Olam Agri Commits N6.5bn to Sustainable Social Investment in Nigeria
Olam Agri has launched a significant expansion of its Corporate Responsibility and Sustainability (CR&S) strategy, committing M6.5 billion over the…
Month: August 2024
Credit to Private Sector Increased by 38% YoY in June
Credit to Nigeria’s private sector saw a significant increase of 38% year-on-year in June 2024, reaching N73.12 trillion, up from…
PTML Becomes Major Transshipment Hub to Europe, Receives First RoRo Ship from China
PTML Nigeria, the largest Ro/Ro multipurpose port terminal in West Africa, has achieved a significant milestone by establishing itself as…
Fear fades in US stocks, but history shows quick return to calm unlikely
Last week, U.S. stocks experienced significant volatility, but the market is now calming down. The Cboe Volatility Index (VIX), which…
Futures rise as PPI set to kick off data deluge
Futures for major U.S. stock indexes increased on Tuesday as investors awaited producer price data, which could provide insights into…
US small business sentiment near 2-1/2-year high
U.S. small-business confidence rose to its highest level in nearly 2.5 years in July, indicating that concerns about a recession…
US shale companies produce more crude using fewer rigs
U.S. shale producers are increasing oil output by enhancing drilling efficiency without additional spending, as they extend wells and use…
Naira rises to N1,580/$ in parallel market
The Naira gained value in the parallel market, reaching N1,580 per dollar, up from N1,585 per dollar last weekend. It…
Alleged 5.4bn shares: CBN, FBN Holdings ask court to dismiss Barbican Capital’s suit
The Central Bank of Nigeria (CBN) and FBN Holdings Plc are asking a Federal High Court in Lagos to dismiss…
DMO offers two new FGN bonds
The Debt Management Office (DMO) has launched two new Federal Government of Nigeria (FGN) savings bonds for subscription, priced at…
Equity market begins week with N404bn loss
The Nigerian equity market ended the first trading day of the week with a decline, as the All Share Index…
Nigeria’s fiscal deficit drops 29% to N2.82trn
Nigeria’s budget deficit decreased by 29% in the first quarter of 2024, falling to N2.83 trillion from N3.96 trillion in…
Providus Bank pays Unity price for national dreams
Providus Bank is set to acquire Unity Bank, a financially troubled but strategically important bank, following approval from the Central…
Q2: Demand for crude oil by local refineries rises to 597,700 bpd
However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has only managed to secure 177,777 bpd from oil producers during the…
Air Peace: FG writes UK, threatens to bar British carriers from Lagos, Abuja airports
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has escalated the issue of Air Peace’s lack of slots at…
Inflation: 67% of MSMEs report decline in demand for their products and services – Report
A new report by Price Waterhouse Coopers shows that 67% of Nigerian Micro, Small, and Medium Enterprises (MSMEs) have seen…
We’re raising capital for expansion, SME support –Umeoji, Zenith Bank CEO
Zenith Bank Plc plans to raise N290 billion through its current offer to boost its operations across Africa and international…
Nigeria’s crude oil production now 1.3mbpd – OPEC
Nigeria’s average daily crude oil production saw a minor increase to 1.307 million barrels per day in July, as per…
Zenith Bank, Access, FBN Holdings, 7 others receive highest FX from CBN
The Central Bank of Nigeria (CBN) recently held a Retail Dutch Auction System (RDAS) to address the growing demand for…
Equities market records 0.87% growth in 1 week, investors gain N481bn
The Nigerian equities market experienced a positive turnaround, with the All-Share Index (ASI) rising by 0.87% week-on-week. Investors gained about…
Popoola commends FCMB’s digital approach in N110.9bn public offer
The Group CEO of Nigeria Exchange Group (NGX), Temi Popoola, commended FCMB Group for its digital innovation in their ongoing…
Currency devaluation threatens NGX’s leadership as Africa’s top stock market
The Nigerian Exchange Limited (NGX) started 2024 with strong performance, recording a 26.43% year-to-date return by the end of January,…
Arthur Eze’s Oranto Petroleum signs oil deal in Venezuela
Atlas Oranto Petroleum International Limited (AOPI) has expanded its global footprint by signing an oil prospecting agreement in Venezuela. The…
Nigeria’s financial struggle persists as Niger, Togo, others fail to defray $14.19m Q1 electricity debt
Nigeria is facing increasing financial strain as international customers failed to pay $14.19 million for electricity supplied in the first…
Lack of BVN stalls 18% Heritage Bank’s depositors from reimbursement – NDIC
The Nigeria Deposit Insurance Corporation (NDIC) has announced that 82.36% of insured deposits belonging to customers of the defunct Heritage…
Minister writes UK over Heathrow slot for Air Peace to avoid diplomatic row
Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, has lodged a formal complaint with his British counterpart over the…
Barbican Capital sues First Bank for wrongly stating shareholding
Barbican Capital Limited, the largest shareholder of FBN Holdings, has filed a lawsuit against the bank to address a contentious…
Nigeria’s debt service-to-revenue may return to 98% in 2 years, economist warns
Economist Paul Alaje criticized the Nigerian government’s simultaneous removal of petroleum subsidies and devaluation of the naira, calling these actions…
NDIC pays N5m to Heritage Bank’s depositors
The Nigeria Deposit Insurance Corporation (NDIC) has successfully disbursed N5 million each to 82.36% of Heritage Bank’s insured depositors. However,…
NASENI launches app for CNG conversion
The National Agency for Science and Engineering Infrastructure (NASENI) has introduced the MY-CNG App to facilitate the conversion of e-hailing…