Business Nigerian Banks Face Record-High Lending Rates Amid Economic Pressures November 25, 2024 Ekemini The average maximum lending rate in Nigeria climbed to 30.28% in October 2024, marking its highest level since February 2022. This increase aligns with the Central Bank of Nigeria’s (CBN)…
Business AMCON Calls for Tenor Extension and Judicial Efficiency to Boost Debt Recovery November 25, 2024 Ekemini The Asset Management Corporation of Nigeria (AMCON) is urging judicial support and a tenor extension to enhance its debt recovery efforts, citing the critical role it plays in stabilizing Nigeria’s…
Business Finance Workers Gain Pathway to Homeownership Through Pension Mortgage Scheme November 25, 2024 Ekemini For many Nigerian workers, owning a home has been an elusive goal, hindered by low income, limited affordable housing, and inflexible financing options. However, in September 2022, the National Pension…
Business Manufacturers Seek Energy Security to Boost Industrial Growth November 25, 2024 Ekemini The Manufacturers Association of Nigeria (MAN) convened stakeholders at the Manufacturers Energy Security Summit in Lagos to address Nigeria’s critical energy challenges. MAN President Francis Meshioye highlighted the role of…
Business Market Stock Stock Market Inches Up Amid Speculation of Interest Rate Hike November 25, 2024 Ekemini The Nigerian stock market recorded a marginal gain of 0.1% last week as investors added N77 billion to their portfolio. The market’s capitalization closed at N59.292 trillion, up from N59.215…
Business Finance Local Access Bank Debunks Missing Funds Allegation Amid Naira Scarcity November 25, 2024 Ekemini Access Bank has categorically denied allegations of missing funds and unethical practices circulating on social media. In a statement, the bank emphasized that ensuring the safety and security of customers’…
Business Finance Bank of Industry Secures $5 Billion Funding for Nigeria’s Industrial Growth November 25, 2024 Ekemini The Bank of Industry (BoI) has raised over $5 billion in international funding, including €2 billion through a record-breaking loan syndication. This milestone reflects the bank’s strategic efforts to finance…
Business Finance NDIC Assures Heritage Bank Customers Their Deposits Are Secure November 25, 2024 Ekemini The Nigeria Deposit Insurance Corporation (NDIC) has reassured customers of the failed Heritage Bank that their funds are safe. Speaking at the 2024 NDIC Editors Forum in Lagos, the NDIC…
Business Finance Capital expenditure suffers as FG services debt with N7.4tn November 25, 2024 Ekemini Nigeria’s Federal Government spent a staggering N7.41tn on debt servicing from January to August 2024, exceeding its pro-rata budget by 34.4%. Domestic and foreign debt repayments surged, driven by rising…
Banking Business Finance Nigerian Banks Launch Major Rights Issues to Meet Recapitalisation Mandate November 25, 2024 Ekemini In response to the Central Bank of Nigeria’s recapitalization directive, several banks are collectively turning to rights issues to raise over N500 billion. FBN Holdings is offering a N150 billion…
Business Market Equity Market Gains N77bn as Capitalisation Approaches N60tn November 25, 2024 Ekemini Last week, the Nigerian equity market added N77 billion in value, edging closer to a total market capitalization of N60 trillion at N59.29 trillion. The All-Share Index grew marginally by…
Africa Business Finance Local Transportation Customs Revenue Increases By 94% At Lagos Airport, Generates N144.2bn November 22, 2024 Ekemini The Murtala Muhammed Airport Command of the Nigeria Customs Service (NCS) reported a remarkable 94% increase in revenue generation for 2024, totaling N144.2 billion between January and October, compared to…
Local Sanwo-Olu presents N3trn budget proposal November 22, 2024 Ekemini Uba It has been christened: “BUDGET OF SUSTAINABILITY” with the capital: N 1.7t (59%) and recurrent: N1.2t (41%). The year 2024 budget, in Lagos State as at September 2024 has achieved…
Economy Local We’ve Started Seeing Positive Results From Our Reforms – Tinubu Tells IMF Chief November 22, 2024 Ekemini Uba President Bola Tinubu has said Nigerians are now seeing the positive results of his administration’s reforms. Since he assumed office in May 2023, Tinubu has scrapped subsidy on petroleum products…
Economy Investing We strongly support Tinubu’s reforms, says IMF MD November 22, 2024 Ekemini Uba Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), says the organisation is strongly in support of the economic reforms introduced in Nigeria under President Bola Tinubu. Speaking…
Local Politics Senate Approves Tinubu’s Fresh $2.2bn Loan Request November 22, 2024 Ekemini Uba The Senate, on Thursday, approved the $2.2 billion fresh loan request by President Bola Ahmed Tinubu. The decision was sequel to the consideration and adoption of a report of the…
Business Dangote Refinery resumes importation of crude oil from US after three-month break November 22, 2024 Ekemini Uba The Lagos-based mega Dangote refinery has resumed importing crude oil from the United States after a three-month pause, as the facility increases its production levels. The refinery purchased around two…
Economy Politics Virgin Islands top court authorises Chinese investors Zhongshan to seize $25 million from Nigeria over Ogun trade zone deal November 22, 2024 Ekemini Uba A top court in the British Virgin Islands has granted Chinese investors Zhongshan the authority to seize £20 million ($25 million) from Nigeria’s foreign denominated assets over an Ogun trade…
Business investment Investors favour equity over debt as private investment rises to $2.27bn November 21, 2024 Ekemini Private capital investment in Africa reached $2.27 billion in Q3 2024, with equity emerging as the dominant financing choice, according to the Stears Private Capital in Africa Report Of the…
Business insurance Heirs Insurance Chief Urges AI Adoption to Transform West Africa’s Insurance Industry November 21, 2024 Ekemini Niyi Onifade, Head of Heirs Insurance Group, emphasized the transformative potential of Artificial Intelligence (AI) in revolutionizing the insurance sector during his keynote at the West African Insurance Companies Association…
Banking Finance Fidelity Bank Launches GAIM 6 Promo with N159 Million Cash Prizes November 21, 2024 Ekemini Fidelity Bank has unveiled the 6th edition of its “Get Alerts in Millions” (GAIM) promo, offering over N159 million in cash prizes to reward customers. According to Dr. Ken Opara,…
Africa Banking Business Economy Finance FCMB Partners with EStars to Bring Esports Education to Nigerian Schools November 20, 2024 Ekemini Uba First City Monument Bank (FCMB) is working with EStars to bring esports education to Nigerian schools. They want to introduce Nigerians aged 7 to 14 across primary and secondary schools…
International Market Dollar recovers after three-day slide as investors await cues on Trump policies November 20, 2024 Ekemini The U.S. dollar gained back some ground after a three-day slide, reaching a one-week high. The recovery followed a period of uncertainty driven by Russia-Ukraine tensions and speculation surrounding President-elect…
International Market Stock London Stocks Edge Up as Inflation Data Dents Rate Cut Hopes Sage Shares Surge November 20, 2024 Ekemini London’s stock markets showed modest movements on Wednesday, with the FTSE 100 edging up by 0.07% and the FTSE 250 dipping 0.2%. Investors were reacting to higher-than-expected inflation data, which…
Business Finance Lasaco Assurance Reports 29% Revenue Growth in Q3 2024 November 20, 2024 Ekemini Lasaco Assurance Plc has shown strong performance in its third-quarter financial results for 2024, reporting insurance revenue of N17.07 billion. This marks a 29% increase from the same period in…
Banking Business Stanbic IBTC Launches DiSEP 4.0 Empowers Nigerian Youths November 20, 2024 Ekemini Stanbic IBTC Holdings, a member of the Standard Bank Group, has introduced the fourth edition of its Digital Skills Empowerment Programme (DiSEP 4.0). This initiative aims to bridge Nigeria’s digital…
Business Finance insurance NAICOM Promotes Takaful to Enhance Financial Resilience November 20, 2024 Ekemini The National Insurance Commission (NAICOM) has highlighted the importance of Takaful, an Islamic insurance system rooted in shared responsibility and ethical finance, as a tool for addressing Nigeria’s socioeconomic challenges.…
Business Finance Market Naira Faces Further Depreciation Amid Festive Season Demand November 20, 2024 Ekemini Analysts at Meristem Securities have projected a worsening depreciation of the naira due to heightened demand for foreign exchange during the festive season. Their Inflation Report, reviewing October’s inflation rate…
Finance Pensioners Seek Redress Over PTAD Payment Issues November 20, 2024 Ekemini Pensioners across various sectors have raised complaints about discrepancies in their payments handled by the Pension Transitional Arrangement Directorate (PTAD). Jiji, a retiree from the Lower Benue River Basin, claims…
Business insurance Noor Takaful Unveils Health Insurance and Digital Solution November 20, 2024 Ekemini Noor Takaful Insurance Limited has launched NOOR Health, a Health Maintenance Organization (HMO) designed to provide affordable, high-quality healthcare aligned with Sharia principles. The company also introduced RAHA by NOOR,…
