Business Planning

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Business Planning Foreign Investment

Tinubu shops for foreign investments in France

France, June 21, 2023 -President Bola Tinubu has been scheduled to meet with at least three world leaders and some global financial institutions since his arrival in France in his bid to attract more foreign exchange and investors to Nigeria. President Tinubu arrived in Paris, the capital of France, on Tuesday evening to participate in the New Global Financial Pact Summit at Palais Brongniart from June 22 to 23, 2023. Dele Alake, Tinubu’s Special Adviser on Special Duties, Communication and Strategy, disclosed these developments on Wednesday while talking to journalists …

Business Planning General News Money market

Removal of subsidy: Inflation may rise to 30% by June end – Kale

Lagos, June 3, 2023 – Dr. Yemi Kale, a former Statistician-General of Nigeria, has predicted that inflation rate may rise to 30 percent by June end with the removal of petrol price subsidy. The inflation rate currently stands at about 22 percent as at April end, the third consecutive rise 2023 and the highest in the last 17 years. Kale announced his prediction in a Tweet on Friday night, indicating that the removal of subsidy would worsen the living conditions of Nigerians. The removal of the subsidy on petrol will, particularly  heighten …

Business Planning Capital market

Africa50, BOAD partner to develop, co-finance green infrastructure in Africa

Sharm El Sheikh (Egypt), May 26, 2023 – The Chief Executive Officer of Africa50, Alain Ebobissé, and the President of the West African Development Bank (BOAD), Serge Ekué, have announced a partnership to mobilise institutional investor into African infrastructure, and to identify projects to co-finance. As part of this partnership, the two entities renewed their commitment to collaborate for the financing and development of bankable projects, including climate-resilient infrastructure to support sustainable growth and the transition of African countries towards net-zero.  The announcement was made on the sidelines of the African …

Business Planning Foreign Money market

Ananse Africa, Ecobank partner on free digital marketing, e-commerce training

Lagos, May 24, 2023 – Ananse Africa, in partnership with Ecobank Nigeria, has announced the second edition of its free e-commerce and digital marketing training for fashion creatives in Nigeria. The hybrid training, scheduled for Thursday, 25 May 2023 by 1000am, will hold at the Ecobank Pan Africa Centre (EPAC) on Victoria Island, Lagos, Nigeria. The training is part of a wider initiative aimed at equipping African fashion entrepreneurs with the skills and knowledge they need to succeed in today’s digital economy. It covers various topics, including the fundamentals of digital marketing …

Business Planning Capital market Money market

Bank of Industry grows asset base by 39.2% to N2.38tn

Abuja, May 19, 2023 – The Bank of Industry (BOI), Nigeria’s oldest, largest and most successful development finance institution, has announced an increase in its asset base from N1.71 trillion to N2.38 trillion in the 2022 business year. Mallam Aliyu Dikko, the Chairman of its Board of Directors, made the announcement during the Bank’s 63rd Annual General Meeting which held on Thursday in Abuja. This is in addition to an increase in profit before tax, which grew by 15.6 percent to N71.98 billion in 2022, from N62.28 billion in 2021. …

Business Planning Money market

Inflation rises to 22.22%, the highest in 17 years

Abuja, May 15, 2023 – Nigeria’s headline inflation rate rose to 22.22 percent in April 2023, the National Bureau of Statistics (NBS) has reported. The headline inflation rate was 22.04 percent in March 2023. The NBS gave the statistics in its monthly report released in Abuja on Monday. The rate is the highest inflation rate in the country in the last 17 years. Headline inflation measures the total price changes of a basket of goods and services in an economy over a period.  “In April 2023, the headline inflation rate …

Business Planning Money market

Trust Bank offers N12.18bn to buy- out minority investors in Union Bank

Lagos, May 10, 2023 – Titan Trust Bank is offering N12.18 billion to minority investors in Union Bank of Nigeria (UBN) in its bid to acquire 100 per cent stake in Union Bank. In a statement to shareholders through the Nigerian Exchange Limited (NGX), Titan Trust Bank informed Union Bank’s board of its intention to acquire the remaining 1.74 billion shares in the hands of minority investors. Titan Trust Bank first acquired majority stake in UBN in June 2022, but by December 2022, it had acquired up to 94.5 per …

Business Planning Uncategorized

Canadian investors take interest in Ogun State

Abeokuta, May 10, 2023 – The Canadian investors are keen in investing in economic development of Ogun State. Jamie Christoff, the Canadian Ambassador to Nigeria, said this on Tuesday when he paid a courtesy call on Governor Dapo Abiodun. He said that Canada was interested in agriculture, technology and infrastructure sectors of the state, adding that the state had numerous opportunities that could attract Canadian investors. Christoff said he was in the state to know more of these opportunities and to discuss with government officials on areas that would be …

Business Planning Money market

Access Bank gets approval to acquire 51% stake in Angolan Bank

Lagos, May 3, 2023 – Access Holding says its subsidiary, Access Bank, has received the approval of Central Bank of Angola to acquire the 51 per cent shares belonging to majority shareholders of Finibanco Angola S.A. With this step, the bank has moved further to seal a deal with interested minority shareholders of Finibanco to acquire their shares. This would give the Nigerian bank 80 per cent of the shares of the $300m worth bank in asset and has 20 branches. Access announced in October last year that it plans …

Business Planning Money market

UK’s inflation rate at 10.1%, the highest in Europe

Lagos, April 19, 2023 – (Reuters/GBN) Inflation rate in the UK is now at 10.1 per cent, the highest in Europe. Although the country’s inflation rate fell from 10.4 per cent in February to 10.1 per cent in March, it is still the only country in Western Europe with a double-digit inflation rate, Reuters reports. Prices of consumer goods like food and non-alcoholic drinks rose by 19.1 per cent in March, the highest increase in prices since August 1977. This has caused workers to protest as some of them said …