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Finance & Economy - Page 211

Tinubu Signs Executive Order Redirecting Oil, Gas Revenues to Federation Account

President Tinubu has signed an Executive Order mandating the direct remittance of oil and gas revenues to the Federation Account, in a sweeping fiscal move that alters key revenue-retention provisions under the Petroleum Industry Act (PIA), Prime Business Africa reports. The order,

February 19, 2026

CBN Releases Another Around Of $10,000 FX To Each BDC, Mandates Them To Sell At N1,117/$1

Business·Currency

Naira to Dollar Rate Today: Dollar Rate Rises In CBN-Backed Forex Market

The foreign exchange (Forex) rate in the official market settled at ₦464 per Dollar on Friday, 14 April 2023, as the United States currency increased in value. Prime Business Africa learnt from data obtained from the FMDQ Exchange that the cost of

April 17, 2023

Africa·Business·Finance & Economy

AfDB Approves Trade Finance Transaction Guarantee Facility For Bancobu

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a trade finance transaction guarantee facility to Banque Commerciale Du Burundi (Bancobu). Leveraging Bancobu’s strategic footprint in the East African nation, this instrument will provide support to Small and

April 15, 2023

How Nigeria Has Failed To Pluck Low-hanging Fruits In Palm Oil Production

Agro-Economy·Business

Nigeria Fails To Pluck Low-hanging Fruits, Imports N300bn Palm Oil In 6 Years

Highlights Nigeria has great potential to produce palm oil on large scale for exports and local consumption but has since independence failed to develop the needed capacity The country spent N299.6 billion importing palm oil in just six years Experts urge government

April 15, 2023

Business·Diaspora·News·Real Estate

Shelter Afrique Targets African Diaspora In Housing Delivery

HIGHLIGHTS Remittances by Africans in the diaspora reached over $95.6bn in 2021, according to World Bank statistics Nigeria, Ghana, Kenya among the highest recipients of remittance inflows in Africa Pan African housing development financier, Shelter Afrique is targeting the African Diaspora to enhance

April 14, 2023

Savannah Energy Records 20% Increase In Nigerian Operations In 2022, Continues Shift to Renewables

Business·Oil & Gas

Savannah Energy’s Q1 Financial Update Records 29% Hike In Nigerian Operations

The Q1 2023 Unaudited financial results showed that the company posted a total revenue of US$147.6m, comprising US$71.0m from its Nigerian operations Chad upstream revenues hit US$76.6m Report Shows the Group’s cash balance stood at US$217.3m, with a net debt of US$412.2m

April 14, 2023

FG Reopens Six Land Borders, To Probe Reasons Buhari Closed Borders

Business·Oil & Gas

Plan By Buhari, Tinubu To Remove Fuel Subsidy Faces NUPENG Setback

The plan of the Federal Government to remove subsidy on fuel might suffer a setback as the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) revealed they won’t be supporting the move. NUPENG said FG hasn’t met the condition set by

April 13, 2023

Seplat Shareholders Demand Sack Of CEO, Board Amid Legal Fees Controversy

Business·Oil & Gas

FG Sues Seplat CEO, Roger Brown, Chairman, Basil Omiyi, Over Oil Job Conspiracy

The Chief Executive Officer of Seplat Energy, Roger Brown, the firm’s Chairman, Basil Omiyi, and six big shots in the oil and gas company have been slammed with a lawsuit by the Federal Government. Prime Business Africa understands that the lawsuit originates

April 13, 2023

Naira Opens Week With Gain Across FX Markets

Business·Currency

Exchange Rate Falls In Official Market, As Dollar Loses Value

The Naira appreciated in value on Tuesday, 11 April 2023, as the cost of buying a Dollar in the official foreign exchange market fell by N0.35 kobo. According to FMDQ Exchange data, the Naira appreciated by 0.07 per cent to close at

April 12, 2023

Africa·Business·Finance & Economy

Africa’s ‘Big 5’ Wealth Markets For Billionaires

South Africa, Egypt, Nigeria, Kenya, and Morocco are the ‘Big 5’ wealth markets in Africa. Together, they account for some significant 56% of Africa’s high-net-worth individuals. In that order, they constitute well over 90% of the continent’s billionaires. SOUTH AFRICA South Africa

April 11, 2023

Nigeria's Debt Crisis Deepens With 183% Debt Service To Revenue Ratio

Business·Finance & Economy·Top Stories

5 African Countries Facing Serious Debt Crisis In 2023

Over the past few years, developing nations have been grappling escalating debt levels, facing a multitude of macroeconomic hurdles which limit their ability to service these debts and promote sustainable growth. Often, the result is sluggish economic trajectory, which can only be

April 8, 2023

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Soludo Seals Shops for Two Weeks over Monday Sit-at-Home

The Anambra State Government has sealed dozens of shops at

‘CBN’s Interest Rate Remains High, Choking Businesses’

Soludo’s New Market Design: Why Onitsha Traders Must Tread Carefully

The main fears and warnings of critics of the actions

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Finance & Economy - Page 211

Tinubu Signs Executive Order Redirecting Oil, Gas Revenues to Federation Account

Naira to Dollar Rate Today: Dollar Rate Rises In CBN-Backed Forex Market

AfDB Approves Trade Finance Transaction Guarantee Facility For Bancobu

Nigeria Fails To Pluck Low-hanging Fruits, Imports N300bn Palm Oil In 6 Years

Shelter Afrique Targets African Diaspora In Housing Delivery

Savannah Energy’s Q1 Financial Update Records 29% Hike In Nigerian Operations

Plan By Buhari, Tinubu To Remove Fuel Subsidy Faces NUPENG Setback

FG Sues Seplat CEO, Roger Brown, Chairman, Basil Omiyi, Over Oil Job Conspiracy

Exchange Rate Falls In Official Market, As Dollar Loses Value

Africa’s ‘Big 5’ Wealth Markets For Billionaires

5 African Countries Facing Serious Debt Crisis In 2023

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