NGX’s Boss Backs FCMB’s N110.9bn Capital Raise
Temi Popoola, Group CEO of the Nigerian Exchange Group (NGX), has commended FCMB Group for its successful capital raise of…
Category: Local
Union Bank Graduates Management Trainees
Union Bank of Nigeria has celebrated the graduation of its 2024 management trainees at a ceremony held at The Stable,…
Dangote refinery insists crude supply woes persist, blames NUPRC
Dangote Refinery, Africa’s largest oil refinery, has reiterated its struggle to secure sufficient crude oil supplies, despite Nigerian National Petroleum…
Naira gains further at official market
The naira strengthened against the dollar at both official and foreign exchange markets following the Central Bank of Nigeria’s (CBN)…
Cooking gas at N1,250/kg stokes hunger in Nigerian homes
Nigerians are grappling with a severe economic strain as the price of Liquefied Petroleum Gas (LPG), commonly known as cooking…
New CBN circular clarifies existing rule on certificate of capital importation for forex repatriation, divestment
The Central Bank of Nigeria (CBN) has issued a new circular detailing the documentation required for foreign investment divestments and…
Who is Tan Su Shan, Singapore bank DBS’s incoming CEO?
Tan Su Shan will take over as CEO of DBS Group from March, succeeding Piyush Gupta, who has led the…
Net FX flows increase by 55% to $25.4 billion in six months – CBN
Net foreign exchange inflows in Nigeria rose to $25.4 billion from January to June 2024, a 55 percent increase compared…
Five-day internet disruption frustrates work from home
On August 1, 2024, Nigerians faced significant network downtime, which impacted internet speed and accessibility. Many people struggled with slow…
Senate probes $1.5bn spent on rehabilitation of Port Harcourt refinery in 2021
The Nigerian Senate has raised concerns about the $1.5 billion allocated in 2021 for the maintenance of the Port Harcourt…
Don’t register police insurance company — Kyari, former NAICOM CEO
Mohammed Kari, a former Commissioner for Insurance, has opposed the licensing of Nigeria Police Force (NPF) Insurance Company Limited by…
Why CBN Injected N700bn Bailout In Unity Bank-Providus Bank Merger
The Central Bank of Nigeria (CBN) has approved a N700 billion financial package to support the merger between Unity Bank…
Axxela, NNPC Gas Company Commission 5km Gas Pipeline
Axxela Limited, in collaboration with NNPC Gas Marketing Limited (NGML), has commissioned a 5km natural gas pipeline network in Victoria…
CBN eases FX pressure, sells $876.26m to end-users at N1,495/$
The Central Bank of Nigeria (CBN) has sold $876.26 million at a rate of N1,495 per dollar through a Retail…
MeCure reports 38% rise in revenues as cost mute profit growth
MeCure Industries PLC announced its financial results for the second quarter of 2024, revealing a slight increase in pre-tax profit…
Credit to economy falls 1.5% to N102.7trn
In June, banks’ lending to the economy fell by 1.5% from May, dropping to N101.2 trillion. This decrease was noted…
US, Africa Investment Summit To Hold In September
The Sub-Saharan Africa Business and Investment Summit (SSABIS) will return in September 2024, following the success of previous editions. This…
TCN Blames Arcing For Loss Of Supply On National Grid
The Transmission Company of Nigeria (TCN) has refuted reports of a grid collapse on Monday. Instead, it described the incident…
Aviation Unions Seek Tinubu’s Intervention In Arik Air’s Grounding
Three major aviation unions have appealed to President Bola Tinubu for intervention in the grounding of Arik Air’s fleet. The…
Nigeria’s NLNG dividend falls 43% on gas constraints
Nigeria’s revenue from Nigeria Liquefied Natural Gas (NLNG) Limited has dropped by 43% due to persistent gas supply issues. In…
Dangote to sell 12.5% refinery stake amid liquidity concern
The Dangote Group is considering selling a 12.5% stake in its newly commissioned refinery due to liquidity challenges, according to…
FG unveils comprehensive strategy for economic growth, citizens’ welfare
Nigeria’s Finance Minister, Wale Edun, has outlined the federal government’s strategy to revitalize the economy while prioritizing citizens’ welfare. In…
Heirs Insurance Group appoints Puri, Iroche as non-executive directors
Heirs Insurance Group (HIG) has announced the appointment of Ibrahim Puri and Sonny Iroche as independent non-executive directors for its…
NNPC Announces Launch of New Crude Oil Grade, Targets 50,000bpd
NNPC Ltd has launched a new crude oil grade called Utapate into the international market. The oil is produced from…
Overland Begins Lagos-Abuja Direct Flights
Starting August 9, 2024, Overland Airways will begin daily direct flights between Lagos and Abuja. The airline will operate over…
NCC orders telcos to simplify tariff plans
The Nigerian Communications Commission (NCC) has directed telecom operators to make their tariff plans, bundles, and promotions clearer. This decision,…
Naira depreciates to N1,600/$ in parallel market
On Monday, the Naira weakened in the parallel market, falling to N1,600 per dollar from N1,590 last weekend. In contrast,…
Oil/gas communities send memo to FG, IOCs, NDDC
Oil and gas communities in the Niger-Delta have presented a comprehensive agenda to the Federal Government, International Oil Companies (IOCs),…
BUA Cement’s pre-tax profit drops by 54% in Q1
BUA Cement’s second-quarter results for 2024 show a significant decline in pre-tax profit, falling by 54% year-over-year to N18.8 billion…
MTN, Airtel Cut Foreign Debt as Naira Falls
Telecommunication giants MTN Nigeria and Airtel Africa have significantly reduced their foreign exchange (FX) exposures due to the naira’s severe…