Rwandan Local Governments Crack Down on Illegal Mines
Efforts to curb the prevalence of illegal mining operations in Rwanda are intensifying as local government leaders respond to a directive from the Rwanda Mines, Petroleum and Gas Board (RMB)…
KCB Group Records 20% Net Profit Decline in H1 2023, MarketNewsNG Reports
KCB Group, one of East Africa’s leading financial institutions, has reported a 20% drop in net profit for the first half of 2023, citing factors such as staff restructuring costs…
Safaricom Surpasses 5 Million Subscribers in Ethiopian Venture
Safaricom, the telecommunications giant, has achieved a milestone by surpassing five million subscribers in its Ethiopian subsidiary within less than a year since entering the competitive Ethiopian market. The company’s…
ABCON Optimistic About Diaspora Remittances with BDC Integration
The Association of Bureau De Change Operators of Nigeria (ABCON) is confident that the Nigerian economy will benefit from increased diaspora remittances once the Central Bank of Nigeria (CBN) fully…
CBN Disputes JP Morgan’s Estimate of Financial Accounts
The Central Bank of Nigeria (CBN) has responded to a recent financial estimate of its accounts by JP Morgan, stating that the estimate is “out of context.” The CBN reassured…
FBN Holdings Shareholder Seeks Reversal of Court Order
An aggrieved shareholder of FBN Holdings has filed an application in a Federal High Court in Lagos, seeking to set aside an interim court order issued on July 29. The…
Suspended CBN Governor Godwin Emefiele Pursues Plea Bargain in N6.69 Billion Fraud Case
Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), is reportedly pursuing a plea bargain in his alleged N6.69 billion fraud case. Emefiele is facing trial for…
NGX Proposes Dollar-Denominated Bonds and Stocks to Ease Currency Access
The Nigerian Exchange Limited (NGX) has revealed plans to allow companies to list bonds denominated in dollars on the stock exchange, with the potential to extend this to stocks as…
Nigerian Equities Investors Cautious Amid Banking Stock Waiting Game
Investors in Nigeria’s equities market are exhibiting reduced interest in banking stocks as they await the half-year financial results of tier-1 lenders. The ongoing selling pressure on banking and oil…
Marble Capital Introduces Marble Halal Fixed Income Fund for Risk-Averse Investors
Marble Capital Limited, a prominent ethical and Islamic Fund Manager in the Nigerian financial market, has launched the Marble Halal Fixed Income Fund (MHFIF) worth N500 million. This offering provides…
LemFi Enters US Market with Innovative International Payment Services
LemFi, a prominent fintech company specializing in international payments, has officially launched its services in the United States. Leveraging its success as a licensed International Money Transfer Operator through its…
Founder of Collapsed Cryptocurrency Exchange Faces Challenges in Prison Ahead of Trial
Sam Bankman-Fried, the founder of the now-collapsed cryptocurrency exchange FTX, is reportedly facing difficulties in preparing for his upcoming fraud trial due to inadequate food supplies in prison, according to…
Equinor’s Milestone Floating Wind Power Project Amidst Industry Challenges
Equinor, a leading energy company from Norway, has achieved a groundbreaking feat by unveiling the world’s largest floating wind power installation, boasting an impressive capacity of 88 MW. The Hywind…
African State-Owned Oil Companies Report $27.95 Billion Earnings in 2023 Amid Fluctuating Crude Prices
An analysis of financial reports from three major state-owned oil and gas companies in Africa has revealed combined earnings of $27.95 billion in 2023, driven by rising crude oil prices.…
War Risk Premiums Surge for Shipping in Russia’s Black Sea Ports Amid Escalating Tensions
Insurance companies have informed ship charterers operating in Russia’s Black Sea ports of a significant increase in “war risk premiums,” reflecting heightened tensions in the region. This premium, which was…
Shift in US Bond Yields Indicates Changing Market Dynamics Amid Economic Resilience and High Supply”
The recent surge in U.S. bond yields has been accompanied by subdued inflation expectations, suggesting that economic resilience and increased bond supply are now playing a larger role than speculation…
Nigeria’s Excess Crude Account Stands at $473.8 Million; FAAC Highlights Revenue Allocation for July 2023
As of August 22, 2023, Nigeria’s Excess Crude Account (ECA) holds a balance of $473,754.57. The Federation Account Allocation Committee (FAAC) meeting, chaired by Minister of Finance Wale Edun, emphasized…
African Union Suspends Niger Republic Following Coup; Diplomacy Urged to Solve Political Crisis”
The African Union (AU) Commission has imposed sanctions by suspending Niger Republic from the organization due to the recent military coup that ousted democratically elected President Mohamed Bazoum. The suspension…
Former Nigerian Petroleum Minister to Face Fresh Bribery Trial in the UK
Former Nigerian Petroleum Minister, Mrs. Diezani Alison-Madueke, is set to stand trial in the United Kingdom on a new bribery allegation dating back to her tenure as Minister of Petroleum.…
Nigeria’s New Minister of Power Outlines Priorities to Address Power Sector Challenges
Nigeria’s newly appointed Minister of Power, Chief Adebayo Adelabu, has taken office with a focus on addressing the country’s longstanding power sector issues. Adelabu highlighted key priorities for his tenure,…
Federal Government Renews Leased Port Terminal Agreements Despite Operator Debts and Violations
The Federal Government of Nigeria has reportedly renewed agreements with operators of leased port terminals, disregarding their outstanding debts and violations of terms. The port concession/lease agreements, initiated in 2006,…
FAAC Shares N966.11 Billion Among Federal, State, and Local Governments in July Amid Revenue Decline
In July, the Federation Account Allocation Committee (FAAC) distributed a total of N966.11 billion to the Federal, State, and local governments, out of a gross revenue of N1.74 trillion. This…
Over 20 Listed Nigerian Companies Penalized for Late Filing of 2022 Audited Financial Statements
According to the X-Compliance Report, a transparency initiative by The Nigerian Exchange Limited (NGX), over 20 listed companies paid a total of N87.32 million in penalties to NGX Regulation Limited…
Naira Depreciates on Parallel Market, CBN Directs Banks to Stop FCY Secured Naira Overdrafts
The Nigerian naira experienced depreciation to N910 to a dollar on the parallel market, compared to N850 on the previous day. On the official Investors and Exporters’ (I&E) FX window,…
Nigerian Equities Market Reopens on Positive Note, Market Capitalization Rises by N262 Billion
The Nigerian equities market started on a positive note as it reopened, with gains recorded in BuaFoods, Stanbic IBTC, and 29 other stocks. The market capitalization of listed equities increased…
Moniepoint Receives Regulatory Approval for Acquisition of Kopo Kopo to Expand Services in Kenya
The Competition Authority of Kenya (CA) has granted regulatory approval to Moniepoint Inc. for its acquisition of Kopo Kopo, a Kenyan company that offers payment services and credit to businesses.…
Goldman Sachs Explores Sale of Wealth Management Unit as It Refocuses on Ultra-High Net Worth Clients
Goldman Sachs is considering the sale of a portion of its wealth management business, signaling a shift in its strategy towards focusing on serving ultra-high net worth individuals and moving…
Dollar Retreats from 10-Week Highs as Risk Appetite Recovers Amid Bond Yield Surge and China Concerns
The U.S. dollar has eased from its recent 10-week highs as global risk appetite rebounded following a jump in U.S. government bond yields and concerns about the weakening Chinese economy.…
European Business Lobby Urges China for Clarity on Economic Plans and National Security
The European Chamber of Commerce in China, an influential business lobby, is calling on Beijing to provide a clear message on its economic revival strategy and to address uncertainties arising…
U.S. Stock Futures Rise on Nvidia Optimism and Easing Bond Yields”
U.S. stock index futures have shown positive movement as optimism regarding Nvidia’s upcoming earnings report continues to bolster megacap growth stocks. Additionally, the decline in yields on longer-dated government bonds…