Fidelity Bank has announced plans to increase its issued share capital from N22.6bn to N26.7bn by creating up to 8.2bn additional ordinary shares, each valued at 50 Kobo. This decision aligns with the new minimum capital requirements set by the Central Bank of Nigeria (CBN). The announcement was made in a corporate notice filed with…
Peter Obi, the presidential candidate of the Labour Party in the 2023 election, has called on the Nigerian government to address growing concerns about interest rates and reverse key monetary policies. In a statement posted on his X handle, Obi highlighted the detrimental impact of the Central Bank of Nigeria’s (CBN) interest rate hikes on…
Nigeria has secured the bid to host the headquarters of the Africa Energy Bank (AEB), a significant achievement for the country’s energy sector. This announcement was made by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, following a virtual meeting of the council of ministers of the African Petroleum Producers Organisation (APPO) on…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPC Ltd) and NIPCO Gas Limited have inaugurated twelve Compressed Natural Gas (CNG) stations in Nigeria, marking a significant step in the country’s drive towards cleaner and more affordable energy. The stations were commissioned by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in…
By Ayomide Otitoju Polaris Bank has launched a tree-planting initiative in Ogun State to combat the effects of climate change and promote environmental sustainability. The initiative, conducted in collaboration with the Nigeria Conservation Foundation (NCF), took place at Tai Solarin University of Education, Ijagun, near Ijebu-Ode, Ogun State, on Monday. Chris Ofikulu, Executive Director of…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPCL) has declared a state of emergency on oil production to boost Nigeria’s crude oil output and reserves. Mele Kyari, the Group Chief Executive Officer of NNPCL, announced this during the 23rd Nigeria Oil and Gas Conference and Exhibition in Abuja. Kyari said, “We have decided…
The Stanbic IBTC Purchasing Managers Index (PMI) fell to its lowest in seven months due to low demand and high prices. The monthly PMI, released on Monday, showed a drop to 50.1 points in June from 52.1 in May, marking a seven-month low. Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank,…
Wema Bank, the creator of Africa’s first fully digital bank, ALAT, has urged everyone to focus on digital empowerment for Micro, Small, and Medium Enterprises (MSMEs) to create a sustainable MSME ecosystem in Nigeria. This message was delivered during the International MSMEs Day and MSME Awards Night 2024. The event was organized by the Federal…
While addressing the audience during the opening session of a three-day summit organized by the Manufacturers Association of Nigeria (MAN) at the Banquet Hall of the State House, Abuja, on Tuesday, Aliko Dangote expressed concerns over the high interest rates, stating that businesses cannot cope with the current rate. In May, following a two-day meeting,…
