Nigerian chess master, Tunde Onakoya has broken the Guinness World Record for longest chess marathon surpassing the previous world record set at 56 hours, 9 minutes and 37 seconds by Norwegians Hallvard Haug Flatebø and Sjur Ferkingstad in 2018. Onakoya surpassed this record at 7:39pm EST (12:39am WAT) clocking 56 minutes, 10 […]

Nigerian banks are likely to embark on aggressive dividend payouts in the next couple of years as they put a huge pile of their retained earnings to use, a report by Ernst and Young Global Limited (EY), a leading tax and advisory services has shown. With the latest recapitalisation exercise […]

The record N1.184 trillion Total Comprehensive Income recorded by the Nigeria Sovereign Investment Authority (NSIA) in 2023 was largely driven by four tactical strategies, including cost efficiency, efficient balance sheet management, infrastructure investment and a focus on projects that yielded sustainable earnings. This is according to Aminu Umar-Sadiq, NSIA Managing […]

Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy, on Thursday said the fiscal authority is complementing the efforts of the Central Bank towards ensuring the stability of the economy through the issuance of N8 trillion in government securities specifically, treasury bills and treasury certificates. He disclosed this in […]

Dangote refinery’s decision to relax quality controls for diesel resulted in a 37 percent reduction in domestic prices, S&P Global findings revealed. According to the report, this decision was primarily driven by the availability of high-sulphur diesel from the refinery, contrasting with the environmentally preferable low-sulphur diesel. Dangote refinery recently […]

Some financial analysts have supported the Central Bank of Nigeria (CBN)’s move to eliminate foreign currency-denominated collateral, expecting it to stabilize the economy by improving dollar availability in the foreign exchange (FX) market while addressing currency liquidity challenges. The Central Bank of Nigeria (CBN) has prohibited the utilization of foreign […]

Data showing the Central Bank of Nigeria (CBN)’s rare interventions in the foreign exchange market prove that it is not defending the naira with its foreign reserves. Data from FMDQ Securities Exchange shows the CBN has only sold $581 million in the official market, otherwise known as NAFEM, this year. […]

The non-operating income of eTranzact International Plc, a Nigerian-based technology company, surged by 1,987.5 percent to N8.35 million last year from N400,000 in 2022, according to its latest financial statement. The surge in other operating income was driven by net realised foreign exchange gain on cash and cash equivalent and […]

The International Air Transport Association (IATA) released data for February 2024 global air cargo markets showing double digit growth, indicating continuing strong annual growth in demand. Part of the drivers for this growth is global cross-border trade which increased by 0.9 percent in January. Also in February, the manufacturing output […]

The Nigerian Army has confirmed the arrest of two soldiers for their alleged involvement in the theft of armoured cables at Dangote Refinery in Lagos State. The soldiers identified as CPL Innocent Joseph and L/CPL Jacob Gani, were arrested last Sunday after they were allegedly caught moving out of the facility with 897 […]