Assets Surge by 39% for BoI.
The Bank of Industry said its asset base rose from N1.71tn to N2.38tn in 2022 financial year – The Chairman,…
Category: Business
Dangote Refinery kicks off, processing crude from three continents.
In order to process crude oil grades from the three continents of Africa, Asia, and America, the 650,000 barrels per…
Nestle’s profit is eroded by higher finance costs.
Nestle Nigeria Plc reported a 16.1% increase in first-quarter revenue to N127.97 billion (Q1) ended March 31, 2023 from N110.23…
Dangote Cement, MTN, and Others’ OPEX Reached N1.01 Trillion in Q1 as Inflation and FX Scarcity Persisted.
Due to double-digit inflation, a foreign exchange shortage made worse by the general elections, and the slow expansion of the…
Oil prices stay constant as US reserves increase.
Brent crude increased 2 cents, or 0.7%, to $74.42 a barrel on the futures market. The price of West Texas…
ETI Shareholders Approve Exercise to Raise $500 Million in Capital.
The resolution authorizing the issuance of additional Tier 1 and Tier 2 qualifying subordinated debt as well as senior ranked…
The appeals court suspends the Seplat board’s order.
The Abuja-based Court of Appeal has overturned a ruling that prevented the Board of Directors of Seplat Energy from carrying…
Port operators contributes $440 million to Apapa ports.
According to APM Terminals, it has invested about $440 million in the Apapa ports since the port concession in 2006…
The Senate has approved the N876 billion NDDC 2023 budget.
The Niger Delta Development Commission (NDDC) budget for 2023 was approved by the Senate, reaching N876 billion. A total of…
RT200 Increases Non-Oil Exports.
In an effort to boost non-oil foreign exchange earnings in the country, the Central Bank of Nigeria (CBN) launched the…
Manufacturers have threatened to go on strike in response to an increase in excise duties.
According to the Manufacturers Association of Nigeria, the recent rise in excise duty on beverage and tobacco goods will cause…
Aveng obtains debt financing for Trident Steel Africa.
Aveng Infrastructure and Resources has finalized the sale of Trident Steel, a steel solutions company, for R1.22 billion. With the…
Three African investment managers have been awarded a Visa and an AWIF grant for entrepreneurship.
The African Women Impact Fund Initiative (AWIF), a collaboration between Standard Bank and the United Nations Economic Commission for Africa…
STOA Set to Buy a Minority Stake in Morocco’s Building Logistics.
STOA, a subsidiary of the French deposit and consignment fund CDC, announced a MAD330 million ($32.9 million) transaction on Tuesday…
The EBRD will invest in RMBV’s USD 300 million North Africa fund.
The European Bank for Reconstruction and Development (EBRD) will invest USD 60 million in RMBV’s third North African fund, according…
BPE Partners and TSFE support the creation of a pharmaceutical distribution platform.
The Sovereign Fund of Egypt (TSFE), in collaboration with leading private equity firm B Investments and its healthcare and pharmaceutical…
Investors question projected exit pricing for Union Bank and Oando purchases.
Investors in Nigeria’s capital market are unhappy with the exit prices proposed by Titan Trust Bank Limited and Ocean and…
The Nigerian President’s Order has Delayed the Return of the Benin Bronzes.
A presidential decree naming a royal ruler as the owner and custodian of all returned artifacts caused a British university…
Nigeria’s April Oil Production Fell Below 1mln bpd.
Following a strike at Exxon Mobil’s local facilities, Nigeria’s oil production dropped below 1 million barrels per day (bpd) in…
FEC Authorizes Additional N129 billion for the Ogoni Remediation.
The Federal Economic Council authorized the expenditure of N129.8 billion for a number of projects within the Ministry of the…
CBN: Debt Servicing Hits $112m Monthly.
The Federal Government spent $112.35 million in January 2023 repaying external debt. According to information from the Weekly International Payments…
Otedola Fumes Over Transcorp Deal.
Femi Otedola, a multibillionaire businessman, claimed on Tuesday that his offer to pay N250 billion for the Nigerian giant Transnational…
KCB Group Modifies its Investment in NSSF.
The National Social Security Fund (NSSF) sold shares valued at Sh837.2 million in the three months prior to December, according…
CBN Penalizes Shipping Companies that Export Illegal Cargoes from Nigeria.
CBN Governor, Godwin Emefiele, while speaking at the RT200 non-oil export summit 2023 in Abuja with the theme “RT200: Challenges…
The NCC Approves the Lease of NTEL’s Spectrum to MTN.
MTN Nigeria is given permission by the Nigerian Communications Commission to lease spectrum from Natcom Development and Investment Limited. The…
Fashola Reports that 383,431 Jobs were Created in Six Years.
Fashola said that from 2016 to 2022, 383,431 jobs were created through the government’s infrastructure renewal, with jobs being generated…
IMF Cautions Nigeria that Foreign Loans will Decrease.
Nigeria has been forewarned by the International Monetary Fund to prepare for a substantial decrease in foreign loans as the…
Nigerian payment Startup Nomba Revealed it Secured $30 million in Pre-Series B Funding.
Base10 Partners, based in San Francisco (investors in Nubank, Plaid, and Brex), led the investment, which also included Helios Digital…
Transcorp Power Receives a Discharge Certificate from Osinbajo.
According to Vice President Yemi Osinbajo, meeting Nigeria’s growing energy needs would require “serious” private sector investment in the country’s…
Dangote Refinery Set to Launch May 22nd.
There is new hope for Nigeria to increase its capacity for domestically refined fuel by 103.34 million liters per day…