Naira will keep falling if we don’t prioritise Made-in-Nigeria products over imports- Gwadabe, ABCON president
Post AMUGE
November 25, 2024
The naira’s free-fall in recent times has been nothing short of calamitous, plunging to its worst-ever performance in history in 2024. Investors, once bullish on Nigeria’s currency, are now jittery, with analysts projecting that the naira’s slide could accelerate in 2025. As the naira’s journey continues to be fraught with instability, AMINU GWADABE, president of […]
Access Bank denounces N500m missing funds allegation
Post AMUGENovember 24, 2024
Labels accusations “untrue and baseless” Onome Amuge Access Bank PLC, has refuted the claims made by Nigerian social media activist VeryDarkMan, regarding an inheritance dispute involving N500 million allegedly belonging to a deceased customer. Access Bank firmly denied the accusations, stating that they are “untrue and baseless.” The recent allegations against Access Bank PLC have […]
Wealthy nations’ $300bn pledge targets resolution of COP29 negotiation
Post AMUGENovember 23, 2024
Onome Amuge The European Union, the United States, and other wealthy countries have revised their offer of financial assistance to developing nations at the COP29 summit, raising their annual pledge to $300 billion from $250 by 2035. The new commitment represents an increase over the previous proposal of $250 billion, which was criticised as “insultingly […]
Zenith Bank boosts Nigerian tech space with N77.5m funding
Post AMUGENovember 23, 2024
Joy Agwunobi L-R: Ada Jabaru, founder/director, Nistad Limited; Bisoye Coker-Odusote, director-general/CEO, NIMC; Tope Fasua, special adviser to the president on economic matters; , Jania Okwechime, partner, Africa, AI & data leader, Deloitte; Jim Ovia, founder & chairman, Zenith Bank Plc; Adaora Umeoji, group managing director/ chief executive, Zenith Bank Plc; Robin Speculand, global expert on […]
Ecobank opens market at London Stock Exchange to celebrate successful issuance of $400m Eurobond
Post AMUGENovember 21, 2024
Business a.m. Ecobank Transnational Incorporated (ETI) , parent of the leading pan-African Ecobank Group, on Wednesday opened the market at the London Stock Exchange (LSE) to celebrate the successful issuance of its US$400 million Senior Unsecured Eurobond on the London Stock Exchange main market. Jeremy Awori, CEO, Ecobank Group, said: “Our successful Notes issuance demonstrates how […]
Experts identify women’s inclusion key to expanding financial markets
Post AMUGENovember 21, 2024
Onome Amuge L-R: Jameelah Sharrieff-Ayedun, chief executive officer, Credit Registry; Inez Murray, chief executive officer, Financial Alliance for Women; Tosin Eniolorunda, founder /CEO, Moniepoint Inc; Bonaventure Okhaimo, chief operating officer, Development Bank of Nigeria; Emem Usoro, deputy governor, Operations, Central Bank of Nigeria (CBN); Nkiru Balonwu, founder, Africa Soft Power Group & advisor to the […]
ADF releases $99m initial financing for development of rice cultivation value chains in West Africa
Post AMUGENovember 21, 2024
Bamidele Famoofo The Board of Directors of the African Development Fund has approved initial funding of $99.16 million (about N168.57billion) to develop regional rice cultivation value chains as part of the Regional West Africa Rice Development project. The aim of the project is to increase food security and sovereignty in West Africa by encouraging public […]
Visa, 100Pay partner on new crypto-powered card
Business StaffNovember 18, 2024
100Pay has partnered with Visa, the payment giant, to introduce a new crypto-backed debit card, PayCard, aimed at simplifying global payments. The crypto payments industry operator announced in a press statement on Tuesday that the 100Pay card allows users to spend cryptocurrencies directly, both online and offline, without needing to convert them into traditional fiat […]
UBA to raise N239.4bn through Rights Issue
Post AMUGENovember 18, 2024
Shareholders to receive one new share for five existing shares Rights Issue to strengthen regulatory capital, positions Group for growth in lending Bamidele Famoofo Tony Elumelu, group chairman, United Bank for Africa (UBA) Africa’s Global Bank, United Bank for Africa (UBA) Plc, will raise N239.4 billion through a Rights Issue of 6,839,884,274 ordinary shares […]
Excessive borrowing, volatile naira drive Nigeria’s public debt to N134.3trn
Post AMUGENovember 18, 2024
Experts call for cost-cutting, reforms Bamidele Famoofo Latest public debt data from the Debt Management Office (DMO) showed that Nigeria’s total public debt reached a record N134.3 trillion ($91.35 billion) as of June 2024, a significant 10.4 per cent increase over the preceding quarter’s N121.7 trillion and a staggering 53.7 per cent rise year-on-year compared […]