Real Time Financial News Website
The foreign exchange crisis in Nigeria and the recent implementation of a 7.5% Value Added Tax (VAT) on Automotive Gas Oil (diesel) have significantly increased the cost of diesel, reaching…
Amidst the recent depreciation of the naira in the parallel market, the Central Bank of Nigeria (CBN) has initiated foreign exchange intervention measures aimed at curbing currency speculation. Acting CBN…
Stakeholders in Nigeria’s electronic payment system are gearing up to find solutions to challenges that emerged in the first quarter of 2023, in alignment with the country’s Payment System Vision…
Exports of the Forcados grade of crude oil have resumed, according to a statement by a Shell spokesperson. The resumption comes a month after the loading of this medium sweet…
The Nigerian Federal Government, represented by the Ministry of Finance Incorporated (MOFI), has set a target to achieve N100 trillion in Asset Under Management (AuM) growth over the next 10…
The Nigerian government has stated that approximately $20 billion in annual investments will be necessary to achieve the desired expansion of gas projects in the country and promote greater gas…
The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, announced that the official foreign exchange market, previously known as the Investors and Exporters (I&E) window, will be…
ECL has launched an automation tool named “WorkMate” that offers pre-built automations for various industries. The tool can be deployed on-premises or in the cloud, centralizing multiple automation processes to…
The Central Bank of Kenya (CBK) has introduced a new interest rate corridor to guide interbank lending and control interest rates charged by banks. The corridor limits interbank lending rates…
Vista Group has agreed to acquire a 61.4% stake in Orabank S.A., the holding company of Orabank, from existing investors including ECP, BIO, DEG, Proparco, and Envol Afrique. Orabank operates…
Prosper Africa has announced partnerships with four African asset fund managers under the Prosper Africa Catalytic Investment Facility, with plans to mobilize over $200 million in private capital to support…
Nigerian mobility fintech company Moove has secured $76 million in funding to expand its vehicle financing services. The investment includes $28 million in equity from investors led by Mubadala Investment…
South African venture capital firm, Knife Capital, has successfully concluded its African Series B expansion fund, known as Knife Fund III, with a total value of R941 million (approximately $50…
Stanlib Asset Management, a local investor in sustainable infrastructure, has acquired a stake in Solareff, a 13-year-old commercial and industrial (C&I) solar and battery platform in South Africa. Solareff boasts…
The Federal Government of Nigeria is set to raise N360 billion in new borrowings through a bond auction to address budget deficit and bolster national revenue. This auction marks the…
NGX Regulation Limited (NGX RegCo) has emphasized the importance of seeking expert guidance and systematically monitoring Environmental, Social, and Governance (ESG)-related data for accurate reporting. This practice is crucial for…
Guinea Insurance Plc has announced that it has received regulatory clearance to conduct a private placement for the issuance of 1.8 billion ordinary shares at a rate of 50 kobo…
Contrary to speculation, the Federal Government has not issued any directive regarding the cancellation or re-award of the N48 billion oil pipeline surveillance contract in the Niger Delta. It is…
Oil marketers have signaled that the cost of Premium Motor Spirit (petrol) could increase to between N680/litre and N720/litre in the coming weeks if the dollar continues to trade between…
The Central Bank of Nigeria (CBN) disclosed that it provided loans amounting to N40.67 billion to its staff members by December 2022, as stated in its audited financial report for…
The forthcoming administration under President Bola Tinubu is projected to allocate around N187.32 billion for settling outstanding debts owed to local contractors within the current year. This estimate is based…
The National Bureau of Statistics (NBS) reports that the average cost of bus transportation within Nigerian cities experienced a substantial rise, increasing from N649.59 in May 2023 to N1,285.41 in…
The declining value of the Nigerian naira against the US dollar, accompanied by a recent surge in global crude oil prices, is causing anxiety among Nigerians about a potential increase…
The National Pension Commission (PenCom) has revealed that a total of 187 Retirement Savings Account (RSA) holders have accessed 25 percent of their contributions, amounting to N3.1 billion, for mortgage…
The Nigerian Exchange Limited (NGX) has revealed its partnership with the Central Securities Clearing System (CSCS) Plc and Euroclear to establish a dollar settlement platform that will facilitate tech startups’…
The Nigerian telecoms sector experienced a substantial decline in foreign direct investment (FDIs) in 2022, with capital inflow plummeting by nearly 50% due to challenging economic conditions, security concerns, and…
In July 2023, Nigeria experienced a significant decline in oil production, registering a 13.6% decrease to an average of 1.08 million barrels per day (mbpd), compared to June’s 1.25 mbpd,…
Azman Air, an aviation company with a nine-year operating history, has ceased its operations due to challenges in accessing foreign exchange (forex) required for aircraft servicing. This marks the second…
The National Pension Commission (PenCom) has announced its efforts to establish regulations allowing Pension Fund Administrators (PFAs) to engage in securities lending within the capital market. This development was disclosed…
First Bank of Nigeria Holdings has made revisions to its agenda for the upcoming Annual General Meeting (AGM), which was initially scheduled for the following Tuesday. The modifications were prompted…