Volume of mobile transactions in Nigeria surged 82.6% y/y to 1.7bn in 2020, report shows
Charle Abuede
April 17, 2021
Charles Abuede A recent report obtained from the Nigerian interbank settlement system (NIBSS) has revealed that there was an acceleration in the adoption of instant payments ports in the year 2020 as the Nigerian population transitioned to other transaction channels electronically for funds and exchange in the wake of the imposed lockdowns by the […]
Suez Canal blockage crisis: Egypt opens initial litigation, claiming $916m costs
BEN EGUZOZIEApril 16, 2021
…Maritime experts expect potentially complicated, lengthy litigation Ben Eguzozie, in Port Harcourt As earlier reported by Business A.M. on March 30 that various parties (cargo owners and their representatives, Ever Given vessel, Suez Canal operators, among others) would be up for a potentially complicated and lengthy international litigation, to recoup costs […]
CBN, SEC, working on regulatory guideline for cryptocurrency trading
Arakunle KayodeApril 16, 2021
Arakunle Kayode The Securities and Exchange Commission (SEC) has revealed that it is working to better understand and control the cryptocurrency market in Nigeria in partnership with the Central Bank of Nigeria (CBN). This comes after the CBN had banned all financial institutions and deposit money banks from permitting account holders to engage in any […]
CBN tightens importation policy as wheat, sugar fall into forex restriction list
Onome AmugeApril 16, 2021
Onome Amuge The Central Bank of Nigeria, (CBN) is set to impose forex restrictions on the importation of sugar and wheat into the country, a move believed to be one of the government’s objectives to encourage local production of the commodities and push its economic diversification project. Godwin Emefiele, governor of the apex bank, made […]
IMF says sub-Saharan African will need additional funding of $245bn to remain afloat during the pandemic
Charles AbuedeApril 16, 2021
Charles Abuede The International Monetary Fund (IMF) has stated that the low-income countries within the sub-Saharan African region will need about $245 billion in external funding needs over the next five years of the whole region will need the sum of $425 billion in order to stay afloat and also help boost spending on […]
MTN eyes IPO as it sets value of mobile-money arm at $5 billion
Wale AmeenApril 16, 2021
Rival Airtel Group already secured investment from Mastercard and TPG Holdings LP to the tune of $300 million Safaricom leads as continent’s largest mobile money operator Wale Ameen Online Editor Telecommunications giant, MTN Group Ltd is currently eyeing an Initial Public Offer for its mobile money arm which it currently values at […]
Updated: Nigeria’s 2020 total IGR saw a steep decline of -1.93% to N1.31trn in 2020 due to the pandemic
Charles AbuedeApril 16, 2021
Charles Abuede The severe impact of the coronavirus pandemic has brought to bear an adverse effect on the revenue generation power of the Nigerian government which over the past months has recorded a tepid growth in its total collected revenues across the states of the federation. According to the recent data collected by […]
President Macron lauds Abdul Samad Rabiu as BUA, Axens of France make progress on BUA’s 200,000 bpd refinery in Akwa Ibom
BEN EGUZOZIEApril 16, 2021
…As Abdul Samad Rabiu named chairman, French Nigeria Investment Club …French foreign trade minister, Riester, visits BUA Lagos hqtrs …France-Nigeria relations continue to soar, despite language, historical differences Ben Eguzozie, in Port Harcourt French President, Emmanuel Macron, has commended the chairman of BUA Group, Abdul Samad Rabiu for his commitment to […]
Breaking: Nigeria’s total IGR saw steep decline of -1.93% to N1.31trn in 2020 due to pandemic
Charles AbuedeApril 16, 2021
Charles Abuede Recent data collected by the National Bureau of Statistics (NBS) on Friday morning shows that the total 2020 Internally Generated Revenue (IGR) by the 36 states of the federation contracted by -1.93 per cent year on year to N1.31 trillion from the N1.33 trillion generated in 2019. The decline is a […]
Sell-offs in Zenith, GTBank, Wapco drags market into red on the back of rising inflation
Charles AbuedeApril 15, 2021
Charles Abuede The local equities market still in the bear territory as it could not sustain the positive gain of Wednesday due to the recently released inflation rate of 18.17 per cent by the National Bureau of Statistics (NBS) on Thursday. Consequently, the local bourse was dragged into the south due to sell-offs in Wapco Plc […]