FCMB Group has unveiled plans to raise N110 billion by issuing 15,197,289,219 ordinary shares of N0.50 each at N7.30 per share. This announcement was made by the Chief Executive Officer of First City Monument Bank, Ladi Balogun, during the “Facts Behind the Offer” presentation at the Nigerian Exchange Limited on Tuesday. Balogun explained that the…
The naira fell to a four-month low on Tuesday, trading at N1621.12 per dollar at the official window, compared to N1611.40 per dollar on Monday. This marked a 0.60 percent depreciation from the previous day’s close. This decline occurred despite recent interventions by the Central Bank of Nigeria (CBN), which sold dollars to authorized dealers…
Nigerian mobile operator, Globacom, has launched the Glo Health Insurance package, a micro-health insurance plan developed in collaboration with AXA Mansard Health Insurance to provide accessible healthcare for its subscribers. The Glo Health Insurance package leverages the extensive Glo mobile network to offer simple, affordable micro-health insurance coverage nationwide. Subscribers can access the service via…
Nigeria’s leading telecommunications provider, MTN, has resumed operations nationwide following a temporary shutdown on Tuesday. The closure was prompted by widespread customer outrage and incidents of vandalism, resulting from the disconnection of subscribers who failed to link their SIM cards to their National Identification Numbers (NIN). MTN announced its return to operations on Wednesday via…
President Bola Tinubu’s recent approval for the sale of crude oil to Dangote Petroleum Refinery in naira is set to significantly impact the pricing of domestically refined petroleum products, according to industry experts and oil marketers. The move, announced by Tinubu on Monday, directs the Nigerian National Petroleum Company Limited (NNPC) to sell crude to…
A Lagos-based lawyer, Olukoya Ogungbeje, has filed a ₦1 billion Fundamental Right Enforcement suit against the Federal Government of Nigeria and several security agencies. This legal action follows an alleged move to stop the proposed ‘hunger protest’ scheduled from August 1 to 10, 2024. Ogungbeje named the Federal Government as the first respondent. The other…
Venezuela is on edge as new demonstrations are expected Tuesday, following violent clashes that left four people dead and dozens injured during protests against President Nicolas Maduro’s contentious claim of victory in the recent election. On Monday, security forces fired tear gas and rubber bullets at protesters who alleged the election was stolen. Demonstrators filled…
Nigerian aviation authorities have grounded Arik Air’s aircraft following a court order related to a $2.5 million debt owed to Atlas Petroleum International Ltd. The Nigerian Airspace Management Agency (NAMA) confirmed the move on Tuesday, citing enforcement by the FCT High Court. NAMA stated, “On July 19, 2024, the enforcement department of the FCT High…
Ahead of the planned #EndBadGovernance nationwide demonstrations set for August, the Federal Government has designated all 256 custodial centres as “red zones,” warning that their sanctity must not be violated. Controller General of Corrections Hailey Nababa issued the warning in a statement on Tuesday, urging the public to avoid these centres. “The Nigerian Correctional Service…
