In 2024, nine Nigerian banks collectively earned N14.26 trillion in interest income, according to an analysis of their audited financial results. In contrast, the manufacturing sector, often referred to as the real sector, is facing rising operational costs, which totaled N2.5 trillion in 2024 alone. The analysis, which examined the financial results of First Holdco,…
On Wednesday, Dangote Refinery announced a reduction in the ex-depot price of Premium Motor Spirit to N835 per litre, down from N865. The $20 billion refinery communicated this change to its customers in a notice issued on Wednesday morning, reflecting a decrease of N30 in the price of Dangote petrol. Just six days prior, the…
Nigeria has become a prime target for Ponzi schemes, resulting in millions of unsuspecting investors losing their life savings in a cycle of financial deceit and broken promises. From digital platforms to agriculture-based investments, these fraudulent schemes continue to exploit the desire for quick returns, particularly in a country facing significant economic challenges. Here, we…
The Central Bank of Nigeria (CBN) has reported a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, a significant recovery from the deficits of $3.34 billion in 2023 and $3.32 billion in 2022. This announcement was made in a statement by Sidi-Ali Hakama, the Acting Director of Corporate Communications at…
The Federal Government has clarified that its naira-for-crude initiative with local refineries is not a temporary solution but a crucial policy aimed at promoting sustainable local refining. Officials stated that the initiative is still operational and will resume immediately, countering the previous decision made by the NNPCL under former CEO Mele Kyari, which had suspended…
Nigeria’s external debt service obligations reached $1.08 billion in the fourth quarter of 2024, marking a notable increase from the previous quarter. This information was revealed by the Debt Management Office (DMO) in its latest report. According to earlier data from the DMO, Nigeria’s total debt service costs rose to N3.57 trillion in the third…
By Ajibola Olarinoye Introduction Modern business operates at a rapid rate where technology stands as a fundamental requirement for enterprise success. The operational framework of businesses transformed through Artificial Intelligence (AI) technology which delivers innovative solutions for better operational productivity. The implementation of AI technology by Nigerian business operators between eighteen and thirty years old…
In its ongoing effort to enhance financial growth opportunities, leading digital bank PalmPay has introduced the Wealth Wish Day campaign, empowering users to increase their savings. Running from April 2 to April 20, 2025, this campaign offers participants the chance to win exciting rewards, including daily cash prizes, premium gadgets, and a grand prize: a…
Oil prices dropped by more than 3 percent on Monday, continuing the downward trend from the previous week. Concerns are mounting that a global trade war could further hinder economic growth and diminish oil demand. According to a report by Reuters, Brent crude futures fell by $2.10, or 3.2 percent, reaching $63.48 a barrel at…
The naira continued its decline against the dollar in the official foreign exchange market, concluding the week on a negative note. According to data from the Central Bank of Nigeria, the naira weakened further to N1,567.02 per dollar on Friday, a drop from Thursday’s trading. This represents a daily decrease of N14.49, down from the…
