Dangote refinery insists crude supply woes persist, blames NUPRC
Dangote Refinery, Africa’s largest oil refinery, has reiterated its struggle to secure sufficient crude oil supplies, despite Nigerian National Petroleum…
Year: 2024
Naira gains further at official market
The naira strengthened against the dollar at both official and foreign exchange markets following the Central Bank of Nigeria’s (CBN)…
Cooking gas at N1,250/kg stokes hunger in Nigerian homes
Nigerians are grappling with a severe economic strain as the price of Liquefied Petroleum Gas (LPG), commonly known as cooking…
Top mineral resources by African country – EIU
In recent years, the Gulf Cooperation Council (GCC) has increasingly turned its attention to Africa, recognizing the continent’s vast potential…
New CBN circular clarifies existing rule on certificate of capital importation for forex repatriation, divestment
The Central Bank of Nigeria (CBN) has issued a new circular detailing the documentation required for foreign investment divestments and…
Futures waver on anxiety ahead of jobs data
U.S. stock index futures showed mixed results on Thursday as investors awaited a key jobs report that could offer insights…
Siemens profit beats market view on software but outlook remains guarded
Siemens reported better-than-expected quarterly earnings on Thursday, driven by strong demand for electricity infrastructure and production software. The company achieved…
Who is Tan Su Shan, Singapore bank DBS’s incoming CEO?
Tan Su Shan will take over as CEO of DBS Group from March, succeeding Piyush Gupta, who has led the…
US tops China as Germany’s biggest trading partner
In the first half of 2024, the United States became Germany’s largest trading partner, surpassing China. Trade between Germany and…
Net FX flows increase by 55% to $25.4 billion in six months – CBN
Net foreign exchange inflows in Nigeria rose to $25.4 billion from January to June 2024, a 55 percent increase compared…
Five-day internet disruption frustrates work from home
On August 1, 2024, Nigerians faced significant network downtime, which impacted internet speed and accessibility. Many people struggled with slow…
Senate probes $1.5bn spent on rehabilitation of Port Harcourt refinery in 2021
The Nigerian Senate has raised concerns about the $1.5 billion allocated in 2021 for the maintenance of the Port Harcourt…
Naira strengthens to 1596 as CBN sells most dollars under Cardoso
On August 7, 2024, the naira gained slightly in official trading due to a $876.26 million sale by the Central…
Don’t register police insurance company — Kyari, former NAICOM CEO
Mohammed Kari, a former Commissioner for Insurance, has opposed the licensing of Nigeria Police Force (NPF) Insurance Company Limited by…
Why CBN Injected N700bn Bailout In Unity Bank-Providus Bank Merger
The Central Bank of Nigeria (CBN) has approved a N700 billion financial package to support the merger between Unity Bank…
Axxela, NNPC Gas Company Commission 5km Gas Pipeline
Axxela Limited, in collaboration with NNPC Gas Marketing Limited (NGML), has commissioned a 5km natural gas pipeline network in Victoria…
CBN eases FX pressure, sells $876.26m to end-users at N1,495/$
The Central Bank of Nigeria (CBN) has sold $876.26 million at a rate of N1,495 per dollar through a Retail…
MeCure reports 38% rise in revenues as cost mute profit growth
MeCure Industries PLC announced its financial results for the second quarter of 2024, revealing a slight increase in pre-tax profit…
IHS Towers, MTN renew lease
IHS Towers and MTN Nigeria have renewed their tower lease agreements for another eight years. The new deal extends all…
Investors Rethink Japanese Multinationals Amid Yen Strength
The strengthening yen is prompting investors to reassess the prospects of Japanese multinational companies, which had previously benefited from a…
Futures advance as Big Tech continues to recover
U.S. stock index futures surged on Wednesday, recovering from earlier losses as investors regained risk appetite. The bounce was supported…
Lyft forecasts soft quarter after delivering net profit in Q2
Lyft’s shares fell over 10% in premarket trading on Wednesday after the company issued a cautious forecast for the current…
Tim Walz’s Record as Minnesota Governor: An Overview
Since Tim Walz became Minnesota’s governor in January 2019, the state’s economic performance has generally lagged behind national trends. Minnesota’s…
Credit to economy falls 1.5% to N102.7trn
In June, banks’ lending to the economy fell by 1.5% from May, dropping to N101.2 trillion. This decrease was noted…
CBN okays Unity, Providus Banks’ merger arrangement
The Central Bank of Nigeria (CBN) has approved the merger between Unity Bank and Providus Bank. This decision was announced…
US, Africa Investment Summit To Hold In September
The Sub-Saharan Africa Business and Investment Summit (SSABIS) will return in September 2024, following the success of previous editions. This…
TCN Blames Arcing For Loss Of Supply On National Grid
The Transmission Company of Nigeria (TCN) has refuted reports of a grid collapse on Monday. Instead, it described the incident…
Aviation Unions Seek Tinubu’s Intervention In Arik Air’s Grounding
Three major aviation unions have appealed to President Bola Tinubu for intervention in the grounding of Arik Air’s fleet. The…
CBN steps in to save naira with retail dollar auction
The Central Bank of Nigeria (CBN) is holding a retail dollar auction today in an effort to stabilize the naira,…
Nigeria’s NLNG dividend falls 43% on gas constraints
Nigeria’s revenue from Nigeria Liquefied Natural Gas (NLNG) Limited has dropped by 43% due to persistent gas supply issues. In…