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…
Category: Business
Nigerian startups raise $160 million in 3 months
Despite a slowdown in funding across the African continent, Nigerian startups have raised an impressive $160 million in the first…
Tony Elumelu eyes purchase of Nigerian Premier Football League Club
Renowned Nigerian billionaire Tony Elumelu has shown interest in acquiring a club in the Nigeria Premier Football League (NPFL) following…
Premium Pension AUM rises to N1.134trn
Premium Pension Limited, a leading Pension Fund Administrator (PFA) in Nigeria, achieved significant growth in its Assets Under Management (AUM),…
CAC places FBN Holdings records on caveat
The Corporate Affairs Commission (CAC) has taken action amid the crisis rocking the board of First Bank of Nigeria (FBN)…
Nigeria set to receive $1.05 billion syndicated loan backed by oil
The federal government has finalized arrangements to receive a $1.05 billion syndicated loan backed by oil by the end of…
Forex losses hit currency dealers as CBN slashes BDC rate to N1,117.5/$
Currency dealers expressed concern over mounting losses and decreasing demand for the dollar as the naira continued to appreciate in…
High costs push manufacturing exports down 62% in 4yrs
The manufacturing sector’s contribution to Nigeria’s non-oil exports has experienced a significant decline of 62% over the past four years.…
CBN’s policy reforms propel naira to high, but challenges remain
The Central Bank of Nigeria (CBN) has successfully implemented most of its long-awaited monetary policy reforms, providing a window of…
U.S. treasury secretary urges China to address global economic concerns
U.S. Treasury Secretary Janet Yellen recently highlighted growing worries about China’s excessive manufacturing capacity, emphasizing the issue during economic discussions…
Johnson & Johnson to acquire Shockwave medical for $12.5 Billion
In a significant move to expand its portfolio of medical devices for heart disease treatment, Johnson & Johnson (J&J) has…
Foxconn forecasts revenue growth in Q2 after dip in Q1
Foxconn, the world’s largest contract electronics manufacturer and key assembler of Apple’s iPhone, anticipates a rise in second-quarter revenue following…
Petrol queues returns as NNPC struggles to meet demand
Motorists in certain parts of Lagos encountered renewed queues at petrol stations on Thursday, attributed to challenges faced by the…
Nigeria’s raw material imports surge by 25%
In 2023, imports of raw materials into Nigeria witnessed a substantial increase of 25%, totaling N3 trillion, as per data…
Stock market sees investor losses on bearish trading
Stock investors faced losses totaling N252 billion as the Nigerian Exchange sustained a bearish trend on Thursday, continuing a decline…
Stanbic IBTC bank upgrades mobile app
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, introduced an upgraded version of its mobile app tailored specifically for…
Less than 30% of taxable citizens pay tax in Nigeria
The Christian Aid UK Nigerian Programme has disclosed that less than 30% of taxable citizens in Nigeria contribute to tax…
ThinkBusiness Africa faults proposed sugar tax hike
ThinkBusiness Africa, an economic analysis and policy advocacy group, has raised concerns regarding the assertions made by the Corporate Accountability…
Global markets watchdog proposes closer scrutiny of stock exchanges
The International Organization of Securities Commissions (IOSCO) suggested new guidelines on Thursday to help regulators keep a closer eye on…
Japanese companies agreed on biggest wage hike in 33 years, union group says
A group of Japanese companies have agreed to increase wages by 5.24% this year, according to Rengo, the country’s largest…
African airlines lead global air cargo demand growth in Feb. 2024
A new report by the International Air Transport Association (IATA) has revealed that African airlines experienced a remarkable 22% year-on-year…
SME agency tightens credit facility process for small businesses
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has implemented a new selection process for beneficiaries of its…
Nigeria’s business activity remains steady in March: Stanbic
According to the latest Purchasing Managers’ Index (PMI) published by Stanbic IBTC, business activities in Nigeria stayed unchanged in March,…
Transcorp plc reports 93% profit growth in 2023
Transnational Corporation Plc (Transcorp) witnessed a substantial increase in its profit before tax, soaring by 93.5% to N58.8 billion in…
Dangote refinery to reduce dependency on imported petrol by May
There are signs that Nigeria’s reliance on imported petrol will decrease significantly as the $20 billion Dangote Refinery plans to…
Dangote sugar refinery launches N50bn commercial paper offer
Dangote Sugar Refinery PLC (DSR) has introduced Series 2 and 3 Commercial Paper offers totaling up to N50 billion under…
Gabon launches national dialogue for democratic revitalization
Gabon has embarked on a historic national dialogue led by President Felix Tshisekedi, marking a significant departure from the 54-year…
Virgin Atlantic expects profitability in 2024 Demand
Virgin Atlantic anticipates returning to profitability in 2024 following robust revenue growth driven by increased demand from holidaymakers. The airline…
MTN Nigeria seeks shareholders’ input In capital loss management
MTN Nigeria has announced plans to hold an extraordinary general meeting (EGM) with its shareholders later this month in Lagos.…
FX market roars back to life with $1bn single-day trade
On Tuesday, Nigeria’s foreign exchange market experienced its highest turnover in a single day since 2017, signaling a significant shift…