Nigerian Banks Reap N4.85tn Windfall in Interest Income Amid Loan Portfolio Expansion
In a significant boost to their financial performance, nine leading Nigerian banks collectively recorded an impressive N4.85 trillion in interest income from loans and advances to customers during the first nine months of 2024. This represents a…
BREAKING: Warri Refinery Begins Operations, Marks Milestone for Nigeria’s Oil Industry
The Warri Refining and Petrochemicals Company (WRPC), with a capacity of 125,000 barrels per day, has officially resumed operations. This development was announced by Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum…
FCMB Secures ₦147.5 Billion from Oversubscribed Public Offer
FCMB Group Plc has successfully concluded its public offer, raising ₦147.5 billion with an impressive 33% oversubscription. The achievement followed approvals from the Central Bank and the Securities and Exchange Commission (SEC). The offer attracted…
Imported Food Inflation Hits Two-Year High at 42% Amid FG Policy Delays
Nigeria’s imported food inflation reached a staggering 42.29% in November 2024, according to the latest Consumer Price Index report released by the National Bureau of Statistics. This represents a sharp increase from 23.74% recorded in November 2023,…
Senate Passes Bill to Ban Use of Foreign Currencies in Domestic Transactions
A new bill aiming to ban the use of foreign currencies, including the US Dollar and British Pound Sterling, for domestic transactions in Nigeria has passed its first reading in the Senate. The bill, titled “A Bill for an Act to Alter the Central Bank of…
Dangote Refinery Expands Exports to Four African Countries, Boosting Nigeria’s Global Presence
In a groundbreaking development, the Dangote Petroleum Refinery has begun exporting Premium Motor Spirit (PMS) to Cameroon, Ghana, Angola, and South Africa, further cementing Nigeria’s position as a leading player in the global energy market. Over the…
Federal Government Upgrades Nasarawa’s Marhai Forest Reserve to National Park
The Federal Government has elevated the Marhai Forest Reserve in Nasarawa State to the status of a National Park, marking a pivotal step in Nigeria’s commitment to environmental sustainability. The announcement was made through a press statement on…
Okonjo-Iweala, Mo Abudu Shine on Forbes’ 2024 List of World’s Most Powerful Women
Renowned economist and Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, and trailblazing media entrepreneur Mo Abudu have been recognized as two of Forbes’ 100 Most Powerful Women in the World for 2024. Okonjo-Iweala, a global…
World Bank Poised to Approve $500m Loan for Nigeria’s Rural Development and Market Access
The World Bank Group’s Board of Directors is set to deliberate on and potentially approve a $500 million loan for Nigeria today, December 13, 2024. The proposed loan aims to enhance rural access and agricultural marketing across the country, targeting…
Cash Crunch: Bank Workers and Activists Blame CBN for Worsening Crisis
The ongoing cash shortage across Nigeria has reached a critical stage, with bank workers and rights groups attributing the crisis to the Central Bank of Nigeria’s (CBN) failure to meet the cash demands of commercial banks. As the festive season looms,…