Banks say growing reliance on Big Tech for AI carries new risks
The rise of artificial intelligence (AI) in banking is a double-edged sword, according to European banking executives. While AI offers…
Category: Business
Americans are getting pickier, but they are still spending on hot items
Investors are analyzing US credit card spending data to understand which retailers are likely to perform well this summer. While…
China’s exports rise solidly, but slower imports temper outlook
China’s exports grew for a second consecutive month in May, offering a glimmer of hope for the country’s economic recovery.…
Morning Bid: US check on sub-4% jobless, China imports slow
Global markets are currently in a holding pattern, awaiting the release of the US employment report. This report, due out…
Major Japanese Banks to Divest $8.5 Billion in Toyota Stock
Two of Japan’s largest banks, Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Financial Group (SMFG), are reportedly planning to…
INFLATION: Cost of sales in companies rise 29% to N5.4trn
A recent analysis of financial statements from 20 leading Nigerian companies reveals a significant increase in their cost of sales.…
Insurance sector charged on digital adoption to accelerate penetration
Enterprise Life Nigeria, a leading insurance provider, is calling for the industry to embrace digital adoption. Their CEO, Mrs. Funmi…
Police declare ‘fugitive’ First Bank employee, Tijani Muiz, ‘wanted’ over alleged N40 billion fraud
The Nigerian Police Force has declared Tijani, an employee of First Bank of Nigeria Limited, wanted for multiple offenses, including…
Freight services resume on Lagos-Kano narrow gauge railway
Freight services have resumed on the rehabilitated Lagos-Kano narrow gauge railway line, announced by the Minister of Transportation, Saidu Alkali,…
Chinese Construction Company Creates 10,000 Jobs in Abuja Rail Project
The China Civil Engineering Construction Company (CCECC) has revealed that it generated 10,000 jobs during the construction of the Abuja…
Nigerian Refineries Look to US Oil to Fill Domestic Supply Gap
Nigerian modular refineries, facing an unreliable domestic crude oil supply, are exploring imports from the United States. This comes as…
Nigeria’s current trade balance rises to $1.43bn amid economic challenges
Data from the International Monetary Fund’s World Economic Outlook reveals an increase in the country’s current account balance, reaching $1.432…
Minimum wage negotiations inconclusive, says Ajaero as presidency debunks N105,000 proposal rumour
With just days left before the expiration of the ultimatum given by organized labor, negotiations on the minimum wage remain…
Airtel Africa to pay N276 billion total dividend for 2023, chooses N1,485.99 as exchange rate for final dividen
Airtel Africa is set to pay a total dividend of N276 billion ($224 million) for the fiscal year ending March…
Mansard’s 704% profit surge masks core operational concerns
Despite a staggering 704% increase in pre-tax profits, a closer look reveals a need for improvement in core business operations…
Relief for households as cooking gas price falls to N900/kg
Households in Nigeria are celebrating a significant decrease in the price of Liquefied Petroleum Gas (LPG), also known as cooking…
Heritage Bank Depositors to Get Money Back Within a Week
The Nigerian Deposit Insurance Corporation (NDIC) has begun the process of reimbursing depositors of Heritage Bank, whose license was revoked…
Atiku Tackles Tinubu As FG Projects N5.4trn For Fuel Subsidy In 2024
Former Vice President Atiku Abubakar has accused President Bola Ahmed Tinubu of misleading Nigerians about the administration’s stance on petrol…
FCMB Secures $15m Trade Finance Facility with ITFC
First City Monument Bank (FCMB) has entered into a $15 million Master Murabaha Agreement with the International Islamic Trade Finance…
Fidelity Bank goes for N127.1bn capital raise
In response to the Central Bank of Nigeria’s revised minimum capital requirements for commercial banks introduced in March 2024, Fidelity…
FG Plans N6.6 Trillion Supplementary Budget under ASAP
The Federal Government is preparing to seek approval from the National Assembly for a N6.6 trillion supplementary budget to fund…
Nigeria’s current account balance exceeds $1.432bn, says IMF
Nigeria’s current account balance has achieved a surplus of $1.432 billion in 2024, an improvement from the $1.21 billion surplus…
Oil price drops below budget benchmark, as output stagnates
Nigeria’s 2024 national budget is under significant funding pressure due to a sustained decline in oil prices and stagnant crude…
Fidelity Bank Plc undertakes a N29.6bn Rights Issue and N97.5bn public offer
Fidelity Bank Plc is set to raise up to N127.1 billion via a Rights Issue and Public Offer, as part…
Investors shun 182-day T-Bills, flock to 364-day bills with N677 billion subscriptions
The latest Nigerian Treasury Bill auction on June 5th, 2024 revealed a strong preference for longer-term investments. Investors heavily subscribed…
CNG initiative to cut petrol import spendings by $4.4bn annually–FG
Nigeria’s government is launching a Compressed Natural Gas (CNG) initiative to reduce reliance on expensive petrol imports and promote cleaner…
Foreign airlines mull comeback as FG clears trapped funds
Foreign airlines are flocking back to Nigeria after the government cleared nearly all of their previously trapped funds. This positive…
Minimum wage: Our 494k demand is not fixated – TUC president
Nigeria’s five-day-old labor strike protesting low wages has been called off to allow for continued negotiations between unions and the…
Naira remains calm across FX markets dollar sales rise by 94.46%
Nigeria’s naira remained relatively stable on Tuesday across both official and unofficial foreign exchange markets. Despite a significant rise (94.46%)…
Fitch Ratings sees naira settling at 1450/$ by December
Fitch Ratings, an international credit agency, forecasts the Nigerian naira to end 2024 at 1450 per dollar. They acknowledge the…