Fraud is causing trouble for Nigerian banks, according to a report by FITC. In the first half of 2023, there were 24,232 cases of fraud in these banks. The report looked at different types of fraud, including mobile fraud, computer/web … Continue reading Report reveals banks’ loss of N6 billion to fraud in six month period
Experts are urging Small and Medium Scale Business (SMB) owners and operators to give high priority to physical fitness and health check-ups as they make critical decisions for their businesses. This advice was shared during the United Bank for Africa … Continue reading UBA seminar offers health tips to SME operators
Kmart’s Anko brand products are poised to make an appearance in Target stores, as the parent company Wesfarmers revealed its plans to introduce “select Anko ranges across hard home and general merchandise” into Target stores starting from early 2024. Approximately … Continue reading Major change expected at Target stores: Kmart’s Anko brand products to be introduced
In line with Nigeria’s efforts to alleviate foreign exchange pressure and enhance its external reserves, JP Morgan has projected that the Federal Government could generate up to $17 billion through the sale of its stake in various joint-ventures oil and … Continue reading Nigerian government could generate $17 billion through sale of oil assets – JP Morgan
Ex Bank of England governor Mark Carney has been selected as the chairman of a newly established board of directors at Bloomberg, a prominent US financial information and media company. ]The firm’s major management reorganization also includes the appointment of … Continue reading Ex Bank of England Gov. Set to Lead Bloomberg Board
A significant decline in China’s birthrate has led to a sharp drop in the value of baby formula producer a2 Milk. As a key market for dairy products from Australia and New Zealand, China’s baby formula sector is crucial to … Continue reading Australian company loses $480 million in one day
The Australian share market experienced a relatively flat day, closing up by just 0.1% or 6.10 points at 7,121.60 points on Tuesday. Despite the modest increase, the information technology sector played a crucial role in boosting the market. Analyst Tony … Continue reading ASX witnesses strong IT rally during ongoing reporting season
Petrol consumption in Nigeria experienced a significant decline of 16.8% during July 2023, according to information provided by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Daily petrol consumption plummeted to 52 million liters compared to the 64.96 million … Continue reading Average daily petrol consumption plunges 16.8% to 52 million litres – NMDPRA
Capital Luxury Transit in Akwa Ibom State has recently declared a significant 25% reduction in transportation fares for all routes across the nation. The group’s chairman, Mr. Edidiong Udoidiong, released a statement on Sunday in Uyo, unveiling this fare cut … Continue reading Akwa Ibom transport company cuts fares by 25% due to subsidy removal
Nigeria faced a substantial loss of approximately N249 billion in crude oil revenue during July due to a significant drop in the country’s oil production by over four million barrels within the same month. The most recent oil production data, … Continue reading Nigeria’s oil output decline leads to N249 billion loss in July
Investors in the Nigerian Exchange Limited (NGX) faced a N150 billion loss over the past week as bearish sentiment dominated the trading landscape, interrupting a series of consecutive weeks of gains. The downturn was primarily attributed to profit-taking and the … Continue reading Investors face N150 billion loss in stock market within a week
The UK government plans to invest £100 million to establish a foothold in the competitive global market for computer chips essential for powering artificial intelligence (AI) technologies. UK aims to boost national AI resources with £100m investment amidst global competition … Continue reading UK allocates £100m for global AI chip race
A judge’s ruling has mandated Starbucks to pay an extra $2.7 million in lost wages and tax damages to a former regional manager who previously received over $25 million in a lawsuit where she alleged racial discrimination. Shannon Phillips won … Continue reading Starbucks ordered to pay $2.7 million to manager fired after arrest of 2 black men
A significant stride in Nigeria’s power landscape has been achieved as Transnational Corporation, at the helm of a consortium, secures a 60% stake in the Abuja Electricity Distribution Company (AEDC) and stakes in Delta power plants. This momentous development propels … Continue reading Transcorp, led by Elumelu, strengthens presence in Nigeria’s power sector
The total amount of currency in circulation within the country has diminished from N2.6 trillion (N2,603,266 million) at the close of June 2023 to N2.59 trillion (N2,595,761 million) by the conclusion of July 2023. Notably, this marks the first decrease … Continue reading Currency in circulation records first drop in five months
In July 2023, credit extended to the Nigerian government experienced a 3.5 percent sequential rise, totaling N32.3 trillion, as compared to N31.2 trillion in June. Increase in credit allocation to the private sector The Central Bank of Nigeria (CBN) published … Continue reading FG credit surges by another 3.5% to reach N32.3 trillion
The Nigerian naira exhibited a bolstering trend against the US dollar on Thursday, a progression that emerged subsequent to its previous closure at 740.67/$ on the Investor & Exporter (I&E) forex window. I&E window Encouraged by the Central Bank of … Continue reading Naira records official market gain, trading at 740.67/$
Aradel Holdings Plc, an energy conglomerate, has experienced a substantial surge in its revenue during the first half of 2023, registering an impressive 217.6% increase to N74.5 billion compared to N23.5 billion reported for the same period in 2022. These … Continue reading Aradel Holdings achieves 218% revenue growth
The Central Bank of Nigeria has launched a novel foreign exchange rate confirmation system targeted at importers, aiming to facilitate their access to forex. The apex bank, through its Trade and Exchange Department, issued a statement on Thursday evening, declaring … Continue reading CBN introduces portal for FX price verification system
Between 1999 and 2020, spanning approximately 21 years, the Nigeria Extractive Industries Transparency Initiative (NEITI) reported that Nigeria garnered a total of $741.5 billion from the oil and gas sector and N635.3 billion from solid minerals. NEITI’s Executive Secretary, Ogbonnaya … Continue reading NEITI: Nigeria generates $742 billion from oil revenue over 21 year period
Asian shares dipped to their lowest levels in nine months on Thursday, while the dollar reached a two-month peak, reflecting concerns about China’s sluggish economic rebound and apprehensions that the Federal Reserve might still hike interest rates, leading to investor … Continue reading Asian stocks slips to 9 month lows amid concerns about China’s economy and US interest rates
The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported significant economic losses for Nigeria due to crude oil theft and sabotage of crude assets during the period of 2009 to 2020, amounting to approximately N16.25 trillion. Crude oil barrels unaccounted … Continue reading Nigeria lost N16.25 trillion due to oil theft between 2009 and 2020, NEITI reports
The U.S. dollar’s ascent has pushed the Japanese yen further into intervention territory, as the robust U.S. economy highlights the need for sustained higher interest rates. Meanwhile, the Bank of Japan’s ultra-dovish stance struggles to defend its policy approach. Australian … Continue reading Dollar strengthens as US economy holds strong; Australian dollar declines on employment figures
The Nigerian National Petroleum Corporation Limited (NNPCL) has successfully obtained a $3 billion loan aimed at repaying crude oil debt, as revealed in a concise statement posted on the company’s official X platform (formerly known as Twitter) account on Wednesday. … Continue reading NNPCL obtains $3 billion loan to stabilize naira amid forex crisis
During the first half of 2023 (HI’23), Pension Fund Administrators (PFAs) in Nigeria experienced significant growth in their investments. The Net Asset Value (NAV) of their equity investments surged by 36.6%, reaching N1.460 trillion compared to N1.069 trillion in the … Continue reading Pension fund equity investments surge by 36%, reaching N1.4 trillion
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