Business Finance Local 2025 Budget: N13trn Deficit To Be Financed Through Borrowing – Finance Minister December 17, 2024 Ekemini The Federal Executive Council (FEC) has approved Nigeria’s 2025 budget, which projects a deficit of N13.1 trillion, representing 3.89% of GDP. Finance Minister and Coordinating Minister for the Economy, Wale…
Banking Local Sterling Bank honored for advancing tourism, transportation December 17, 2024 Ekemini Sterling Bank has been named the “Outstanding Banking Partner for Tourism and Transportation of the Year” by the Institute for Tourism Professionals of Nigeria (ITPN). The award highlights the bank’s…
Banking Economy Finance CBN’s Market Discipline Boosts Banking Efficiency and Transparency December 17, 2024 Ekemini The Central Bank of Nigeria (CBN) has intensified efforts to enhance banking efficiency and transparency through stricter enforcement of market discipline. This initiative underscores the critical role of the financial…
Banking Finance Local Fitch predicts tough 2025 for Nigerian banks, others December 17, 2024 Ekemini Fitch Ratings has projected a challenging year ahead for African banks, including Nigerian financial institutions, in its African Banks Outlook 2025 report. The agency highlighted domestic and global operating environment…
Finance Market Naira appreciates to N1,660/$ in parallel market December 17, 2024 Ekemini The Naira appreciated in the parallel market yesterday, trading at N1,660 per dollar, a slight improvement from N1,662 per dollar recorded last weekend. This movement indicates a modest gain in…
Economy investment NIPC seeks partnerships to attract, retain investments December 17, 2024 Ekemini The Nigerian Investment Promotion Commission (NIPC) has reinforced its commitment to driving economic growth by attracting new investments and retaining existing ones. Speaking during a media parley in Abuja, the…
Business Finance How N239.4bn Rights Issue will contribute to UBA’s growth – Elumelu December 17, 2024 Ekemini The United Bank for Africa (UBA) is undertaking a N239.4 billion Rights Issue to fund digital transformation and business expansion efforts, reinforcing its leadership as a pan-African banking giant. The…
Finance Market Stock Equity market gains N704bn December 17, 2024 Ekemini The Nigerian equity market soared by N704bn over six days, pushing the market capitalization above N60tn. At Monday’s close, the market added N330bn, with 740.89 million shares worth N16.88bn traded…
Business Economy investment FG, World Bank invest $600m on rural roads December 17, 2024 Ekemini The Federal Government of Nigeria, in collaboration with the World Bank, has earmarked $600 million to rehabilitate 200,000 kilometers of rural roads under the Rural Access and Agricultural Marketing Project…
Business Economic Finance FCMB Hackathon: Startups Work on Solutions for Livestock Mortality and Financial Inclusion December 16, 2024 Ekemini For conceptualising and developing actionable solutions to bridge gaps in Nigeria’s agribusiness ecosystem, winners of this year’s First City Monument Bank (FCMB) Agritech Hackathon and venture-building programme have been rewarded…
Pension Court orders Radix Pension to pay ex-MD N57m, $21,000+ December 16, 2024 Ekemini The National Industrial Court in Lagos has ruled in favor of Kunle Adeboye, a former Managing Director of Radix Pension Managers Limited, awarding him N57.12 million and $21,000 for unpaid…
Business Crypto International Bitcoin buyer MicroStrategy jumps on Nasdaq 100 entry December 16, 2024 Ekemini MicroStrategy’s shares surged 4% in premarket trading as the company prepared to join the Nasdaq 100 index, a milestone that links the tech-heavy index to Bitcoin. Known for its substantial…
Business Local FG issues N1.1trn Sovereign Sukuk for 124 road projects across Nigeria December 16, 2024 Ekemini The Securities and Exchange Commission (SEC) has announced that the Nigerian government has issued six Sovereign Sukuk worth ₦1.1 trillion ($657.6 million) to finance 124 federal road projects spanning over…
Business BUA Group donates N2bn for reconstruction of collapsed Zaria mosque December 16, 2024 Ekemini The Emir of Zazzau in Kaduna, Ambassador Ahmad Nuhu Bamalli, has praised Alh Abdulsamad Rabiu, the Chairman of BUA Group and founder of ASR Africa, for his generous donation of…
Business Crypto International Morning Bid: Making Bitcoin Great – and above $105,000 December 16, 2024 Ekemini Bitcoin has reached a new milestone, soaring above $105,000 for the first time in history, spurred by comments from U.S. President-elect Donald Trump regarding the creation of a strategic bitcoin…
Banking Finance UBA Raises N239.4bn to Strengthen Lending and Global Expansion December 16, 2024 Ekemini United Bank for Africa (UBA) is set to raise N239.4 billion through a rights issue to support its growth and strategic plans. The bank is offering 6.84 billion ordinary shares…
Business Finance Local PalmPay Partners Jumia to Boost Payment Transaction December 16, 2024 Ekemini PalmPay, a leading fintech company in Nigeria, has partnered with e-commerce platform Jumia to improve the payment process for customers using the PalmPay wallet. The collaboration aims to streamline transactions…
Business Finance Currency Outside Banks Now N4.29tn, 94.2% of Currency in Circulation December 16, 2024 Ekemini Currency outside banks in Nigeria surged to N4.29 trillion in October 2024, accounting for 94.2% of the total currency in circulation, according to Central Bank of Nigeria (CBN) data. This…
Banking Economy Finance High currency in circulation fails to tame cash scarcity December 16, 2024 Ekemini Cash scarcity continues to trouble Nigerians despite the Central Bank of Nigeria (CBN) reporting a record high of N4.5 trillion in currency circulation by October 2024. While the money supply…
Business Finance Nigeria excluded from the $1bn OPEC fund for development financing December 16, 2024 Ekemini Nigeria, Africa’s largest oil producer, was conspicuously absent from the list of beneficiaries of nearly $1 billion in development financing recently approved by the OPEC Fund for International Development. During…
Finance investment Stock Equities market gains 1.19%, ASI nears 100,000-point mark December 16, 2024 Ekemini The Nigerian equities market ended the week of November 13, 2024, on a note, with the NGX All-Share Index (ASI) climbing by 1.19% to 99,378.06 points, nearing the landmark 100,000-point…
Finance Market Stock NGX slams 3,792 sanctions on erring brokers December 16, 2024 Ekemini The Nigerian Exchange Group (NGX) has imposed 3,792 regulatory sanctions on trading license holders over the past 13 years to curb market infractions and bolster investor confidence. Through its regulatory…
Business Finance insurance Capital Express unveils insurance group December 16, 2024 Ekemini Capital Express Group has officially unveiled its insurance arm, comprising two rebranded entities: Capital Express Life Assurance Limited and Capital Express Indemnity Insurance Limited. This milestone event, held in Lagos,…
Finance investment Stock Stock market sustains positive trend amid portfolio repositioning December 16, 2024 Ekemini The Nigerian stock market extended its bullish run last week, driven by increased investor confidence and seasonal factors like the “January effect,” which has historically influenced market trends. Domestic and…
Business Economy Trade Nigeria Needs Robust Policies To Boost Foreign Trade – Analysts December 16, 2024 Ekemini Analysts have urged Nigeria’s fiscal and monetary authorities to adopt strategic policies aimed at enhancing domestic production and reducing reliance on imports. This follows a recent trade report from the…
Business Finance insurance NSIA Insurance donates furniture to school December 16, 2024 Ekemini NSIA Insurance Limited has donated furniture and school supplies to Government College, Victoria Island, Lagos, as part of its Corporate Social Responsibility (CSR) efforts. The initiative, which took place on…
Business Economy Firm partners NexHub to boost creative exports December 16, 2024 Ekemini Bruit Costaud, a leading policy communications and government affairs firm, partnered with NexHub to amplify Nigeria’s global creative exports. The collaboration aims to leverage both organizations’ expertise to position Nigeria…
Business Finance insurance Continental Reinsurance gets positive ratings December 16, 2024 Ekemini Continental Reinsurance, a leading pan-African reinsurance company, has received a B+ financial strength rating and a long-term issuer credit rating of “bbb-” with a stable outlook from AM Best, a…
Business Finance Access Bank set to acquire 100% equity in South Africa’s Bidvest Bank December 16, 2024 Ekemini Access Bank, a subsidiary of Access Holdings Plc, has announced its agreement to acquire a 100% equity stake in South Africa’s Bidvest Bank Limited. This acquisition marks a significant step…
Business BudPay Highlights Lack of Data Among SMEs Hindering African Business Growth December 13, 2024 Ekemini Despite the surge in digital transactions across Africa, 73% of small and medium enterprises (SMEs) lack access to critical data insights necessary for operational improvements, according to payment infrastructure company…
