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…
Category: Finance
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…
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…
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…
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…
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…
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…
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 &…
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,…
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…
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…
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…
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…
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…
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…
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…
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…
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…
House of Rep Increase the Cap on CBN Loans.
Despite opposition, the House of Representatives passed an amendment to the Central Bank of Nigeria Act, boosting the cap of…
The CBN cancels the licenses of 179 microfinance banks and others.
The Central Bank of Nigeria has cancelled the licenses of 179 microfinance banks, four primary mortgage banks, and three financing…
Breweries and the Tobacco Sector on the Verge of Disaster.
According to Dike Onwuamaeze, businesspeople and economists have expressed concern that the 2023 Fiscal Policy Measures may bring about the…
The CBN prohibits the mint corporation from printing checks.
According to a recent circular, the Central Bank of Nigeria has authorized four indigenous businesses to issue checks in the…
The World Bank will increase FG’s access to a $750 million loan.
The Federal Government, on behalf of the 36 state governments and the Federal Capital Territory, is about to receive a…