Chams Holdings bounces back with N20.22m profit
Chams Holdings Plc, known for providing identity verification solutions, made a remarkable comeback in 2023, returning to profit with a N20.22 million profit at the end of the year. This…
Tension in Lagos as fuel stations shut down over scarcity
Several parts of Lagos experienced palpable tension on Monday as a number of fuel stations were shut down due to supply disruptions. Areas such as Ikotun, Akonwonjo Egbeda, Igando, and…
Banks positioned to meet new recapitalization requirements
The Association of Corporate & Marketing Communication Professionals of Banks has expressed confidence that Nigerian banks are well-equipped to meet the new recapitalization requirements set by the Central Bank of…
Four banks delay filing of 2023 audited results
Four prominent banks, including United Bank for Africa, Zenith Bank, Stanbic IBTC, and Wema Bank, have disclosed that they will delay the filing of their audited results for the year…
Naira appreciates to N1,280 against Dollar on parallel market
The naira’s upward trajectory continues as the US dollar is currently trading at N1,280 on the parallel market, reflecting a 2.34 percent appreciation from the previous day’s closing rate of…
Super-sized liquidity returns to Nigeria’s FX market as daily trades near $1bn
Nigeria’s foreign exchange market experienced its highest turnover in a single day since 2017 on Thursday, with a total of $857.78 million traded, according to data from FMDQ Securities Exchange.…
FG directs banks to deduct 0.375% stamp duty on loans
The Federal Government has instructed commercial banks in Nigeria to deduct and remit 0.375% on all loans disbursed by them, according to messages sent to customers by banks. This directive…
FG to arraign Binance, 2 others for alleged tax evasion April 4
The Federal Government is set to arraign Binance Holdings Limited and its top officials, Tigran Gambaryan and Nadeem Anjarwalla, on April 4, on allegations of tax evasion. The arraignment before…
CBN sells N1.64 trillion in treasury bills as higher interest rates attract investors
The Central Bank of Nigeria (CBN) successfully conducted an auction of Nigerian Treasury Bills (NTBs) on March 27, 2024, which saw a substantial amount of N1.64 trillion being sold, as…
Crypto tycoon Sam Bankman-Fried sentenced to 25 yrs in prison
Sam Bankman-Fried, the disgraced cryptocurrency prodigy, received a 25-year prison sentence on Thursday following his conviction in one of the largest financial fraud cases in history. US prosecutors sought a…
Oando PLC suspended from Johannesburg stock exchange over financial reporting delays
Oando PLC, a prominent Nigerian energy company listed on the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE), has been suspended from the JSE as of March 27,…
Daily FX turnover jumps to record $857 million
On Thursday, March 28th, the daily forex turnover reached a remarkable $857 million, marking the highest level since the implementation of the Central Bank’s new forex policies. This milestone also…
CBN Increases capital base for commercial banks to N500- N200 billion
In a sweeping financial reform announced on Thursday, March 28, 2024, the Central Bank of Nigeria (CBN) has raised the minimum capital requirements for commercial banks, tailored to the scope…
South Africa’s producer inflation slows to 4.5%
Statistics South Africa reported that South Africa’s producer inflation rate eased to 4.5% year-on-year in February, down from 4.7% in January. Additionally, on a month-on-month basis, the Producer Price Index…
NNPC denies reports of fuel price adjustment
The Nigerian National Petroleum Company Limited (NNPC Ltd) clarified that recent reports suggesting a price change for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations…
Presco and Okomu Oil Palm companies eeport profit growth
Data compiled by BusinessDay reveals that the combined profit of Presco Plc and Okomu Oil Palm Company Plc surged by 70.2 percent last year. Their total after-tax profit soared to…
Naira strengthens as dollar supply increases at official market
Following the Central Bank of Nigeria’s (CBN) decision to raise key interest rates, the Naira has seen further improvement against the dollar. On Wednesday, the official foreign exchange rate showed…
CBN sends strong signals with interest rate hike
Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), sent two significant messages to the investor community with the recent interest rate hike. Firstly, the CBN is determined…
2m youths to be trained in Wema Bank/FGN-ALAT programme
Wema Bank has introduced the second cohort for the FGN-ALAT Digital Skillnovation Programme, in collaboration with the Federal Government of Nigeria. This groundbreaking initiative aims to train and equip 2,000,000…
Huawei partners with banks, revolutionize finance
Leading banks in Nigeria, including Access, Zenith, and UBA, gathered in Lagos for the Huawei Finance Congress, where Huawei introduced revolutionary solutions poised to reshape the future of finance. With…
Protesters block PH airport entrance over lack of amenities
Residents of Omagwa and Ipo communities in Rivers State staged a protest at the entrance of the Port Harcourt International Airport, citing grievances over the lack of power supply and…
Caverton Injects N1bn In Local Boat Building
Caverton Offshore Support Group has disclosed its investment of approximately N1 billion in in-country boat building, aimed at curbing capital flight by 70 percent. The Chief Executive Officer, Mr. Olabode…
Leadership dispute emerges at Eko DisCo
A dispute over leadership has arisen at the Eko Electricity Distribution Company (EKEDC), with conflicting statements regarding the status of its former Managing Director (MD), Dr. Tinuade Sanda. While the…
Dangote, Elumelu, Rabiu, others make Tinubu’s economic team
President Bola Tinubu has given the green light for the establishment of two crucial bodies aimed at addressing Nigeria’s economic challenges. The Presidential Economic Coordination Council (PECC) and the Economic…
Make Report Of Betta Edu Probe Public – Group
The Youths Vanguard For Democracy and Good Governance has urged President Bola Tinubu to ensure transparency in the investigation of the suspended Minister of Humanitarian Affairs and Social Welfare, Dr.…
China will be a driving force for the world economic recovery, official says
China is poised to play a pivotal role in driving global economic recovery this year, according to Zhao Leji, the chairman of the Standing Committee of the National People’s Congress.…
UAE’s IRH plans bid for stake in Zambia’s Lubambe copper mine
In the fourth quarter of 2023, South Africa experienced a decrease in foreign direct investment (FDI) inflows, with 16.2 billion rand ($856.67 million) recorded, down from 26.0 billion rand in…
Kenya resolves its oil importation row with Uganda – report
Kenya’s Energy Minister, Davis Chirchir, has announced that Kenya will permit Uganda’s state oil firm, UNOC (Uganda National Oil Company), to import petroleum products through its port of Mombasa. This…
Yen on intervention watch; Asia shares creep higher
The yen remained near its weakest levels in decades on Thursday, but the threat of intervention by Japanese authorities prevented further decline. Asian stocks saw gains ahead of a crucial…
Dollar strengthens against euro and pound
On Thursday, the dollar strengthened against the euro and pound after a Federal Reserve policy maker indicated no rush to cut rates, while traders remained cautious regarding the yen amid…