Analysts at Standards and Poor (S&P) has in the latest Global Commodity Insights reported that Nigeria had become the largest importer of refined petrol in Africa from Europe as the shipments of the commodity to the continent continue increase. The analysts noted also that crude oil shipments from the Middle East to Europe had significantly […]
Youverify, a Nigerian startup providing identity verification and anti-money laundering (AML) solutions to banks and other startups, has secured $2.5 million in funding in a pre-Series A round. The investment, which was secured from Elm, a Saudi Arabian company which specializes in offering ready-made and customized digital solutions to public and private institutions, includes a […]
The National Pension Commission (PenCom) has reported that Nigeria’s pension assets’ net value increased to N19.531 trillion as of the end of January this year, representing 6.40% growth when compared to the N18.356 trillion net assets value reported as of December 31st 2023. The January 2024 pension net asset value implied that on a year-on-year basis, […]
The Nigerian Civil Aviation Authority (NCAA) has warned private jet owners in the country against the unauthorized use of their aircraft for commercial purposes, stressing that violators will be sanctioned. The warning was contained in a statement by the agency’s Director of Public Affairs and Consumer Protection, Michael Achimugu, and published on the NCAA’s official […]
African Export-Import Bank (Afreximbank) has announced its collaborative effort with the Grand Africa Initiative (GAIN) through a grant aimed at facilitating the training of 300 young African entrepreneurs this month. A news report from APO Group indicated that the six-week training programme would focus on entrepreneurship and intra-African trade. The GAIN-Afreximbank Masterclass on Entrepreneurship and […]
The Central Bank of Nigeria (CBN) has announced its donation of over two million bags of fertilizers with a total value of N100 billion to farmers nationwide. The apex bank governor, Yemi Cardoso, delivered the bags of fertilizers to the Minister of Agriculture and Food Security, Abubakar Kyari, on Wednesday in Abuja. According to him, […]
President Bola Tinubu has directed the immediate re-opening of Nigeria’s land and air borders with the Republic of Niger with immediate effect. The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, in a statement titled, ‘Nigeria Opens Land and Air Borders with Republic of Niger, Lifts Other Sanctions’, issued on Wednesday, disclosed […]
The National Institute of Credit Administration (NICA) has expressed serious concern about the high-interest-rate on loans being offered by banks to Small and Medium Enterprises (SMEs) in the country, describing it as undesirable for the growth of the enterprises and the nation’s economy. The Registrar/Chief Executive Officer of the professional body, Prof Chris Onalo, in […]
The Central Bank of Nigeria (CBN) has increased the foreign exchange (FX rate) for clearance of goods at different import points from N1593.84/$1 to N1612.28/$1, representing N18.44 increase. The latest FX rate displayed on the Nigeria Customs Service’s (NCS’) portal indicated that the latest FX rate was introduced on Monday, March 11. According to the […]
As the transformational impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks with prospects for more threats to assets, Lloyd’s has urged insurance industry players on the urgent need to take proactive steps to mitigate the risks of the technology on the […]