Real Time Financial News Website
The Government of the Islamic Republic of Iran announced that its trade with African countries has reached $1.2 billion over the past two years, with non-oil exports making up a…
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced the securing of $7 billion in Foreign Direct Investment (FDI) for the oil sector, aimed at bolstering…
On Monday, flights from Lagos airport terminals and other airports nationwide experienced significant delays and cancellations due to a strike by aviation workers. Entrances to Murtala Muhammed Airport 2 (MMA2)…
The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect, citing a breach of Section 12 (1) of the Banking and Other Financial…
Good news for Nigeria’s oil production! The Nigerian National Petroleum Company (NNPCL) and ExxonMobil have reached a settlement agreement regarding the sale of ExxonMobil assets to Seplat Energy. This long-standing…
UPDC, a leading Nigerian real estate company owned by UAC, is experiencing a major turnaround. The company recently announced a whopping 177% growth in income, thanks in part to strategic…
This year’s airlift of Nigerian pilgrims to Saudi Arabia for Hajj is off to a great start! Pilgrims and stakeholders have praised the Federal Airports Authority of Nigeria (FAAN) and…
Lagos is set to become a hub for innovation, according to a new policy proposal. The Lagos Innovation Bill aims to create a supportive environment for businesses of all sizes…
Nigerian businesses are likely to welcome a new proposal that could make planning and budgeting easier. The Presidential Committee on Fiscal Policy and Tax Reforms has recommended setting a fixed…
Nigeria’s power sector is set for a shot in the arm with a $500 million loan from the World Bank. This funding aims to address challenges faced by Electricity Distribution…
Nigeria’s government borrowing increased slightly in April, to N19.98 trillion, despite analysts’ predictions of a continued decline. This rise comes after a period of significant fluctuation, with government credit reaching…
Nigerian Customs Aims to Simplify Trade with Single Clearance Document Nigerian Customs is working towards a system that uses a single document for cargo clearance, according to Comptroller General Adewale…
The Nigerian Naira continued its decline against the US Dollar on Thursday, losing over 10% of its value at the official foreign exchange market. This comes despite recent policies and…
Nigerian pharmaceutical companies are experiencing a surge in revenue, with a combined increase of 58% in the first quarter of 2024 compared to the same period last year. This growth…
Chinese companies are responding to government calls to improve investor returns by offering record dividends and share buybacks. This has led to a significant stock market rally, mirroring reforms in…
Saudi Arabia is preparing to announce a potential secondary share offering for Aramco, its state-owned oil giant. This offering, if approved by Crown Prince Mohammed bin Salman, could launch as…
Oil prices remained relatively unchanged today as conflicting factors influenced the market. Upward pressure came from a recent decline in U.S. crude oil inventories, indicating strong domestic demand. However, this…
Germany is removing a fee it charged neighboring countries for accessing its natural gas reserves. This levy, implemented during the 2022 energy crisis, aimed to recoup costs of buying non-Russian…
The European Union (EU) has unanimously decided to withdraw from the Energy Charter Treaty (ECT), a move driven by concerns over fossil fuel protection and climate goals. The ECT allows…
Asia’s crude oil imports reached a 12-month high in May, fueled by a massive increase in demand from India. The region is estimated to have imported 27.81 million barrels per…
The United States Agency for International Development (USAID) announced nearly $176 million in additional humanitarian aid for West African countries facing conflict, food insecurity, and displacement. This funding aims to…
Elon Musk reclaimed the title of the world’s richest person thanks to his new AI startup, xAI. The company’s $6 billion fundraising round at a hefty valuation pushed Musk’s net…
Shell Petroleum Development of Nigeria (SPDC) and Shell Nigeria Exploration and Production Company (SNEPCo) jointly paid $142.5 million to the Niger Delta Development Commission (NDDC) in 2023. This represents a…
The Nigerian Airspace Management Agency (NAMA) is facing financial difficulties due to a 50% reduction in their revenue. This cutback threatens the safety of Nigerian airspace as it limits NAMA’s…
The number of digital lenders in Nigeria has skyrocketed by 64% in the past year. This surge reflects Nigerians’ growing need for credit as they face rising prices and weaker…
Nigerian banking leader Aigboje Aig-Imoukhuede has been awarded the prestigious African Banker Lifetime Achievement Award. This recognition celebrates his exceptional career transforming Africa’s financial landscape. Aig-Imoukhuede’s journey includes leading Access…
Guaranty Trust Bank (GTBank) has secured a court order to freeze the assets of Afex Commodities Exchange Limited following a N17.8 billion loan default. The loan was provided under the…
Nigeria’s Naira showed mixed performance on Wednesday, appreciating slightly on the black market but depreciating against the dollar in the official market. On the black market, often used for currency…
The Investment and Securities Tribunal (IST) has played a key role in fostering investor confidence in the Nigerian capital market by resolving disputes valued at a staggering N1 trillion since…
Nigeria’s e-commerce market is expected to experience significant growth in the coming years, with a projected CAGR (compound annual growth rate) of 11.82% reaching $14.92 billion by 2029. This forecast…