Business Finance Local Banks refund N7.05bn, $714,569 to customers – CBN October 16, 2024 Ekemini The Central Bank of Nigeria (CBN) has announced that, through its intervention, Nigerian banks refunded approximately N7.05 billion and $714,569 to customers. This disclosure was made in the CBN’s September…
Business Finance Local High petrol price pushes inflation to 32.70% – Report October 16, 2024 Ekemini Nigeria’s headline inflation rate rose to 32.7% in September 2024, marking a marginal increase of 0.55% from August, as reported by the National Bureau of Statistics. This uptick follows two…
Local Forex crisis grounds four inland dry ports projects October 15, 2024 Ekemini Uba Maritime operators have cited Nigeria’s foreign exchange crisis as a key factor in the delayed completion of four out of the seven inland dry ports approved by the Federal Executive…
Business Local Employers remit N692bn pension contribution – PenCom October 14, 2024 Ekemini Uba In the first half of 2024, employers across Nigeria’s public and private sectors contributed a total of N692 billion to their employees’ retirement savings accounts. The National Pension Commission’s report…
Banking Business Local Stanbic IBTC Holdings appoints Kunle Adedeji as Acting Chief Executive October 3, 2024 Ekemini Uba Stanbic IBTC Holdings has appointed Dr. Kunle Adedeji as Acting Chief Executive Officer, following regulatory approval. This comes as Dr. Demola Sogunle, the current CEO, prepares to retire on October…
Business Local FG removes VAT on diesel, CNG, electric vehicles, others to crash prices October 3, 2024 Ekemini Uba The Federal Government of Nigeria has announced value-added tax (VAT) exemptions for several energy products, including diesel, Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG), and electric vehicles. This initiative,…
Business World Saudi warns of $50 oil if OPEC+ fails to honour cut deal October 3, 2024 Ekemini Uba Saudi Arabia, the leading member of the OPEC+ alliance, has warned that global oil prices could drop to $50 per barrel if member countries fail to honor their agreed production…
Business Local Nigeria’s FX crisis fuels crypto usage as transactions hit $59bn October 3, 2024 Ekemini Uba Cryptocurrency usage in Nigeria continues to grow rapidly, fueled by a weakening national currency and high inflation, according to a report by blockchain research firm Chainalysis. Nigeria ranked second in…
Business Local Court hears Barbican, FBN N5.4bn shares dispute Oct 21 October 3, 2024 Ekemini Uba A Federal High Court in Lagos has scheduled October 21, 2024, for the hearing of pending applications in a lawsuit filed by Barbican Capital Limited against First Bank of Nigeria…
Business Local BOI disburses N77.56bn loans to MSMEs October 3, 2024 Ekemini Uba The Bank of Industry (BOI) has disbursed N77.65 billion in loans to nearly 1,000 medium, small, and micro-enterprises (MSMEs) across Nigeria in the first nine months of 2024. These loans…
investment Local ‘CNG initiative unlocks $175m in private investment’ October 3, 2024 Ekemini Uba The Federal Government’s Compressed Natural Gas (CNG) initiative has attracted $175 million in private sector investments over the past year, according to Minister of Information and National Orientation, Mohammed Idris.…
World Walz, Vance clash at policy-heavy vice presidential debate October 2, 2024 Ekemini Uba Democrat Tim Walz and Republican JD Vance debated on crucial issues like the Middle East crisis, immigration, and the economy during a vice presidential debate on Tuesday. Despite heated policy…
Local PenCom Approves Merger Between Access, ARM Pensions October 2, 2024 Ekemini Uba The National Pension Commission (PenCom) has approved the merger between ARM Pension Managers and Access Pensions Limited, creating a new entity named Access ARM Pensions Limited. The merger, one of…
Business Local Why FG is yet to approved fixed FX rate for Custom import duties — Taiwo Oyedele October 2, 2024 Ekemini Uba The Nigerian government has explained why it cannot use a fixed exchange rate for import taxes, which are the fees paid on goods brought into the country. According to Taiwo…
Commodities Local Petrol Import In Nigeria Drops By 3.58 Billion Litres After ‘Subsidy Removal’ October 2, 2024 Ekemini Uba Nigeria has experienced a significant decrease in petrol imports following President Bola Tinubu’s removal of the fuel subsidy in May 2023. According to the latest report from the National Bureau…
Currency Local CBN Says Currency In Circulation Now N4.1trillion With Only 6% In Banks October 2, 2024 Ekemini Uba Data from the Central Bank of Nigeria (CBN) reveals that the total currency in circulation has reached an all-time high of N4.1 trillion as of August 2024. This figure represents…
Business Local Oando Emerges First Nigerian IOC, Valuation Hits $4 Billion October 2, 2024 Ekemini Uba Oando Plc, a leading Nigerian oil and gas company, has become Nigeria’s first indigenous International Oil Company (IOC) after expanding its operations to the Exclusive Economic Zone (EEZ) of São…
World Refugees Contribute $124b To U.S. Economy October 2, 2024 Ekemini Uba President Joe Biden has signed a decision to set the U.S. refugee admissions goal at 125,000 for Fiscal Year 2025, an increase from the 100,000 refugees resettled in 2024, the…
Banking investment Local BREAKING: World Bank approves $1.57 billion for Nigeria for three projects September 30, 2024 Ekemini Uba The World Bank has approved $1.57 billion to help Nigeria with important projects. This money will be used to fix problems in schools and hospitals, make healthcare better, and protect…
Africa Business Local Trade Nigeria’s Used Car Imports Drop by 83% Due to New Tax September 30, 2024 Ekemini Uba Nigeria’s spending on used vehiclears, fell significantly by 83% in the first half of 2024 compared to the same period in 2023. According to the National Bureau of Statistics (NBS),…
Business Local Cardoso, World Bank, IMF Brainstorm to Craft New Strategies for Inclusion Growth in Africa September 30, 2024 Ekemini Uba The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, participated in the prestigious Bretton Woods at 80 Forum, representing Africa in discussions on global financial reforms. At…
Banking Local Nigeria’s Bank reserves with CBN surge to N26.8 trillion amid aggressive CRR policy September 30, 2024 Ekemini Uba Nigeria’s banking reserves grew significantly to N26.8 trillion in August 2024, up from N19.4 trillion the previous year. This increase is a result of the Central Bank of Nigeria’s (CBN)…
Business Local Bank, Fintech Must Partner To Activate Nigeria’s $1trn Economic Target’ September 30, 2024 Ekemini Uba To help Nigeria reach a $1 trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC) and other financial experts have highlighted the need for collaboration between…
Banking Business Local FG plans tax incentives for MSMEs September 30, 2024 Ekemini Uba The Federal Government of Nigeria has reiterated its commitment to helping micro, small, and medium enterprises (MSMEs) grow by offering tax incentives. This announcement was made by Zacch Adedeji, the…
Business investment Local Sugar Masterplan Attracted $1 Billion Investments, 15,000 Jobs, Says NSDC Boss September 30, 2024 Ekemini Uba The National Sugar Development Council in Nigeria has announced exciting news about the country’s sugar industry. They shared that a special plan, called the Backward Integration Plan, has helped attract…
Business World Intel, US to finalise $8.5 bln in chips funding by year-end, FT reports September 27, 2024 Ekemini Uba Intel is close to securing $8.5 billion in direct funding from the U.S. government, with finalization expected by the end of 2024, according to a report from the Financial Times.…
Business World China launches late stimulus push to meet 2024 growth target September 27, 2024 Ekemini Uba China’s central bank lowered interest rates and injected liquidity into the banking system on Friday as part of a major stimulus effort aimed at boosting economic growth. The People’s Bank…
Local NMRC secures $200m funding from U.S for mortgage September 27, 2024 Ekemini Uba The Nigeria Mortgage Refinance Company (NMRC) has received $200 million from a U.S. organization to help more people in Nigeria buy homes. They partnered with companies in the U.S. and…
Banking Business Local NDIC pays 94% insured depositors of Heritage Bank September 27, 2024 Ekemini Uba The Nigeria Deposit Insurance Corporation (NDIC) has paid 94% of the people who had money in the closed Heritage Bank. The Central Bank of Nigeria had to close Heritage Bank…
Business Local Reduce interest rates on industrial loans, MAN urges govt September 27, 2024 Ekemini Uba The Manufacturers Association of Nigeria (MAN) is asking the government and the Central Bank to review how raising interest rates has affected prices and businesses over the last five years.…
