S&P Global Downgrades U.S. Regional Banks Due to Funding Costs and CRE Sector Challenges
S&P Global has taken action to downgrade credit ratings and outlooks for several U.S. regional banks, citing concerns about rising…
Category: Business
Pilot Union Division: Advocates Push for Extended Retirement Age Amidst Concerns
The Air Line Pilots Association (ALPA), a long-standing pilot union, faces internal division as a faction of senior pilots, led…
ECOWAS Rejects Niger’s Proposed Three-Year Transition Plan by Military Junta
The Economic Community of West African States (ECOWAS) has declined to accept a proposed three-year power transition plan put forth…
CBN Disburses N37.6 Billion in Loans to Mortgage Banks in 2022
The Central Bank of Nigeria (CBN) has provided loans and advances totaling N37.6 billion to mortgage banks in 2022, according…
BOST Records Profits for Second Consecutive Year, Marks Turnaround
The Bulk Oil Storage and Transportation Limited Company (BOST) has reported a profit after tax of GH¢342 million for the…
Coronation Insurance Delays Shareholders’ Meeting for NGX Delisting Indefinitely
The planned shareholders’ meeting of Coronation Insurance Plc, which was ordered by the court and aimed at discussing the proposed…
Nigeria Ready to Join Second Phase of AfCFTA’s Guided Trade Initiative
Nigeria’s participation in the second phase of the Guided Trade Initiative (GTI) under the African Continental Free Trade Area (AfCFTA)…
Central Bank of Nigeria Launches Price Verification System to Enhance Trade Transparency
The Central Bank of Nigeria (CBN) has officially launched its Price Verification System (PVS) portal, which will require all applications…
Legal Battle Over First Bank Holdings Shares Continues, Court Adjourns Hearing
A Federal High Court in Lagos has adjourned a hearing on various applications related to the controlling shares of First…
Manufacturers Association of Nigeria Raises Concerns Over Inflation’s Impact on Manufacturing Sector
The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has expressed concerns about the adverse effects of the…
Nigerian Liquefied Natural Gas Ltd Shutdown Threatens Gas Production
The continued shutdown of operations by Nigerian Liquefied Natural Gas Ltd (NLNG) is posing a serious risk to the country’s…
Nigeria Secures $3 Billion Emergency Loan to Stabilize Naira Amid Concerns
The Nigerian National Petroleum Company Limited (NNPCL) and Afreximbank have jointly signed a commitment letter and term sheet for an…
Naira Rebounds Against Dollar as CBN Announces Intervention
The Nigerian naira has rebounded against the United States dollar in the parallel market, closing at 850/dollar. This rebound comes…
Nigeria’s Inflation Hits Highest Level in Almost Two Decades Amid Reforms
Nigeria’s annual inflation rate has surged to 24.08% in July, marking its highest level in nearly two decades and worsening…
Nigerian Oil Marketers Urge Gradual Relaxation of Fuel Subsidy Removal
Oil marketers in Nigeria have advised President Bola Tinubu to consider a gradual relaxation of the removal of subsidy on…
Resilient Trade Relations Between Ghana and the USA Reach All-Time High
Trade relations between Ghana and the United States of America (USA) have demonstrated remarkable resilience, with bilateral trade in goods…
Government Reinstates Fuel Subsidies to Stabilize Pump Prices Amidst Oil Market Concerns
In an unexpected policy reversal, the government of Kenya has reintroduced fuel subsidies in response to surging pump prices triggered…
Safaricom Boosts M-Pesa Daily Transaction Limits in Bid to Compete with Banks
Safaricom, a prominent telecommunications company in Kenya, has gained the Central Bank of Kenya’s (CBK) endorsement to significantly raise the…
Oil Marketers Seek Deal to Pass Foreign Exchange Losses to Customers, Fueling Price Concerns
Oil marketers in Kenya are engaged in discussions with the government to shield themselves from foreign exchange losses caused by…
Soaring Diesel Costs Spark Concerns of Factory Closures and Job Losses in Nigeria
The foreign exchange crisis in Nigeria and the recent implementation of a 7.5% Value Added Tax (VAT) on Automotive Gas…
Stakeholders to Address Challenges in Nigeria’s Electronic Payment System
Stakeholders in Nigeria’s electronic payment system are gearing up to find solutions to challenges that emerged in the first quarter…
Resumption of Forcados Crude Oil Exports After Month-Long Halt
Exports of the Forcados grade of crude oil have resumed, according to a statement by a Shell spokesperson. The resumption…
Nigerian Government Aims for N100 Trillion Asset Under Management (AuM) Growth Over 10 Years
The Nigerian Federal Government, represented by the Ministry of Finance Incorporated (MOFI), has set a target to achieve N100 trillion…
Nigeria Requires $20 Billion Annual Investment for Gas Expansion Projects
The Nigerian government has stated that approximately $20 billion in annual investments will be necessary to achieve the desired expansion…
ECL Launches “WorkMate” Automation Tool to Enhance Productivity and Efficiency
ECL has launched an automation tool named “WorkMate” that offers pre-built automations for various industries. The tool can be deployed…
Central Bank of Kenya Sets New Interest Rate Corridor to Guide Interbank Lending
The Central Bank of Kenya (CBK) has introduced a new interest rate corridor to guide interbank lending and control interest…
Vista Group Acquires Majority Stake in Orabank to Create Pan-African Banking Group
Vista Group has agreed to acquire a 61.4% stake in Orabank S.A., the holding company of Orabank, from existing investors…
Prosper Africa Partners with African Asset Fund Managers to Mobilize $200 Million for Innovation and Entrepreneurship
Prosper Africa has announced partnerships with four African asset fund managers under the Prosper Africa Catalytic Investment Facility, with plans…
African Mobility Fintech Moove Raises $76 Million to Expand Vehicle Financing Services
Nigerian mobility fintech company Moove has secured $76 million in funding to expand its vehicle financing services. The investment includes…
Knife Capital Successfully Closes R941 Million African Series B Expansion Fund
South African venture capital firm, Knife Capital, has successfully concluded its African Series B expansion fund, known as Knife Fund…