Real Time Financial News Website
The Nigeria Social Insurance Trust Fund (NSITF) is enhancing the security and welfare of informal sector workers by integrating Agency Banking Operators and FinTech companies into its Employees Compensation Scheme…
The National Insurance Commission (NAICOM) has dismissed the Board and Management of African Alliance Insurance Plc due to persistent insolvency and the inability to fulfill obligations to annuitants and policyholders.…
In September 2024, Nigeria’s money supply reached an unprecedented N109 trillion, marking a 1.68% increase from the previous month and a 62.8% rise year-on-year. Credit to the private sector also…
In 2023, FMDQ Group Plc navigated significant economic challenges, including inflation, fluctuating exchange rates, and shifting monetary policies, affecting Nigerian and global markets. Despite these difficulties, the Group held its…
United Bank for Africa (UBA) recently rewarded 110 customers with a total of N42.8 million as part of its “75 Years, 75 Winners” Legacy Promo. The October draw, held at…
Nigerian Breweries Plc has announced a remarkable 75% increase in revenue for the nine months ending September 30, 2024, reaching N703 billion compared to N402 billion during the same period…
Nigerian fintech startup Moniepoint has reached unicorn status, now valued at over $1 billion following a $110 million funding round. The funding included significant contributions from major investors like Google…
The International Finance Corporation (IFC), the private sector arm of the World Bank, has signed an agreement with the Central Bank of Nigeria (CBN) to expand financing options for Nigerian…
Dangote Cement Plc has invested over $280 million in compressed natural gas (CNG) technology, making it the largest operator of CNG trucks in Nigeria. This substantial investment aligns with President…
The latest International Monetary Fund (IMF) World Economic Outlook report underscores a global shift in manufacturing from advanced economies to emerging markets, particularly India and China. According to the IMF,…
First Bank has announced plans to migrate to a new cloud-based procurement and financial platform, aiming to enhance operational efficiency and service delivery. This transition is set to commence on…
The U.S. Department of Justice and the Nigerian government have established a Bilateral Liaison Group to address illicit finance and cybercrimes involving cryptocurrencies. The collaboration is a proactive step towards…
The Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, emphasized the critical role that the insurance industry plays in de-risking vital sectors and contributing to Nigeria’s economic transformation.…
Four months into Nigeria’s participation in the African Continental Free Trade Area (AfCFTA) under the Guided Trade Initiative, local exporters are grappling with the country’s foreign exchange crisis, which is…
Nigeria’s engagement with the global debt market continues to thrive, according to the International Monetary Fund (IMF), despite the hurdles of rising borrowing costs. During the recent IMF/World Bank annual…
The Business Journal Annual Lecture 2024 is set to highlight the critical role of the insurance industry in catalyzing sustainable economic growth in Nigeria. Themed “Repositioning the Insurance Industry to…
United Bank for Africa (UBA) Plc announced a 20.2% rise in profit before tax (PBT) for the third quarter of 2024, reaching N603.48 billion, up from N502.09 billion in the…
MTN Nigeria’s CEO, Karl Toriola, has highlighted the urgent need for the telecommunications industry to return to profitability, citing escalating operational losses. Speaking during a media tour, Toriola emphasized that…
Nigeria’s manufacturing sector is grappling with severe challenges, including rising energy costs, aggressive production expenses, and logistical constraints. Energy prices, especially petrol and electricity tariffs, have surged dramatically, with the…
Despite Nigeria’s significant infrastructure deficit, pension fund investments in the sector remain around one percent, far below the 15 percent benchmark set by the Pension Reform Act. The National Pension…
The Central Bank of Nigeria (CBN) has launched a re-validation process to address complaints from manufacturers and importers regarding foreign exchange claims totaling $2.4 billion. Governor Olayemi Cardoso revealed that…
The Federal High Court in Abuja has extended the freezing of 818 bank accounts connected to a N10 billion cyberattack on Hope Payment Service Bank (Hope PSB). The 30-day extension…
The Central Bank of Nigeria (CBN) has announced that, through its intervention, Nigerian banks refunded approximately N7.05 billion and $714,569 to customers. This disclosure was made in the CBN’s September…
Nigeria’s headline inflation rate rose to 32.7% in September 2024, marking a marginal increase of 0.55% from August, as reported by the National Bureau of Statistics. This uptick follows two…
The Nigerian government has given out N24.78 billion to help 991,261 poor families across the country. This is part of a program to reduce poverty and help families with their…
The National Pension Commission (PenCom) has reported significant growth in both public and private sector pension contributions, with public contributions reaching N5.72 trillion and private sector contributions at N5.23 trillion…
Regency Alliance Insurance Plc reported a 225% increase in profit after tax for the year ending December 31, 2023, reaching N1.93bn, up from N594.6m in 2022. This growth was attributed…
Nigeria’s foreign exchange earnings saw significant growth in the second quarter of 2024, with the trade surplus rising to N6.95tn due to robust export activities. The National Bureau of Statistics…
Nigeria’s financial sector grew by more than 30% in the first half of 2024, signaling strong economic recovery from contractions in 2021. Wale Edun, Minister of Finance, highlighted this achievement…
Credit to Nigeria’s private sector saw a significant increase of 38% year-on-year in June 2024, reaching N73.12 trillion, up from N52.81 trillion in June 2023. This rise reflects banks’ ongoing…