Nigerian Banks Face Record-High Lending Rates Amid Economic Pressures
The average maximum lending rate in Nigeria climbed to 30.28% in October 2024, marking its highest level since February 2022.…
Month: November 2024
AMCON Calls for Tenor Extension and Judicial Efficiency to Boost Debt Recovery
The Asset Management Corporation of Nigeria (AMCON) is urging judicial support and a tenor extension to enhance its debt recovery…
Workers Gain Pathway to Homeownership Through Pension Mortgage Scheme
For many Nigerian workers, owning a home has been an elusive goal, hindered by low income, limited affordable housing, and…
Manufacturers Seek Energy Security to Boost Industrial Growth
The Manufacturers Association of Nigeria (MAN) convened stakeholders at the Manufacturers Energy Security Summit in Lagos to address Nigeria’s critical…
Stock Market Inches Up Amid Speculation of Interest Rate Hike
The Nigerian stock market recorded a marginal gain of 0.1% last week as investors added N77 billion to their portfolio.…
Access Bank Debunks Missing Funds Allegation Amid Naira Scarcity
Access Bank has categorically denied allegations of missing funds and unethical practices circulating on social media. In a statement, the…
Bank of Industry Secures $5 Billion Funding for Nigeria’s Industrial Growth
The Bank of Industry (BoI) has raised over $5 billion in international funding, including €2 billion through a record-breaking loan…
NDIC Assures Heritage Bank Customers Their Deposits Are Secure
The Nigeria Deposit Insurance Corporation (NDIC) has reassured customers of the failed Heritage Bank that their funds are safe. Speaking…
Capital expenditure suffers as FG services debt with N7.4tn
Nigeria’s Federal Government spent a staggering N7.41tn on debt servicing from January to August 2024, exceeding its pro-rata budget by…
Nigerian Banks Launch Major Rights Issues to Meet Recapitalisation Mandate
In response to the Central Bank of Nigeria’s recapitalization directive, several banks are collectively turning to rights issues to raise…
Equity Market Gains N77bn as Capitalisation Approaches N60tn
Last week, the Nigerian equity market added N77 billion in value, edging closer to a total market capitalization of N60…
Customs Revenue Increases By 94% At Lagos Airport, Generates N144.2bn
The Murtala Muhammed Airport Command of the Nigeria Customs Service (NCS) reported a remarkable 94% increase in revenue generation for…
Sanwo-Olu presents N3trn budget proposal
It has been christened: “BUDGET OF SUSTAINABILITY” with the capital: N 1.7t (59%) and recurrent: N1.2t (41%). The year 2024…
We’ve Started Seeing Positive Results From Our Reforms – Tinubu Tells IMF Chief
President Bola Tinubu has said Nigerians are now seeing the positive results of his administration’s reforms. Since he assumed office…
We strongly support Tinubu’s reforms, says IMF MD
Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), says the organisation is strongly in support of the…
Senate Approves Tinubu’s Fresh $2.2bn Loan Request
The Senate, on Thursday, approved the $2.2 billion fresh loan request by President Bola Ahmed Tinubu. The decision was sequel…
Dangote Refinery resumes importation of crude oil from US after three-month break
The Lagos-based mega Dangote refinery has resumed importing crude oil from the United States after a three-month pause, as the…
Virgin Islands top court authorises Chinese investors Zhongshan to seize $25 million from Nigeria over Ogun trade zone deal
A top court in the British Virgin Islands has granted Chinese investors Zhongshan the authority to seize £20 million ($25…
Investors favour equity over debt as private investment rises to $2.27bn
Private capital investment in Africa reached $2.27 billion in Q3 2024, with equity emerging as the dominant financing choice, according…
Heirs Insurance Chief Urges AI Adoption to Transform West Africa’s Insurance Industry
Niyi Onifade, Head of Heirs Insurance Group, emphasized the transformative potential of Artificial Intelligence (AI) in revolutionizing the insurance sector…
Fidelity Bank Launches GAIM 6 Promo with N159 Million Cash Prizes
Fidelity Bank has unveiled the 6th edition of its “Get Alerts in Millions” (GAIM) promo, offering over N159 million in…
Dollar recovers after three-day slide as investors await cues on Trump policies
The U.S. dollar gained back some ground after a three-day slide, reaching a one-week high. The recovery followed a period…
London Stocks Edge Up as Inflation Data Dents Rate Cut Hopes Sage Shares Surge
London’s stock markets showed modest movements on Wednesday, with the FTSE 100 edging up by 0.07% and the FTSE 250…
Lasaco Assurance Reports 29% Revenue Growth in Q3 2024
Lasaco Assurance Plc has shown strong performance in its third-quarter financial results for 2024, reporting insurance revenue of N17.07 billion.…
Stanbic IBTC Launches DiSEP 4.0 Empowers Nigerian Youths
Stanbic IBTC Holdings, a member of the Standard Bank Group, has introduced the fourth edition of its Digital Skills Empowerment…
NAICOM Promotes Takaful to Enhance Financial Resilience
The National Insurance Commission (NAICOM) has highlighted the importance of Takaful, an Islamic insurance system rooted in shared responsibility and…
Naira Faces Further Depreciation Amid Festive Season Demand
Analysts at Meristem Securities have projected a worsening depreciation of the naira due to heightened demand for foreign exchange during…
Pensioners Seek Redress Over PTAD Payment Issues
Pensioners across various sectors have raised complaints about discrepancies in their payments handled by the Pension Transitional Arrangement Directorate (PTAD).…
Noor Takaful Unveils Health Insurance and Digital Solution
Noor Takaful Insurance Limited has launched NOOR Health, a Health Maintenance Organization (HMO) designed to provide affordable, high-quality healthcare aligned…