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The Federal Government has officially launched the South-West zonal engagement of the Ministerial Advocacy Tour to mobilize share capital for the establishment of the Cooperative Bank of Nigeria. During the event held at the LASCOFED Multipurpose Hall in Ikeja on Monday, the Minister of State for Agriculture and Food Security, Senator Dr. Aliyu Sabi Abdullahi ...
Economic specialists from the West African Tax Administration Forum (WATAF) and the Tax Justice Network Africa (TJNA) have revealed that African nations lose an estimated $89 billion every year to Illicit Financial Flows (IFFs). During an interactive session with ECOWAS parliamentarians at the 2026 First Ordinary Session in Abuja, the experts explained that these massive ...
The Naira on Tuesday recorded a mixed performance as the currency faced renewed pressure at the official window while holding its ground in the parallel market. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) indicated that the Naira closed today at ₦1,375 per US Dollar. This represents a depreciation of 0.80% (₦11) from the ...
The Nigerian equities market maintained its upward trajectory as the benchmark index advanced by 0.41%, pushing the year-to-date return to an impressive 55.98%. This bullish momentum was underscored by a robust market breadth, with forty-seven gainers comfortably outpacing twenty-two decliners, while fifty-eight stocks remained unchanged. Such widespread gains suggest a resilient underlying sentiment that persists ...
Unity Bank says it disbursed more than N500 million to small-scale traders and shop owners nationwide through its Shop Collateralised Facility (SHOCOF), to boost small businesses and deepening financial inclusion. The bank disclosed this in a statement on Friday, noting that the loan product was designed to provide easier access to credit for operators in ...
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has recently hosted a delegation from Standard and Poor’s (S&P) Global Ratings as part of the periodic assessment of Nigeria’s creditworthiness. The visiting team, led by Mr. Roberto Sifon-Arevalo, Global Head of Sovereign Ratings, engaged in a series of technical discussions aimed at ...
The Nigerian Naira slightly appreciated in the official Nigerian Foreign Exchange Market (NFEM) on May 7, 2026 to ₦1,360.50 According to data released by the CBN, the Naira’s closing rate against the US Dollar stood at ₦1,360.50 representing a slight appreciation from the mid-week average. Market activity saw the currency hit an intraday high of ...
The House of Representatives has establishedan ad-hoc committee to investigate massive unpaid debts owed to the Federal Government by various state and non-state actors. This action stems from a motion of urgent public importance focused on the nation's deteriorating fiscal health, marked by a total public debt that surged to ₦153.29 trillion as of September ...
FirstBank has emerged as Nigeria’s strongest brand in the ‘Nigeria 25 2026’ ranking by Brand Finance. The recognition was announced in a statement issued by the bank on Wednesday in Lagos. The statement said FirstBank earned an AAA+ rating, the highest distinction awarded for exceptional brand strength and market leadership. Brand Finance evaluates brands annually ...
United Bank for Africa (UBA), Redtech, and MoMo PSB have launched a payment interoperability partnership to expand cardless payment access for consumers and merchants across Nigeria. Redtech is backed by Heirs Holdings, while MoMo PSB is the fintech subsidiary of MTN Nigeria. With this development, MoMo PSB customers can now make payments directly from their ...
The Naira dropped against the US Dollar in the Nigerian Foreign Exchange Market (NFEM) on Tuesday due to increased demand for foreign payments. While sharp FX interventions have slowed, leading to local currency fluctuations, market analysts maintain a positive exchange rate outlook for the year. The Apex Bank defended the Naira with $150 million in ...
By Damilare Adeleye Shareholders of Lafarge Africa Plc have approved a major corporate rebranding that will see the company renamed HBM Nigeria Plc. This ias the shareholders also approved a final dividend payout of ₦96.65 billion for the 2025 financial year. These resolutions were passed at the company’s 67th Annual General Meeting (AGM) held in ...
The naira opened the week on a positive note, appreciating to N1,365.24 against the U.S. dollar at the official market. Data from the Central Bank of Nigeria showed that the local currency gained N9.69. This represents 0.7 per cent increase compared with N1,374.94 recorded on Thursday, April 30.
The Nigerian Naira maintained a position of relative stability in the official foreign exchange market today, May 4, 2026, as the Central Bank of Nigeria (CBN) provided its latest update on the nation's currency pegs. According to the apex bank’s official data, the exchange rate is positioned at ₦1,374.94 to the US Dollar, a figure ...
By Damilare Adeleye The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for sweeping reforms to streamline Nigeria’s investment processes against bureaucratic bottlenecks to enhance Nigeria’s attractiveness to both domestic and foreign investors. This call was made during a courtesy visit by a delegation by the RMAFC led by Enefe Ekene, Chairman of the ...
Nigeria’s sovereign Eurobonds maintained a positive trajectory through the final week of April and the start of May 2026, as buying interest across the curve drove prices upward and compressed yields. Data from the Debt Management Office (DMO) indicates that investor appetite remained robust for mid-to-long-tenored instruments, reflecting growing international confidence in Nigeria’s fiscal reforms ...
The Nigerian Exchange (NGX) reached an unprecedented peak this past week, with the All-Share Index (ASI) shattering the 228,000-point threshold. Following a midweek rally led by heavyweights in the industrial and consumer goods sectors, the benchmark index settled at 228,740.19 points, marking a massive 2.30% gain in a single trading session on Tuesday. This surge ...
By Damilare Adeleye Fidelity Bank Plc has announced the retirement of Mrs. Morohunke Bammeke as an Independent Non-Executive Director following the successful completion of her tenure on the bank’s board. In a press release issued on Thursday, the Company Secretary, Ezinwa Unuigboje, formally notified NGX Regulation Limited and the investing public of the transition. The ...
The Nigerian Naira concluded the month of April 2026 on a bullish note, gaining value against the U.S. Dollar in the official Nigerian Foreign Exchange Market (NFEM). According to the latest data from the Central Bank of Nigeria (CBN), the Naira strengthened to an official rate of ₦1,374.94/US$1, up from the ₦1,379.46/US$1 recorded during the ...
United Bank for Africa Plc (UBA) has reinforced its commitment to deepening collaboration between banks and fintechs across Africa, following the successful hosting of its inaugural Fintech Conference themed “Navigating Regulatory Milestones: The Future of Bank–Fintech Partnerships.” The conference convened more than 20 leading fintechs and ecosystem stakeholders, including PalmPay, OPay, PayAza, Mastercard, Visa, Nigeria ...
By Damilare Adeleye Abbey Mortgage Bank PLC has announced plans to pay shareholders a final dividend of 12 Kobo for every 50 Kobo share held for the financial year ended December 31, 2025. The bank announced this Thursday in a Corporate actions notice signed by Company Secretary, Geoff Amaghereonu, and obtained on the Nigerian Exchange ...
Guaranty Trust Holding Company Plc (GTCO) has released its Unaudited Consolidated and Separate Financial Statements as of March 31, 2026, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group posted Profit Before Tax of ₦302.9billion on the back of strong performance posted on the core earnings lines of interest income and ...
The Nigerian equities market closed the final trading session of April on a strong bullish note, extending the upward momentum that has persisted since Q1 2026. The benchmark NGX All-Share Index (ASI) advanced by 2.14% to close at a new all-time high of 242,277.81 points, up from 237,205.59 points in the previous session. Market capitalization ...
