BUSINESS
Nine Local Banks Generate ₦14tn In Loan Interest Amid Interest Rate Hikes
In 2024, nine Nigerian banks earned a total of N14.26 trillion in interest revenue, according to an examination of the financial institutions' audited financial statements. As the banks made trillions of naira from the interest on loans given to customers during the review period, manufacturers counted their losses, groaning under the weight of soaring borrowing costs totalling N1.3tn for the...
Stock Market Loses N207 Billion Amid Easter Break
The Nigerian equity market experienced a decline during the holiday-shortened trading week, losing ₦207 billion in market capitalization as investor sentiment remained cautious amid ongoing earnings reports and dividend announcements. Trading on the Nigerian Exchange Limited was limited to four days as the federal government declared Friday, April 18, and Monday, April 21, 2025, as public holidays to mark the...
Bitcoin Surge To $84.9K Amid Tariff Exemptions
On Saturday, Bitcoin (BTC) rose 1.5% to $84,900 in an effort to halt a three-month decline following the Trump administration's decision to exempt important tech imports, such as chips and smartphones, from new reciprocal tariffs. The U.S. Customs and Border Protection’s exemptions are seen as a trade war concession, easing market fears. Analysts like The Kobeissi Letter suggest bond market pressure...
Gov. Otti Urges Haier Global To Invest In Abia, Assures Of Business-Friendly Environment
Abia State Governor, Dr. Alex Otti, has reaffirmed his administration’s commitment to fostering strategic partnerships with investors, emphasizing that such collaborations are aimed at economic growth rather than mere patronage of companies. Governor Otti made this known on Wednesday while receiving a delegation from Haier Global Business, led by its Director for Africa, Mr. Sunny Liu, at the Government House,...
Sterling Bank Drops Charges On Online Transfers, Calls For Others To Follow
Sterling Bank has pushed for the elimination of bank transfer fees by major banks and declared that it will no longer keep any money for itself from any local online transactions made by its clients. This historic action sets a new standard for customer-focused banking in Nigeria. The announcement made on April 1 initially sparked widespread arguments, with many assuming...
FG, EU Collaborate To Strengthen 1.3bn Euro Trade Deals
The Federal Government and the European Union (EU) have initiated high-level talks aimed at enhancing economic cooperation between the EU and Nigeria. A statement issued by the Finance Ministry on X noted that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun and the EU Ambassador to Nigeria, Gautier Mignot, engaged in the discussion at a meeting in Abuja,...
Nigeria’s $632M Loan Request Set For Approval By World Bank Today
Amid growing concerns over Nigeria's increasing debt profile, the World Bank is scheduled to approve new loans totaling $632 million to the country today (Monday), according to The PUNCH. The loans are to support critical areas, including nutrition improvement and quality basic education. Information obtained from the World Bank’s website on Sunday showed that the two loans expected to be approved...
MRS Oil Emerges As Nigeria’s Downstream Market Leader After Dangote Refinery Deal
A groundbreaking fuel supply and distribution deal between Dangote Refinery and MRS Oil Nigeria Plc has propelled MRS Oil to the top of Nigeria’s downstream petroleum industry, surpassing long-standing market leaders such as Mobil, TotalEnergies, and NNPC Retail. The partnership ensures that MRS Oil handles over 40% of Dangote Refinery’s refined products released for local consumption. This development has significantly...
Global Trade War: Naira Value Depreciates Amid Forex Outflows
The ongoing tariff war between the United States and certain nations has created uncertainty, which has caused foreign exchange to leave Nigeria and caused the naira to depreciate for two weeks. This prompted the Central Bank of Nigeria, CBN, to intervene in the forex market last week, selling up to $500 million, to boost supply. However, the naira still depreciated week-on-week,...
Bitcoin Dips To $80K Amid Trump Policy Debate
The cryptocurrency market has seen a significant decline, with its total value dropping by 7% to around $2.77 trillion. Leading digital assets, including Bitcoin, Ethereum, and XRP, have faced significant losses as investors react to the broader economic landscape and shifting policy measures. Bitcoin, the largest cryptocurrency, has dropped considerably and is now trading at around $82,200. Despite maintaining a market dominance...
