Monthly power subsidy soars by 151% to N211bn
The Federal Government’s electricity subsidy rose from N252.76bn to N633.30bn in the first quarter of 2024, according to the Nigerian…
Author: ayotilewa
Banks, others shut as hunger protest holds
Banks and financial institutions in Nigeria will be closed on Thursday, August 1, 2024, due to a planned hunger strike…
Controversy Surrounds Omolola Oloworaran’s Appointment as Acting PenCom DG
The National Pension Commission (PenCom) has announced Omolola Oloworaran as the new Acting Director-General, pending Senate confirmation. Her appointment aligns…
Minister orders probe into $300 passport fee allegations at Nigerian Embassy in London
Minister of Interior, Olubunmi Tunji-Ojo, announced an investigation into complaints from Nigerians in London about an additional $300 fee for…
Banks’ Recapitalisation: Foreign investors moving in — Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, announced an increase in foreign investment into Nigerian…
Stock investors lose N32bn amid selloffs
The Nigerian stock market saw another decline on Wednesday, with investors losing N32 billion. The market value fell to N55.513…
African Central Bank Governors to Meet in Abuja, to Discuss Trade and Financial Reform
African Central Bank Governors are gathering in Abuja from August 1-3 to focus on increasing intra-African trade and addressing global…
Naira Depreciates Further, Exceeds N1,600 to a Dollar
The naira has fallen to over N1,600 per US dollar at the official rate, with the dollar closing at N1,608.73…
Fitch revises Benue outlooks to positive
Fitch Ratings has upgraded Benue State’s Long-Term Issuer Default Rating (IDR) outlook from Stable to Positive, while affirming the IDR…
Aminu Umar appointed 1st African director on the board of International Chamber of Shipping
Aminu Umar, President of the Nigerian Chamber of Shipping, has been appointed as the first African director on the board…
Otedola announces support for windfall tax, urges banks to curb private jet expenses
Femi Otedola, Chairman of FBN Holdings, has announced his support for the windfall tax. He highlighted its role in ensuring…
FCMB Group Plans N110 Billion Capital Raise with New Share Offer
FCMB Group announced plans to raise N110 billion by issuing new ordinary shares at N7.30 each on the Nigerian Exchange…
African Airlines Record 11.8% Growth In Cargo
The International Air Transport Association (IATA) reported strong growth in global air cargo demand for June 2024. African airlines led…
Seplat Posts N244bn Half Year Pre-Tax Profit
Seplat Energy Plc announced a staggering 461% increase in pre-tax profit for the half-year ending June 30, 2024, reaching N244…
Tinubu approves N50,000 monthly stipend for Niger-Delta youths
President Bola Tinubu has approved a N50,000 monthly stipend for 10,000 youths in the Niger Delta to ease economic hardships.…
HSBC records $21.6 billion pre-tax profit in first half 2024
HSBC announced pre-tax profits of $21.6 billion for the first half of 2024, slightly down from last year’s record. Despite…
UK’s gain, Nigeria’s pain as nurses migration hits 9-years high
Nigerian-trained nurses are increasingly passing their professional exams in Nigeria but submitting their results abroad, particularly in the UK. A…
Youths’ anger shows up in SIM-NIN validation
On Monday, Nigerians protested aggressively against telecom companies that blocked lines not linked to the National Identification Number (NIN). The…
Airlines fly lucrative routes as plane shortage lingers
Nigerian airlines are adjusting their flight schedules to prioritize busy airports due to a shortage of aircraft. This shortage, driven…
MTN declares N519bn loss in H1 on inflation, weak naira
MTN Nigeria Communications Plc has reported a significant loss after tax of N519.1 billion for the first half of 2024,…
Bitcoin dips as Mt. Gox moves $8.6 billion ahead of looming payouts to creditors
Mt. Gox, the defunct cryptocurrency exchange, recently executed a significant transaction involving over $2 billion worth of Bitcoin. The transfer…
Lagos State Partners with PMI to Boost Project Management Efficiency
The Lagos State Government has formalized a partnership with the U.S.-based Project Management Institute (PMI) to enhance project management practices…
9mobile customers groan as network is down for over 3 days
Customers of 9mobile are experiencing significant frustration due to a prolonged network outage that has affected their ability to make…
Naira falls to 1,621/$ at official market
The naira fell to a four-month low on Tuesday, trading at N1621.12/$ at the official window, down from N1611.40/$ on…
FBN Holdings reports half year pre-tax profit of N411.9 billion
FBN Holdings reported a record pre-tax profit of N177.79 billion for the second quarter of 2024, an 18.9% increase from…
Customers besiege banks to reactivate dormant accounts
Bank customers have been visiting their banks to reactivate dormant accounts in response to new Central Bank of Nigeria (CBN)…
The AfCFTA Protocols on Intellectual Property and Patent Protection for Businesses in Lagos and Nigeria
The African Continental Free Trade Area (AfCFTA) is a landmark initiative aiming to establish a single market for goods and…
Morning Bid: Microsoft and job openings to hit pre-Fed vigil
This week, U.S. and global markets are focused on several significant events, starting with Microsoft’s quarterly update and the Federal…
Commodities fall, stocks nervy ahead of Fed, BOJ rate decisions
Oil prices fell to their lowest since early June, with Brent crude dropping to $79.34 per barrel as concerns about…
Merck cuts annual profit forecast
Merck & Co has revised its full-year earnings forecast downward to $7.94 to $8.04 per share, from the previous range…