Billions Blown as Macau Casino Investors Fold Amid Gambling Review

Macau casino operator stocks plummeted by as much as a third on Wednesday, losing around $14…

Tax War: Despite Losing in Court, Nigeria’s Inland Revenue Service Insists on Collecting VAT

The Federal Inland Revenue Service (FIRS) has directed taxpayers they must continue to comply with their…

Ecobank Announces Tier 1 Capital Increase of $75m Via Arise Investment

Ecobank Transnational Incorporated, the Lomé based parent company of the Ecobank Group, has announced a capital…

Development Bank SA Partners With Invest Africa To Create Sustainable Finance Solutions

As a means of generating sustainable finance solutions adapted to African markets, Development Bank of Southern…

Nigeria at $432bn Still Africa’s Biggest Economy Despite South Africa’s Rebased GDP of $370bn

Nigeria has maintained her position as Africa’s biggest economy after South Africa released the report of…

Radisson Blu Anchorage Lagos New Business Lounge

The Radisson Blu Anchorage Hotel in Victoria Island, Lagos, has completed a massive renovation of the…

Dangote’s Fortune Increases to $17.8bn, Only Nigerian on Bloomberg’s Top Billionaires’ List

Africa’s richest man, Aliko Dangote, has significantly moved up in the World billionaires’ list as his…

Amazon To Compensate Customers For Unsafe Goods Sold By Independent Traders

US online retail giant Amazon pledged Tuesday to directly compensate customers harmed or injured by faulty…

e-Naira Will Be Protected from Cybersecurity Risks, Central Bank Assures

The Central Bank of Nigeria (CBN) has said its proposed digital currency, known as e-Naira, will…

AfDB to Fund Nigerian Tech MSMEs with $500m

The African Development Bank (AfDB) has agreed to support Micro Small and Medium Enterprises(MSMEs), especially technology-based…

Africa the New Frontier for Global Growth: Zenith Bank MD Onyeagwu

The Group Managing Director/Chief Executive of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, has called for increased…

Nigeria: Manufacturers Back Central Bank’s Ban of FX Sale to BDCs

Members of the Manufacturers Association of Nigeria (MAN) have strongly supported last week’s decision by the…

NSIA: Nigeria’s Sovereign Fund to Invest $200m in World-class Hospital, 20 Other Projects

The Nigeria Sovereign Investment Authority (NSIA) has concluded plans to build a world-class hospital in Abuja,…

Nigeria: FCMB Group Reports N94.2bn Revenue in First Half of 2021

FCMB Group Plc has reported a significant gross revenue of N94.2billion and profit before tax of…

Naira Strengthens, as Bank CEOs Pledge Support for New CBN FX Policy

The naira appreciated to N520 to a dollar on the parallel market on Thursday, stronger than…

Cryptocurrencies Not Suitable As Legal Tender, IMF Warns

The International Monetary Fund (IMF) has warned against the adoption of cryptocurrencies like Bitcoin and Ethereum…

Nigeria: Capital Importation Falls 54% in Q2 2021

The total value of capital importation into Nigeria has fallen to $875.62 million in the second…

Nigeria: Ending FX Sale to BDCs Disrupts ‘Juiciest Economic Racket’: Analyst

By putting an end to the sale of foreign exchange (FX) to Bureau De Change (BDC)…

IMF Raises Nigeria’s Growth Forecast for 2022, Retains Growth Projections for 2021

The International Monetary Fund (IMF) has revised upward its growth forecast for the Nigerian economy in…

Paradigm Shift: Women Take Great Leap in Nigeria’s Banking Sector

The banking industry has made a dramatic leap in its Nigerian Sustainable Banking Principles (NSBP) with…

Nigeria’s Central Bank Restricts Sugar Importation to Dangote, BUA, FMN

The Central Bank of Nigeria (CBN) on Friday stated that sugar importation in the country can…

China says US measures on Xinjiang threaten global trade

China’s government rejected U.S. accusations of forced labor in Xinjiang and accused Washington on Thursday of…

China’s Economic Growth Slows to Still-robust 7.9%

China’s economic growth slowed to a still-strong 7.9% over a year earlier in the three months…

Nigeria: Analysts Upbeat about Central Bank’s Proposed Digital Currency

Analysts have welcomed the planned introduction of digital currency by the Central Bank of Nigeria (CBN),…

Nigeria’s Central Bank Seeks to Slash Importation by 35%

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Tuesday said efforts…

Rising Prices Pushed Seven Million Nigerians Below Poverty Line: World Bank

The World Bank has stated that inflationary pressure in Nigeria has pushed about seven million Nigerians…

Malabu Oil: Why JPMorgan’s Compliance Team Raised Red Flags Over $875m Payment to Former Nigeria Oil Minister Etete

Malabu Oil: Why JPMorgan’s Compliance Team Raised Red Flags Over $875m Payment to Former Nigeria Oil…

Malabu Oil Deal: JPMorgan Was Warned $875m Payment to Former Nigeria Oil Minister Etete Was Graft Risk

JPMorgan Chase & Co. was warned by its compliance team over the “great risk” of corruption…

Elumelu Calls for Urgent Power Sector Reforms to Boost Nigeria’s Economy

United Bank for Africa (UBA) Plc Group Chairman and Founder, Tony Elumelu Foundation (TEF), Mr. Tony…

US Most Interested in Cryptocurrency, Nigeria First in Africa, Eighth in the World: Study

Nigeria ranks eighth in a list of countries most interested in cryptocurrency in the world, according…

Nigeria’s Central Bank Licenses 10 More International Money Transfer Operators

The Central Bank of Nigeria (CBN) has granted operating licences to 10 additional international money transfer…

Fintech Startup Kuda Raises $25m to Provide Digital-only Banking Services to Every African

Nigerian fintech startup Kuda has raised $25 million in a Series A round led by Valar…

Excitement as Zenith Bank Pays $248m Dividend

Shareholders of Zenith Bank Plc on Tuesday approved the payment of proposed N94.19 billion (about $248m)…

Dangote: Nigeria to Save $2.5bn Annually from Petrochemical, Fertiliser Plants

The President of Dangote Group, Alhaji Aliko Dangote, has said that the Nigerian economy will be…

With Rising Poverty and Unemployment, Nigeria Sitting on Time Bomb, Report Says

The Financial Derivatives Company Limited (FDC) has stressed that Nigeria’s high unemployment (27.1%), its large youth…

Shell Rattled By Bank Accounts Restrictions, as Aiteo Seeks $4bn for ‘16 Million Barrels of Crude Diverted’

There are strong indications that Tuesday’s injunction of a Federal High Court, Lagos, barring Royal Dutch…

IMF Backs CBN, Cautions against Cryptocurrency Transactions

The International Monetary Fund (IMF) has cautioned against transacting in cryptocurrency, saying regulating the digital currency…

Analysts Project $100 Supercycle for Oil Post-pandemic

A steady rise in oil prices since late last year could presage a new ‘supercycle’ in…

World’s Largest Miner BHP Reports Best First Half Profit in Seven Years

BHP Group on Tuesday reported its best first-half profit in seven years and declared a record…

Oil Price Rises to $58, OPEC Exceeds Output Cut Target

The Organisation of Petroleum Exporting Countries (OPEC) on Wednesday said its members had achieved 101% adherence…

Oil Rises to Near One-Year Highs After US Stock Drawdown

Oil prices rose almost 2% on and hovered near their highest levels in about a year,…

Zenith Bank Retains Nigeria’s Most Valuable Banking Brand Position

Zenith Bank Plc. has again emerged as the Most Valuable Banking Brand in Nigeria in the…

Bitcoin Slide Continues, Heads for Worst Week Since March 2020

Bitcoin fell heavily on Friday and was heading toward its sharpest weekly drop since last March,…

Asian Stocks Climb to Record Highs on Biden Stimulus Hopes

Asian stocks scaled to record highs on Thursday as investors were hopeful the incoming Biden administration…

Bank of America Points to Economic Recovery as Profit Beats Estimates

Bank of America Corp posted a drop in fourth-quarter profit on Tuesday that still topped Wall…

Coca-Cola Nigeria Announces Alfred Olajide as New Managing Director

The Coca-Cola Company has appointed Alfred Olajide as its new Vice President and Managing Director for…

Oil Prices Fall on Renewed Coronavirus Concerns as China Cases Mount

Oil prices fell on georMonday on renewed concerns about global fuel demand amid strict coronavirus lockdowns…

More Nigerian Banks to Adopt HoldCo Structure to Diversify Earnings, Analysts Say

Analysts have predicted that more commercial banks will soon convert to a holding company (HoldCo) structure…

Dangote to Leverage Expansion, New Trade Routes under AfCFTA

Dangote Industries Ltd has expressed optimism that its cement expansion plan and fertiliser investments will open…

Analysts Project Nigerian Banks to Emerge Highest Beneficiaries of AfTCA

With the commencement of the African Continental Free Trade Area (AfCFTA) agreement on January 1, 2021,…

Bitcoin Slides More Than 5% After Topping $40,000 for First Time

Bitcoin fell more than 5% on Friday, a day after topping $40,000 for the first time.…

Stocks Ride Higher on Democrat Senate Win, Dollar Flounders

US Treasuries suffered their steepest selloff in months and the S&P 500 index made a record…

Lufthansa CEO Sees Bookings Tripling in Summer 2021

Bookings at Lufthansa have tripled for next Summer boosted by the imminent approval of a Covid-19…

Shareholders Approve GTBank’s Planned HoldCo Structure

Shareholders of Guaranty Trust Bank Plc (GTBank) last Friday approved a holding company (HoldCo) structure for…

Lagos-Ibadan Rail Commences Commercial Operations

The Federal Government has announced the commencement of Commercial Operations on the Lagos-Ibadan rail line. The…

Nestlé to Spend $3.6bn in 5 Years on Climate Measures

The world’s largest foodmaker Nestlé is to spend €3bn equivalent of about $3.6bn in the next…

Oil Drops as OPEC+ Resume Talks on Output Cut Extension

Oil prices fell on Thursday as producers including Saudi Arabia and Russia locked horns over the…

Nigeria’s Biggest Lender Access Bank in Talks to Buy Atlas Mara Assets

Nigeria’s biggest lender Access Bank is in talks about a potential acquisition of assets belonging to…

AfDB, IFAD to Give $700m Support to Nigeria’s SAPZ Project

The Special Agro-Industrial Processing Zones (SAPZ) project in Nigeria will receive support funding of $500 million…

Nigeria in Final Stages of Talks for Loan From World Bank

Nigeria has fulfilled the conditions for a World Bank loan and is in the final stages…

Nigeria to Open Land Borders ‘Soon’

Nigeria’s land borders, closed since August 2019, may soon be reopened, the Minister of Finance, Budget…

South Africa’s Inflation Rises to 3.3% in October

South Africa’s inflation jumped to 3.3% in October, compared to the 3% percent registered in September.…

‘Black Market’ Can’t Determine Value of Naira, Central Bank Governor Emefiele Insists

Central Bank of Nigeria Governor Godwin Emefiele on Tuesday said the parallel market – otherwise known…

Emirates Offers Expanded $500,000 Expanded Multi-Risk Travel Insurance Coverage

Emirates Airlines has launched an industry-first initiative to provide expanded, multi-risk travel cover on top of…

Nigeria’s Central Bank Doubles Covid-19 Facility to $790m

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, Tuesday said the bank would raise its …

Nigeria to Ban Fish Importation in Two Years

Nigeria’s federal government has announced plans to end fish importation in the next two years as…

Spurs Announce Expected £150m Loss in Covid-19 Year

Tottenham have suffered a loss of £64million as Chairman Daniel Levy has admitted the club face…

Analysts Back Nigeria Government’s Forecast of Quick Exit from Recession

Analysts on Monday described the federal government’s projection that the economy, which slipped into a recession…

Nigeria Leaves Monetary Policy Rate Unchanged at 11.5%

The Central Bank of Nigeria left its monetary policy rate unchanged at 11.5% during its last…

P&ID: UK’s Home Secretary ‘Repeatedly Backed’ Company Accused of Obtaining Nigerian Gas Contract through Corruption

The UK’s Secretary of State for the Home Department Priti Patel sought to publicly intervene three…

Radisson Hotel Group Announces Radisson Abuja Gudu as 10th Hotel in Nigeria

Radisson Hotel Group is proud to announce the signing of Radisson Hotel Abuja Gudu, Nigeria, marking…

General Motors Recalls 7 Million Vehicles with Potentially Dangerous Airbags

The US is making General Motors recall and repair nearly 6 million big pickup trucks and…

Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister

Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country…

Buhari Attributes Nigeria’s Slide into Recession to COVID-19

Nigeria’s President Muhammadu Buhari has attributed the country’s slide into recession to the severity of the…

Ghana Holds Key Policy Rate at 14.5% to Support Economic Activity

The Bank of Ghana kept its interest rates unchanged at an eight-year low of 14.5% during…

Kenya Seeks $2.3bn Loan From IMF to Help Economic Recovery

Kenya is seeking a loan of as much as $2.3 billion from the International Monetary Fund…

Nigeria Officially Falls into Recession, Expects Quick Recovery By Q1 2021

Nigeria’s gross domestic product shrank 3.6% in the three months through September from a year earlier,…

Again, Pandemic Restrictions Trigger Panic Buying of Toilet Paper in US

Toilet paper aisles are emptying again across the US as Covid-19 curfews and shutdowns in states…

GTBank Posts Profit After Tax of $368m in First Nine Months 2020

Guaranty Trust Bank Plc has announced its nine months results for the period ended September 30,…

Nigeria’s Constitution Will Never Transform Her Economy, Says Former Presidential Candidate Moghalu

A former Nigerian Presidential Candidate Professor Kingsley Moghalu has said the country needs a new constitution…

South Africa’s Central Bank Leaves Benchmark Interest Rate Unchanged at 3.5%

South Africa’s Central Bank on Thursday left its benchmark interest rate at 3.5%. While holding a…

European Fintech Start- up Mintos Smashes Crowdfunding Records by Raising €5.3 million in 24hrs

European Fintech start-up Mintos has broken crowdfunding records on Crowdcube by raising €5.3 million from nearly…

US Aviation Clears Boeing 737 Max to Fly Again

US Federal Aviation Administration has cleared Boeing 737 Max to fly again after 20 months and…

Autochek Raises $3.4m Pre-Seed Funding for Expansion

Nigerian automotive technology company Autochek which reports the history of used vehicles, has raised a US$3.4…

S&P Ratings: Nigeria, South Africa, Egypt at Risk of Three-year Banking System Depression

The effects of the Covid-19 pandemic on banking systems around the world will last for some…

Hyundai Faces Seoul Lawsuit over EV Fires as GM Launches Recall

Hyundai Motor Co is being sued over a string of battery fires in its electric vehicles…

Recent Violence Has Set Lagos Economy Back By Tens Of Billions Of Naira – Sanwo-Olu

Lagos State Governor, Babajide Sanwo-Olu, is concerned about the impact of the destruction of government and…

Nigeria Launches First Locally Assembled Electric Car

Big breakthrough in automobile technology in Nigeria as the Stallion Group has introduced Nigeria’s first locally…

Rising Food Prices Raise Nigeria’s Inflation to 14.23% in October

Nigeria’s inflation rate increased by 14.23% (year-on-year) in October 2020, this is 0.06% higher than the…

Sanwo-Olu Launches Nigeria’s ‘First Assembled Electric Car’

The Lagos State Governor, Babajide Sanwo-Olu, on Friday participated in the official launching of what has…

AfDB Grants Uganda $500,000 for Development of Small Businesses in Oil Sector

The African Development Bank and the Government of Uganda have signed a $500,000 grant agreement for…

Alibaba Makes $56bn in Sales as China’s Singles’ Day Sets Record

Chinese e-commerce giant Alibaba Group Holding Ltd said orders made during its Singles’ Day mega-shopping festival…

Nigeria’s Stock Market Remains Bullish, Gains $2.2bn in Two Days

The Nigerian stock market gained N852 billion  in the first two days of this week as…

UN Supports Nigeria’s Economic Sustainability Plan with $250m

The United Nations (UN) has boosted Nigeria’s Economic Sustainability Plan with $250 million. The offer, which…

Nigeria’s Central Bank Unveils Private Sector-led Agriculture Development Scheme

The Central Bank of Nigeria (CBN) on Tuesday unveiled guidelines for the operation of the Private…

Potential Covid Vaccine Drives Soaring Oil Prices

Oil surged on Monday, putting it on track for its biggest daily gain in more than…

‘The World Will Still Need Oil When This Is Done’: Energy Leaders Leave Door Open to Cuts as Virus Spikes in Europe, US

Saudi Arabia’s energy minister said global energy producers have the ability to tweak an agreement on…

World’s Largest Retailer Walmart Sells Operations in Recession-hit Argentina, Incurs $1bn Loss

Walmart Inc, the world’s largest retailer, said on Friday it was selling its retail operations in…

Stock market gains N2.7tn in two months

Equity trading on the Nigerian Stock Exchange recorded a gain of N2.75tn in the last two…

Alibaba-backed autonomous car firm AutoX to test in four more cities

Chinese autonomous vehicle startup AutoX, backed by Alibaba Group Holding Ltd, said it is preparing for…

Reps Call For Suspension Of Airport Concession

The House of Representatives Committee on Aviation on Monday asked the Federal Government to suspend plans…

Nigeria’s Power Generation Reaches Historic 5,459MW

Nigeria’s power sector has recorded its highest national peak of 5,459.50MW, the Transmission Company of Nigeria…

Nigeria aims to revamp refineries, end oil-for-fuel swaps

Nigeria aims to end the country’s so-called oil-for-fuel swaps system in the near future and rely…

Nigeria’s railway people: Life alongside a high-speed rail link

From Rigasa, the next station is Kakau, then Dutse, then Rijana,” announces Ade, a train conductor…

US auto sales drop less than expected in Q3

Automakers reported better-than-expected third-quarter US auto sales Thursday, pointing to strong demand for trucks and a…

Ivory Coast raises 2020/21 cocoa farmgate price by 21%

Ivory Coast has raised the fixed farmgate price paid to cocoa farmers more than 21% to…

Fresh World Bank, AfDB, IDB loans may raise Nigeria’s debt to N31.7tn

Fresh loan disbursements expected from the World Bank, African Development Bank and Islamic Development Bank may…

Clark, Nwodo, others berate Buhari over $1.9bn Kano-Niger Republic rail

The South and Middle Belt Forum, on Friday, faulted the $1bn railway project announced by the…

American Airlines To Get $5.5bn Loan From US Treasury

American Airlines has agreed to a $5.5 billion loan from the US Treasury as it aims…

Oyo Government Hands over Agbowo Shopping Complex for remodelling

This afternoon, the Governor of Oyo State, Engr. Seyi Makinde flagged off the renovation and remodelling…

FEC Approves $1.9m Rail Line To Niger Republic

The Federal Government on Wednesday approved the sum of  $1,9million for the construction of a rail…

European Stocks Slump 3% On COVID-19 Second Wave Fears

European stock markets nosedived Monday as investors fretted over mounting fears of a second coronavirus wave…

Fashion Industry Will Be One Of Nigeria’s Biggest Sources Of Revenue – Osinbajo

Vice President Yemi Osinbajo is projecting that the fashion industry will be one of the biggest…

FilmOne To Distribute Disney Films In West Africa

Nigerian film distributor, FilmOne Entertainment, has signed an exclusive theatrical distribution agreement with The Walt Disney…

Global Recession Not Deep As Expected – OECD

The global recession this year will not be as deep as expected as a result of…

UK inflation is down to 0.2 Percent on Virus Stimulus

British inflation hit a near five-year low in August on state coronavirus stimulus measures for the…

Why We Stop Importing Foods In Nigeria – Buhari

President Muhammadu Buhari on Tuesday said the Federal Government stopped food importation to boost agriculture and…

Over 1,000 Youths To Benefit From Skills Development Scheme – SMEDAN

Over 1,000 youths are expected to benefit from the National Business Skills Development Initiative (NBSDI) in…

CBN Creates N500m Solar Connection Intervention Facility For Manufacturers

The Central Bank of Nigeria (CBN) has introduced a Solar Connection Intervention Facility to complement the…

Nigerians Should Not Be Punished For CBN’s Failure To Protect Naira – Forex Ban

A senior lecturer in the Department of Economics, University of Abuja, Dr Ahmed Adamu, has said…

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