Oil price drops below budget benchmark, as output stagnates
Nigeria’s 2024 national budget is under significant funding pressure due to a sustained decline in oil prices and stagnant crude…
Category: Local
Fidelity Bank Plc undertakes a N29.6bn Rights Issue and N97.5bn public offer
Fidelity Bank Plc is set to raise up to N127.1 billion via a Rights Issue and Public Offer, as part…
Investors shun 182-day T-Bills, flock to 364-day bills with N677 billion subscriptions
The latest Nigerian Treasury Bill auction on June 5th, 2024 revealed a strong preference for longer-term investments. Investors heavily subscribed…
FCMB Shareholders Raise Issued Capital To N150bn
FCMB Group Plc shareholders have approved a significant increase in the company’s capital base. This move will allow the financial…
CNG initiative to cut petrol import spendings by $4.4bn annually–FG
Nigeria’s government is launching a Compressed Natural Gas (CNG) initiative to reduce reliance on expensive petrol imports and promote cleaner…
Foreign airlines mull comeback as FG clears trapped funds
Foreign airlines are flocking back to Nigeria after the government cleared nearly all of their previously trapped funds. This positive…
Minimum wage: Our 494k demand is not fixated – TUC president
Nigeria’s five-day-old labor strike protesting low wages has been called off to allow for continued negotiations between unions and the…
Naira remains calm across FX markets dollar sales rise by 94.46%
Nigeria’s naira remained relatively stable on Tuesday across both official and unofficial foreign exchange markets. Despite a significant rise (94.46%)…
Fitch Ratings sees naira settling at 1450/$ by December
Fitch Ratings, an international credit agency, forecasts the Nigerian naira to end 2024 at 1450 per dollar. They acknowledge the…
Oil investors wrestle 20 agencies in dollar-starved Nigeria
Nigeria’s oil and gas sector, despite boasting Africa’s largest oil reserves, is struggling to attract investment due to excessive bureaucracy.…
Minimum Wage Talks Paused for Further Consultation
Nigeria’s tripartite committee tasked with negotiating a new minimum wage has temporarily halted discussions to allow for wider consultations with…
Customs intercept N96m marijuana along Lagos Bar Beach
Nigerian Customs officers intercepted a large shipment of cannabis sativa worth an estimated N96 million during a patrol along the…
FG to Mandate Oil Sales to Dangote Refinery
Nigeria’s oil regulator, NUPRC, is stepping in to ensure international oil companies (IOCs) supply crude oil to the newly built…
CNG will reduce petrol imports by $4.4bn–FG
Nigeria is making a strong push to transition towards Compressed Natural Gas (CNG) as a transportation fuel. The government aims…
Nigeria loses N149bn to one-day oil workers strike
Nigeria’s oil production was significantly disrupted due to a nationwide strike by oil workers protesting the government’s minimum wage proposal.…
Atlanta Black Chambers names Nigerian spokesman
The Atlanta Black Chambers (ABC), a prominent organization supporting Black-owned businesses, has appointed Samuel Adeyemi to a key leadership role.…
Nigerian Pension Provider Launches AI Chatbot for Improved Customer Experience
Veritas Glanvills Pensions Limited (VG Pensions) has introduced an innovative customer service solution – an AI-powered chatbot named Vicki. This…
Passengers Report Stolen Belongings on Air Peace Flight
Several passengers on a recent Abuja-bound Air Peace flight claim their belongings went missing during the trip. A Nigerian passenger,…
US farmers opt for soy to limit losses as all crop prices slump
Illinois farmers like Mark Tuttle are planting more soybeans and less corn this year in a desperate attempt to minimize…
Flour Mills revenue hits N2.3tn
Flour Mills of Nigeria (FMN), a leading food and agro-allied company in Nigeria, announced impressive financial results for the year…
Tax reforms committee proposes daily sharing of FAAC funds
The federal government has approved a new policy exempting small businesses from withholding tax. This means businesses earning N25 million…
Shutting Down Of National Grid Is Treasonable Felony – Group
The Centre for Social and Economic Rights (CSER), a Nigerian civil society organization, has strongly condemned the recent strike by…
CBN Lifts Ban on New Customer Signups for OPay, Kuda and Others
In a move welcomed by Nigerian fintech users, the Central Bank of Nigeria (CBN) has lifted its ban on onboarding…
FMBN Inaugurates Task Force To Recover Delinquent Loans
In a move to improve its financial health, the Federal Mortgage Bank of Nigeria (FMBN) has launched a major loan…
Heritage Bank Loses License, Depositors to be Paid by Insurance Corporation
The Central Bank of Nigeria (CBN) has revoked the operating license of Heritage Bank due to ongoing financial struggles. The…
Tax Reform Committee Proposes Lower Fees for Tax Collectors, Daily Revenue Sharing for States
Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee is proposing significant changes to tax collection. The Committee Chair, Taiwo Oyedele,…
Trading continues on NGX amid strike, investors lose N103bn
The Nigerian Stock Exchange (NGX) opened the week on a down note, with investors losing N103 billion. Sell-offs in major…
Strike: FG offers ‘above’ N60,000 minimum wage as NLC/TUC revert to organs
Nigerian labor unions have called off their nationwide strike after a productive meeting with the federal government. The government pledged…
Stock investors gain N619bn in May despite rates hike
The Nigerian equities market showed resilience in May, posting a marginal gain of N619 billion despite the Central Bank of…
Apprehension as FG borrows N20.1trn under Tinubu
In the first year of President Bola Tinubu’s administration, the Federal Government of Nigeria borrowed N20.1 trillion from domestic investors,…