Banking Business Finance International Access Bank UK bolsters Europe-Africa trade, unveils Malta branch December 11, 2024 Ekemini Access Holdings Plc has announced the launch of The Access Bank Malta Limited, a fully owned subsidiary of The Access Bank UK Limited. Approved by the European Central Bank (ECB)…
Banking Business Finance Stock Tier-1 banks drive NGX market cap to N5.93trn YTD December 11, 2024 Ekemini Tier-1 banks in Nigeria have significantly contributed to the year-to-date (YTD) growth of the Nigerian Exchange Limited (NGX) market capitalization, which reached N5.93 trillion as of December 6, 2024. These…
Business Finance insurance African Alliance Insurance pays N780m in claims to annuitants December 11, 2024 Ekemini African Alliance Insurance has commenced the payment of N780 million in claims and annuities as part of its efforts to restore public trust and reposition the company for sustainable growth.…
Business Finance Naira Appreciates To N1,550/$ In Parallel Market December 10, 2024 Ekemini The Naira appreciated in the parallel market to N1,550 per dollar, a slight improvement from N1,555 last weekend. This comes amid ongoing volatility in Nigeria’s foreign exchange landscape, influenced by…
Economy Local Tax Reform Bills: Northern Leaders Not Well-Informed — Onuesoke December 10, 2024 Ekemini Chief Sunny Onuesoke, a prominent member of the Peoples Democratic Party (PDP) and former governorship candidate in Delta State, has addressed the ongoing debate surrounding the Tax Reform Bills, specifically…
Business Economy Energy Oil & Gas Industry: PENGASSAN Kicks Against Flagrant Abuse Of Expatriate Quota December 10, 2024 Ekemini The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised concerns about the high number of expatriates in Nigeria’s oil and gas sector, highlighting the negative impact…
Business Economy Local NPA, Nigerdock finalize $1bn Snake Island Port agreement December 10, 2024 Ekemini In a significant step toward advancing green port development in Nigeria, Nigerdock and the Nigerian Ports Authority (NPA) have finalized an agreement to develop the $1 billion Snake Island Port.…
Business Technology Tech entrepreneurs set to launch platform to connect African artisans to global buyers December 10, 2024 Ekemini To transform cross-border trade and empower African businesses, two tech entrepreneurs, Wale Ayantoye and Ola John Ajiboye, have launched “Giri Today,” an e-commerce platform designed to connect African artisans and…
Business Inflationary pressures hamper business operations in November December 10, 2024 Ekemini The continued rise in inflation has significantly impacted business operations in Nigeria, leading to stagnation in several sectors. This is reflected in the Purchasing Managers’ Index (PMI), which remains below…
Business Finance Local NECA Applauds Fiscal, Monetary Authorities Broader Push To Stabilise Naira, Economic Framework. December 10, 2024 Ekemini The Nigeria Employers’ Consultative Association (NECA) has commended the Federal Government’s recent issuance of a $2.2 billion Eurobond, which aims to finance the 2024 fiscal deficit, fund infrastructure projects, and…
Economy Finance International Algeria, Angola Others Still Owe $1.7bn In Foreign Airlines Blocked Funds – IATA December 10, 2024 Ekemini The International Air Transport Association (IATA) has highlighted Algeria, Angola, and Eritrea as countries that still owe foreign airlines a combined total of $1.7 billion in blocked funds, as of…
International Market India rupee hits record low, bond yields dip as a change of guard at RBI spurs rate cut bets December 10, 2024 Ekemini The Indian rupee slipped to a historic low of 84.85 per U.S. dollar on Tuesday, while 10-year bond yields dropped to 6.6954%. These market movements follow the announcement of Sanjay…
International Stock Chinese Policy Signals Lift Global Stocks as Bonds Reflect Caution December 10, 2024 Ekemini China’s equity markets rallied to near one-month highs after a Politburo announcement signaled a shift toward “moderately loose” monetary policy, sparking optimism among investors. While the statement lacked detailed measures,…
Banking Business Chukwu Calls for Tech Adoption in Nigerian Banks’ Recapitalisation to Boost Efficiency December 10, 2024 Ekemini Johnson Chukwu, Group Managing Director of Cowry Assets Management Limited, has urged the Central Bank of Nigeria (CBN) to utilize technology and Bank Verification Numbers (BVN) to expedite the ongoing…
Economy Finance Politics Trump’s Economic Policies Pose Risks to Nigerian Banks and Investments December 10, 2024 Ekemini Donald Trump’s proposed tax reforms and tariffs, including a corporate tax cut from 21% to 15%, could disrupt Nigeria’s financial sector and economy. Similar measures in 2017 prompted U.S. companies…
Energy International Equinor ends 31years Nigerian journey for profitable markets December 10, 2024 Ekemini Norwegian energy company Equinor has exited Nigeria after 31 years, finalizing its divestment from the West African country. The move aligns with Equinor’s broader strategy to focus on markets where…
Finance 2025 budget: Senate threatens non-performing agencies December 10, 2024 Ekemini Through its Finance Committee, the Nigerian Senate has warned government agencies of zero allocation in the 2025 budget if they fail to account for funds allocated in 2024. During an…
Business Finance Equity market reverses gain with N63bn loss December 10, 2024 Ekemini The Nigerian equity market started the week on a downturn, losing N63bn in market capitalization as the total value dropped from N59.53tn to N59.47tn. The All-Share Index (ASI) decreased by…
Business Finance As the naira soars, ABCON urges CBN to tighten the noose on speculators December 10, 2024 Ekemini The naira has experienced a dramatic surge, rising 8.9% in one week, as it rallied from N1,672 to N1,535 per dollar in the official market. This appreciation, driven by the…
Business Local Equities market rises, investors pocket N426bn December 9, 2024 Ekemini The Nigerian equities market ended the week with a notable gain, as investors earned N426.69 billion due to increased trading activity and renewed optimism. The NGX All-Share Index rose by…
Business Finance Coronation Joins AFIS as Gold Sponsor, Championing Innovation in African Finance December 9, 2024 Ekemini Coronation Group has announced its role as a Gold Sponsor at the Africa Financial Summit (AFIS), set to take place this week in Casablanca, Morocco. The event brings together over…
Business Finance PalmPay Partners with NFIU to Boost Financial Security in Nigeria December 9, 2024 Ekemini PalmPay, a leading Nigerian fintech company, has reaffirmed its commitment to tackling financial fraud through advanced technology. During a recent courtesy visit to the Nigerian Financial Intelligence Unit (NFIU), PalmPay’s…
Business Finance Local Banks’ Recapitalisation, New Listings Boost NGX Market Cap by N8.1tn December 9, 2024 Ekemini In 2024, the Nigerian Exchange Limited (NGX) saw a remarkable surge of N8.1 trillion in its market capitalization, despite Nigeria’s economic downturn and rising interest rates. The market capitalization, which…
Business Data expose gaps in Nigeria’s $1trn GDP target December 9, 2024 Ekemini Recent data from Nigeria’s National Bureau of Statistics (NBS) reveals a significant drop in the country’s GDP in dollar terms, with a 52.63 percent decline from 2023 to 2024. This…
Business Energy Marketers Begin Direct Loading From Dangote Refinery December 9, 2024 Ekemini Independent Petroleum Marketers Association of Nigeria (IPMAN) has commenced direct premium Motor Spirit (PMS) from the Dangote Refinery, following an agreement made last month. The refinery, located in the Lekki…
Business Currency Naira Sees Massive Recovery Amid New Forex System December 9, 2024 Ekemini The Nigerian Naira has experienced significant appreciation across all foreign exchange markets following the implementation of the Central Bank of Nigeria’s (CBN) new Electronic Foreign Exchange Matching System (EFEMS). Launched…
Banking Business FirstBank unveils entertainment hub December 9, 2024 Ekemini FirstBank has launched Bluu TV, a new entertainment hub designed to support Nigeria’s creative arts sector, as part of its First Arts initiative. The unveiling, which included the premiere of…
Business Finance Organised Private Sector (OPS) urges sustenance as naira gains N137/$ December 9, 2024 Ekemini The naira strengthened significantly against the dollar, gaining N137 within a week following the Central Bank of Nigeria’s (CBN) introduction of a new foreign exchange (FX) trading platform. Official data…
Business Finance Cardoso’s first year sees naira rally amid stubborn inflation December 9, 2024 Ekemini In his first year as Central Bank of Nigeria (CBN) governor, Olayemi Cardoso implemented significant monetary reforms aimed at stabilizing the naira and addressing inflation. His tenure began with ambitious…
Finance investment Local UBA Outperforms Peers As Investors Earn 375% Capital Returns December 9, 2024 Ekemini United Bank for Africa (UBA) has delivered an impressive 375% capital gain to its investors over the past five years, significantly outperforming the Nigerian stock market and the financial services…
