FCMB appoints new board members
First City Monument Bank Limited has appointed Ademola Adebise and Mrs. Olufunmilayo Adedibu to its board of directors, pending approval…
Month: August 2024
Union Bank begins recapitalisation
Union Bank of Nigeria is kicking off a recapitalisation effort to boost its financial stability. This move comes after the…
NSITF Targets One Million Annual Registration, Settles Over 100,000 Claims
The Managing Director and CEO of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye, announced that the Fund…
Dwindling Telecom investments: NIGCOMSAT proposes strategic partnerships to cushion effects
Nigeria’s telecommunications industry is facing a downturn due to the devaluation of the naira, which has significantly increased the cost…
Delay In Crude Supply To Dangote Refinery Poses Risk To Nigeria’s Economy — EIU Report
The Economist Intelligence Unit (EIU) has raised concerns that further delays in securing crude oil feedstock for the Dangote Petroleum…
SEC to set up special units as unclaimed dividends hit N215bn
The Securities and Exchange Commission (SEC) is launching a special unit and developing a mobile application to address the growing…
Consumer Goods Companies report reduced margins in the first half of 2024, blame higher production
In the first half of 2024, consumer goods companies listed on the Nigerian Stock Exchange (NGX) reported a significant surge…
Nigeria, Equatorial Guinea sign gas pipeline agreement
On Wednesday in Malabo, Nigeria’s President Bola Tinubu and Equatorial Guinea’s President Teodoro Mbasogo signed an agreement for the Gulf…
5,000MW power generation shameful, says minister
Minister of Power, Adebayo Adelabu, expressed strong discontent with Nigeria’s current electricity generation capacity of 5,000 megawatts, calling it “shameful”…
NUPRC sued in 70 cases this year – Official
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been involved in over 70 legal cases this year alone, according to…
GTB confirms hackers attempt to compromise website
Guaranty Trust Bank Plc (GTBank) has confirmed an isolated incident involving an attempt to compromise its website domain, which occurred…
Equity market extends loss to fourth consecutive day
The Nigerian equity market continued its downward trend on Thursday, marking the fourth consecutive session of losses. Investors saw a…
Multi-billion naira Jauri Inland Dry Port to come on mainstream soon – Zulum
Governor Babagana Zulum of Borno State has reaffirmed the government’s dedication to advancing the Jauri Inland Dry Port in Maiduguri.…
Dangote Refinery Denies Setting Petrol Price at N600 per Litre
The Dangote Refinery has dismissed claims that it has set the price of Premium Motor Spirit (PMS), commonly known as…
Chinese firm to invest $50m in tin, others in Nasarawa
Nizhong Mining Company, a Chinese firm, has announced plans to invest $50 million in the exploration and processing of tin,…
Senate to get bill for CBN’s N30trn Ways & Means liquidation
A bill aimed at liquidating the Central Bank of Nigeria’s (CBN) outstanding N30 trillion Ways and Means advances will soon…
FG Approves Implementation of Zero Duty, VAT Exemption on Selected Food Items
The Nigerian federal government has approved a regulation implementing a Zero percent Duty Rate and Value Added Tax (VAT) exemption…
MTN-MUSON Scholarship Program Opens for Music Talents
The MTN Foundation, in collaboration with the Musical Society of Nigeria (MUSON), has announced the opening of applications for the…
63 illegal refineries seized in one week – NNPC
The Nigerian National Petroleum Company Limited (NNPC) has discovered and confiscated 63 illegal refineries in the past week across Bayelsa,…
United Capital supports first $1.4m corporate bond in S’Leone
United Capital Group has successfully led the issuance of Sierra Leone’s first local currency corporate bond, valued at SLE32 million…
European banks reluctant to fund fossil fuel – SPE chair
Salahudeen Tahir, Chairman of the Society for Petroleum Engineers in Nigeria, revealed at the 47th Nigeria Annual International Conference and…
Coronation Merchant Bank Appoints Abiagam Acting Managing Director/CEO
Coronation Merchant Bank, a leading investment bank in Nigeria, has appointed Paul Abiagam as its Acting Managing Director/CEO, effective immediately.…
70% Windfall Tax Burdensome, Ill-Timed – Bank Directors
The Bank Directors Association of Nigeria has expressed strong concerns about the recent imposition of a 70% windfall tax on…
High inflation: 67% of MSMEs seen declining demands — PwC
A new PwC Nigeria report reveals that 67% of Micro, Small, and Medium Enterprises (MSMEs) have seen a drop in…
Nigeria’s economy growing, recorded $55 billion non-oil export in 2023 – Wale Edun
Finance Minister Wale Edun has assured Nigerians of economic progress under President Bola Tinubu, revealing that the country achieved $55…
Goldman Sachs’s filing reveals $418 million in spot Bitcoin ETF holdings
Goldman Sachs disclosed a $418.65 million stake in U.S. spot Bitcoin exchange-traded funds (ETFs) in its latest 13F filing with…
Julius Berger’s share price climbs by 34.02% in two weeks
Julius Berger closed trading on August 13, 2024, at N130.00 per share, continuing a notable upward trend. The stock saw…
AfDB Calls for Increased Private Sector Engagement in Climate Finance
At a recent conference in Kampala, Uganda, the African Development Bank emphasized the critical need for greater private sector involvement…
At N4.54tn, FGN Bonds, Sukuk Listings Out-pace Corporates on NGX
In the first seven months of 2024, Federal Government of Nigeria (FGN) Bonds and Sukuk listed on the Nigerian Exchange…
Nigeria’s International Payments Up 31%, Letters of Credit Outlay Down 63.3%
Nigeria’s overseas payments increased by about 31% from January to May 2024, reaching $3.31 billion. This rise is attributed to…