High yields force firms to reduce bond issuance by 98%
The value of corporate bonds issued by Nigerian companies plummeted by 98 percent between Q4 2022 and Q1 2024 due…
Category: Local
NNPC holds 7.2% stake in Dangote Refinery, not 20% – Aliko Dangote
Aliko Dangote has clarified that the Nigerian National Petroleum Company (NNPC) now holds a 7.2% stake in the Dangote Refinery,…
Banks’ Credits To Private Sector Grow By N30tr In One Year
Determined to bolster the private sector, Nigerian commercial banks have increased lending by about N30 trillion, according to a new…
Kaduna DisCo Gets New Owners
ASI Engineering Limited (ASI) has announced the acquisition of a 60% equity stake in the Kaduna Electricity Company Plc (Kaduna…
Consumer spending down as Nigerians remain gloomy on economy
Nigerians reduction in purchasing power have led to a decline in electronic payment transactions and this has been reflected in…
Equity market down as investors eye inflation, H1 earnings reports
The Nigerian Exchange (NGX) experienced continued declines last week due to profit-taking and sell pressure on highly priced stocks and…
Zenith Bank set to unveil capital-raising drive
Zenith Bank Plc is preparing to finalize its capital raising efforts to meet the Central Bank of Nigeria’s new banking…
P’Harcourt refinery undergoes licensing, minister defends rehabilitation exercise
The Port Harcourt Refining Company has completed mechanical work and received crude oil, but its operational start is delayed pending…
CBN drops BDC operators in $123m sale
The Central Bank of Nigeria (CBN) excluded Bureau De Change (BDC) operators from its latest forex sales, amounting to $122.67…
Australia to bring anti-scam law targeting internet giants this year, regulator says
Australia plans to introduce a law by the end of the year requiring internet companies to proactively prevent scams or…
BIPC Seeks $500m UNHCR-IFC For IDPs Sustainability
The Benue Investment and Property Company Limited (BIPC) has proposed a business model to leverage a $500 million grant from…
FG To Invest In Made-In-Nigeria Vehicles, Transmit To CKD Assembly
The Director-General of the National Automotive Design and Development Council (NADDC), Oluwemimo Joseph Osanipin, has announced the federal government’s commitment…
Nigeria’s oil production adds 25,000 barrels per day
Nigeria’s daily oil production increased by 25,000 barrels per day, rising from 1.251 million barrels per day in May to…
NIDF posts N8.37bn post-tax profit
The Nigeria Infrastructure Debt Fund (NIDF) reported a 15.8% increase in post-tax profit for the first half of 2024, reaching…
Honeywell, Seplat drag equity market to N188bn loss
Investors on the Nigerian Exchange Limited faced losses totaling N188 billion on Thursday, primarily driven by declines in the share…
SEC harps on investor education to drive growth
Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), emphasized the importance of investor education during a…
NDDC to boost Niger Delta development with N1.9tn budget
The Niger Delta Development Commission (NDDC) has presented its ambitious 2024 budget of N1.9 trillion to the House of Representatives…
Senate rejects bill seeking to review forex market regulations
The Nigerian Senate recently rejected the Foreign Exchange (Control and Monitoring) Bill, 2024 (SB. 353), proposed by Senator Sani Musa…
FG, IOCs agree on crude supply to Dangote, local refineries
The Nigerian government and local crude oil producers have pledged to maintain a sustainable supply of crude to domestic refineries…
Exclusive: In lithium industry first, IBAT commercializes new extraction technology
International Battery Metals (IBAT) has achieved a significant milestone in the clean-energy transition by becoming the first company to commercially…
Housing crisis in Spain’s cities drives rise in homelessness as tourism booms
Francisco Carrillo, a 62-year-old pensioner, finally found relief as he moved into a charity-provided apartment in Madrid after three years…
Nigeria’s regional trade declines, ranks 4th behind SA, Cote d’Ivoire, Egypt
Three years into the African Continental Free Trade Area (AfCFTA) agreement, Nigeria has experienced a decline in its intra-African trade.…
NERC Reels Out New Sanctions For DisCos
The Nigerian Electricity Regulatory Commission (NERC) announced new sanctions for Distribution Companies (DisCos) failing to meet specific contractual obligations with…
Global Regulators Tighten Rules On Banks Outsourcing Services
The Basel Committee of banking regulators has proposed that bank board directors take ultimate responsibility for managing the risks associated…
Food Security: FEC Approves Procurement Of 2000 Tractors, 1200 Trailers
The Federal Executive Council (FEC) has approved the procurement of 2,000 tractors, 4,000 disc ploughs, 1,200 tractor trailers, and other…
Naira tumbles above the N2,000 mark against British pound
The Nigerian naira faced downward pressure as it started Thursday’s session with a weakening trend against the British pound sterling,…
Cost of living crisis: Nigeria ranked 5th hardest hit African country
Nigeria has been identified as the fifth hardest-hit African country by the global cost-of-living crisis, according to a mid-2024 index…
TD Africa Recognized at Huawei Event for Exceptional Service and Distribution Excellence
TD Africa was celebrated at Huawei’s recent event themed ‘Accelerate Industrial Intelligence’ for its exemplary contributions to Huawei’s success in…
FG, USAID sign N115bn MoU to support power sector reforms
The United States Agency for International Development (USAID) and the Federal Ministry of Power have signed a memorandum of understanding…
Nigerian Equity Market Declines for Third Day, Investors Lose N2.18bn
The Nigerian equity market extended its losing streak for the third consecutive day this week, with investors losing N2.18 billion…