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…cements capital raise with full regulatory approval Lagos, Dec. 28, 2024 – Sterling Financial Holdings Company PLC has achieved another milestone with the approval of the Central Bank of Nigeria (CBN) recognising an additional ₦75 billion in its capital raise. This approval represents the final leg of the capital injection that was achieved through a private placement in September 2024. Building on the private placement’s success, Sterling launched a Rights Issue in October 2024, structured to provide existing shareholders the exclusive opportunity to deepen their stakes in the company and share in its growth …

 Singapore, Dec. 23, 2024 – Oil prices rose on Monday as lower-than-expected U.S. inflation data revived hopes for further policy easing, although the outlook for a supply surplus next year weighed on the market. Brent crude futures rose 36 cents, or 0.5%, to $73.30 a barrel by 0421 GMT. U.S. West Texas Intermediate crude futures climbed 39 cents, or 0.6%, to $69.85 per barrel. “Risk assets, including U.S. equity futures and crude oil, have started the week on a firmer footing,” IG markets analyst Tony Sycamore said, adding that cooler …

Abuja, Dec. 18, 2024 – The Central Bank of Nigeria (CBN) has directed Point-of-Sale agents to limit their daily cash-out transactions to N100,000 per individual customer. The circular, signed by Oladimeji Taiwo on behalf of the Director of the Payments System Management Department at the CBN, was issued on Dec. 17, 2024. The directive was addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Super-Agents, mandates immediate compliance by all stakeholders. According to the directive, POS agents must ensure that individual customer withdrawals do not exceed N100,000 daily. …

Abuja, Dec. 17, 2024 – Dr. Aminu Maida, the Chief Executive of Nigerian Communications Commission (NCC) has expressed the determination of the Commission to deliver world-class telecommunications services in the country. Maida expressed this determination at a just concluded stakeholders meeting in Abuja. He said the determination of the NCC was borne out the realisation that Nigeria had become one the fastest growing internet user country in the world. Maida said that as internet usage had become essential to daily life of average Nigerians, “our role at the NCC is …

London – Oil prices slipped on Tuesday as concerns eased about the fallout from Syrian President Bashar al-Assad’s overthrow, but the market found support in China’s vow to ramp up policy stimulus, which could boost the top global crude buyer’s demand. Brent crude futures fell 26 cents, or about 0.4%, to $71.88 per barrel. U.S. West Texas Intermediate crude futures were down 30 cents, also 0.4% lower, at $68.07 at 0707 GMT. Both benchmarks climbed more than 1% on Monday. “The tensions in the Middle East seem contained, which led …

Lagos, Nov. 29, 2024 – As part of President Bola Ahmed Tinubu’s state visit to France, the Chairman of UBA Group, Tony Elumelu in the presence of President Tinubu and the President of France, Emmanuel Macron, signed a landmark business cooperation agreement with the French Finance Minister, Antoine Armand. The agreement is a significant indication of support by the French Government for the development of UBA’s full banking operations in France. Speaking at the signing ceremony, Tony Elumelu, the Chairman of UBA Group commented:
”This partnership reinforces our commitment to seamless …

Beijing, Nov. 27, 2024 – China’s state media warned U.S. President-elect Donald Trump his pledge to slap additional tariffs on Chinese goods over fentanyl flows could drag the world’s top two economies into a mutually destructive tariff war. Trump, who takes office on Jan. 20, said on Monday  he would impose “an additional 10% tariff, above any additional tariffs” on imports from China until Beijing clamped down on trafficking of the chemical precursors used to make the deadly drug. The two superpowers are setting out their positions ahead of the …

Abuja, Nov. 26, 2024 – About 200 trucks are to load petroleum products from the Port Harcourt Refinery daily. Sunday Dare, the Special Adviser on Public Communications and Orientation to the President, disclosed this in a statement on Tuesday. He said the old wing of the refinery had resumed operations with a production capacity of 60,000 barrels of crude oil per day. “The Port Harcourt Refinery has two wings. The Old Refinery comes on stream today with an installed production capacity of 60,000 barrels per day of crude oil. About …

Abuja, Nov. 25, 2024 – Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third quarter of 2024. The National Bureau of Statistics (NBS) reported this in its latest bulletin on Monday. The growth rate is higher than the 2.54% recorded in the third quarter of 2023 and higher than the second quarter of 2024 growth of 3.19%. According to NBS, the performance of the GDP in the third quarter of 2024 was driven mainly by the services sector, which recorded a growth of 5.19% …