Business
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Manufacturing export dips as revenue drops 166% to N778bn
Nigeria’s quest for diversified foreign exchange earnings away from oil not feasible for now as revenue from the manufacturing export…
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Stop electricity subsidy, IMF tells FG
The International Monetary Fund (IMF) has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies.…
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Q1 foreign debt servicing gulped $1bn – CBN
In the first quarter of 2024, the Federal Government allocated approximately $1.12 billion towards foreign debt service payments, underscoring the…
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Cash transfer scheme raised savings, but had little other impacts — W’ Bank
The World Bank said yesterday the conditional cash transfer programme of the Federal Government has had limited impact on household…
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Emefiele: I was pressured to offer $600k bribe, witness tells court
During the current trial of former Central Bank of Nigeria (CBN) governor Godwin Emefiele, a prosecution witness named Victor Onyejiuwa…
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Airtel to pay $13bn dividend despite $549m FX loss
The board of Airtel Africa has proposed a final dividend of $3.27 per share for the year ending March 2024.…
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Union Bank bags multiple ISO certifications
Union Bank has attained certifications in MSECB management system in ISO/IEC 27001:2022, ISO 22301:2019, and ISO/IEC 20000-1:2018. MSECB is a…
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FG calls for further VAT increase
The Presidential Committee on Fiscal Policy and Tax Reforms calls for an increase in the value-added tax (VAT) rate. Speaking…
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Zambia’s currency hits record low against U.S. dollar
Zambia’s currency hit a record low against the U.S. dollar on Wednesday, touching 27.30 to the dollar amid hard currency…
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Jumia records increased sales in Nigeria, Ghana in Q1 2024
Jumia, an eCommerce platform, reported a $48.9 million revenue increase and a gross profit of $31.2 million in the first…
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Cybersecurity levy: Tinubu only interested in milking a dying economy – Peter Obi slams Presidency
Former presidential candidate of the Labour Party (LP), Peter Obi, has slammed President Bola Tinubu’s government for the imposition of…
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CBN Releases List of Licenced Deposit Money Banks
The Central Bank of Nigeria on Tuesday released lists of licenced Deposit Money Banks operating in the country. The list…
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Naira dips to N1,415/$ in parallel market
The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday. Also, the…
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CAC Registration: CBN issues July 7 deadline for PoS operators
The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to…
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Cybersecurity Levy: CBN direct banks to charge 0.5% on all electronic transactions
The Central Bank of Nigeria on Monday directed all banks to commence charging a 0.5 percent cybersecurity levy on all…
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Band A electricity tariff reduced from N225 to N206.80/kwh
Electricity Distribution Companies in Nigeria have announced a reduction in the tariff of customers under the Band A classification to…
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Bolt Nigeria denies laying off nearly 50% of its staff
Bolt Nigeria has denied laying off 22 of its 45 staff, three days after one publication reported the layoff.
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Breaking News: FG approves reduction of Electricity Tariff for Band A customers
The Ikeja Electricity Distribution Company has slashed the tariff payable by its Band A customers to N206.80 per kilowatt-hour from…
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Nigeria equity market rebounds after N3.5tn loss in April
The Nigerian equity market recorded its first weekly gain after losing N3.54tn in April. It gained N812bn last week after…
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Customs increases FX rate for import duties to N1,441/$
The Nigeria Customs Service (NCS) has increased the foreign exchange (FX) rate for import duties to N1,441.58 per dollar. The…
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Inflation drops PMI, sees marginal rise to 51.1 points
In April, the Purchasing Managers’ Index (PMI) saw a slight uptick to 51.1, attributed to a deceleration in the rate…
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Microsoft pledges $2.2b AI investment in Malaysia
Microsoft pledged a $2.2 billion investment in artificial intelligence and cloud computing in Malaysia on Thursday to help develop the…
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FCMB Group records 186% profit growth, proposes 50k dividend
FCMB Group Plc has recorded a profit before tax of N104.4 billion, a 186 per cent Year-on-Year (YoY) increase compared…
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Dangote Refinery to get valid operating licence soon – FG
The Federal Government, on Tuesday, announced that it will soon issue a fully valid operating licence to the 650,000 barrels…
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Money Laundering Charges: Binance crypto founder Zhao sentenced to 4months in prison
The founder of cryptocurrency firm, Binance, was sentenced to four months in US prison on Tuesday after pleading guilty to…
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Glovo to close down Ghana operations despite $3.7 million investment
A food delivery platform, Glovo, will cease operations on May 10, in Ghana, two years after investing €3.5 million ($3.7…
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CBN restricts account openings in for Kuda, two others
The Central Bank of Nigeria (CBN) has reportedly directed Moniepoint, OPay, Kuda Bank, and Palmpay to restrict new account openings.
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Electricity: Consumers not enjoying 20hours supply will not pay new tariff – Adelabu
The Minister of Power, Adebayo Adelabu, has assured that any customer not currently enjoying 20 hours of electricity would not…
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Meetings+: MTN, Zoom launch new video conferencing platform
MTN Nigeria, in collaboration with Zoom Video Communications and SpeechLogix, has launched Meetings+, a video conferencing platform, designed for small…
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Tribunal stops Multi-Choice from increasing DStv, GOtv tariffs
On Monday, a Competition and Consumer Protection Tribunal (CCPT) in Abuja issued a restraining order against Multi-Choice Nigeria Limited, preventing…
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Naira slumps to N1,340/$ in parallel market
The Naira yesterday depreciated to N1,340 per dollar in the parallel market, from N1,300 per dollar last week Friday. Similarly,…
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Implemented policies show that the Tinubu administration cannot change Nigeria’s economic fortunes – Suswam
Former Benue State Governor and Benue North-East Senator in the 9th National Assembly, Gabriel Suswam, said the government of President…
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Breaking: Obaseki raises minimum wage from N30k to N70k
Godwin Obaseki, Edo State Governor, has announced an improved minimum wage of N70,000 for civil servants.
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Fuel Scarcity: Queues Resurface Amid Supply Shortages
Queues for petrol have continued to grow in different states as the country is being thrown into a fresh round…
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Naira rebounds to 1,275/$ at black market
The naira rebounded against the United States dollar, appreciating by N125 to close N1,275/$1 over the weekend. The new rate…
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President Tinubu, Netherlands Prime Minister meet to discuss investment
President Bola Tinubu says Nigeria is well-positioned to power the clean energy future of Europe and the world with its…
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Please dualise Ikorodu-Itokin Road – Sanwo-Olu, Abiru beg Umahi
Governor Babajide Sanwo-Olu of Lagos State and Senator representing Lagos East, Adetokunbo Abiru have appealed to the Minister of Works,…
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NNPCL gives reasons for worsening fuel queues
In Abuja and neighboring Nasarawa and Niger states, queues for Premium Motor Spirit, commonly known as petrol, worsened on Thursday.…
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Naira dips to N1,405/$ in black market
The Naira depreciated to N1,405 per dollar in the parallel market, from N1,305 per dollar on Wednesday. Similarly, the Naira…
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Air Peace to begin Abuja-London flights
Nigerian airline operator Air Peace will commence its Abuja-London route very soon. This was disclosed by the Minister of Aviation…
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