We’re raising capital for expansion, SME support –Umeoji, Zenith Bank CEO
Zenith Bank Plc plans to raise N290 billion through its current offer to boost its operations across Africa and international…
Category: Local
Nigeria’s crude oil production now 1.3mbpd – OPEC
Nigeria’s average daily crude oil production saw a minor increase to 1.307 million barrels per day in July, as per…
Zenith Bank, Access, FBN Holdings, 7 others receive highest FX from CBN
The Central Bank of Nigeria (CBN) recently held a Retail Dutch Auction System (RDAS) to address the growing demand for…
Equities market records 0.87% growth in 1 week, investors gain N481bn
The Nigerian equities market experienced a positive turnaround, with the All-Share Index (ASI) rising by 0.87% week-on-week. Investors gained about…
Popoola commends FCMB’s digital approach in N110.9bn public offer
The Group CEO of Nigeria Exchange Group (NGX), Temi Popoola, commended FCMB Group for its digital innovation in their ongoing…
Currency devaluation threatens NGX’s leadership as Africa’s top stock market
The Nigerian Exchange Limited (NGX) started 2024 with strong performance, recording a 26.43% year-to-date return by the end of January,…
Arthur Eze’s Oranto Petroleum signs oil deal in Venezuela
Atlas Oranto Petroleum International Limited (AOPI) has expanded its global footprint by signing an oil prospecting agreement in Venezuela. The…
Nigeria’s financial struggle persists as Niger, Togo, others fail to defray $14.19m Q1 electricity debt
Nigeria is facing increasing financial strain as international customers failed to pay $14.19 million for electricity supplied in the first…
Lack of BVN stalls 18% Heritage Bank’s depositors from reimbursement – NDIC
The Nigeria Deposit Insurance Corporation (NDIC) has announced that 82.36% of insured deposits belonging to customers of the defunct Heritage…
Minister writes UK over Heathrow slot for Air Peace to avoid diplomatic row
Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, has lodged a formal complaint with his British counterpart over the…
Barbican Capital sues First Bank for wrongly stating shareholding
Barbican Capital Limited, the largest shareholder of FBN Holdings, has filed a lawsuit against the bank to address a contentious…
Nigeria’s debt service-to-revenue may return to 98% in 2 years, economist warns
Economist Paul Alaje criticized the Nigerian government’s simultaneous removal of petroleum subsidies and devaluation of the naira, calling these actions…
NDIC pays N5m to Heritage Bank’s depositors
The Nigeria Deposit Insurance Corporation (NDIC) has successfully disbursed N5 million each to 82.36% of Heritage Bank’s insured depositors. However,…
NiMet’s air quality monitoring network in deplorable state
A recent audit conducted by the Nigerian Meteorological Agency (NiMet) has found its air quality monitoring stations in a dire…
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…
FG To Pay Julius Berger N280bn To Complete Abuja- Kano Highway
The Federal Government has allocated N20 billion each month to Julius Berger Plc for the dualization of an 82-kilometre section…
Egbin Power Gets 3 ISO Certifications
Egbin Power Plc, Nigeria’s largest power generation company, has been awarded three ISO certifications: ISO 45001:2018 for Occupational Health &…
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…
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…