
Jamiu Agah, a Lagos-based IT consultant, is one of many Nigerians excited about the Federal Government’s new domestic dollar bond.…