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CBN grants IMTOs naira access to boost remittances
The Central Bank of Nigeria (CBN), on Monday, unveiled new measures to boost naira liquidity and raise…
Crude shortage threatens Dangote’s July petrol supply takeoff
Dangote Oil Refinery’s highly anticipated foray into the petrol supply market in July could be delayed due to a shortage of crude oil, industry sources have revealed. The 650,000 barrels per day (bdp)-capacity…
Foreign loans drive up capital importation by 19% to $330m
Increased loan inflows improved capital importation into Nigeria in January 2024 by 19 percent month-on-month, MoM, to $330 million from $280 million in December 2023. The Central Bank of Nigeria, CBN, disclosed this…
Economic Pressures Costing Nigeria Reinvestments – PwC
Pricewaterhouse Coopers (PWC) has projected that Nigeria will witness a significant decline in reinvestments, a reversal in revenue growth rate, and decreased profit margins, resulting in lower tax revenues due to…
JUST IN: NIBSS server experiences third downtime of 2024
The Nigeria Inter-Bank Settlement System (NIBSS) server has experienced downtime for the third time this year, leaving bank customers frustrated. Social media is buzzing with complaints from numerous customers…
BREAKING: Otedola acquires more FBN Holding shares, now holds 11.64%
Femi Otedola, the chairman of FBN Holdings, has once again increased his stake in the company, further cementing his position as the single largest shareholder of the financial services giant. In a notice to the…
CSCS shareholding tussle unsettles stock market
Conflict and power tussle between two super exchanges in the capital market over the control of the Central Securities Clearing System (CSCS) Plc may trigger a new wave of instability in the capital market, The…
Why Investors Will Buy Fidelity Banks Offers By Capital Market Stakeholders
Fidelity Bank Plc started its N127.1 billion combined rights and public offers to a rousing support from…
Alleged Debt: Court Freezes All Accounts Of Swift Networks And CEO In All Banks
The Federal High Court sitting in Lagos has granted Union Bank Plc. an interim order of Injunction restraining Swift Networks Limited and its…
Nigerians borrow N3.82tn from banks amid hardship
Credit facilities borrowed by Nigerians from banks rose to N3.82 trillion in January 2024 amid rising inflation and harsh economic realities.…
NBSS appoints new MD, COO for subsidiary, AfriGOPay
The Nigeria Inter-Bank Settlement System, NIBSS, has appointed Ebehijie Momoh as the Managing Director of its subsidiary,…
Sales of locally sourced gold boost Nigeria’s foreign reserves by $5m — Alake
The minister of solid minerals development, Dele Alake has revealed that more than 70kg of gold sourced in Nigeria have been refined for exports, while over $5 million has been added to the nations foreign assets…
Banks scramble for investor funds as recapitalisation heats up
As the race for Nigerian banks’ recapitalisation heats up, early birds have either started or finalised plans to increase their shares in the hands of the investing public. In their usual look-good approach to…
Series 1 of FCMB-TLG Private Debt Fund opens for Investment today
Recently, FCMB Asset Management Limited (FCMBAM) held a signing ceremony for Nigeria’s first Naira denominated Private Debt Fund, the FCMB-TLG…
Dangote accuses IOCs of plotting for our Oil Refinery to fail
… laments as Regulator (NMDPRA) continues to grant licences to import banned dirty diesel, jet fuel Vice President, Oil and Gas at Dangote…
Templars advises on Tolaram’s-Diageo N64 billion acquisition of Guinness Nigeria, marking law firm’s…
Leading Nigerian law firm Templars has announced its role in advising Tolaram, a Singaporean conglomerate, on acquiring a 58.02% stake in Guinness Nigeria PLC from Diageo. The deal, signed on June 11, 2024, includes…
Moody’s keeps Nigeria’s credit ratings unchanged, affirms positive outlook
Global Ratings agency, Moody’s Investors Service has kept Nigeria’s long-term foreign currency and local currency issuer ratings unchanged at Caa1 while maintaining a positive outlook same as its last review in December…
“Why I support higher interest rates in Nigeria” – Cardoso
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has emphasized the necessity of maintaining higher interest rates to address the persistent inflation issues plaguing the Nigerian economy. …
Recapitalisation: Banks Jostle to Attract Investors, Shareholders in Fresh Capital Raising
Following the directive by the Central Bank of Nigeria (CBN) that banks should beef up their capital base…
GTCO Rated Nigeria’s Strongest Brand and Best Banking Brand in Nigeria
Africa’s leading financial services institution, Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), has added to its…
Over 200 Chinese Companies Have Shown Interest In Investing In Nigeria – FG
As the aftermath of the China-Nigeria Business event in Beijing, China held on Friday, the President Bola Tinubu-led Nigerian government has claimed that over 200 Chinese businesses have shown interest in investing in…
CBN must keep raising interest rates as long as inflation surges – Yemi Kale
At the recently concluded Afreximbank 2024 annual meetings, which included the Afri-Caribbean trade and investment forum in Nassau, The Bahamas, Yemi Kale, group chief economist/MD of Afreximbank, provided insights…
Naira’s month stability linked to low dollar demand, amid increased inflows
Nigeria’s currency, the naira, has shown stability over the past month, trading between N1,476 and N1,485 against the dollar in the official foreign exchange market, but sustainability remains a concern. On Friday,…
Binance executive facing lawful trial, has access to quality medical care, says FG
The federal government says Tigran Gambaryan, a Binance executive, currently detained in Nigeria is facing lawful trial and has access to quality health care. Mohammed Idris, minister of information and national…