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NNPC Ltd Acquires OVH Energy Marketing Limited Assets

The Nigerian National Petroleum Company Limited (NNPC LTD.) has completed the acquisition of OVH Energy Marketing Limited (OVHEM) downstream assets under an Accelerated Network Expansion (ANEX) Initiative. Unveiling the acquisition on Saturday in Abuja, Sen. Margery Okadigbo, NNPC Ltd Board Chairman, said it would strengthen the downstream business portfolio to enhance profitability and guarantee National […]

Dollar Hits N735 As Political Campaign Begins

(AFRICAN EXAMINER) – The dollar hit N735 in the parallel market on Wednesday as political campaign activities began in the country. According to Bureau De Change operators in Lagos and Abuja, dollar price had increased from N718 – N720 to N728-N735 in the last one week. A BDC operator at Amuwo-Odofin in Lagos, Bala Usman, […]

Businesses Face Crunch, CBN Raises Rate To 15.5%

(AFRICAN EXAMINER) – In consideration of the galloping global and local inflationary levels, the Monetary Policy Committee of the Central Bank of Nigeria, on Tuesday, raised the benchmark interest rate from 14 to 15.5 per cent. This represents a 150-basis-point increase from the 14 per cent rate voted during the last MPC meeting in July. […]

AfDB, Caisse des dépôts Seal $400,000 Deal To Support Micro-enterprises In Côte d’Ivoire

(AFRICAN EXAMINER) – The African Development Bank (AfDB) has signed a grant agreement for $400,000 with the Caisse des dépôts et consignations of Côte d’Ivoire (CDC-CI). The funds will support CDC-CI, a State-owned bank that handles official deposits to accelerate its activities to assist Ivorian small and medium-sized enterprises. The agreement was signed in Abidjan. […]

External Shocks Have Increased Africa’s Annual SDG Financing Gap To $353bn – UNDP

(AFRICAN EXAMINER) – The United Nations Development Programme (UNDP), has said that the annual Sustainable Development Goal (SDG) financing gap in Africa has increased to $353 billion due to unexpected external shocks, such as the COVID-19 pandemic. This was disclosed by the UNDP Deputy Assistant Administrator and Officer-in-Charge, Regional Bureau for Arab States, Sarah Poole. […]

FirstBank Partners Verve International, Rewards Customers In New Promo

(AFRICAN EXAMINER) – First Bank of Nigeria Ltd., in partnership with Verve International, has inaugurated the third National Consumer promo designed to reward users of FirstBank verve card with gifts and cash prizes. Mr Chuma Ezirim, Group Executive, e-Business and Retail Products, FirstBank, said this in a statement on Thursday in Lagos. He said the […]

Access Bank Renews Pledge To Improve Healthcare For Women In Nigeria

(AFRICAN EXAMINER) – A frontline multinational commercial bank, Access Bank PLC, has reiterated its commitment to improving the access of women to healthcare services in Nigeria. Doubling down on efforts to accelerate the achievement of SDG 3, which focuses on good health and well-being, the Bank through its ‘W’ Initiative is set to embark on […]

Price Of Cooking Gas Increases By 101 Per Cent In One Year

(AFRICAN EXAMINER) – Average price of 5kg cooking gas increased from N4,397.68 in July to N4,456.56 in August. The assertion was made by the National Bureau of Statistics (NBS), in its Cooking Gas Price Watch issued on Tuesday in Abuja. It noted that the price in August indicated a 1.34 per cent increase on a […]

Green Investment: AfDB’s New Tools Raise Hope For SMEs In Africa

(AFRICAN EXAMINER) – Small and Medium Enterprises (SMEs) in Africa are at a vantage position to benefit maximally from the newly released series of toolkits by the African Development Bank (AfDB). The toolkits are aimed at assisting SMEs in tapping green investment opportunities contained in countries’ Nationally Determined Contributions (NDCs) under the Paris Agreement. Released […]

Adesina To Join Others For Nigeria International Economic Partnership Forum In New York

(AFRICAN EXAMINER) – President of African Development Bank (AfDB) president Dr. Akinwumi Adesina will join other eminent dignitaries and global leaders for the second edition of the Nigeria International Economic Partnership Forum (NIEPF), holding in New York, United States. The conference which is scheduled for Thursday, on the sidelines of the 77th United Nations General […]

AfDB Appoints New Director Of Strategy, Operational Policies

(AFRICAN EXAMINER) – African Development Bank (AfDB) has announced the appointment of Ms. Caroline Kende-Robb as the Director of Strategy and Operational Policies Department of the bank. Ms. Kende-Robb, a British national, brings over 30 years of leadership and management experience in development and humanitarian sectors, coupled with deep knowledge and practical experience in achieving […]

AfDB Issues Maiden Green Bond In South African Rand Market

(AFRICAN EXAMINER) – African Development Bank (AfDB), has issued a 200 million South African rand (ZAR), 1-year Green Bond which will be due September 2023. The bond, which pays a coupon of 6.90 percent, was arranged by Daiwa Capital Markets Europe and sold in a Private Placement format to a single Japanese institutional investor, Sony […]

Oil Theft: NNPCL losses $700 million monthly

…. Advocates Legal Framework, Stiffer Sanctions For Criminals (AFRICAN EXAMINER) – Nigerian National Petroleum Company Limited (NNPCL) has said that the impact of crude oil theft has been affecting its performance, stressing that it losses 470,000 bpd amounting to $700 million monthly coupling with security challenges that hindered oil production in some terminals. Speaking with […]

Female Entrepreneur Targets $1.5bn Financial Support For African American-owned Businesses

(AFRICAN EXAMINER) – A renowned and accomplished female entrepreneur, Ms. Sharifah Hardie has inaugurated a digital platform that is aimed at raising funds amounting to $1.5 billion for African American-owned businesses. Dubbed, “Support My Black Business (SupportMyBlackBusiness.org)”, it is a crowdfunding platform designed solely to assist local Black-owned businesses to generate funding and to help […]

IT Expert Launches New Social Media Platform To Celebrate African American Culture

(AFRICAN EXAMINER) – A renowned Information Technology (IT) guru, Ernest Manning has launched a new social media platform that celebrates Black and Brown culture, unity and love. Manning, a retired Air Force Master Sergeant is the founder and Chief Executive Officer (CEO) of WeKinFolk.com, an online space that celebrates Black business achievements while building social […]

Again, Naira Depreciates Against Dollar, Exchanges At N431.50

(AFRICAN EXAMINER) – The Naira on Friday depreciated against the dollar at the Investors and Exporters window, exchanging at N431.50. The figure represented a decrease of 0.35 per cent, compared with N430 it exchanged for the dollar on Thursday. The open indicative rate closed at N429.10 to the dollar on Friday. An exchange rate of […]

Moremong Harps On Bankable Projects In Africa

(AFRICAN EXAMINER) – Ms. Tshepidi Moremong, the Chief Operating Officer of Africa50, a Pan-African infrastructure investment platform, has expressed optimism over the availability of a number of bankable projects in Africa. Ms. Moremong made the observation during a webinar organized recently by the African Development Bank (AfDB) and the Japan International Cooperation Agency (JICA). The […]

Fuel Importation ‘ll End By 2023 — Kyari

(AFRICAN EXAMINER) – The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said that the country would stop importing petroleum products by 2023. Kyari disclosed this during a press briefing at the state house in Abuja, on Tuesday. Kyari, who spoke during the weekly Ministerial Briefing, hosted by the […]

Fidelity Bank Seals Pact To Take Over Union Bank UK

(AFRICAN EXAMINER) – Fidelity Bank has agreed to take over the United Kingdom unit of Nigeria’s second oldest lender, Union Bank, the former said Tuesday. It is the latest phase in the train of divestments by the latter which, beginning late last year, saw Union Bank offload 90 per cent of its shareholding to a […]

Dangote To Cut Sugar Import By 40%

(AFRICAN EXAMINER) – The management of Dangote Sugar Refinery Plc has stated that, its about to cut the importation of sugar into the country by 40 percent. The President, Dangote Group, Aliko Dangote, stated in a statement that it was embarking on Phase II of its sugar project, which would cover over 100,000ha to make […]

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