FAAC allocation rises 2.47% in January as federal govt,subnationals receive N1.149trn

Business a.m The Federation Account Allocation Committee (FAAC) released a total of N1,149.816 billion  among the 774 local governments, 36 state governments, and the federal government for January 2024,representing a 2.47 per cent increase from the N1,127.408 billion distributed in December 2023.  The February 2024 meeting of the Federation Accounts Allocation Committee (FAAC) was held […]

Heirs Holding chairman,Elumelu urges MOFI on long-term vision, value creation to support economic development

Onome Amuge Tony Elumelu, the chairman of Heirs Holdings has advised the Ministry of Finance Incorporated (MOFI) on the importance of  long-term thinking and value creation to position MOFI as the strategic institution that will support the Federal Government’s efforts to address economic challenges and drive growth in the Nigerian economy. In addition to long-term […]

Harnessing the carbon credit market to drive economic growth

  NVCCI’s March 2024 meeting examines carbon credit ops Onome Amuge   In 2022, unprecedented flooding devastated Nigeria, causing death, displacement, and destruction of homes and farmland. According to official estimates, the floodwaters killed more than 800 people, displaced 1.5 million people, destroyed 332,237 hectares of farmlands and over 200,000 houses, and affected over 2.5 […]

Arnergy secures $3m funding to expand renewable energy in Nigeria

Joy Agwunobi Arnergy, a Nigerian startup dedicated to providing clean energy solutions, says it has closed a $3 million funding round led by All On, a venture capital firm focused on scaling off-grid energy access in Africa. The new funding will be used to expand Arnergy’s reach in Nigeria, enabling the company to provide clean […]

CAAF24 webinar to feature discussions on future of climate finance

Business a.m Climate Action Africa (CAA), a social enterprise dedicated to advancing climate action in Africa, has announced the launch of the CAAF24 pre-event webinar focusing on climate finance in Africa.  The virtual event, scheduled for February 29, will convene a diverse group of experts and stakeholders  who will explore the successes and challenges of […]

APM Terminals signals $500m Apapa Port investment

Business a.m APM Terminals, a global container terminal operator, has announced its intention to invest $500 million in the Apapa Port in Lagos, in a bid to make it one of the biggest in Africa.  The news of APM Terminals’ planned investment was disclosed by Keith Svendsen, the company’s Global CEO, during a visit to […]

AfDB’s sustainable hybrid bond oversubscribed as demand tops $6bn

Onome Amuge The African Development Bank (AfDB) has successfully launched its first-ever sustainable financing instrument, a $750 million perpetual subordinated hybrid capital note.   The deal was officially completed on January 30th, and the notes are expected to mature in August 2034, with a call option for the AfDB after 10.5 years. With robust investor […]

AfDB’s sustainable hybrid bond oversubscribed as demand tops $6bn

4 Nigerian agripreneurs up for AfDB’s $140,000 grant

Business a.m The African Development Bank (AfDB) has successfully launched its first-ever sustainable financing instrument, a $750 million perpetual subordinated hybrid capital note.  The deal was officially completed on January 30th, and the notes are expected to mature in August 2034, with a call option for the AfDB after 10.5 years.  With robust investor demand […]

KoinKoin, SR FINANZMANN secure $2m to expand corporate FX platform

KoinKoin, SR FINANZMANN secure $2m

Business a.m Two fintech startups, KoinKoin and SR FINANZMANN, have announced a combined $2 million in funding from private investors, a major boost for their corporate over-the-counter (OTC) business for foreign exchange and digital assets.  An official statement to this effect, seen by Business a.m, disclosed that the funding will be used to drive the […]

CBN moves to prevent banks from engaging in speculative foreign exchange trading

CBN shuns critics to push cash withdrawal limit policy

Business a.m The Central Bank of Nigeria (CBN) has released a new circular containing guidelines aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks.    The circular, which is titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” outlines a set of guidelines designed to reduce the […]