Nigeria’s debt rating outlook was lifted by Fitch Ratings to positive from stable, six months after it said that reform progress since President Bola Tinubu came to power in May of last year was faster than it anticipated. “The Positive Outlook partly reflects reforms over the last year to support […]

FCMB Group Plc announced impressive first-quarter 2024 financial results, with profit before tax rising 192.6% Year-on-Year to N31.3 billion compared to N10.7 billion in the same period in 2023. All of the Group’s business segments demonstrated significant growth, with Investment Banking leading at 228.1%, Consumer Finance at 165.4%, Banking Group […]

With the scarcity of almost everything and the spate of their sad recurrences, those who describe Nigerians as very resilient people are right. The citizens are caught in the web of multi-faceted scarcities. From essential commodities like petrol and food to critical services such as power supply and security, the […]

For eight months and running, a plastic bottle and cellophane bag manufacturing plant in Mowe, Ogun State, has shut down over the unbearable high cost of operation. The medium-size factory stated that the situation was temporary, with an assurance to recall staff members in three months. Since then, time has elapsed […]

Nigeria is tightening its grip on cryptocurrency transactions, instructing fintech companies to report all crypto trades to relevant authorities. At least two fintechs have notified their customers of this new development. Sources close to the matter say it is connected to the recent freezing of 105 accounts across nine fintechs suspected […]

The Nigeria Customs Service (NCS) has increased the foreign exchange (FX) rate for import duties to N1,441.58 per dollar. The increase represents a 4.94 percent as against the N1,373.64/$ adopted on May 1. The rate adopted by customs was observed on Friday on the federal government’s single window trade portal. […]

The Nigeria National Petroleum Corporation has blamed the lingering fuel scarcity in the country on panic buying and sharp practices by some petroleum marketers who are exploiting the present situation to make more money. The company also vowed that the fuel queues across the country would end next week, noting that […]

The Federal Government may approve ExxonMobil’s asset sale to Seplat in less than two weeks if parties agree to two mutually exclusive options relating to decommissioning and host community rights, according to the Executive Secretary, Nigeria Upstream Petroleum Regulatory Council (NUPRC), Gbenga Komolafe. However, he declined to mention the specific […]

Ọpẹ George, the commissioner for economic planning and budget in Lagos State, has told journalists that Lagos has the 7th-ranked GDP in Africa after growing its gross domestic product (GDP) from N27 trillion in 2019 to N41 trillion. This is, however, far from the truth, according to credible data. Geaorge said this while […]