Category: Business

International Breweries Plc has released its audited financial report for the period ending on 31 December 2024, revealing a pre-tax loss of N111.8 billion. This marks a 14.96% increase from the pre-tax loss of N97.2 billion reported the previous year, driven by rising sales costs, expenses, and a significant net foreign exchange loss. The company…

Nigeria’s gross foreign exchange (FX) reserves fell by $2.57 billion from January to March 2025, marking a 6.29% decrease over the three-month period. This is according to external reserves data available on the website of the Central Bank of Nigeria (CBN). In a statement earlier this week, the apex bank attributed the decline in the…

FCMB Group Plc has reported a pre-tax profit of N111.8 billion for the full year ended 31st December 2024, as detailed in its recently released audited financial statement. This represents an increase of 7.15% compared to the N104.4 billion recorded in 2023, as gross earnings and net interest income soared. The group achieved gross earnings…

Global markets were thrown into turmoil after U.S. President Donald Trump announced sweeping reciprocal tariffs on Wednesday, causing a massive $208 billion plunge in the combined wealth of the world’s richest individuals by Thursday. Africa’s richest man, Aliko Dangote, was among those affected, experiencing a $14.5 million drop in his wealth, according to Bloomberg. This…

African countries continue to face exorbitant borrowing costs as global credit rating agencies assign them “sub-investment grade” or “junk” ratings that do not reflect the continent’s true economic potential. The Executive Secretary of the United Nations Economic Commission for Africa (ECA), Claver Gatete, raised this concern in a statement on Friday, highlighting the staggering disparity…

China has announced a sharp escalation in its trade dispute with the United States, imposing 34% tariffs on all U.S. imports in retaliation for President Donald Trump’s latest round of duties. The new tariffs, which match Trump’s recent increase, will take effect on April 10, just one day after the U.S. implements its own “reciprocal”…

The Federal High Court in Abuja has barred Senator Natasha Akpoti-Uduaghan, Senate President, God’swill Akpabio and Senate from granting press, TV interviews and social media posts regarding the  pending case on the suspension of the female lawmaker until the matter is decided. Justice Binta Nyako declared this in her ruling on Friday, while restraining the…

Nigeria has approached the World Bank for a fresh $10.50 million loan aimed at enhancing the technical capacity of the Central Bank of Nigeria (CBN) and modernising the country’s domestic payment infrastructure. Nairametrics obtained the information from the World Bank website, revealing that the proposed CBN Technical Assistance Facility aims to integrate innovative technologies and…

The Federal Government has announced that the Independence Bridge in Lagos will reopen to traffic on Sunday, but only half of the carriageway will be accessible as repair works continue. Minister of Works, David Umahi, disclosed this on Thursday when speaking to journalists following the massive gridlock that occurred in Lagos on Wednesday due to…

Brent Oil Futures dropped approximately $10 a barrel since Thursday. The implementation of new tariffs and a surprise OPEC+ supply increase have negatively impacted the market. Oil prices sank dramatically as a new barrage of tariffs fueled fears of a global economic downturn, adversely impacting oil demand. Brent crude also reported its most significant sell-off…

Afreximbank Research has said that U.S. President Donald Trump’s announced reciprocal tariffs may have a limited direct impact on African economies, given the continent’s deepening trade ties with China. However, it noted that the indirect effects of ongoing U.S.-China trade tensions could pose significant risks to Africa’s commodity-dependent nations. In an impact analysis of Trump’s…

CERN, Conseil Européen pour la Recherche Nucléaire, also known as the European Organization for Nuclear Research, has announced numerous job openings across its Geneva campus for a range of positions, including roles for international professionals, offering work visa sponsorships for international applicants. These positions, which will begin in April 2025, are available in various fields…

The Nigerian Exchange Group (NGX) has published its performance report detailing the top ten stockbrokers in Nigeria for the first quarter of 2025. This report ranks brokers according to the volume and value of trades executed on their platforms. Notably, these leading stockbrokers collectively accounted for 51.69% of the total trading volume on the exchange,…

The Nigerian Senate is set to deliberate on the highly anticipated Tax Reform Bill 2024 immediately after the Eid-El-Fitr and Easter holidays. The Easter break runs between April 18 and 21. The Leader of the Senate, Opeyemi Bamidele, highlighted the significance of these bills, describing them as transformational initiatives poised to redefine Nigeria’s fiscal framework.…

The Federal High Court in Abuja has ordered the final forfeiture of two properties linked to a staff member of Federal Inland Revenue Services (FIRS), Aminu Garunbaba, to the Federal Government over alleged money laundering. Justice Obiora Egwuatu ordered the final forfeiture in his judgment on Thursday, following a case instituted by the Economic and…

Nigeria’s exports to the United States account for approximately 2% of the country’s Gross Domestic Product (GDP). This is according to a recent report by Renaissance Capital Africa titled “The African Continent is (relatively) Immune to Trump’s Tariffs”.  In the report, Renaissance Capital Africa suggests that African countries, including Nigeria, might be relatively insulated from…

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC),  Mr. Ola Olukoyede, on Thursday, vowed to tackle many cases of non-performing loans in Nigeria associated with underlining fraudulent content. The EFCC boss, in a statement on Thursday, vowed to tackle such cases of fraud in the interest of justice. Olukoyede stated this while…

Nigeria has formally recognized cryptocurrency and other virtual assets as securities for the first time. President Bola Tinubu’s recent enactment of the Investment and Securities Act (ISA) 2025 ushers in a new era of regulatory clarity for the country’s digital asset ecosystem, which has been clouded in uncertainty for more than a decade. The new…

The Standards Organization of Nigeria (SON) has confirmed the quality and safety of 107 products in Anambra state while presenting Mandatory Conformity Assessment Programme (MANCAP) certificates to the manufacturers. SON awarded MANCAP certificates to 44 companies operating in Anambra State in recognition of their compliance with national production quality standards. The certificates, which were issued…

The Mining Marshals operating under the Ministry of Solid Minerals Development have shut down an illegal mining operation in the Rafin-Gabas community of Kokona Local Government Area, Nasarawa State, arresting three foreign nationals in the process. The Minister of Solid Minerals Development, Dr. Dele Alake, confirmed the operation in a statement issued Thursday in Abuja…