Business Customs integrates 23 Banks for seamless duty payments on B’Odogwu Platform December 9, 2024 Ekemini The Nigeria Customs Service (NCS) has introduced the B’Odogwu Information and Communication Technology (ICT) platform to streamline the import duty payment, enhancing trade facilitation and transparency at the ports. To…
Business EFEMS, Eurobond issuance bolster FX reserves, Naira stability December 9, 2024 Ekemini The Central Bank of Nigeria (CBN) has taken significant steps to stabilize the foreign exchange (FX) market, including the introduction of the Electronic Foreign Exchange Matching System (EFEMS) and the…
Business Local Inflation and Rising Raw Material Costs Challenge Confidence in Food, Beverage, and Textile Manufacturing December 9, 2024 Ekemini The Nigerian manufacturing sector is facing significant challenges, including inflation, high raw material costs, low government support, and a surge in imported products. These issues are beginning to affect the…
Business Finance investment Foreign investments in telecoms crash by $99m – NBS December 9, 2024 Ekemini Foreign investments in Nigeria’s telecommunications sector dropped significantly in the third quarter of 2024, falling to $14.4 million, an 87% decline from the $113.42 million recorded in the second quarter.…
International Market Stock Asia stocks slip on South Korea turbulence, China disinflation December 9, 2024 Ekemini Asian stock markets faced a challenging start to the week as South Korean stocks tumbled by 2.4%, driven by political uncertainty surrounding President Yoon Suk Yeol’s future. Meanwhile, China’s consumer…
Economy Finance Local Total inflows into NAFEM grew to $4.05bn in November –FMD December 9, 2024 Ekemini The Nigerian Autonomous Foreign Exchange Market (NAFEM) experienced significant growth in November, with total inflows rising by 32.9% month-on-month to $4.05 billion, up from $3.04 billion in October, according to…
Business Nigerians Frustrated by NIN Modification Failures as Banks and NIMC Shift Blame December 9, 2024 Ekemini Nigerians face significant challenges with the National Identity Number (NIN) modification process, which has disrupted banking transactions and personal record updates. Customers report discrepancies between updates made on the NIN…
Business Stock WAPCO, Seplat, and Access Holdings boost stock market to N59.5trn December 9, 2024 Ekemini The Nigerian equities market closed last week with a bullish performance, as gains from Wapco, Seplat, and Access Holdings pushed market capitalization to N59.5 trillion, up from N59.215 trillion the…
Banking Business Finance FCMB Group Plc Reports 67% Profit Before Tax Growth to ₦91.8 Billion December 6, 2024 Ekemini Uba FCMB Group Plc has announced a 67% growth in Profit Before Tax (PBT) to ₦91.8 billion for the nine months ended September 30, 2024, reflecting robust financial and operational performance…
investment PenCom Restores Investment In Commercial Papers By LPFAs December 4, 2024 Ekemini The National Pension Commission (PenCom) has lifted its temporary suspension on Licensed Pension Fund Administrators (LPFAs) investing in commercial papers issued by non-bank capital market operators. The restriction, imposed in…
Banking Business FCMB begins cash rewards for customers December 4, 2024 Ekemini First City Monument Bank (FCMB) has launched the 10th edition of its “Millionaire Promo,” a nationwide campaign to reward and empower customers. Running until September 2025, the promotion will feature…
Pension Experts Call for Increased Capital Base for Pension Fund Administrators Amid Economic Challenges December 4, 2024 Ekemini Amid rising inflation and the depreciating value of the Naira, financial experts have called for a review of the minimum capital requirement for Pension Fund Administrators (PFAs) in Nigeria. The…
Business insurance Public Private Partnership (PPP) Assets To Get Insurance Cover As From Next Year December 4, 2024 Ekemini The Infrastructure Concession Regulatory Commission (ICRC), in collaboration with the National Insurance Commission (NAICOM), will introduce new guidelines in 2025 requiring Public Private Partnership (PPP) concessionaires to procure insurance for…
Business Africa Energy Bank rakes in $2.5bn, to commence operations March 2025 December 4, 2024 Ekemini The Africa Energy Bank (AEB), a $5 billion initiative spearheaded by the Africa Petroleum Producers Organisation (APPO) and the Afreximbank, will commence operations in March 2025. APPO Secretary General, Mr.…
Business Zenith Bank’s path to sustainable growth December 4, 2024 Ekemini Zenith Bank, Nigeria’s largest and most profitable financial institution, exemplifies a commitment to sustainable growth rooted in innovation and responsible banking. Since its inception in 1990 under the visionary leadership…
Business Polaris Bank and Amtis Skills Place Empower Young Designers Through Fashion Competition December 4, 2024 Ekemini Polaris Bank partnered with Amtis Skills Place to host the 2024 Amtis Fashion Competition, a platform aimed at training and mentoring young Nigerian designers. Amtis Skills Place, established in 2015,…
Finance insurance Finance and insurance sector grow economy by 30.83% on CBN rate hike December 4, 2024 Ekemini The finance and insurance sector recorded a 30.83% growth in real GDP in Q3 2024, driven by the Central Bank of Nigeria’s (CBN) aggressive monetary tightening policies. This growth marks…
Business CBN directs banks to make cash available to customers December 4, 2024 Ekemini The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to prioritize cash disbursement to customers through both over-the-counter services and ATMs. The directive, effective December 1, 2024,…
Business Local Nigerian Banks Record N6.5 Trillion Loan Income Amid Rising Interest Rates December 4, 2024 Ekemini Amid a steep rise in the Central Bank of Nigeria’s (CBN) Monetary Policy Rate (MPR), Nigerian banks generated N6.5 trillion in income from loans and advances in the first nine…
International Market Asian Stocks Stumble Amid South Korean Political Turmoil and Global Market Uncertainty December 4, 2024 Ekemini Asian markets faced turbulence as South Korean political upheaval weighed heavily on sentiment. The imposition and subsequent lifting of martial law by South Korean President Yoon Suk Yeol sparked concerns…
Business Pension NAICOM and ICRC partner on insurance for assets under PPP December 4, 2024 Ekemini The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have announced a partnership to ensure proper insurance coverage for assets under public-private partnership (PPP) arrangements. This collaboration…
Business insurance Coronation Insurance declares N2.2bn profit December 4, 2024 Ekemini Coronation Insurance Group has reported a profit before tax of N2.2 billion for the financial year ending December 31, 2023, marking a significant recovery from a loss of N1.8 billion…
Banking Business Minority shareholders rally behind UBA’s N239bn rights issue December 4, 2024 Ekemini United Bank for Africa (UBA) Plc has launched a N239.4 billion rights issue, offering existing shareholders 6.84 billion ordinary shares at N35 per share. The offer, which opened on November…
Banking Business Local Banks raise withdrawal limit to N50,000 December 4, 2024 Ekemini Deposit Money Banks in the Federal Capital Territory have increased their maximum over-the-counter daily withdrawal limit to N50,000, a significant jump from the previous N5,000 cap. Banks such as Guaranty…
Business insurance African Alliance Insurance pays N780m to annuitants December 3, 2024 Ekemini African Alliance Insurance Plc has disbursed N780 million to annuitants under its new interim management. The payout follows the recent dismissal of the company’s previous board and management by the…
Business 20 New Millionaires To Emerge In FCMB Promo December 3, 2024 Ekemini First City Monument Bank (FCMB) has unveiled the 10th season of its renowned “Millionaire Promo,” a nationwide campaign aimed at rewarding and empowering its customers. Running until September 2025, the…
Business foreign Foreign Holdings Drop $13bn On Naira Slump And Corporate Exits December 3, 2024 Ekemini Nigeria’s foreign direct investment (FDI) inward stock experienced a sharp decline, dropping from $86.2 billion in 2022 to $73.4 billion in 2023, largely due to the naira’s devaluation and the…
Business Stock FG engages three US lenders for $2.2bn Eurobonds December 3, 2024 Ekemini Nigeria has re-entered the global capital markets after a two-year hiatus, issuing $2.2 billion in Eurobonds to address its fiscal deficit. The bonds, denominated in US dollars, include a 6.5-year…
Business Local Wema Bank awards N145m to outstanding innovators December 3, 2024 Ekemini Wema Bank has successfully concluded the 5th edition of its Hackaholics initiative, awarding N145 million to seven outstanding startups in recognition of their groundbreaking solutions to real-world challenges. The grand…
Business Market Stock Dangote Cement Becomes Most Capitalized Stock on NGX December 3, 2024 Ekemini Dangote Cement has surpassed Airtel Africa and 11 other companies to become the most capitalized stock on the Nigerian Exchange Limited (NGX), with a market capitalization of N8.16 trillion in…
