Heirs Energy has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank) to ramp up its oil and gas production. The deal signed on Saturday, December 20, in Abuja, is expected to help the indigenous energy firm ramp up its crude oil output to about 100,000 barrels per day and gas to …
The Naira is expected to trade near ₦1,350/$ by 2026 as economic indicators strengthen, analysts at Cordros Securities have projected. They gave the forecast in a new report titled 'Nigeria in 2026: Building Momentum Beyond the Rebound'. The report provides reviews of macroeconomic trends and market dynamics. It states that the naira is likely to …
BudgIT Nigeria has raised concern over the revenue figure declared by the budget office and the disclosure made recently by the Minister of Finance and Coordinating Minister of Economy, Wale Edun. The civic organisation raised the alarm in a post on its X handle on Friday, December 19. It stated: “While the Budget Office @PlanningNG …
The Chairman of First HoldCo Plc, Femi Otedola, has acquired additional shares, valued at ₦14.8 billion, in the financial holding company. The holding company announced this in a notice late Thursday, signed by the Company Secretary, Abiola Baruwa. According to the notice filed with the Nigerian Exchange Limited (NGX), the shares were purchased through Calvados …
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has revealed plans to launch a microfinance bank and wants the Central Bank of Nigeria (CBN) to grant it an operating licence. Director-General of SMEDAN, Charles Odii, disclosed this during a media parley in Abuja on Wednesday, while unveiling the agency’s five-point agenda for 2026. …
The African Development Bank (AfDB) Group has secured a record $11 billion from 43 partners for its 17th Replenishment (ADF-17). The fund secured by its concessional financing arm, the African Development Fund (ADF), marks the largest funding round in its history despite tight global fiscal conditions and shrinking aid budgets. According to a statement by …
The majority shareholders of Premier Paints Plc are set to sell a 51 per cent stake to Xenergi Limited. The paint maker announced the ownership change in a statement to the investing public on Tuesday. Premier Paints Plc is a Nigeria‑based paint manufacturer established in 1982 and headquartered in Ifo, Ogun State. It produces decorative, …
Nigerians are demanding lawmakers' action to extend debate on contract staffing in banks to other sectors where the issue is also of critical concern. Their reactions followed a bill seeking to regulate the employment of staff by Nigerian banks, which has passed the second reading at the House of Representatives. They want any attempt by …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Monday reaffirmed the country's commitment to stabilising the economy and enabling sustainable, private-sector-led growth. He spoke on this at the US–Nigeria Executive Business Roundtable. He said Nigeria is committed to rules-based economic management, transparent markets, and predictable policy frameworks, against a backdrop of …
The Central Bank of Nigeria (CBN) has revoked the operating licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc for various offences. It disclosed this in a circular issued on Tuesday, December 16, signed by its Acting Director, Corporate Communications Department, Hakama Ali. According to CBN, the move was part …
