Business

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday raised the iinterest rate or Monetary Policy Rate (MPR), which benchmarks interest rates, from 22.75 per cent to 24.75 per cent. The MPR is the baseline interest rate in an economy, every other interest rate used within the economy is built on it. The members voted…

A transformative collaboration aimed at broadening access to remittances across Africa has been forged among Access Holdings Plc, Coronation Group , Safaricom Plc and M-PESA Africa (the parties) as the parties come together in a strategic alliance dedicated to propelling financial inclusion and nurturing economic prosperity for millions across the continent. The parties aim to explore solutions that will provide…

The Tony Elumelu Foundation (TEF) has disclosed that 20,000 entrepreneurs from 54 African countries have benefited from the Programme in 10 years. The Foundation announced the successful entrepreneurs in its 10 selection for the TEF Entrepreneurship Programme. This new cohort brings to 20,000, the number of young African entrepreneurs who have received funding, mentoring, and capacity-building support from the Foundation,…

…Disburses 120,000 bags of rice In Kano … Kano Gov urges wealthy Nigerians to emulate Dangote …Widows, Orphans, others laud initiative Aliko Dangote Foundation, has launched its National Food Intervention Programme, aimed at distributing over one million 10kg bags of rice across the 774 local government areas of the 36 states and Federal Capital Territory in Nigeria. The initiative is…

Nigerian Exchange Limited (NGX), Central Bank of Nigeria (CBN) and other capital market operators have organised a symposium to boost the financial literacy level of some students in Lagos to mark the 2024 Global Money Week (GMW). GMW is an annual global awareness-raising campaign on the importance of ensuring that young people, from an early age, are financially aware, and…

The Central Bank of Nigeria (CBN) has cleared the $7 billion foreign exchange (FX) backlog inherited by Governor Yemi Cardoso. This move fulfills a key pledge on his appointment and signifies a significant step towards restoring confidence in the economy. In a statement on Wednesday, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed settlement of all valid…

Access Bank Plc and KCB Group PLC (KCB) on Wednesday signed a binding agreement to acquire 100 per cent shareholding in National Bank of Kenya Limited (NBK) from KCB. The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt all regulatory approvals from, amongst others, the Central Bank of Kenya,…

…says FID on Nigeria-Morocco gas pipeline to be taken in December As global calls for transition to cleaner energy fuels continue to grow, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC) Ltd., Mr. Mele Kyari, has advocated for a differentiated approach to attaining energy transition for the African continent. Kyari, who also said the Final Investment…

The 10th Senate of the Federal Republic of Nigeria on Tuesday confirmed four persons nominated by the President Bola Ahmed Tinubu as Managing Director and Executive Directors of Asset Management Company of Nigeria (AMCON). The nominees that were confirmed to serve AMCON include the former Managing Director of Guarantee Trust Bank (UK) Mr Gbenga Alade, who comes in as Managing…

The are reports that the Central Bank of Nigeria (CBN) has sacked at least 5 directors in what seems like the commencement of reorganization process at the apex bank. Reliable sources familiar with the internal workings of the bank said the affected officials have already received termination notices since March 15th, 2024. Although details and reasons for the sack of…