Real Time Financial News Website
S&P Global has taken action to downgrade credit ratings and outlooks for several U.S. regional banks, citing concerns about rising funding costs and challenges within the commercial real estate (CRE)…
The Air Line Pilots Association (ALPA), a long-standing pilot union, faces internal division as a faction of senior pilots, led by individuals like Bo Ellis, campaign for an extension of…
JP Morgan, a global financial services firm, has raised concerns over Nigeria’s reported foreign exchange (FX) reserve figures, estimating them to be significantly lower than officially stated. The bank’s latest…
The Lagos Chamber of Commerce and Industry (LCCI) has put forth a recommendation for the Federal Government to restructure the country’s debt strategy by increasing the issuance of asset-linked debt…
Wale Edun, the recently appointed Minister of Finance and Coordinating Minister of the Economy, resumed his duties at the ministry’s headquarters on Monday, expressing confidence that the current pains associated…
Nigeria’s Minister of Steel Development, Shuaibu Audu, has emphasized the need to revive the Ajaokuta Steel Company, a long-standing moribund steel plant in the country. During a press briefing in…
Stakeholders in Nigeria have called on the federal government to take immediate action to reactivate the country’s ailing refineries and make them functional. Despite having three refineries with a combined…
Several states in Nigeria are facing arbitrary increases in the pump price of petrol beyond the official post-subsidy prices, according to a report from the National Bureau of Statistics (NBS)…
According to a report by JP Morgan, the Nigerian government could raise up to $17 billion if it sells down its stake in most joint-venture oil and gas assets. This…
China has taken steps to stimulate credit demand by reducing its one-year benchmark lending rate, lowering it by 10 basis points to 3.45% from 3.55%. This move is part of…
Oil prices increased on Monday due to tightening global supply resulting from lower exports by major oil-producing countries like Saudi Arabia and Russia. This positive factor managed to offset concerns…
Kenyan commercial banks have expressed opposition to a government plan to increase the threshold for reporting large cash transactions by 50% to $15,000 (approximately Ksh2.1 million). The banks argue that…
Founders Factory Africa (FFA), a South African early-stage accelerator and investor, has secured $114 million in funding from partners including the Mastercard Foundation and Johnson & Johnson Impact Ventures. The…
RMB Corvest and Umoya Capital Partners have jointly acquired a significant minority stake in Sants Private Higher Education Institution. Sants, founded in 1997, has evolved into a distance tertiary education…
Africa Finance Corporation (AFC), a prominent infrastructure solutions provider in Africa, has announced its investment of $95.25 million in Mahathi Infra Uganda Limited, a major oil and gas downstream player…
Ghana has experienced a rise in interest rates on government securities, with the interest on the 91-day treasury bill reaching 26%, the 182-day bill at 27.56%, and the 364-day bill…
Kenya has experienced the slowest growth in collections from value-added tax (VAT) in a decade, attributed to elevated inflation that has reduced salaries and hindered new private-sector investments. The provisional…
The Economic Community of West African States (ECOWAS) has declined to accept a proposed three-year power transition plan put forth by the military junta of Niger Republic. ECOWAS has emphasized…
The Nigerian Export Promotion Council (NEPC) has introduced a youth-for-export program aimed at involving young Nigerians in the global export culture from an early age. Ezra Yakusak, the Executive Director/CEO…
The Central Bank of Nigeria (CBN) has provided loans and advances totaling N37.6 billion to mortgage banks in 2022, according to the audited financial statement of the central bank. The…
Amid Nigeria’s challenges in income generation, experts have emphasized the need for the Federal Government to expand its tax net to include the informal sector and unregistered businesses. This recommendation…
The National Pension Commission (PenCom) has reported that the assets of the Contributory Pension Scheme (CPS) have risen to N16.76 trillion due to the addition of 146,920 employees who joined…
Major petroleum product traders and independent traders could potentially experience relief from rising gasoline importation costs due to a combination of falling oil prices and the strengthening of the Nigerian…
The Central Bank of Nigeria (CBN) has launched a Foreign Exchange Price Verification System aimed at facilitating importers’ access to foreign exchange. According to the CBN’s Trade and Exchange Department,…
Kenyan commercial banks have increased their base lending rates for the seventh consecutive month, reaching 13.31 percent by the end of June. This rise in lending rates highlights the impact…
The High Court has issued a suspension on the Kenyan government’s decision to grant exclusive export rights for raw macadamia nuts to nine dealers, following a case filed by a…
The Bulk Oil Storage and Transportation Limited Company (BOST) has reported a profit after tax of GH¢342 million for the last year, marking its second profit in 11 years. This…
The Auditor-General has flagged non-performing investments totaling Sh630.3 million in the National Social Security Fund (NSSF), a State-controlled entity in Kenya. These investments include assets that have either lost their…
The Nigeria Deposit Insurance Corporation (NDIC) has organized a workshop to train law enforcement operatives and officers responsible for investigating directors and officers of 183 Microfinance Banks (MfBs) and Primary…
The planned shareholders’ meeting of Coronation Insurance Plc, which was ordered by the court and aimed at discussing the proposed delisting of the company from the Nigeria Exchange (NGX), has…