Fakoyejo Olalekan

How Ghana’s Financial Crisis Affects Zenith Bank, UBA, Lose N76.04bn

Nigerian commercial banks suffered significant losses in Ghana in 2022, over the government’s inability to meet its debt obligations. Prime Business Africa gathered that Zenith Bank and UBA lost N76.04 billion in their investment locked in securities issued by the Ghanaian government.

April 7, 2023

Naira Vs Dollar: What To Expect This Week (2nd - 6th June 2025)

Business·Currency

Dollar Rate Falls, As Naira Faces Devaluation Pressure

FMDQ Exchange, the platform that tracks the official foreign exchange (Forex) rate between the Naira and the Dollar has disclosed that the forex rate fell to N463.25/$1 on Thursday, 6 April 2023. The exchange rate had closed at N463.50/$1 after the previous

April 7, 2023

Business·Oil & Gas

NNPC Boss Addresses Impact Of Shell, ExxonMobil, Others’ Exit On Nigeria

The Nigerian National Petroleum Company (NNPC) Limited has stated that the exit of International Oil Companies (IOCs) will not end the country’s exploration of hydrocarbon resources. Some foreign oil companies in Nigeria such as Exxon Mobil Corporation, Agip, Texaco, Royal Dutch Shell,

April 7, 2023

Business

KPMG Makes Naira Projection After Foreign Capital Importation Drops To $1.06 billion

KPMG Nigeria has stated that Naira faces further devaluation, as foreign investors reduce their investment interests in Nigeria, the largest economy in Africa. In the fourth quarter (Q4) of 2022, foreign capital importation dropped by -8.53 per cent, from $1.16 billion capital

April 7, 2023

NNPCL Denies Inflating Fuel Subsidy Payments

Business·Oil & Gas

Senate Queries NNPC Over Missing N102.6 billion Oil Sales

The Senate has disclosed that the Nigerian National Petroleum Corporation (NNPC) Limited failed to account for the N102.6 billion crude oil lifted to two refineries in Nigeria. According to the Senate Committee on Public Accounts, 8,399,017 barrels of crude oil were delivered

April 7, 2023

Business·Oil & Gas

Court Frees Seplat’s Roger Brown From Restriction Amid Faceoff With Shareholders

Seplat Energy reported on Thursday, 6 April 2023, that the ex parte interim order against its Chief Executive Officer, Roger Brown, has been vacated by the Federal High Court in Lagos. According to the oil and gas company, Brown will resume his

April 6, 2023

Financial Obligations Force MTN Nigeria To Borrow N125bn From Commercial Paper Investors

Business

MTN Nigeria Reduces Share Price Amid New Dividend Plan For Shareholders

MTN Nigeria has disclosed that shareholders who vote for its Scrip Dividend Election Plan at its upcoming annual general meeting (AGM) will be given a discount price for its shares. In a statement released on Thursday, 6 April 2023, to the capital

April 6, 2023

Naira Appreciates To N869/$1 As Experts Debate Stability

Business·Currency

Dollar Rate Rises By N0.45 kobo, As Naira Devaluation Continues

On Wednesday, 5 April 2023, the Dollar rate closed trading at N463.75 kobo, as the Naira depreciated in value by –0.09 per cent in the official market. According to data obtained from FMDQ Exchange, the cost of dollars in the official market

April 6, 2023

Business

DMO Blames FG’s Numerous Promissory Notes For Nigeria’s Rising Debt

The Director-General of the Debt Management Office (DMO), Patience Oniha, has blamed budget deficits and numerous promissory notes as reasons for the rising debt of the Nigerian government. Oniha said despite not generating enough revenue, the Federal Government has been issuing several

April 6, 2023

Business

FG To Share $800 million Among 50 million Nigerians After Removal Of Fuel Subsidy

The World Bank has handed Nigeria $800 million to disburse to vulnerable households after the removal of subsidy on the premium motor spirit (PMS). Nigerian government already slated June as the last month for fuel subsidy payment after postponing the removal in

April 6, 2023

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Fakoyejo Olalekan

How Ghana’s Financial Crisis Affects Zenith Bank, UBA, Lose N76.04bn

Dollar Rate Falls, As Naira Faces Devaluation Pressure

NNPC Boss Addresses Impact Of Shell, ExxonMobil, Others’ Exit On Nigeria

KPMG Makes Naira Projection After Foreign Capital Importation Drops To $1.06 billion

Senate Queries NNPC Over Missing N102.6 billion Oil Sales

Court Frees Seplat’s Roger Brown From Restriction Amid Faceoff With Shareholders

MTN Nigeria Reduces Share Price Amid New Dividend Plan For Shareholders

Dollar Rate Rises By N0.45 kobo, As Naira Devaluation Continues

DMO Blames FG’s Numerous Promissory Notes For Nigeria’s Rising Debt

FG To Share $800 million Among 50 million Nigerians After Removal Of Fuel Subsidy

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