Statistics

Airtel Africa, the continent’s second-largest telecoms company with a strong presence in Nigeria, is facing significant financial headwinds due to currency devaluations in key markets. The company reported a hefty $1.7 billion loss in derivative and foreign exchange transactions for the fiscal year ending March 31, 2024. This blow comes despite positive underlying business performance. […]

In a bid to address Nigeria’s economic challenges, the Federal Government has announced plans to introduce an emergency economic bill. This legislation aims to significantly increase revenue generated outside the oil sector. The initiative was unveiled by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a presentation at the Lagos […]

The Nigerian Fiscal Policy Committee, led by Taiwo Oyedele, has proposed sweeping reforms to the country’s Value-Added Tax (VAT) system. The proposed changes include increasing VAT rates on certain goods and services to offset the removal of multiple consumption taxes currently imposed by various states. The aim of these reforms is to simplify Nigeria’s complex […]

Ikeja Electric Distribution Company (IE) has delivered some welcome news for its customers! In a recent announcement, IE has reduced electricity tariffs for Band A customers. This move comes after the Nigeria Electricity Regulatory Commission (NERC) increased rates for this category in April 2024. What’s the Change? Previously, Band A customers were facing a rate […]

The African Union (AU) is calling for a significant increase in local fertilizer production across the continent. To achieve this goal, they estimate a $15 billion investment from the private sector is needed. This initiative aims to address Africa’s dependence on global fertilizer markets and ultimately enhance food security. Challenges and Opportunities: Low Fertilizer Use: […]

United Bank for Africa (UBA), Africa’s Global Bank, delivered a remarkable first quarter in 2024, building upon its success in 2023. This performance reflects the continued execution of their strategic focus on customer satisfaction, geographical expansion, and robust risk management practices. Key Highlights: Profit Soars: UBA achieved a significant year-over-year (YoY) increase of 165% in […]

The Central Bank of Nigeria (CBN) has instructed banks and financial institutions to begin collecting a cybersecurity levy. This levy will be used to fund national cybersecurity initiatives under the 2024 Cybercrime (Prohibition, Prevention, etc) Amendment Act. Key Points: Levy Rate: 0.5% of the value of all electronic transactions. Administration: National Cyber Security Fund managed […]

Stanbic IBTC Bank, a financial institution in Nigeria, recently hosted its pivotal Energy and Infrastructure Breakfast Session in Lagos. This event marked a significant milestone in the country’s dialogue on sustainable energy, drawing together a distinguished assembly of industry leaders, policymakers and experts. Stanbic IBTC Bank brought together industry leaders and experts for an insightful breakfast session focused on […]

Guaranty Trust Holding Company Plc (GTCO) announced impressive financial performance for the first quarter (Q1) ended March 31, 2024. Their unaudited consolidated and separate financial statements revealed a staggering 587.5% increase in profit before tax compared to the same period in 2023. Key Highlights: Profit Surge: GTCO’s profit before tax skyrocketed to ₦509.3 billion, a […]