Futures edge higher with payrolls revisions, Fed minutes on tap
U.S. stock index futures saw modest gains on Wednesday as investors awaited key economic updates, including revised U.S. payroll data…
Month: August 2024
Walmart sells $3.74 billion JD.com stake to focus on its own China operations
Walmart has sold its entire stake in Chinese e-commerce giant JD.com, raising approximately $3.74 billion to focus on expanding its…
NNPC distributes fuel to PH, Warri Depots, addresses scarcity
The Nigerian National Petroleum Company (NNPC) has delivered petrol to depots in Port Harcourt and Warri in an effort to…
Aviation workers halt planned protest over revenue slash
Aviation workers have called off their planned protest against the Federal Government’s 50% revenue collection from aviation agencies, which was…
Domestic airlines ground 42 aircraft over forex shortage
In the past two years, 42 domestic aircraft in Nigeria have been grounded due to a severe shortage of foreign…
CBN posts highest remittance inflow of $553m in July
The Central Bank of Nigeria (CBN) announced a substantial increase in remittance inflows, reaching $553 million in July 2024, marking…
FRC vows to sanction erring auditors, accountants
The Financial Reporting Council (FRC) of Nigeria has vowed to take decisive action against auditors and accountants who fail to…
5 banks budget N222bn for cybersecurity
Five major Nigerian banks are raising capital to meet new Central Bank of Nigeria requirements. They plan to invest $1.20…
$3bn Badagry seaport seeks financial partners
The $2.59 billion Badagry Deep Seaport project is now in its second phase, focusing on implementation and finding strategic financial…
Don’t Pressure Us To Sell Crude Oil To Local Refineries, Oil Producers Tell FG
The Independent Petroleum Producers Group (IPPG), responsible for 30% of Nigeria’s crude oil production, has cautioned against being compelled to…
Talks ongoing to resume Nigeria-S’Arabia cargo flights – Keyamo
The Minister of Aviation and Aerospace Development, Festus Keyamo, has confirmed that negotiations to resume cargo flights between Nigeria and…
Ibom Air expands fleet operations, takes delivery of second Airbus
Ibom Air has welcomed the arrival of its second Airbus A220-300, furthering its goal to expand fleet operations in Akwa…
NPA to implement electronic call-up system at Onne Port
The Nigerian Ports Authority (NPA) is preparing to implement an advanced electronic call-up system at the Onne Port complex, following…
Glo @ 21: Braving the odds to grow Nigeria’s economy
Globacom, the Nigerian telecommunications giant founded by Chief Mike Adenuga, is celebrating 21 years of pioneering the nation’s digital landscape.…
Nigeria opens subscription for five-year domestic dollar bond at 9.75%
The Nigerian government is set to raise $500 million through a domestic dollar bond at a 9.75% annual yield. This…
Equites Opens Week With N750bn Dip
The Nigerian equities market experienced a significant loss of N750 billion due to sell pressures on major stocks like Dangote…
European stocks dip lower as market uncertainty lingers; Sweden’s Riksbank cuts rates
European stocks declined on Tuesday afternoon, with the Stoxx 600 index down 0.29% as market uncertainty over future interest rate…
Nigeria-Germany trade volume hit $3bn in 2023 – Official
The Consulate-General of Germany in Lagos, Weert Borner, announced that trade between Nigeria and Germany reached $3 billion in 2023,…
FX turnover crashes by 21% in first two weeks of August amid CBN’s Retail Dutch Auction
The Nigerian official foreign exchange (FX) market saw a significant decline in turnover during the first two weeks of August…
CBN unveils new exchange rates for pound, euro as naira settles at N1,579.22/$1
The Central Bank of Nigeria (CBN) announced revised foreign exchange rates, showing slight declines in the naira’s value against major…
Why govt is still subsidising electricity, by Adelabu
Minister of Power, Chief Adebayo Adelabu, revealed that the Nigerian government heavily subsidizes electricity, as the cost to generate 1…
NNPC Pledges 221,000bpd To Repay $5.5bn Loans
The Nigerian National Petroleum Company (NNPC) Limited has pledged 221,000 barrels per day (bpd) of crude oil to fulfill its…
FG to commence naira crude oil sales to Dangote refinery October 1
The Nigerian Federal Government will begin selling crude oil to the Dangote Refinery in naira starting October 1, 2024, marking…
Amidst fuel crisis, NNPC Retail cedes total control to OVH
The ownership of NNPC Retail, the downstream arm of the Nigerian National Petroleum Company Limited (NNPC), has officially transferred to…
NNPC battles deepening fuel scarcity, black market booms
The Nigerian National Petroleum Company Limited (NNPC) promised to resolve the ongoing petrol scarcity by mid-week, despite widespread shortages and…
MTN, others get permits to generate electricity
The Nigerian Electricity Regulatory Commission (NERC) has issued nine new off-grid generation licenses in the first quarter of 2024, totaling…
FG shifts N150bn loan disbursement for manufacturers to September
The Federal Government has delayed the start of a N150 billion loan disbursement for manufacturers and MSMEs to September, as…
NAHCO denies N778m fraud allegations
The Nigerian Aviation Handling Company (NAHCO) has strongly denied allegations of fraudulent activities related to the 2024 Hajj operations. The…
N847bn lost as equity market extends downtrend
The Nigerian equity market continued its decline for the second week, shedding N847.03 billion as the All-Share Index fell by…
External reserves shed $343m in nine days, says CBN
Nigeria’s foreign exchange reserves fell by $342.97 million in just nine days, reducing the total to $36.53 billion as of…