Consolidated Hallmark Holdings grows revenue by 32%
Consolidated Hallmark Holdings Plc has announced a robust financial performance for the year 2023, achieving a 32% increase in revenue to N15.7 billion from N11.9 billion in 2022. At the…
Nigeria advances internet connectivity with $2bn fibre-optic project
In an initiative aimed at enhancing Nigeria’s connectivity infrastructure, Finance Minister Wale Edun addressed the Fibre Forward Strategic Development Workshop in Abuja. Organized by the Federal Ministry of Communications, Digital…
SEC, NGX Group agree to capital market digital transformation
The Securities and Exchange Commission (SEC) has announced its support for the Nigeria Exchange Group (NGX) in its endeavor to launch a new digital platform aimed at modernizing the process…
U.S. crude imports touch two-year high despite lukewarm demand
In May, U.S. crude oil imports reached their highest level since July 2022, averaging 3.1 million barrels per day (bpd) as refiners procured heavy crudes from Canada and Latin America…
European shares gain, Aussie jumps, yen teeters near 160
European stock markets saw gains on Wednesday, boosted by a rebound in Nvidia shares and a broadly positive risk sentiment ahead of the French legislative election. The pan-European STOXX 600…
Singapore port congestion shows global ripple impact of Red Sea attacks
Singapore’s container port is experiencing its worst congestion since the COVID-19 pandemic, largely due to prolonged vessel re-routing to avoid Red Sea attacks, causing significant disruptions in global shipping. The…
Volkswagen Recalls Over 271,000 Vehicles in the U.S. Due to Potential Air Bag Fault
Volkswagen is recalling more than 271,000 vehicles in the United States because of a potential wiring fault that may deactivate the front passenger air bags when the seat is occupied,…
Exclusive: UBS urges Swiss government to clarify capital demands, sources say
UBS is pressing the Swiss government to clarify additional capital buffer requirements following its acquisition of Credit Suisse. The bank is concerned that prolonged uncertainty will unsettle investors. While initial…
Nigeria’s gas export drops 25% on low output, exits
Nigeria’s gas exports have decreased by 25% to their lowest level in three years, mirroring a similar decline in the country’s crude oil exports. This drop is attributed to low…
Naira Depreciates by 0.71% Against Dollar
On Tuesday, the naira faced renewed pressure in the official foreign exchange market, depreciating by 0.71% against the dollar. The dollar was quoted at N1,500.79, down from N1,490.20 on Monday…
FEC Steps Down Minimum Wage Memo for Further Consultations by President Tinubu
On Tuesday, the Federal Executive Council (FEC) decided to step down the minimum wage memo to allow President Bola Tinubu to engage in further consultations before proposing a new national…
Kogi IGR Increases To N23.5bn
Kogi State’s internally generated revenue (IGR) has increased from N6.5 billion to N23.5 billion annually over eight years, according to Alhaji Salihu Enehe, the executive chairman of the Kogi State…
NSIA Announces 26 Start-Ups For $220,000 Accelerator Prize For Innovation
The Nigeria Sovereign Investment Authority (NSIA) has revealed the 26 start-ups advancing to the accelerator stage of the NSIA Prize for Innovation (NPI 2.0). Initially, 100 start-ups were selected from…
Access Bank Launches Season 6 of Womenpreneur Pitch-A-Ton Programme
Access Bank has opened registration for the sixth season of its Womenpreneur Pitch-A-Ton programme, aiming to inspire, connect, and empower women. Since 2019, the programme has produced 645 mini-MBA winners…
Sterling HoldCo Gets Shareholders Approval to Raise N200bn Fresh Capital
At its inaugural Annual General Meeting (AGM), major shareholders of Sterling Financial Holdings Company Plc. approved a management decision to raise N200 billion in fresh capital. The decision comes amidst…
Pensioners with Heritage Bank to provide accounts
The Pension Transitional Arrangement Directorate (PTAD) has requested Defined Benefit Scheme (DBS) pensioners with accounts in Heritage Bank to provide alternative bank account details following the revocation of Heritage Bank’s…
World Bank Allocates $45.5M to Nigeria’s NIMC for Digital ID Project
The World Bank has disbursed $45.5 million to Nigeria’s National Identity Management Commission (NIMC) under the Digital Identification for Development (ID4D) project. This is part of a larger $430 million…
Salpha Energy gets €25,000 grant for Ashden Award
Salpha Energy has been awarded a €25,000 grant for winning the 2024 Ashden Award for Energy Innovation, supported by the UK’s Department for Energy Security and Net Zero. The announcement…
Novo Nordisk’s Weight-Loss Drug Wegovy Approved in China
Novo Nordisk announced that its popular weight-loss drug, Wegovy, has been approved for use in China, the world’s second-largest economy with the highest number of overweight or obese people. The…
European stocks fall as Nvidia slump hits tech sector
European stocks fell on Tuesday following a significant 7% drop in chipmaker Nvidia, which had a ripple effect on U.S. tech companies on Monday, indicating growing investor anxiety about the…
Headline: China Defends Against Accusations of Unfair Subsidies and Trade Practices
China’s Premier Li Qiang pushed back against accusations from the U.S. and EU at a World Economic Forum meeting in Dalian, asserting that Chinese firms do not benefit from unfair…
Nasdaq futures rise as Nvidia stabilizes after AI stocks rout
Nasdaq futures saw an uptick on Tuesday as AI-related stocks, including Nvidia, rebounded from recent losses, prompting investors to await further cues on monetary policy from U.S. Federal Reserve officials.…
Bank of Japan opens door for a hawkish double surprise
The Bank of Japan (BOJ) is signaling a potentially larger quantitative tightening (QT) plan in July, accompanied by a possible interest rate hike, as it gradually retreats from its substantial…
FG tackles revenue leakage, deploys Central Disbursement Solutions
The Federal Government of Nigeria is launching a new revenue management system called ‘Revenue Assurance and Central Disbursement Solutions’ to combat revenue leakages in its Ministries, Departments, and Agencies (MDAs)…
Crypto Traders Lose Over $280m
The cryptocurrency market is facing significant losses after its second-worst weekly decline in 2024, with Bitcoin’s price dropping nearly 5% to $61,000. This decline is attributed to waning demand for…
Annual Report: NGX Slams N76.8m Fine On 9 Firms
The Nigerian Exchange Limited (NGX) has fined nine listed companies a total of N76.8 million for failing to submit their audited financial statements on time for the years 2022 and…
Flutterwave Lays Off 30 Employees
African payments giant Flutterwave has laid off about 30 employees, approximately 3% of its workforce, as part of a strategic shift to focus on its core revenue drivers: remittance and…
Shoprite to Close Novare Central Mall Branch in Abuja by June 2024
Shoprite Mall has announced it will cease operations at its Novare Central Mall branch in Wuse Zone 5, Abuja, effective June 30, 2024. The decision was communicated in a circular…
APM Terminals Recycles Used Tyres Into Footwear
Determined to tackle the issue of used tyres littering Lagos, transport and logistics giant APM Terminals has begun recycling its discarded tyres into casual footwear under the “Nothing Goes to…
RT Briscoe To Raise N10bn With Investment Scheme
RT Briscoe has launched a flexible investment plan aimed at supporting its 43,000 shareholders, mostly retired individuals, to invest in the company by making installment payments over 18 to 24…