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Stock market rebounds N111bn — after nine-day losing streak
Activities on the Nigerian Exchange Limited (NGX), the nation’s equities market, rebounded on Friday — first time after nine days of persistent downward trend. The market capitalisation lost a total of…
Naira devaluation: BDCs get dollars at N393, sells for N494
Bureau De Change operators got the United States dollar from the Central Bank of Nigeria at N393 but sold it for N494 on Friday, an investigation by our correspondent has revealed. Sources from some commercial banks told…
Outgrower Programmes and Fortunes of Smallholder Farmers in Nigeria – The Role of Financial…
In February 2017, famine was declared in South Sudan and Nigeria was mentioned alongside Ethiopia, Kenya, Somalia,and Yemen as also …
Nigeria officially moves towards overdue single exchange rate
The Central Bank of Nigeria (CBN) took a major step towards full exchange rate unification Tuesday after uploading the more market-reflective NAFEX rate of N410.25 per US dollar on its website. A…
NNPC signs OML 118 agreement to unlock $10 billion investment with contractor parties
The Nigerian National Petroleum Corporation (NNPC) has signed the execution of Oil Mining Lease (OML) 118 (Bonga) with contractor parties. The parties include: Shell Nigeria, Exxon Mobil, Total Nigeria, among others. By these…
Nigerian fintech company, Mono, raises $2m
A Nigerian fintech startup, Mono, has raised $2m in seed investment. This was announced by Techcrunch on Monday. This investment comes nine months after the company raised $500,000 in pre-seed, and two months after…
Bernard Arnault overtakes Jeff Bezos to become world’s richest man
French fashion tycoon Bernard Arnault on Monday May 24, 2021 edged ahead of Jeff Bezos to become the world’s richest man as his net worth climbed to $186.3billion. The chief…
TikTok CEO Zhang Yiming resigns
Zhang Yiming, the Chief Executive Officer of TikTok, has resigned with a net worth of $44bn to read books and daydream. According to CelebrityNetWorth, Yiming in…
BUA Cement record N115b bond listed on FMDQ Securities Exchange
FMDQ Securities Exchange Ltd has announced the listing of the BUA Cement Plc N115 billion series 1 fixed rate senior unsecured bond under its N200 billion…
Bitcoin, Ethereum continue to dip as China threatens to clamp down on crypto mining
Bitcoin, the world’s largest cryptocurrency by market capitalisation, fell by 10.62 percent to $35,882 on Friday after Chinese authorities called for a crackdown on crypto mining and trading. In a statement on Friday,…
Kellogg’s Cornflakes Launches in Nigerian Market
Foremost cereal brand, Kellogg Tolaram has expanded its footprint in the Nigerian market with the launch of new Kellogg’s Cornflakes. The newly improved…
Another Month, Another Good Auction for the DMO
The DMO held its monthly auction of FGN bonds on Wednesday. It offered its regular NGN150bn, raised NGN175bn (USD430m) and secured a total bid of NGN282bn. The marginal rates on the ten and 15-year benchmarks…
Lekki deep seaport: Lagos secures $629m facility to finance multi-billion dollar project
The Lagos State Government has announced that it has secured a loan of $629 million to finance the ongoing Lekki Deep Sea Port Enterprise Limited (LPLEL)…
Melinda French Gates net worth $3.3 billion after more Stock transfers from Bill Gates
Melinda French Gates has become $3.3 billion richer after getting more stock from Bill Gates amid their divorce. On Thursday May 13, Bill via his investment vehicle, Cascade Investment, transferred $851 million worth…
Cryptocurrencies crash, Bitcoin falls 28 per cent
Cryptocurrencies are in a free-fall after China banned financial and payment institutions from providing cryptocurrency services. The most popular of…
Nigerian government considers options on Shell divestment plan
The federal government is weighing some options as discussions with Anglo-Dutch oil company, Shell Petroleum Development Company, begin over its plan for total divestment from onshore operations in Nigeria. The…
Elon Musk bumps up Bitcoin again
Bitcoin rallied from three-month low on Monday in the wake of Tesla boss Elon Musk’s latest reassuring tweet about the carmaker’s bitcoin holdings. The…
Nigerian startups raise $219m in Q1
Eighteen Nigerian startups raised $219m in the first quarter of the year, according to a report by ‘Intelligence by…
Economists evaluate Nigeria-China currency swap
Some Financial Economists have expressed great concerns on the minor influence that the Nigeria-China currency swap had on the country’s economy, three years after. The experts told newsmen in Lagos on Friday that the…
CBN begins gradual harmonisation of exchange rates
The Central Bank of Nigeria (CBN) yesterday began gradual harmonisation of exchange rates with the removal of N379/$1 official rate from its website. The move by the apex bank is one…
Just IN: U.S. Colonial Pipeline pays N2.043b in ransom to hackers
U.S. Colonial Pipeline has paid a ransom close to $5million, about N2.043 billion to hackers, who disrupted its gas supply to America’s east coast. According to…
JGC awarded Pre-FEED Contract for first FLNG facility in Nigeria
JGC Holdings Corporation (Representative Director, Chairman and CEO Masayuki Sato) announced today that JGC Corporation (Representative Director and President Yutaka Yamazaki), which…
NNPC Picks 16 Companies for New Crude Oil-swap Deal
The Nigerian National Petroleum Corporation (NNPC) has picked 16 consortia for its new crude-for-fuel swap contracts for one year starting in August. A report yesterday by Reuters listed the consortia to…
SUSTAINING ECONOMIC EMPOWERMENT THROUGH FINANCIAL INCLUSION AND ENERGY ACCESS
Financial inclusion and provision of sustainable energy is at a turning point in Africa’s largest economy, Nigeria. With a population of…