SEC, Capital Market Community Hold Q1 Meeting
The Securities and Exchange Commission (SEC) has revealed plans for the Capital Market Committee (CMC) meeting, scheduled to be held virtually on Thursday, April 18, 2024. The purpose of the…
UBA outlines growth strategies for 2024
United Bank for Africa (UBA) Plc has unveiled its strategies to bolster growth prospects for the 2024 financial year. During the 2023 Full Year Investors’ Conference Call, UBA’s Group Managing…
Food inflation hits 40% in Nigeria as prices continue to soar
The National Bureau of Statistics (NBS) has reported a staggering increase in food inflation to 40% in March, marking a significant rise of 15.56 percentage points compared to March 2023.…
N720bn lost to lower crude production in two months- Report
Nigeria experienced a significant loss of approximately N720 billion in revenue due to consecutive monthly declines in crude oil production in February and March 2024, according to The PUNCH. This…
FG begs electricity union to avoid strike
The Federal Government has urged members of the National Union of Electricity Employees (NUEE) not to go on strike in response to the recent electricity tariff hike. The union has…
Nigeria’s Tier-1 banks plan $3.03 billion in fresh capital
Four of Nigeria’s tier-1 banks, including FBN Holdings, Access Holdings, Guaranty Trust Holding Company Plc, and United Bank for Africa Plc, have announced intentions to raise over $3.03 billion (N3.46…
Attacks on Russian refineries may disrupt global oil markets
The International Energy Agency (IEA) has voiced support for the United States’ stance, indicating that Ukrainian drone strikes on Russian oil refineries could disrupt global petroleum markets, as reported by…
Zenith bank takes steps to meet CBN’s N500bn capital requirement
Zenith Bank Plc has announced its proactive measures to comply with the Central Bank of Nigeria’s (CBN) new capitalization requirement of N500 billion. The bank revealed its strategy in its…
Air Peace faces tough competition on London Route as currency rebounds
Air Peace recently launched flights on the Nigeria-London route, sparking intense competition with established foreign airlines. The airline’s inaugural flight on March 31, 2024, marked a significant milestone, boasting a…
Six banks shareholders get N366bn dividends –Report
In 2023, investors in six Nigerian financial institutions reaped significant rewards, with final dividends totaling approximately N366.93 billion, as reported by The PUNCH. This amount marks a substantial increase of…
FG targets 6,000 megawatts of electricity in 6 months
Nigeria’s Minister of Power, Adebayo Adelabu, has provided assurance that the country is set to generate 6,000 megawatts (MW) of electricity within the next six months. Speaking on Channel Television’s…
NNPC Chief pledges increased gas supply to stabilise naira
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Kyari, has vowed to escalate the supply of Nigeria’s gas to both local and international markets, with the aim…
Former CBN Governor Godwin Emefiele Granted N50 Million Bail
A high court in Ikeja, Lagos, has approved a N50 million bail for the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, on April 12, 2024. Judge Rahmon Oshodi…
20hrs Supply: DisCos post 37 apologies to Band A customers In 1 week
Following the Nigerian Electricity Regulatory Commission’s (NERC) recent increase in electricity tariffs for Band A customers, electricity distribution companies (DisCos) are grappling with challenges in sustaining consistent power supply. Despite…
China’s exports likely swung back to contraction in March
A Reuters poll conducted on Thursday suggests that China’s exports likely declined in March, following a period of better-than-expected growth in the first two months of the year. Economists anticipate…
Nike pins hopes on Olympics to win back market share
The company will outfit athletes from various countries, including the United States, Canada, China, Kenya, Germany, Uganda, and more, across a range of sports such as basketball and breaking, a…
US bets on climate friendly farming, plan raises doubts
President Joe Biden’s administration is incentivizing farmers to adopt practices that store carbon in the soil to combat climate change. However, interviews with soil science experts and a review of…
Amazon CEO eyes cost reductions in fulfillment network
Amazon’s CEO, Andy Jassy, revealed plans to further reduce costs in the company’s fulfillment network, following recent staff reductions across various divisions. In a letter to shareholders, Jassy outlined the…
Government expects 1.5trn savings, more meters with electricity tariff hike
The Federal Government has announced that it expects to save a significant amount of money this year following the recent increase in electricity tariffs for Band A customers. With the…
Dredgers Association threatens legal action over Tilapia Fish mortality
As the controversy surrounding the death of tilapia fish in Epe persists, the Dredgers Association of Nigeria (DAN) has issued a stern warning of potential legal action against Epe tilapia…
New CEO of Africa Prudential eyes capital market opportunities
Catherine Nwosu, the recently appointed Managing Director/Chief Executive Officer of Africa Prudential Public, has outlined plans for the firm to explore opportunities in the capital market. Speaking at the group’s…
IBEDC MD urges customers to halt attacks on workers
Kingsley Achife, the Managing Director of Ibadan Electricity Distribution Company (IBEDC), has issued an appeal to customers, urging them to refrain from assaulting the company’s workers in the field. In…
Forex policies affecting transborder trade, say traders
The Transborder Traders Association has raised concerns over the impact of the Central Bank of Nigeria’s foreign exchange policies on intra-African trade. President Nasiru Salami highlighted the challenges faced by…
All On invests £1m in mobile power for renewable energy solutions
The investment will support Mobile Power’s expansion efforts, particularly the roll-out of the MOPOMax, a high-capacity generator replacement battery designed for household and productive use applications. With a 1,000Wh capacity,…
US inflation surges to 3.5%, raises concerns for emerging markets
In a surprising turn, US inflation accelerated beyond expectations in March, reaching 3.5 percent, signaling a setback in efforts to contain rising prices and potentially delaying planned interest rate cuts.…
Wigwe: Family of Ogunbajo files lawsuit over helicopter crash
The family of Abimbola Ogunbanjo, former Chairman of the Nigerian Exchange Group (NGX Group), has initiated a wrongful death lawsuit against US-based Orbic Air LLC, the charter company responsible for…
Dangote says diesel price reduction to cut Nigeria’s inflation
Aliko Dangote, the chairman of Dangote Group, has revealed that his refinery’s initiative to sell diesel at discounted prices is poised to alleviate Nigeria’s inflation challenges. He shared this insight…
Champion Breweries Plc reports 73% drop in profit
Champion Breweries Plc, a prominent Nigerian brewing company, witnessed a significant decline in profit, plummeting by 73.6 percent according to its latest financial statement. The company’s after-tax profit plummeted to…
Biden and Kishida likely to discuss Texas bullet train project
President Joe Biden is working to bring attention back to a plan to create America’s first high-speed rail system by using Japanese bullet train technology. He is expected to discuss…
Hong Kong considers expanding investment links with China
The Hong Kong Monetary Authority (HKMA) is exploring the possibility of enhancing investment connections between Hong Kong and mainland China, according to CEO Eddie Yue. Speaking at the HSBC Global…