Author: Aishat Olalere

Nigeria is yet to tap from the potential for revenue generation in the 110billion dollars global bitumen market. Sen. Jimoh Ibrahim said this in Abuja at a one-day public hearing on a bill for establishment of a Bitumen Development Commission. The public hearing was organised by the Senate Committee on Solid Minerals Development. Ibrahim blamed that Nigeria with the highest deposit of bitumen after Canada and Venezuela, was yet to tap into the 110billion dollars global bitumen market due to lack of required legal framework. He said there was an urgent need for Nigeria to tap into it to support…

President Bola Ahmed Tinubu is expected to inaugurate the construction work of the 1000-km Sokoto-Badagry Coastal Highway in August. The commencement of the construction of the 1000km six-lane old West Africa trade route highway are in progress. The Minister of Works, Dave Umahi disclosed this during a stakeholder’s engagement on the project in Birnin Kebbi. Umahi declared that he was directed by the president to come to Kebbi with some ministers and members of the National Assembly to disclose the scope of the project. “Kebbi State has the lion’s share of the project, the first phase of construction will start…

Kenya’s import bill to the American Continent has increased in the first quarter of 2024 from KSh 28.1 billion in the first quarter of 2023 to KSh 65.1 billion. This was obtained from the latest data published from Kenya National Bureau of Standards (KNBS). KNBS also reported that Kenya’s exports to America, on the other side, amounted to KSh 23.6 billion, reflecting an increase of 46.7 per cent from the first quarter of 2023. Large percentage of the import bill was attributed to the United state of America which shows an increase in USA import bill from Ksh 18.5 billion…

The International Monetary Fund (IMF) has concluded the Post Financing Consultation (PFA) with Angola, saying recovery from 2023 shock is underway. The Executive Board of the IMF expressed their view that government capacity to repay the Fund is adequate. However, it is subject to risks. Angola remained resilient in the face of significant challenges in 2023, including weaker oil production and prices. “The Fund added that the authorities’ efforts to follow through on economic reforms started during the EFF 2018–21, including in the areas of fiscal management, revenue mobilization, debt management, monetary policy, and financial stability, have helped enhance the…

The Competition Authority of Kenya (CAK) has announced it settlement with KCB bank over misleading credit card advertisement. This followed complaints made by KCB customers that they have been misled on credit card charges and billing cycles through an advertisement. KCB had advertised a 45-day interest free period for holders of the bank’s Platinum Credit Card, but billed a client interest anyway. In a CAK report released earlier this year, KCB was forced to refund more than KSh 20,000 to Anthony Nderitu who had borrowed about KSh 200,000 believing no interest would be charged as advertised. Moreover, CAK said the…

African Export-Import Bank (Afreximbank) has increased its authorised share capital to 25 billion dollars. The authorised shares capital was increased from 5 billion dollars to 25 billion dollar under the authorisation of the shareholders. Afreximbank’s Manager, Communications and Events, Vincent’s Musumba disclosed this on Wednesday during the 31st Annual General Meeting in Nassau, The Bahamas. Musumba said the increase was due to the rapid growth of the bank in response to the challenges facing the African continent. He said it also created capacity for the bank to support the growth and development envisaged for Africa in line with its mandate…

Nigeria Treasury Bills Average Yield surged by 68 basis point. This is a result of reduction in holdings in the fixed income market despite spot rates adjustment expectation. Analysts said some local deposit money banks reduced their holdings for cash to close liquidity gap as rate on the Central Bank of Nigeria (CBN) standing lending facility jerked up. The financial system liquidity stayed negative following significant outflow for Treasury bills auction sales by the apex bank. Consequently, the Open Repo Rate (OPR) increased by 631 bps to 31.50%, while the Overnight Rate (O/N) increased by 610 bps to 31.92%. Investors’…

PZ Cussons Nigeria has reported a loss after year of ₦96.4 billion for the financial year ended May 2024. The loss was reported to occur as a result of currency devaluation in Nigeria. PZ Cussons reported after-tax profit of ₦14.4 billion in the previous year, according to the firm’s latest financial statements and an exchange loss of ₦158.03 billion for 2024, a significant increase from the ₦4.95 billion loss in 2023. CSL Research analysts said in a recent note that PZ Cussons’ foreign exchange loss occasioned by naira devaluation widened to ₦158.03 billion from ₦4.95 billion. “In May 2023, the…

Zedcrest group has acquired RMB Nigeria Stockbrokers, a member of Rand Merchant Bank. Zedcrest group is one of Africa’s leading financial solution firms with an objective to enhance service offerings and market footprint. RMB Nigeria Stockbrokers, the Corporate and Investment Banking arm of the FirstRand Group, brings a wealth of experience and a strong reputation in stockbroking. Adedayo Amzat, Chief Executive Officer, Zedcrest Group, said that the acquisition underscores Zedcrest’s commitment to growth in the financial sector. He stated that RMB Stockbrokers portfolio align with Zedcrest’s portfolio of financial products and services, promising significant benefits for clients and stakeholders. “RMB…

Nigeria has been working to deepen bilateral relations with the U.S. in accordance with Nigeria’s foreign policy thrust under President Bola Tinubu. Minister of Foreign Affairs, Janet Olisa, stated this at the 248th U.S. independence anniversary dinner organised by the U.S. Embassy in Abuja on Tuesday. The Minister was represented by Director of Regions, Ministry of Foreign Affairs, Amb.Yusuf Tuggar. Tuggar said signing of the Nigeria-U.S. Binational Cooperation is one of the major foreign policy objectives of the Tinubu administration. He explained that deepening Nigeria-U.S. ties would further strengthen their many years of cooperation and friendship. Nigeria-U.S. bilateral relations “has…