Business

African online retailer Jumia has secured 50 million dollars in fresh cash to keep its business growing. The World Bank's private sector unit, IFC, put up half the funds while telecom group Axian backed the rest. The financial...

The Central Bank of Nigeria raised interest rates on its one-year Treasury bill to 17.59% at Wednesday's auction. Investors flooded the bank with ₦4.4 trillion in total bids even though only ₦700 billion was originally put up for...

ECOWAS is turning to carbon trading to tackle a $294bn climate finance shortfall threatening West Africa’s development. About 32 million people could be forced into internal displacement as rising temperatures intensify climate pressures across the region. The bloc...

The SEC has fixed 5:00 p.m. on the first business day after a trade as the settlement deadline for equities and commodities transactions cleared through CSCS. Foreign portfolio investors will not be required to pre-fund trades, but brokers...

Market capitalisation declined by N1.762tn, from N159.255tn at the opening to N157.493tn at the close. The NGX All-Share Index fell by 2,756.48 points, from 246,723.57 to 243,967.09. The session recorded 28 gainers and 28 decliners, reflecting a mixed...

Ogbe orders process reforms as NCDMB launches digital compliance portal to eliminate delays in Nigerian Content Fund certification. Over $400m deployed to more than 130 indigenous companies, with Nigerian content participation now above 60 per cent. Board shifts...

Nigeria’s crude oil production remained above 1.5 million barrels per day for the third consecutive month in July despite a 50,000bpd decline from June. OPEC data showed Q2 output averaged 1.525 million bpd, up from 1.388 million bpd...

BOI’s ₦250bn-equivalent facility could give manufacturers, processors, technology firms, renewable-energy companies and exporters access to longer-term capital for expansion. Experts say affordable development finance is critical as high commercial lending rates continue to constrain investment and business growth...

EFCC invites NAICOM Commissioner for Insurance Olusegun Ayo Omosehin over allegations concerning fees charged during the insurance recapitalisation exercise. NICON Insurance and Nigeria Re allege that operators faced several charges, including a one per cent fee on fresh...

Federal Government considers changes to crude allocation and pricing under the Domestic Crude Supply Obligation. Proposed direct-delivery and pricing adjustments could reduce feedstock costs for local refiners. Nigeria supplied 28.5 million barrels to domestic refineries in Q1, less...