Business Economy Finance World Bank may approve $500m loan to Nigeria today December 13, 2024 Ekemini The World Bank is expected to approve a $500 million loan for Nigeria to enhance rural access and agricultural marketing under the Rural Access and Agricultural Marketing Project Scale Up…
Business Finance Unified Payments launches new campaign December 12, 2024 Ekemini Unified Payments, Nigeria’s leading payments, and financial technology company, has introduced its new campaign titled ‘It Starts Here’. The initiative emphasizes the ease of making transactions, which begins with just…
Business Finance Banks lost N42.33bn to fraud in six months — Report December 12, 2024 Ekemini Nigerian banks experienced N42.33bn in fraud-related losses during the first half of 2024, according to a report by the Financial Institutions Training Centre. Fraud spiked across most channels except for…
Business insurance Insurance firms eye N4.98bn profit in 2025 December 12, 2024 Ekemini Three leading Nigerian insurance firms Cornerstone Insurance, AIICO Insurance, and International Energy Insurance have collectively projected a profit before tax (PBT) of N4.98bn for the first quarter of 2025, according…
International Market Rupee slips to record low but central bank steps in to curb losses December 12, 2024 Ekemini On December 12, the Indian rupee reached an all-time low of 84.88 to the U.S. dollar, marking a 0.04% decline. The currency faced significant pressure from heightened dollar demand in…
International Stock Stocks Rise as Investors Bet on Fed Rate Cut Euro Firms Ahead of ECB Decision December 12, 2024 Ekemini Global stock markets saw a slight uptick on December 12, supported by expectations of a U.S. Federal Reserve interest rate cut next week following consumer inflation data that matched expectations.…
Business Dangote Refinery exports PMS to Cameroon December 12, 2024 Ekemini Dangote Refinery and Neptune Oil have successfully executed the first-ever export of Premium Motor Spirit (PMS) from Dangote Refinery, Africa’s largest oil refinery, to Cameroon. This achievement marks a significant…
Business Energy Finance Tinubu to German investors: Energy, solid minerals key to Nigeria’s economic growth December 12, 2024 Ekemini President Bola Tinubu highlighted Nigeria’s potential for growth in the energy and solid minerals sectors during a business meeting with German investors in Abuja on December 11, 2024. He emphasized…
Business Mastercard and BCP Group Collaborate on Cross-Border Payments in Africa December 12, 2024 Ekemini Mastercard has announced a strategic partnership with the BCP Group to enhance cross-border payments for both corporate and individual clients across Africa. The collaboration will enable near-instant, secure, traceable, and…
Business Finance UBA shareholders get 375% returns December 12, 2024 Ekemini Shareholders of the United Bank for Africa (UBA) have seen impressive returns, with a cumulative capital gain of 375% over nearly five years. Data from the Nigerian stock market reveals…
Business Pension Pension funds to increase infrastructure financing – PenOp December 12, 2024 Ekemini The Pension Fund Operators Association of Nigeria (PenOp) has announced plans to enhance the role of pension funds in infrastructure financing across the country. Chief Executive Officer Oguche Agudah highlighted…
Business Local Dangote gifts 120 indigent students N16m December 12, 2024 Ekemini As part of its 2024 Community Day celebration, Dangote Cement, Ibese, presented N16.2 million in scholarships to 120 indigent students in its host communities in Ogun State. The gesture underscores…
Business Finance Local Naira falls to N1,745/$ on parallel market December 12, 2024 Ekemini The Nigerian naira sharply declined to N1,745 per dollar in the parallel market on Wednesday, marking a steep drop from N1,600 recorded last week. While peer-to-peer exchanges quoted rates around…
Business Economy insurance NAICOM ICRC Set Agenda for Insurance of Public-Private Assets December 12, 2024 Ekemini The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed to collaborate to ensure proper insurance coverage for public-private partnership (PPP) projects in Nigeria. During a…
Business Economy Finance AFD extends additional 50m Euros funding to DBN December 12, 2024 Ekemini The French Agency for Development (AFD) has extended a €50 million credit line to the Development Bank of Nigeria (DBN) to bolster financial support for women entrepreneurs across Nigeria. A…
Business Finance Nigeria’s money supply rises 48% to N107.7trn December 12, 2024 Ekemini Nigeria’s money supply rose 48.3% year-on-year to N107.7 trillion in October 2024, up from N72.6 trillion in the same period in 2023, according to the Central Bank of Nigeria (CBN).…
Business investment Interest rate, others drive up investments in Mutual Funds by 89.12% December 12, 2024 Ekemini The Mutual Funds market in Nigeria has witnessed a remarkable 89.12% year-on-year growth, with the total Net Asset Value (NAV) rising from N2.023 trillion in November 2023 to N3.826 trillion…
International Market Stock Stocks steady as investors cautiously await US inflation data December 11, 2024 Ekemini Stocks remained steady on December 11 as investors awaited key U.S. inflation data, which could influence future Federal Reserve rate cuts. European markets experienced slight losses, influenced by disappointing corporate…
Business investment Firm launches wealth management App with diverse investment opportunities December 11, 2024 Ekemini Smart Stewards has launched Wealth Sync, a wealth creation app aimed at individuals, small businesses, and corporate organizations to provide greater access to diverse investment opportunities. During the app’s unveiling…
Business Stock Stock Market Appreciates by N60bn on Investors Demand for MTN, 36 Others December 11, 2024 Ekemini The Nigerian stock market rebounded with a capitalization increase of N60 billion, driven by investors’ strong demand for MTN Nigeria Communications Plc and 36 other stocks. The Nigerian Exchange Limited…
Business Finance Pension Stanbic IBTC Pensions to Host Annual Creativity, Innovation Festival December 11, 2024 Ekemini Stanbic IBTC Pension Managers has announced plans to host its annual FUZE 3.0 Festival, a celebration of Nigerian creativity and innovation. The event, themed “Light it Up,” is scheduled for…
Banking Economy Finance Local Recapitalisation: ASSIBIFI president underscores impact on banking industry December 11, 2024 Ekemini Olusoji Oluwole, the president of the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSIBIFI), discussed the ongoing recapitalization process in the banking sector and its potential impact…
Business Economy Finance Local Foreign portfolio inflows boost Nigeria’s FX reserves by $7.7bn December 11, 2024 Ekemini Nigeria’s external reserves saw a significant increase of $7.7 billion, reaching $40.3 billion by November 2024, driven by foreign portfolio investments (FPIs). The surge in FPIs was largely due to…
Business Finance Edves and Globus Bank Partner to Simplify School Fee Payments December 11, 2024 Ekemini Edves, a leading education technology company in Africa, has partnered with Globus Bank to simplify school fee payments for parents and guardians in Nigeria. This collaboration introduces seamless payment options…
Business Finance Omiye Microfinance Bank eyes N1bn share capital December 11, 2024 Ekemini Omiye Microfinance Bank Limited has announced plans to raise its authorized share capital from N500 million to N1 billion to upgrade its operational license to Tier 1 Microfinance Bank (MFB).…
Economy Energy Local Forex Challenges Blamed for High Petrol Prices in Nigeria December 11, 2024 Ekemini Operators in Nigeria’s downstream oil sector attribute the high cost of locally refined petrol to dollar-denominated charges on refining and crude importation. The Major Energies Marketers Association of Nigeria revealed…
Business Finance Local CBN awards OPay for financial inclusion innovation December 11, 2024 Ekemini The Central Bank of Nigeria (CBN) has honored OPay with the Financial Inclusion Innovation Award at the 2024 International Financial Inclusion Conference. The award underscores OPay’s pivotal role in Nigeria’s…
Economy Finance Local CBN Debunks Claims of FX Sales to BDCs at N1,301 per Dollar December 11, 2024 Ekemini The Central Bank of Nigeria (CBN) has refuted allegations of selling foreign exchange (FX) to Bureau de Change (BDC) operators at N1,301 per dollar. This clarification came after a fake…
Business Economy Finance House of Representatives Probes CBN Over Naira Scarcity December 11, 2024 Ekemini The Nigerian House of Representatives has launched an investigation into the Central Bank of Nigeria (CBN) following a widespread cash shortage affecting commercial banks and causing hardship for citizens. During…
Business Energy Equinor exits Nigeria, completes $1.2bn asset sale to Chappal Energies December 11, 2024 Ekemini Equinor, the Norwegian energy giant, has exited Nigeria after three decades of operations, finalizing the $1.2 billion sale of its assets to Nigerian-owned Chappal Energies. The transaction includes a 20.21%…
