Moody’s gives reason for Nigeria’s stagnant credit rating

International rating agency, Moody's said Nigeria's credit profile currently at B2 stable is constrained by the sovereign balance sheet's
Purchasing Managers' Index

How manufacturing sector witnessed increased investment inflow in H1 2018

The Manufacturers Association of Nigeria, MAN, said the manufacturing sector witnessed increased investment inflow during the first six months of 2018 compared to the same period last year.
Alhaji Baba Tela retires from Zenith Bank Plc Board

Alhaji Baba Tela retires from Zenith Bank Plc Board

Zenith Bank Plc has announced the retirement of Alhaji Baba Tela as its Non-Executive Director.
Heirs Holdings signs $600 million loan deal with Afreximbank

Heirs Holdings partners Afreximbank on $600 million loan

In its bid to facilitate the growth of Intra-Africa trade and support the development of African businesses, Afrexim has signed financing facilities totaling US$600 million
oil marketers

Again, Oil marketers oppose promissory note for payment

Oil marketers suspend planned strike, gives FG 5-day ultimatum to pay debts
Lotus Capital

Sukuk: DMO appoints Lotus Financial Services as joint adviser

Lotus Capital is a Nigerian pioneer in the emerging financial niche of Islamic finance with a unique equitable interest-free solution.
Nigeria’s OneFi Secures First Ever Credit Rating for an African Fintech

Nigeria’s OneFi Secures First Ever Credit Rating for an African Fintech

One Finance Limited (OneFi) today announces that is has been assigned a “BB” rating with a Stable outlook, from Global Credit Rating Co
VFD Group Limited

See how VFD Group plans to reposition Nigeria’s economy

VFD Group Limited recently held its 2nd AGM in Lagos, during which the board of directors obtained shareholders' approval to raise capital for expansion purposes.
EFCC may file charges against Tunde Ayeni next week

EFCC may file charges against Tunde Ayeni next week

Former chairman of the defunct Skye Bank, Tunde Ayeni was reportedly quizzed by the Economic and Financial Crimes Commission (EFCC) today, and the commission could...
L-R: Leste Aihevba, Managing Director, Energia; George Osahon, Chairman, Board of Directors, Energia; Adaeze Moedo, Representative of Zonal Controller, Department of Petroleum Resources; Friday Ozobeme, President General, Emu Ebendo Community; Freeman Fregene, Commissioner for Oil and Gas, Delta State; and Kofo Tunji- Olagunju, General Manager, External Relations, Oando Energy Resources, during the commissioning of the Ebendo Community Modern Housing Estate, among other projects by the Energia/Oando Joint Venture in Delta State on Monday, December 3, 2018.

Energia, Oando JV Deliver Multibillion Naira Infrastructural Projects to Host Communities in Delta State

Oando Energy Resources, (a subsidiary of Oando PLC) one of Nigeria’s leading indigenous oil producers and Energia Limited, the Operator of their Joint Venture - Ebendo/Obodeti Marginal Field (OML 56), on Monday December 3, 2018, commissioned and handed over multi-billion Naira infrastructural projects
(L-R) Walter Perez, Managing Director, West African Gas Pipeline Company (WAPCo); Debo-K'mba Barandao, Director-General, West African Gas Pipeline Authority (WAGPA); and Bolaji Osunsanya, Chief Executive Officer, Axxela, during the recent signing of a gas transportation agreement between Axxela and WAPCo at the WAPCo Head Office in Accra, Ghana to transport over 15 million standard cubic feet per day (“mmscf/d”) of natural gas via the West African Gas Pipeline (WAGP) to Lome, Togo.

Axxela Diversifies Gas Markets; Signs Gas Transportation Agreement with West African Gas Pipeline Company...

Axxela Limited (“Axxela”), sub-Saharan Africa’s preferred fast-growing gas & power portfolio company, has signed a Gas Transportation Agreement (GTA) with the West African Gas Pipeline Company Ltd. (WAPCo) to transport over 15 million standard cubic feet per day (“mmscf/d”) of natural gas via the West African Gas Pipeline (WAGP) to Lome, Togo.
Frederic Flejou, Axa Mansard Insurance Plc

Frederic Flejou resigns from Axa Mansard’s Board

Frederic Flejou resigns as Axa Mansard non-Executive Director.
Notore PLC

These companies may benefit from the CBN’s latest FX policy

The Central Bank of Nigeria (CBN) Governor Godwin Emefiele, made good his threat to add other items to the list of those banned from the official exchange market.
C&I Leasing Plc

C&I Leasing considering share reconstruction

C and I Leasing Plc disclosed its intentions to reconstruct its issued and paid up share capital.
Minimum wage

France increases minimum wage after protests, as Nigeria refuses to do same

French President, Emmanuel Macron announced that the minimum wage in the country would be increased by €100 starting early 2019.

Kobo360 set to scale operations to other African countries

Logistics startup, Kobo360, has raised a $6 million equity investment led by the International Finance Corporation (IFC) with participation from others including Silicon Valley investors WTI
Microfinance banks

CBN ends forex for fertilizer importation, raises concern over banks sharp practice

The Central Bank of Nigeria (CBN) in a circular ‘Inclusion of some imported goods and services on the list of items not valid for forex in the Nigerian forex market.’
Nigerian Military

Official: Nigeria spends N1.2 billion only on imports of Arms and Ammunition

Nigeria's military spending rose by a whopping 2,138% for the third quarter of 2018, one of the highest seen in recent years. This was contained...
GTBank, Ecobank, Ekiti State, Kayode Fayemi, Ayo Fayose

These banks can now do business with Ekiti MDAs

Fayemi lifts embargo on three banks in Ekiti State
Yewande Zaccheaus, CEO, Eventful Limited; Ibukun Awosika, Chairman, First Bank of Nigeria Limited and Tiyan Alile, Founder and Promoter of Culinary Academy at Fiesta of Flavours, the food festival event organised by Eventful Limited and sponsored by FirstBank.

FirstBank restates commitment to SMEs, agricultural sector growth

First Bank of Nigeria Limited has expressed its commitment to the growth of the agricultural value chain and creating opportunities for the Small and Medium Enterprises (SMEs) to thrive in the country.
Access Bank Plc

CBN unveils Nigeria’s most sustainable bank of the year

Over the weekend, the Central Bank of Nigeria, CBN, announced Access Bank Plc as Nigeria's most sustainable bank of the year.
Market insight

Market/economic insight: the weekly brief (December 3rd– 7th 2018)

The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.02% WTD to close at an...
O2 logo

What Nigerian Telecos can learn from O2 network outage

Customers' of UK second largest mobile operator, O2 mobile, were recently hit by a huge data outage lasting more than two days last week.
Osagie Okunbor

Court of Appeal nullifies contempt charge on Shell MD

A Court of Appeal sitting in Port Harcourt has nullified the three-month jail sentence imposed on the Managing Director of the Shell Petroleum Development Company of...
Green Bonds Issuance Rules

Why SEC is banning stockbrokers from making guaranteed investments

The Securities and Exchange Commission has its regulatory framework which now prohibits stockbrokers from engaging in any form of guaranteed investments
41 items forex restriction, Anchor Borrowers’ Programme

CBN cries out over banks’ outrageous interest rates on loans

CBN addresses interest rates on loans

Strike inevitable as oil marketers demand payments before Friday

Nigerians to struggle for fuel during yuletide

Flour Mills lists N20.11 billion bonds on NSE, FMDQ

Nigeria’s largest flour-milling company, Flour Mills of Nigeria Plc, has listed two bonds on the Nigerian Stock Exchange (NSE) and the FMDQ OTC Securities Exchange.
Inflation, private sector loans, NBS

Nigeria records 1.81% Q3 2018 GDP growth

Third quarter 2018 GDP figures released by the National Bureau of Statistics, show Gross Domestic Product grew by 1.81% in the third quarter of 2018....