World Bank may approve $500m loan to Nigeria today
The World Bank is expected to approve a $500 million loan for Nigeria to enhance rural access and agricultural marketing…
Year: 2024
Unified Payments launches new campaign
Unified Payments, Nigeria’s leading payments, and financial technology company, has introduced its new campaign titled ‘It Starts Here’. The initiative…
Banks lost N42.33bn to fraud in six months — Report
Nigerian banks experienced N42.33bn in fraud-related losses during the first half of 2024, according to a report by the Financial…
Insurance firms eye N4.98bn profit in 2025
Three leading Nigerian insurance firms Cornerstone Insurance, AIICO Insurance, and International Energy Insurance have collectively projected a profit before tax…
Rupee slips to record low but central bank steps in to curb losses
On December 12, the Indian rupee reached an all-time low of 84.88 to the U.S. dollar, marking a 0.04% decline.…
Stocks Rise as Investors Bet on Fed Rate Cut Euro Firms Ahead of ECB Decision
Global stock markets saw a slight uptick on December 12, supported by expectations of a U.S. Federal Reserve interest rate…
Dangote Refinery exports PMS to Cameroon
Dangote Refinery and Neptune Oil have successfully executed the first-ever export of Premium Motor Spirit (PMS) from Dangote Refinery, Africa’s…
Tinubu to German investors: Energy, solid minerals key to Nigeria’s economic growth
President Bola Tinubu highlighted Nigeria’s potential for growth in the energy and solid minerals sectors during a business meeting with…
Mastercard and BCP Group Collaborate on Cross-Border Payments in Africa
Mastercard has announced a strategic partnership with the BCP Group to enhance cross-border payments for both corporate and individual clients…
UBA shareholders get 375% returns
Shareholders of the United Bank for Africa (UBA) have seen impressive returns, with a cumulative capital gain of 375% over…
Pension funds to increase infrastructure financing – PenOp
The Pension Fund Operators Association of Nigeria (PenOp) has announced plans to enhance the role of pension funds in infrastructure…
Dangote gifts 120 indigent students N16m
As part of its 2024 Community Day celebration, Dangote Cement, Ibese, presented N16.2 million in scholarships to 120 indigent students…
Naira falls to N1,745/$ on parallel market
The Nigerian naira sharply declined to N1,745 per dollar in the parallel market on Wednesday, marking a steep drop from…
NAICOM ICRC Set Agenda for Insurance of Public-Private Assets
The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed to collaborate to ensure proper insurance…
AFD extends additional 50m Euros funding to DBN
The French Agency for Development (AFD) has extended a €50 million credit line to the Development Bank of Nigeria (DBN)…
Nigeria’s money supply rises 48% to N107.7trn
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…
Interest rate, others drive up investments in Mutual Funds by 89.12%
The Mutual Funds market in Nigeria has witnessed a remarkable 89.12% year-on-year growth, with the total Net Asset Value (NAV)…
Stocks steady as investors cautiously await US inflation data
Stocks remained steady on December 11 as investors awaited key U.S. inflation data, which could influence future Federal Reserve rate…
Firm launches wealth management App with diverse investment opportunities
Smart Stewards has launched Wealth Sync, a wealth creation app aimed at individuals, small businesses, and corporate organizations to provide…
Stock Market Appreciates by N60bn on Investors Demand for MTN, 36 Others
The Nigerian stock market rebounded with a capitalization increase of N60 billion, driven by investors’ strong demand for MTN Nigeria…
Stanbic IBTC Pensions to Host Annual Creativity, Innovation Festival
Stanbic IBTC Pension Managers has announced plans to host its annual FUZE 3.0 Festival, a celebration of Nigerian creativity and…
Recapitalisation: ASSIBIFI president underscores impact on banking industry
Olusoji Oluwole, the president of the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSIBIFI), discussed the ongoing…
Foreign portfolio inflows boost Nigeria’s FX reserves by $7.7bn
Nigeria’s external reserves saw a significant increase of $7.7 billion, reaching $40.3 billion by November 2024, driven by foreign portfolio…
Edves and Globus Bank Partner to Simplify School Fee Payments
Edves, a leading education technology company in Africa, has partnered with Globus Bank to simplify school fee payments for parents…
Omiye Microfinance Bank eyes N1bn share capital
Omiye Microfinance Bank Limited has announced plans to raise its authorized share capital from N500 million to N1 billion to…
Forex Challenges Blamed for High Petrol Prices in Nigeria
Operators in Nigeria’s downstream oil sector attribute the high cost of locally refined petrol to dollar-denominated charges on refining and…
CBN awards OPay for financial inclusion innovation
The Central Bank of Nigeria (CBN) has honored OPay with the Financial Inclusion Innovation Award at the 2024 International Financial…
CBN Debunks Claims of FX Sales to BDCs at N1,301 per Dollar
The Central Bank of Nigeria (CBN) has refuted allegations of selling foreign exchange (FX) to Bureau de Change (BDC) operators…
House of Representatives Probes CBN Over Naira Scarcity
The Nigerian House of Representatives has launched an investigation into the Central Bank of Nigeria (CBN) following a widespread cash…
Equinor exits Nigeria, completes $1.2bn asset sale to Chappal Energies
Equinor, the Norwegian energy giant, has exited Nigeria after three decades of operations, finalizing the $1.2 billion sale of its…