Real Time Financial News Website
FCMB Group Plc has secured shareholder approval to raise N340 billion in capital to strengthen its banking subsidiary, First City Monument Bank Limited. The approval, granted at an extraordinary general…
The naira is expected to recover in 2025, driven by increased foreign exchange inflows, reduced petrol and food importation, and improved oil exports. Experts attribute this optimism to domestic refining…
Zest AI, a credit underwriting solutions provider, has secured a $200 million growth investment from its long-time investor, Insight Partners. This funding marks Insight’s largest contribution to Zest AI, following…
Rainier Partners, a Seattle-based private equity firm, has announced its investment in Welfare & Pension Administration Service (WPAS), a leading third-party administration firm specializing in multi-employer benefit plans. WPAS, based…
The United States Trade and Development Agency (USTDA) and Paris-based Meridiam SAS have signed a Memorandum of Understanding (MOU) to advance infrastructure investment in sub-Saharan Africa. The partnership aims to…
The Securities and Exchange Commission (SEC) has released draft rules enabling pension funds in Nigeria to resume investments in commercial papers. This follows a prior directive from the National Pension…
Capital Economics forecasts subdued economic growth for Saudi Arabia through 2025, attributing it to conservative oil policies and fiscal consolidation efforts. The country’s GDP growth slowed from 1.4% in the…
President Bola Tinubu presented the 2025 Appropriation Bill to the National Assembly, aiming to stabilize the exchange rate at N1,500 per dollar, down from the current N1,700, and reduce inflation…
Micro, small, and medium enterprises (MSMEs) in Nigeria are facing a tough economic environment marked by rising costs, limited access to credit, multiple taxation, and inadequate infrastructure. These challenges have…
The Indian rupee has plunged past the 85 mark against the U.S. dollar for the first time, marking a historic low. The decline follows the U.S. Federal Reserve’s hawkish outlook,…
The Central Bank of Nigeria (CBN) has implemented a daily withdrawal limit of N100,000 for customers using point-of-sale (PoS) terminals to boost the country’s cashless economy. The policy, outlined in…
Dangote Petroleum Refinery has refuted claims made by the Nigerian National Petroleum Company Limited (NNPCL) about its role in a $1 billion refinery investment. Describing NNPCL’s statement as misleading, Dangote…
Nigeria’s external reserves have grown to $42.01 billion, enabling the country to finance imports for over nine months, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. Speaking before…
The Nigerian stock market maintained its upward trend, fueled by price gains in Aradel Holdings Plc and 41 other stocks. The Nigerian Exchange Limited All Share Index (NGX-ASI) rose by…
The Securities and Exchange Commission (SEC) has called for stronger policy support to help drive Nigeria’s ambition of reaching a $1 trillion economy, emphasizing the capital market’s crucial role in…
The Nigerian Exchange (NGX) saw a positive trading session on December 18, 2024, with the equity market gaining N78 billion in value. This growth was driven by significant increases in…
The Securities and Exchange Commission (SEC) has emphasized that achieving a $1 trillion economy is essential for Nigeria’s prosperity and resilience. Dr. Emomotimi Agama, the SEC Director General, stated that…
The Nigerian Senate has introduced a bill to amend the Central Bank of Nigeria Act, 2007, prohibiting the use of foreign currencies for payments and transactions within the country. Titled…
Hedge fund investors are prioritizing macro strategies for 2025, driven by anticipated political and economic turbulence under the incoming U.S. administration. President-elect Donald Trump’s policies, particularly tariff hikes, are expected…
The National Pension Commission (PenCom) has revealed that over 38,000 employers secured pension and insurance coverage for their workers in 2024. This move aligns with the provisions of the Pension…
The recent surge in Bitcoin’s value has sparked interest among luxury brands to explore cryptocurrency as a payment option, aiming to attract affluent crypto investors and foster loyalty. While pioneers…
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced the recovery of N29.7 billion and $966,900 in foreign currency within the past year, with the funds deposited at…
The naira remained stable across Nigeria’s foreign exchange markets on Tuesday as dollar demand eased slightly. At the Electronic Foreign Exchange Matching System (EFEMS), the dollar was quoted at N1,534.10,…
Foreign Portfolio Investments (FPIs) in the Nigerian stock market surged by 180.95% in the first ten months of 2024, reaching N344.30 billion compared to N122.55 billion during the same period…
African nations, including Nigeria, require approximately $74 billion for debt servicing in 2024, highlighting the continent’s worsening debt crisis. Speaking at the launch of the Debt Management Forum for Africa…
The World Bank plans to approve three major loans for Nigeria in 2025, totaling $1.65 billion, aimed at addressing the country’s pressing developmental challenges. These loans will focus on improving…
The Federal Executive Council (FEC) has approved Nigeria’s 2025 budget, which projects a deficit of N13.1 trillion, representing 3.89% of GDP. Finance Minister and Coordinating Minister for the Economy, Wale…
The Central Bank of Nigeria (CBN) has intensified efforts to enhance banking efficiency and transparency through stricter enforcement of market discipline. This initiative underscores the critical role of the financial…
Fitch Ratings has projected a challenging year ahead for African banks, including Nigerian financial institutions, in its African Banks Outlook 2025 report. The agency highlighted domestic and global operating environment…
The Naira appreciated in the parallel market yesterday, trading at N1,660 per dollar, a slight improvement from N1,662 per dollar recorded last weekend. This movement indicates a modest gain in…