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Ecobank raises $125m in oversubscribed Eurobond issuance

Ecobank clears $500m Eurobond after five-year tenure

Ecobank Transnational Incorporated has repaid its $500 million five-year Eurobond, which was due today, April 18th. this was disclosed by the bank in a corporate filing with the Nigerian Exchange Limited on Thursday. The Group Chief Financial Officer, ETI, Ayo Adepoju, said the bond represented ETI’s first Eurobond issuance in April 2019, noting that the […]

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18th April 2024
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Economy

Why Nigeria should be removed from FATF’s grey list – Stakeholders

Stakeholders are requesting that Nigeria be removed from the grey list of the Financial Action Task Force to reduce high transaction costs associated with remittance flows. This was disclosed during the 2024 World Bank/IMF Spring Meetings on Wednesday, in Washington D.C., USA convened at a roundtable organised by the Central Bank of Nigeria aimed at […]

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18th April 2024
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News

Twitch launches TikTok-like feed for livestreams, clips

Social network, Twitch is rolling discovery feed for livestreams and Clips on mobile devices aiming to provide users with a fresh way to discover new streamers and, consequently, spend more time on the platform. Initially, the feed will appear as a new tab in the mobile app, allowing viewers to toggle between a scrollable feed […]

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18th April 2024
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Oil and Gas

$3.8bn Brass methanol project to be executed in May – Minister

The Federal Government announced recently that the Gas Supply and Purchase Agreement to support the Final Investment Decision for the $3.8bn Brass methanol project would be implemented in May 2024. The Brass methanol project in Bayelsa State, which is designed for the production of Methanol as a key chemical by use of gas resources, has […]

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18th April 2024
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News

CBN reduces banks’ loan-deposit ratio to 50%

The Central Bank of Nigeria has reduced the loan-to-deposit ratio of commercial banks from 65 % to 50 % as part of measures to deepen its monetary tightening policy. As a result, Deposit Money Banks are now allowed to lend only 50 % of their deposits to their customers, according to The Punch. This was […]

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18th April 2024
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News

NPA secures $700m loan for Apapa, Tincan ports rehabilitation

The Nigerian Ports Authority announced that it had obtained a $700m loan from Citibank for the rehabilitation of the Apapa and Tincan Island Ports in Lagos. This disclosure was made in a statement on Wednesday by the Managing Director of NPA, Mr. Mohammed Bello-Koko, during a panel session at the 43rd Annual Council Meeting of […]

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18th April 2024
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10 facts about CBN governor-nominee Cardoso The President, Bola Tinubu, on Friday named Olayemi Michael Cardoso as the substantive Governor of the Central Bank of Nigeria. He is expected to replace the Acting Governor of the CBN Folashodun Shonubu if confirmed by the Senate. Below are 10 facts about him. i. Dr. Olayemi Cardoso hails from Lagos State, a city renowned for its vibrant economic and cultural diversity. ii.His parents were descendants of Brazilian returnees who belonged to prominent families in Popo Aguda, adding a rich cultural heritage to his background. iii. Dr. Cardoso's father, Felix Bankole Cardoso, made history as Nigeria's first indigenous Accountant-General of the Federation in 1963, setting a high bar for public service. iv. His academic journey began at Corona School Ikoyi, where he received his primary education, followed by St. Gregory's College in Lagos for his secondary education. v. Dr. Cardoso's pursuit of knowledge took him to Aston University, where he earned a Bachelor's degree (B.Sc.) in Managerial and Administrative Studies in 1980. vi. He continued his academic journey, earning a Master's degree in Public Administration in 2005 as a Mason Fellow, showcasing his commitment to continuous learning and growth. vii. Dr. Cardoso's career in finance included serving as the former chairman of Citibank Nigeria, where he undoubtedly honed his financial acumen. viii. His commitment to public service led him to serve as the Commissioner for Economic Planning and Budget in Lagos State during President Tinubu's tenure as the governor. ix. Dr. Cardoso is not just a participant in Lagos's economic development but also an architect. He is the founding chairman and co-chair of the Ehingbeti Summit, the Lagos State economic summit. x. Behind the impressive resume, Dr. Cardoso is a family man. He is married with five children and three grandchildren, embodying the values of responsibility and dedication.

Economy featured

Nigeria’s FX reserves shrink linked to debt repayments – CBN

The Central Bank of Nigeria has thrown more light on the reasons for the notable decline in the nation’s foreign exchange reserve, stating that it was not aimed solely at defending the naira as suggested, but rather to offset debt owed to creditors. In addition, the Central Bank also pointed out its desire to promote […]

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18th April 2024
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Google signs $3bn US hydropower deal amid AI energy race

News

Google fires 28 workers over protest against deal with Israel

Google has terminated the employment of 28 workers who participated in protests against the company’s “Project Nimbus” cloud contract with the Israeli government, according to an internal memo obtained by The Verge. This action follows the arrest and suspension of nine employees on April 16, as well as a previous dismissal related to the same […]

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18th April 2024
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Google to revises app rules after EU charges over market abuse

News

Google lays off staff to streamline operations

Alphabet-owned Google is implementing layoffs affecting an undisclosed number of employees, a company spokesperson confirmed on Wednesday. This move marks the latest in a series of cost-cutting measures at the technology giant. The spokesperson clarified that the layoffs are not company-wide and that affected employees will have the opportunity to apply for internal positions. However, […]

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18th April 2024
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Nigeria's FX reserves hits $32.3bn, rises by $262m

News

Nigeria’s FX reserves shrink, sparks naira float speculation

The Nigerian foreign reserves are depleting at a pace not observed in four years, sparking concerns that the central bank is using its dollar holdings to bolster the naira’s value following its commitment to allowing the currency to float more freely. Since March 18, when the naira began its recovery from record lows against the […]

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17th April 2024
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Economy

BDCs now buy dollar at N980, sell N1,020 – President

The Association of Bureaux De Change Operators of Nigeria President, Aminu Gwadabe, has said BDC operators now sell US dollars at N1,020/$ while they buy at N980/$. This was disclosed by Gwadabe in a live appearance on Channels’ Business Incorporated program on Tuesday. According to him, the appreciation of the naira has gone faster than […]

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17th April 2024
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White House leads TikTok acquisition deal

News

EU issues ultimatum to Bytedance over TikTok lite

ByteDance’s TikTok has been issued a 24-hour ultimatum by the European Commission to furnish a risk assessment concerning its recent app launch, TikTok Lite, introduced this month in France and Spain. The Commission expressed apprehensions regarding potential adverse effects on children and users’ mental well-being, invoking the Digital Services Act, a set of EU tech […]

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17th April 2024
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NSDC mobilises $1bn for sugar self-sufficiency

NAFEM turnover hits $1.41bn, highest in weeks

US states seek major changes as Meta child

Elon Musk’s fortune jumps $30.7b in just 24

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Some Populer Post

US states accuse Meta of hiding Instagram addiction research

NERC gives Kaduna DisCo 12 months to restore growth

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NSDC mobilises $1bn for sugar self-sufficiency

Ecobank clears $500m Eurobond after five-year tenure

Why Nigeria should be removed from FATF’s grey list – Stakeholders

$3.8bn Brass methanol project to be executed in May – Minister

CBN reduces banks’ loan-deposit ratio to 50%

NPA secures $700m loan for Apapa, Tincan ports rehabilitation

Nigeria’s FX reserves shrink linked to debt repayments – CBN

Google fires 28 workers over protest against deal with Israel

Google lays off staff to streamline operations

Nigeria’s FX reserves shrink, sparks naira float speculation

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