The consistent downward spiral of the Nigerian currency, the naira, is posing a dire situation for the Central Bank of Nigeria (CBN), which is burdened with a substantial $15 billion loan obligation to prominent American investment banks, including JP Morgan … Continue reading Naira’s depreciation increases strain on CBN’s $15 billion debt burden
The government has raised inquiries with Amazon following a recent policy revision that has left numerous sellers unable to access their funds. Kevin Hollinrake, the small business minister, has urged Amazon to clarify how it intends to address the negative … Continue reading UK minister demands explanation from Amazon for temporary withholding of sellers’ funds
For over 30 consecutive weekends, a wave of protests has surged through the streets of Tel Aviv as tens of thousands of Israelis voice their dissent against government initiatives aiming to diminish the autonomy of the Supreme Court and curtail … Continue reading Here’s why Israeli startups and businesses are leaving the country
A recent report from the Treasury Inspector General for Tax Administration has revealed that the Internal Revenue Service (IRS) is unable to locate numerous microfilm cartridges containing sensitive tax records for both businesses and individuals. These records, if accessed by … Continue reading Watchdog Report: IRS unable to locate millions of backup tax records
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over a potential surge in the price of Premium Motor Spirit (PMS) to around N750 per litre. Chinedu Ukadike, the national spokesperson for IPMAN, expressed this apprehension during an … Continue reading IPMAN warns of possible increase in petrol pump price to N750 per litre
Nigeria’s oil production took a hit in July, dropping to 1.29 million barrels per day (bpd), as revealed by data from the Nigerian Upstream Petroleum Regulatory Commission. This decline of 12.56 percent from June’s 1.48 million bpd and 1.52 percent … Continue reading Nigeria’s oil production dips to 1.29mbpd as global prices rise
Nigerians are getting anxious about the cost of gas as the country’s currency, the naira, loses value against the US dollar. With recent increases in global crude oil prices, there’s concern that the price of petrol, commonly known as gas, … Continue reading Marketers warn of possible fuel price increase amid naira slump
The Nigerian Communications Commission (NCC) has revealed that the expenditure on telecom services surged to N3.86tn in 2022, driven by increased video streaming and talk time. This marked an 18.74% rise from the previous year’s N3.25tn spending, indicating a continued … Continue reading Rising video streaming and calls drive telecom expenditure to N3.86tn – NCC
Governor Mohammed Bago has revealed that discussions are underway with private airline operators to initiate commercial flights at the state-owned Minna International Airport in Niger State. The governor disclosed this information while inspecting the ongoing reconstruction of the airport’s runway … Continue reading Niger airport set to resume operations
FBN Holdings has clarified that it has not received any court order prohibiting the holding of its 11th Annual General Meeting (AGM) scheduled for Tuesday. In a notice submitted to the Nigerian Exchange Limited on Thursday, the company addressed recent … Continue reading FBN Holdings affirms no court order halting AGM
The US Department of State has indicated that China holds the capacity to exert influence on the Nigerian government through its loans, as stated in the Integrated Country Strategies document. The document, initially approved in April 2022 and updated in … Continue reading US says China manipulates Nigeria with loans
A recent first-quarter report by the Nigerian Electricity Regulatory Commission (NERC) has revealed that Niger owes Nigeria N4.22bn ($5.48m) for power supply. The report highlighted that the Nigerien state power company, Nigerien Electricity Society, has not remitted the $5.48m invoice … Continue reading Niger’s power debt to Nigeria amounts to N4 billion – NERC
Gas consumers are facing impending challenges as prices are set to rise in the upcoming week, according to statements from gas marketers. Olatunbosun Oladapo, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers, has cautioned consumers to prepare … Continue reading Marketers predict cooking gas price increase for the coming week
The Manufacturers Association of Nigeria (MAN) has revealed a stark decline in the manufacturing sector’s production value due to a challenging economic environment. According to MAN’s Apapa branch Chairman, Frank Onyebu, the value of manufacturing production plummeted from N7.39 trillion … Continue reading Manufacturers voice concerns as output decline of N720bn sparks hardship
The housing market in Nigeria has experienced a notable increase of approximately 40% in leasing and sales costs during the first half of 2023. Despite inflation, rising interest rates, and reduced new investments, the cost of leasing or purchasing residential … Continue reading Housing market in Nigeria sees 40% surge in costs amid economic challenges
The trade relationship between Nigeria and Niger, which amounts to approximately $226.34 million, is in jeopardy due to the recent closure of their shared border. The closure was triggered by Nigeria in response to the military coup that ousted President … Continue reading $226 million Nigeria-Niger trade under threat due to border closure
Indigenous energy firm, Seplat Energy Plc, has witnessed a substantial increase in its gas revenue, reaching $63.7 million during the first half of 2023, marking a 10.21% growth from the $57.8 million recorded in the corresponding period of 2022. The … Continue reading Seplat energy reports 10.21% growth in gas revenue
In Maiduguri, Borno State, the youth division of the Baga Road Market Fish Sellers and Fish Farmers Association staged a protest within the market premises. They urged the leaders of the main association, Borno State Fish Producers and Marketers Association, … Continue reading Borno fish traders and union leaders trade words N3bn revenue
The Nigerian naira concluded Monday’s trading at N774.78 against the US dollar in the investors and exporters (I&E) window, representing a decline of N31.71 or 4.27% compared to its Friday rate of N743.07. Data sourced from the FMDQ Securities Exchange, … Continue reading Naira dips to N774.8/$ at I&E window and N897/$ at parallel market
A group of minority shareholders gathered at the headquarters of FBN Holdings on Monday to protest against an attempt to prevent the financial institution from holding its scheduled Annual General Meeting (AGM). Holding placards and voicing their concerns, the shareholders … Continue reading Shareholders stage protest at First Bank headquarters over AGM disruption
In the first quarter of 2023, the Nigerian Electricity Regulation Commission (NERC) unveiled its quarterly report disclosing that the federal government allocated N36 billion to subsidize electricity consumption. This amount equated to a monthly payment of N12 billion, channeled to … Continue reading FG spends N36 billion on electricity subsidy in three months
Last week, significant gains in Dangote Sugar Refinery Plc (25%), Glaxo Smithkline Consumer Nigeria Plc (20.27%), and Nigerian Breweries (16.44%) propelled the Nigerian Exchange Limited All-Share Index to a 0.22% increase. This positive trend translated into a N77 billion gain … Continue reading Dangote sugar and GSK drive equity market up by 0.22%
For the second year in a row, the Ecobank Transnational Incorporated, a banking group, has secured the title of Africa’s Best Bank for Small and Medium-Sized Enterprises (SMEs) according to the prestigious Euromoney Awards for Excellence. The bank’s achievement follows … Continue reading Ecobank receives recognition for supporting SMEs
According to reports from Bloomberg, Nigerian Air, the country’s new national carrier, is scheduled to begin its operations by October this year. The CEO of Ethiopian Airlines, which holds a 49% stake in the airline, disclosed in an interview with … Continue reading Nigeria air to commence operations in October, confirms Ethiopian airlines CEO
Abubakar Suleiman, the CEO of Sterling Bank, recently purchased 50 million shares of Sterling Financial Holdings Company Plc in a transaction valued at N168 million. The disclosure of this acquisition was made in a corporate notice on directors’ dealings, which … Continue reading Sterling bank CEO boosts stake with 50 million shares acquisition
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