Real Time Financial News Website
The 2024 Informal Economy Report, compiled by Moniepoint, reveals that a mere 1.3% of Nigerian informal businesses make over N2.5 million in monthly profit. Despite contributing more than half of…
The federal government has exempted all electricity companies, including Generation and Distribution Companies (GenCos and DisCos), from paying Withholding Tax, effective July 1, 2024. This exemption, outlined in the new…
The recent data from the Central Bank of Nigeria (CBN) reveals a significant increase in borrowing by Deposit Money Banks (DMBs) from the CBN through the Standing Lending Facility (SLF).…
Oil prices dropped on Monday after four weeks of gains due to potential progress in Gaza ceasefire talks, reducing Middle East tensions. Brent crude futures fell to $86.18 per barrel,…
U.S. and Australian officials reaffirmed their commitment to improving financial connectivity in the Pacific as regional lenders and policymakers gathered to discuss enhancing banking services. This comes as Western banks…
Boeing has agreed to plead guilty to a criminal fraud conspiracy charge and pay a $243.6 million fine to settle a U.S. Justice Department investigation into two fatal 737 MAX…
The Ministry of Solid Minerals Development has introduced new rates for mining licenses to enhance ease of doing business and support ongoing reforms. Minister Dele Alake announced that the new…
MTN has renovated Iwerekun Community High School in Lagos, demonstrating its commitment to improving learning standards. The renovation is part of MTN’s annual corporate social responsibility campaign, Y’ello Care, themed…
On Thursday, the naira/dollar exchange rate reached N1,520 in both the official and parallel markets. This rare convergence reflects the Central Bank of Nigeria’s (CBN) efforts to stabilize the naira…
The Nigeria Civil Aviation Authority (NCAA) has suspended the Permit for Non-Commercial Flights (PNCF) of 10 private jet operators for failing to begin their recertification process. The operators include Azikel…
On Thursday, President Tinubu announced a N2 trillion economic stabilization package alongside the National Construction and Household Support Programme. The package aims to stabilize the economy, create jobs, and enhance…
The National Health Insurance Authority (NHIA) has announced substantial tariff adjustments, including a 60% increase in capitation and a 40% rise in Fee-For-Service (FFS) fees. These changes were disclosed during…
Keir Starmer’s centre-left Labour Party secured a substantial majority in the UK general election, providing reassurance to the global currency market after years of volatility under the Conservatives. The British…
The federal government and the Nigeria National Petroleum Corporation (NNPC) have inaugurated twelve new Compressed Natural Gas (CNG) stations in Lagos and Abuja. This initiative, launched on Thursday, is part…
The Nigeria Labour Congress (NLC) has criticized the recent increase in electricity tariffs for Band A customers from N206.80 to N209.5 per kilowatt-hour. In a statement on Thursday, NLC President…
Nigeria’s state-owned Nigerian National Petroleum Company Limited (NNPC) is facing a mounting debt crisis in its petrol imports, which has now exceeded $6 billion. This sharp increase from earlier figures…
Jude Chiemeka has been officially appointed as the Chief Executive Officer of the Nigerian Exchange Limited (NGX), effective from July 1. He brings nearly thirty years of experience in African…
Union Bank of Nigeria has announced the promotion of 337 employees across its various departments. The bank’s Managing Director/Chief Executive Officer, Yetunde Oni, emphasized that the promotions were well-deserved, celebrating…
China’s leading electric vehicle (EV) manufacturer, BYD (002594.SZ), has inaugurated its first Southeast Asian factory in Thailand. This is a significant move into one of the region’s fastest-growing EV markets.…
Access Holdings Plc is set to raise a whopping N351 billion through a Rights Issue for its existing shareholders. This move was cemented with a formal signing ceremony at the…
Electricity Distribution Companies (DisCos) in Nigeria have approved another tariff hike for Band A consumers due to soaring operational costs. This marks the second increase this year, further challenging businesses…
The Senate Committee on Public Affairs, led by Yemi Adaramodu, is set to review a supplementary budget of around N6.6 trillion next week. Although this figure isn’t official yet, it…
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the federal government has paid $700 million in debt services for 420 national development agencies. Speaking…
The Nigerian Content Development and Monitoring Board (NCDMB) has announced stricter measures for approving oil service companies. Felix Ogbe, the Executive Secretary, emphasized that only companies with proven capacity to…
The Nigeria Labour Congress, Trade Union Congress, and Organised Private Sector have criticized the recent hike in electricity tariffs for Band A customers. The Nigerian Electricity Regulatory Commission (NERC) raised…
Adewale Adeniyi, Comptroller General of the Nigeria Customs Service, revealed a significant 45% decline in vehicle imports during the first quarter of 2024 due to foreign exchange challenges. In an…
Industrial and Medical Gases Nigeria Plc (IMG) has appointed Aminu Ado as its new substantive chairman. This decision was made at the board meeting held on June 27, as disclosed…
The Federal Government of Nigeria has announced the successful completion of significant oil divestment deals totaling approximately $1.5 billion. These transactions include the agreements between Nigeria Agip Oil Company and…
The Nigerian equity market saw another day of gains on Wednesday, with investors pocketing N131 billion boosted by strong performances from Cornerstone Insurance, RT Briscoe Nigeria, and Industrial and Medical…
Financial solutions firm, Zedcrest, has announced its complete acquisition of RMB Nigeria Stockbrokers, a move aimed at expanding its service offerings and market presence. The acquisition, finalized on Wednesday, integrates…