CBN Predicts Growth in Shariah-Compliant Banks
The Central Bank of Nigeria (CBN) announced that more shariah-compliant banks are expected to emerge due to the economic benefits…
Category: Local
Cryptocurrency Suffers $42.6 Million Loss to Hacks in May
In May, the cryptocurrency industry faced significant losses totaling $42.6 million due to various hacking schemes, including flash loan attacks,…
Nigeria to monitor mining sites via satellite, curb illegal activities
Dr. Dele Alake, Minister of Solid Minerals Development, announced that the Nigerian government will implement satellite technology to monitor mining…
FG eyes $7bn FDI from oil sector – Wale Edun
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced the securing of $7 billion in Foreign…
Aviation Workers’ Strike Causes Flight Delays and Cancellations
On Monday, flights from Lagos airport terminals and other airports nationwide experienced significant delays and cancellations due to a strike…
CBN Revokes Licence Of Heritage Bank
The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect, citing a breach…
Nigeria eyes fresh 480,000bpd as NNPC, ExxonMobil sign new deal
Good news for Nigeria’s oil production! The Nigerian National Petroleum Company (NNPCL) and ExxonMobil have reached a settlement agreement regarding…
UPDC Declares 177% Income Growth
UPDC, a leading Nigerian real estate company owned by UAC, is experiencing a major turnaround. The company recently announced a…
Stakeholders Applaud Smooth Start Of Hajj Flights
This year’s airlift of Nigerian pilgrims to Saudi Arabia for Hajj is off to a great start! Pilgrims and stakeholders…
Lagos Innovation Bill Proposes Tax Holiday, Waiver For Start-Ups
Lagos is set to become a hub for innovation, according to a new policy proposal. The Lagos Innovation Bill aims…
Presidential tax committee recommends N800/$ Customs duty rate
Nigerian businesses are likely to welcome a new proposal that could make planning and budgeting easier. The Presidential Committee on…
FG secures World Bank’s $500 million loan for electricity sector
Nigeria’s power sector is set for a shot in the arm with a $500 million loan from the World Bank.…
Credit to government rises 2% to N19.98trn
Nigeria’s government borrowing increased slightly in April, to N19.98 trillion, despite analysts’ predictions of a continued decline. This rise comes…
Naira falls further as dollar sales drop by 30.05%
The Nigerian Naira continued its decline against the US Dollar on Thursday, losing over 10% of its value at the…
Nigerian drugmakers see 58% revenue rise as prices soar
Nigerian pharmaceutical companies are experiencing a surge in revenue, with a combined increase of 58% in the first quarter of…
Shell, others pay NDDC $142m in one year
Shell Petroleum Development of Nigeria (SPDC) and Shell Nigeria Exploration and Production Company (SNEPCo) jointly paid $142.5 million to the…
Airspace management agency seeks reversal of 50% revenue deduction
The Nigerian Airspace Management Agency (NAMA) is facing financial difficulties due to a 50% reduction in their revenue. This cutback…
Dash for debt sees 64% surge in naira loan apps
The number of digital lenders in Nigeria has skyrocketed by 64% in the past year. This surge reflects Nigerians’ growing…
Aigboje Aig-Imoukhuede Wins African Banker Lifetime Achievement Award
Nigerian banking leader Aigboje Aig-Imoukhuede has been awarded the prestigious African Banker Lifetime Achievement Award. This recognition celebrates his exceptional…
Court gives GTB nod to seize Afex over N17.8b Anchor Borrowers’ Loan
Guaranty Trust Bank (GTBank) has secured a court order to freeze the assets of Afex Commodities Exchange Limited following a…
Naira appreciates to N1,375/$ in parallel market
Nigeria’s Naira showed mixed performance on Wednesday, appreciating slightly on the black market but depreciating against the dollar in the…
New Export Policy Requires “Nigeria Export Proceeds” Form for NPA Bookings
The Nigerian Ports Authority (NPA) is implementing a new policy requiring exporters to fill out a “Nigeria Export Proceeds (NXP)”…
NGX retail transactions dip by 54.89% – Report
Retail transactions on the Nigerian Exchange Limited (NGX) saw a significant drop of 54.89%, falling to N100.77 billion in April…
World Bank Disburses $250,000 US Dollars To 10 Vulnerable Nasarawa Communities
The World Bank, through its Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) program, has disbursed a $250,000 revolving loan to 10…
FBN Holdings Shareholders To Share N14.3bn Dividend For FY 2023
FBN Holdings Plc. announced strong financial performance for the year ending December 2023. The company reported a record-breaking profit after…
Zenith Bank’s CEO Retains “Best Banking CEO in Africa” Title for Second Year
Dr. Ebenezer Onyeagwu, Group Managing Director/Chief Executive Officer of Zenith Bank Plc, has been recognized as the “Best Banking CEO…
BoI extends application for RAPID fund for MSMEs
The Bank of Industry (BOI) has extended the application deadline for its Rural Area Program for Investment and Development (RAPID)…
Sacked Turkish Airlines staff not involved in ticket racketeering — Union
The National Union of Air Transport Employees (NUATE) has strongly contested the reasons given by Turkish Airlines for dismissing seven…
Naira Crisis Drives Nigerians to Locally-Used Cars
Soaring prices of imported vehicles are pushing Nigerian car buyers towards locally-used alternatives. The devaluation of the naira has significantly…
Oil GDP slows to 5.7% as production problems linger
Nigeria’s oil sector, a critical source of government revenue and foreign exchange, is experiencing a significant slowdown. The first quarter…