Shell PLC Returns $23bn to Shareholders
Shell Plc, in a statement released by its Chief Executive Officer, Wael Sawan, announced that it returned $23 billion to shareholders in 2023. The company’s cash flow from operations (CFFO)…
CBN Sets $1m Minimum Share Capital Requirement for IMTOs
The revised guidelines for the operation of IMTOs, officially released via the CBN’s website and signed by Dr. Hassan Mahmud, the Director of the Trade & Exchange Department has established…
Bullish Trading on Stock Market, Gaining N902bn
The stock market experienced a bullish resurgence on Thursday, resulting in a substantial gain of N902 billion. The All-Share Index and market capitalisation of the domestic bourse rose by 1.63…
Banks Rush to Sell Excess FX Holdings Ahead of CBN Deadline
Commercial banks in Nigeria were in a frenzy on Thursday as they worked tirelessly to offload their surplus foreign exchange holdings ahead of the midnight deadline set by the Central…
FBN Holdings Reports N309bn Profit
FBN Holdings, in its Unaudited Consolidated Financial Statements for the period ended December 31, 2023, announced a substantial profit of N309.89 billion. This represents a remarkable 128% increase compared to…
Dangote Refinery: NIMASA Foresees Revenue Decline
The Nigerian Maritime Administration and Safety Agency (NIMASA) has projected a decrease in revenue following the commencement of operations by the Dangote Refinery. According to NIMASA, the anticipated drop in…
CBN Orders Banks to Sell Excess Dollar Stock to Stabilise Exchange Rate
In a bid to stabilize Nigeria’s volatile exchange rate, the Central Bank of Nigeria (CBN) has directed Deposit Money Banks to sell their excess dollar stock by February 1, 2024.…
BDC Operators Suspend Operations Due to Dollar Scarcity
Bureau De Change (BDC) operators in Abuja have announced the suspension of their operations due to the unavailability of dollars. Mallam Abdulahi Dauran, Chairman of the Association, made this announcement…
EFCC Investigates Controversial Nigeria Air Deal-Festus Keyamo
Minister of Aviation and Aerospace Development, Festus Keyamo, revealed on Wednesday that the Economic and Financial Crimes Commission (EFCC) is probing the Nigeria Air deal initiated by his predecessor, Hadi…
CBN Clears Foreign Airlines’ Unpaid Claims
The Central Bank of Nigeria (CBN) announced that it has settled outstanding payments owed to foreign airlines operating in the country. According to the CBN, it has disbursed an additional…
GlaxoSmithKline Reports 33.76% Profit Decline
GlaxoSmithKline Consumer Nigeria Plc witnessed a significant 33.76% decline in profit, dropping to N510.80 million in 2023 from N771.15 million in the previous financial year. The company’s separate financial statements,…
Seven-Up, UNIDO, Zenith Bank Partner in SME’s Empowerment
Seven-Up Bottling Company, in collaboration with the United Nations Industrial Development Organisation (UNIDO) and Zenith Bank, has organized a bootcamp aimed at empowering approximately 80 Small and Medium Enterprises (SMEs)…
NNPC Engages South Korea for Gas Projects
The Nigerian National Petroleum Company Limited (NNPCL) has initiated discussions with a South Korean consortium led by Daewoo E & C regarding the development of gas projects in Nigeria. The…
OPay Bolsters Security Measures to Combat Financial Fraud
Nigerian financial technology firm OPay has launched an array of security measures aimed at fortifying its platform against financial fraud, the company announced. The initiative is OPay’s commitment to enhancing…
Dangote Refinery Plans to Import Crude from the US
In anticipation of potential supply disruptions that could jeopardize its operations, Dangote Refinery is preparing to import crude oil from the United States in the coming months. While the refinery…
Manufacturers Lament over FGN’s 7BN Debt
The Manufacturers Association of Nigeria (MAN) predicted a tough start for manufacturers in 2024, especially in the first six months. They express concern about the sector’s challenges, emphasizing the need…
Nigerians Express Disappointment on Transportation Cost Despite FGN’s Directives
Despite the Federal Government’s initiative to provide a 50% fare rebate from December 21 to January 4, 2024, passengers are expressing disappointment as the anticipated relief in transportation costs has…
Nigeria’s External Reserve Declines by $77m- CBN
In December 2023, Africa’s largest economy, Nigeria, witnessed a decline in its external reserves, dropping by approximately $77.23 million or 0.23%. According to data from the Central Bank of Nigeria,…
Nigeria Borrows $1.71 Billion: Impact on Exchange Rates
In the first nine months of 2023, Nigeria secured $1.71 billion in foreign loans to enhance the country’s foreign exchange inflow. According to data from the National Bureau of Statistics,…
Moody’s Warns of Negative Outlook for Banks in 2024 Due to Global Economic Challenges
Moody’s, the credit rating agency, has issued a cautionary outlook for banks in 2024, citing sluggish global growth, an increased risk of borrower defaults, and profitability pressures. The report highlights…
World Bank Engages Nigerian Government on Effective Public Fund Utilization
The World Bank has communicated its engagement with the Federal Government of Nigeria to ensure that public funds are utilized efficiently and effectively for the benefit of the Nigerian population.…
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 III, with a total value of R941 million (approximately $50…
Stanlib Asset Management Invests in South African Solar and Battery Platform Solareff
Stanlib Asset Management, a local investor in sustainable infrastructure, has acquired a stake in Solareff, a 13-year-old commercial and industrial (C&I) solar and battery platform in South Africa. Solareff boasts…
Central Bank of Nigeria Directs IMTOs to Pay Out Using I&E Window Rate
The Central Bank of Nigeria (CBN) has issued a directive requiring International Money Transfer Operators (IMTOs) to pay out proceeds using the Investors and Exporters’ (I&E) window foreign exchange (FX)…
CBN and NCC Commit to Expand Financial Inclusion at RegTech Summit.
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have pledged to work together to increase financial inclusion in Nigeria. This was mentioned at the 2023 RegTech…
Finance and insurance sectors grow by 26% year on year to boost GDP in Q1 2023.
Despite Nigeria’s challenging business environment, the banking and insurance industries increased real GDP by 26% year on year (YoY) in the first quarter (Q1) of 2023. According to the latest…