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Payment in local currencies, real-time transactions… how Afreximbank’s PAPSS will work
On Thursday, the Africa Export-Import Bank (Afreximbank), in collaboration with African Union (AU) and African Continental Free Trade Area (AfCFTA), officially launched…
Surging food prices push inflation to 15.63% — first increase after 8 months of decline
The consumer price index, which measures the rate of increase in the price of goods and services, increased to 15.63 percent in December 2021 — This is the first increase after…
With PIA, NNPC will become most profitable company in Africa – Mele Kyari
Mele Kyari, chief executive officer of the Nigerian National Petroleum Company (NNPC) Limited, says the Petroleum Industry Act (PIA) provides business opportunities that will enable the company earn more revenue for the…
Foreign inflows fall by 32%, UK, South Africa, others slash Nigeria investments
The Central Bank of Nigeria has disclosed that capital importation into the country fell by 32 per cent to $500m in October 2021, from $660m recorded in September. The CBN disclosed these figures in its latest monthly economic…
Supreme Court admits registry’s error, reverses N2.4bn ruling against GTBank
The Supreme Court has reversed its earlier decision which dismissed an appeal filed by Guaranty Trust Bank against a N2.4bn judgment given in favour of Innoson Motors Nigeria Limited by the Court of Appeal in Ibadan, Oyo State.…
Dangote advocates Unity, Cooperation among Africans to get global recognition
…As Afreximbank launches centralised payment, settlement infrastructure platform for intra-African trade President of Dangote Group, Aliko Dangote, has charged African leaders and…
Ronchess Global Resources Plc. restructures company board
Following a successful listing on the Nigerian Exchange ( NGX – formerly the Nigerian Stock Exchange), Ronchess Global Resources Plc (RONCHESS) notified the Nigerian Exchange on January…
Nigeria to Pay More for Petrol Subsidy as Oil Price Hits $85
Oil prices continued their surge yesterday, hitting a two-month high amid projections that lack of production capacity and limited investment in the sector could lift crude between $90 and $100 a barrel this year.…
‘No staff will be affected in 2022’ — Standard Chartered confirms closure of Nigerian branches
Standard Chartered Bank has confirmed the closure of 50 percent of its Nigerian branches. On Tuesday, TheCable reported that the United Kingdom-based banking group would cut branches in Nigeria…
Pakistan’s central bank ‘wants to ban’ crypto
The State Bank of Pakistan (SBP) is reportedly seeking to ban all cryptocurrency transactions in Pakistan. Pakistan’s Sindh High Court reportedly held a hearing related to the legal status of cryptocurrencies in the country,…
Stanbic, Standard Chartered, Citi lead as banks record $38.2bn foreign inflows
Stanbic IBTC Bank, Standard Chartered Bank Nigeria, and Citibank Nigeria Limited lead as capital importation from banks hit $38.18bn in almost three years. Between January 2019 and September 2021 (33 months), the total…
We are not affiliated with Access Capital Investment Platform – Access Bank
Access Bank Plc says it has no business engagement or affiliation with Access Capital Investment Platform, an online investment entity. Sunday Ekwochi, company secretary at Access Bank, disclosed this Wednesday in a corporate…
Dangote Cement Begins Second Tranche Of Shares Buyback Programme
Dangote Cement Plc has commenced the second tranche of its shares buyback programme. Share buyback also known as share repurchase is the re-acquisition by a company of its own…
8 elite companies control nearly half of stock market with N11trn
Eight companies listed on the Premium Board of the Nigerian Exchange Limited (NGX), otherwise known as elite issuers, account for 49.2 percent of the total equities market capitalization at the end of 2021. The companies,…
Banks’ Credit To Private Sector Hit N5.16trn
The private sector has borrowed N5.16 trillion from banks between January and November 2021. Also, credit to the government increased by 5 per cent to N13.03 trillion as…
Days After Listing, BUA Foods’ Shares Jump 46.25%, Market Cap Hits N1.053trn
The shares of BUA Foods Plc have appreciated by 46.25 percent on the Nigerian Exchange Limited (NGX) after its formal launch last week. During a four -day trading session on the NGX…
Finance Act: LCCI opposes additional cost burden on investors
The Lagos Chamber of Commerce and Industry (LCCI ) has kicked against a provision in the Finance Act 2022, which involves capital gains tax at the rate of 5 percent, saying it is an…
NBET pays GENCOs 50% of invoice on power supply
POWER generation companies (GenCos) were paid just half of their total invoice to the Nigerian Bulk Electricity Trading Plc (NBET) for power supplied to the National Grid in the first…
Oil Market: Bonny Light price hits $81.81 per barrel
THE price of Bonny Light, Nigeria’s premium oil grade, has risen to $81.81 per barrel in the global market, as the Organisation of Petroleum Exporting Countries, OPEC, moves to achieve…
Bolt now valued above $8bn after raising $712m to expand product lines
Bolt, a ride-hailing company, says it has raised $712 million (€628 million) to expand its transportation and food delivery super app. Sequoia Capital and Fidelity Management and…
Buhari Cancels Restoration of INTELS’ Pilotage Contract
The battle by INTELS Nigeria Limited to retain its service boat contract in the pilotage district of Lagos, Warri, Bonny, Port-Harcourt and Calabar, which expired on August 8, 2020, has…
Standard Chartered To Shut Half Of Nigeria Branches
Standard Chartered Plc is closing about half its Nigerian branches in a pivot to digital banking, according to people familiar with the matter, as the finance industry comes…
Nigeria’s diaspora remittances may beat World Bank’s projection, rise 10% to $14.2bn
Nigeria’s diaspora remittances inflow is set to beat the World Bank’s projection for 2021, as it rose to $14.2 billion in the nine months ending September 2021, up 10 per cent…
Take-Two to buy Farmville creator Zynga for $12.7 bn
Video game publisher Take-Two announced Monday it reached a deal to acquire “Farmville” creator Zynga for $12.7 billion, in a major mobile gaming push by the maker of “Grand Theft Auto.”…