Nigerian drugmakers see 58% revenue rise as prices soar
Nigerian pharmaceutical companies are experiencing a surge in revenue, with a combined increase of 58% in the first quarter of…
Category: Business
Chinese companies rush to hike dividends, buy back shares in Japan-style reform
Chinese companies are responding to government calls to improve investor returns by offering record dividends and share buybacks. This has…
Oil prices steady as solid U.S. crude demand offsets rate concerns
Oil prices remained relatively unchanged today as conflicting factors influenced the market. Upward pressure came from a recent decline in…
Germany to Scrap Gas Storage Fee for Neighboring Countries
Germany is removing a fee it charged neighboring countries for accessing its natural gas reserves. This levy, implemented during the…
Asia’s Oil Imports Surge in May, Driven by India
Asia’s crude oil imports reached a 12-month high in May, fueled by a massive increase in demand from India. The…
U.S. Announces $176 Million in Additional Aid for West Africa
The United States Agency for International Development (USAID) announced nearly $176 million in additional humanitarian aid for West African countries…
Elon Musk reclaims title of world’s richest person with $209bn net worth
Elon Musk reclaimed the title of the world’s richest person thanks to his new AI startup, xAI. The company’s $6…
Shell, others pay NDDC $142m in one year
Shell Petroleum Development of Nigeria (SPDC) and Shell Nigeria Exploration and Production Company (SNEPCo) jointly paid $142.5 million to the…
Airspace management agency seeks reversal of 50% revenue deduction
The Nigerian Airspace Management Agency (NAMA) is facing financial difficulties due to a 50% reduction in their revenue. This cutback…
Dash for debt sees 64% surge in naira loan apps
The number of digital lenders in Nigeria has skyrocketed by 64% in the past year. This surge reflects Nigerians’ growing…
Aigboje Aig-Imoukhuede Wins African Banker Lifetime Achievement Award
Nigerian banking leader Aigboje Aig-Imoukhuede has been awarded the prestigious African Banker Lifetime Achievement Award. This recognition celebrates his exceptional…
Court gives GTB nod to seize Afex over N17.8b Anchor Borrowers’ Loan
Guaranty Trust Bank (GTBank) has secured a court order to freeze the assets of Afex Commodities Exchange Limited following a…
Investment Tribunal Settles Over N1 Trillion in Capital Market Disputes
The Investment and Securities Tribunal (IST) has played a key role in fostering investor confidence in the Nigerian capital market…
Nigeria’s E-commerce Boom Expected to Hit $14.92 Billion by 2029
Nigeria’s e-commerce market is expected to experience significant growth in the coming years, with a projected CAGR (compound annual growth…
New Export Policy Requires “Nigeria Export Proceeds” Form for NPA Bookings
The Nigerian Ports Authority (NPA) is implementing a new policy requiring exporters to fill out a “Nigeria Export Proceeds (NXP)”…
NGX retail transactions dip by 54.89% – Report
Retail transactions on the Nigerian Exchange Limited (NGX) saw a significant drop of 54.89%, falling to N100.77 billion in April…
World Bank Disburses $250,000 US Dollars To 10 Vulnerable Nasarawa Communities
The World Bank, through its Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) program, has disbursed a $250,000 revolving loan to 10…
FBN Holdings Shareholders To Share N14.3bn Dividend For FY 2023
FBN Holdings Plc. announced strong financial performance for the year ending December 2023. The company reported a record-breaking profit after…
Transcorp Boss Calls for Full Power Sector Privatization, Debt Resolution
Tony Elumelu, chairman of Transcorp Plc., urged the Nigerian government to fully privatize the power sector to enhance efficiency and…
Zenith Bank’s CEO Retains “Best Banking CEO in Africa” Title for Second Year
Dr. Ebenezer Onyeagwu, Group Managing Director/Chief Executive Officer of Zenith Bank Plc, has been recognized as the “Best Banking CEO…
Sacked Turkish Airlines staff not involved in ticket racketeering — Union
The National Union of Air Transport Employees (NUATE) has strongly contested the reasons given by Turkish Airlines for dismissing seven…
Naira Crisis Drives Nigerians to Locally-Used Cars
Soaring prices of imported vehicles are pushing Nigerian car buyers towards locally-used alternatives. The devaluation of the naira has significantly…
Shares nudge higher as US, EU inflation data loom
World stock markets edged higher on Monday as investors awaited key inflation data releases this week. This data could influence…
Dollar firm ahead of global inflation data
The U.S. dollar remained stable on Monday but is poised for its first monthly decline this year. Investors are waiting…
Stellantis to announce Italy-produced hybrid version of 500 EV, sources say
Fiat’s owner, Stellantis, is set to unveil a hybrid version of its popular 500e electric car. Production of this new…
Telecom Investments Pay Off: Data Revenues Soar in Nigeria
Nigeria’s telecommunications industry is reaping the rewards of significant investments in network infrastructure. MTN and Airtel, the country’s leading mobile…
CBN Director Celebrated for 35 Years of Service
The Central Bank of Nigeria (CBN) has commended Clement Oluwaranti Buari, Director of Strategy Management, for his 35 years of…
NECA Rejects N500,000 Minimum Wage Demand
The Nigeria Employers’ Consultative Association (NECA) has rejected the Nigerian Labour Congress’ (NLC) demand for a N500,000 minimum wage, stating…
Consumers fault Discos as meter price hits N147,000
Nigerians are facing a new challenge in their quest for prepaid electricity meters. Following deregulation by the Nigerian Electricity Regulatory…
Walmart Ditches Capital One as Credit Card Issuer After Service Issues
Walmart is severing its partnership with Capital One, which issued its store-branded credit cards since 2019. This decision comes after…