Wema Bank has unveiled plans to complete its capital-raising efforts with a strategy that involves a Rights Issue and a Special Placement, both set to begin on April 1, 2025. This final tranche aims to raise N200 billion in fresh capital, a pivotal step in the bank’s growth trajectory. This announcement marks the second and … Read more
The Nigerian naira showed a glimmer of resilience on Wednesday, January 22, 2025, as it recorded modest gains against the US dollar in both the official and parallel markets. This slight recovery, though small, has sparked cautious optimism among market watchers, even as the broader challenges plaguing the naira persist. Data from the FMDQ Securities … Read more
The Trade Union Congress (TUC) of Nigeria has firmly opposed the proposed increase in Value Added Tax (VAT) from the current rate of 7.5% to 10%, with potential increments to 12.5% and 15% as outlined in the Federal Government’s Tax Reform Bill. The Congress argued that such a move would exacerbate the financial struggles of … Read more
Nigeria is positioning itself as a leading destination for global investments, leveraging a stable exchange rate and improved fiscal transparency to attract investors. Minister of Finance and Coordinating Minister for the Economy, Wale Edun, made this assertion during a recent forum, emphasizing that these measures are reshaping Nigeria’s economic landscape and restoring confidence in the … Read more
The Nigerian Ports Authority (NPA) and the Nigerian Liquefied Natural Gas (NLNG) Limited have reaffirmed their commitment to a more robust partnership, aimed at enhancing Nigeria’s export potential and advancing economic growth. During a high-level meeting at the NPA headquarters in Lagos, the Managing Director of the NPA, Abubakar Dantsoho, expressed his agency’s dedication to … Read more
The Nigerian Senate has reaffirmed its commitment to ensuring adequate funding for the Fiscal Responsibility Commission (FRC) and other government watchdog agencies, emphasizing the critical role these institutions play in enforcing financial discipline and ensuring compliance with fiscal regulations. This declaration was made by the Chairman of the Senate Committee on Finance, Senator Mohammed Sani … Read more
A growing number of civil servants across Nigeria have begun to skip work as escalating transportation costs continue to outpace the new minimum wage, sparking concerns about the impact on productivity and public services. The issue, which has been brewing for months, is now becoming a widespread problem as the cost of commuting has reached … Read more
The Nigerian Extractive Industries Transparency Initiative (NEITI) has given its official endorsement to the 2024 Tax Reform Bill, hailing it as a game-changer that will modernize and streamline Nigeria’s tax system. The initiative, which is designed to overhaul tax policies and administration, aims to create a more efficient and equitable system that will benefit both … Read more
The Grassroots Centre for Rights and Civic Orientation has strongly condemned the recent decision by the Nigerian Communications Commission (NCC) to approve a 50% increase in telecom tariffs. The organization argues that this hike, which was implemented without considering the severe economic struggles Nigerians are currently facing, is unjust and unfair. Armsfree Ajanaku, the Executive … Read more
Portugal has announced plans to expand its imports of liquefied natural gas (LNG) from Nigeria and the United States, aiming to end its reliance on dwindling Russian supplies. This move reflects a broader shift in global energy markets as countries seek to reduce dependence on volatile sources while bolstering energy security. The announcement was made … Read more