Nigeria Financial News

India-Nigeria ties to a «higher level,» External Affairs Minister S Jaishankar on Tuesday said India is «betting on Africa's rise» and the rebalancing and the multi-polarity of the world will not be complete until the continent takes its due place. Addressing the Nigeria-India Business Council (NIBC) here, the minister said the rebalancing and reordering of a new global order will only happen «when the core of it is economic… which is the rise of Africa has to be the economic rise of Africa.» The minister, who arrived in Nigeria on Sunday after attending the Non-Aligned Movement (NAM) Summit in Uganda, concluded his two-nation tour with an address to the NIBC.

S Jaishankar on Monday said Global South is about a «mindset, a solidarity and a self-reliance». Addressing the Nigerian Institute Of International Affairs (NIIA) here on India and the Global South, he said the global agenda today is on promoting rebalancing and multipolarity, thereby restoring the world to its natural diversity.

₹66 to ₹70 apiece. Konstelec Engineers IPO lot size consists of 1,000 shares. Investors can bid for a minimum of 2,000 shares and in multiples thereof.

Nigerian authorities say two people have died and 77 others have been injured in a massive blast that rocked more than a dozen buildings in one of the country's largest cities

Shell has reached an agreement with a consortium of companies to sell its onshore business in Nigeria's Niger Delta in a deal worth $2.4 billion

Africa’s biggest oil refinery has begun production in Nigeria after a yearslong wait

By Chijioke Ohuocha

As Africa‘s Web3 landscape gains momentum, it faces significant regulatory hurdles that threaten to stifle its transformative potential.

Jan. 5-11, 2024

By Arathy Somasekhar

Nigeria’s president has suspended the country’s minister of humanitarian affairs and poverty alleviation over the use of a private bank account for ministry financial transactions in the government’s social welfare program

IPO, which will be launched later this month. The SME IPO will include a fresh equity issue of 41 lakh shares. Beeline Capital Advisors is the book-running lead manager, and Skyline Financial Services is the registrar of the issue. The Mumbai-headquartered EPC contractor specialises in delivering full-scale project management, procurement support and comprehensive engineering services for various electrical infrastructure, instrumentation, and automation projects across India and abroad. Its services are applicable in several manufacturing industries, such as oil & gas, refinery, steel, cement, pharmaceuticals, textiles, hospitals, and health care, both domestically and internationally. Konstelec Engineers has a strong order book of over 50 major projects worth around Rs 565 crore in order value that are in various phases of implementation. The company’s ongoing projects include electrical, construction power work and instrumentation work for leading corporates such as JSW Vijayanagar Metallics Ltd, Rajasthan Refinery Project, HRRL Pachpadra, Mangalore Terminal Expansion Project, Karnataka State and Benue Cement Plant in Nigeria. The company counts leading corporate conglomerates, including Reliance Industries, Engineers India, JSW Steel, Indian Oil, BPCL, among others as its clientele. Majority of the funds raised will be used to meet the working capital expenses for procuring high-quality products for its long-term projects and to provide collateral security to various clients. «Our robust order book and long-standing client relationships demonstrate our dedication to delivering high-quality, safe and innovative solutions,» said Biharilal Ravilal Shah, chairman and managing director of Konstelec Engineers. In

The Central Bank of Nigeria (CBN) has granted approval to the Africa Stablecoin Consortium (ASC) to launch the cNGN stablecoin in its regulatory sandbox. 

The Central Bank of Nigeria (CBN) has issued new regulations to guide banks and other financial institutions that offer domestic accounts for virtual assets service providers (VASPs). 

India’s digital rupee hit 1 million daily transactions in December, aligning with the Reserve Bank of India’s targeted goal for daily transactions by the end of 2023, Reuters reported.

By Jonathan Stempel

Airtel Africa on Tuesday announced the retirement of Chief Executive Officer Olusegun `Segun’ Ogunsanya, with effect from July 1, 2024, and named Sunil Taldar as his successor.

In the ever-dynamic world of cryptocurrency, Bitcoin continues to be a focal point of market activity. As of Sunday, Bitcoin is trading at $42,270, marking a slight increase of 0.52 percent. Amidst this fluctuating landscape, Nigeria’s Yellow Card projects a significant boom in cryptocurrency once the country’s central bank relaxes its current restrictions.

Chinedu Albert, a legal expert specializing in Nigerian tech and innovation, has attributed the challenges facing the adoption of the eNaira, the Central Bank of Nigeria’s digital currency (CBDC), to a previous crypto ban.

(Bloomberg) — Membership of the BRICS group of emerging-market nations is set to double, with Saudi Arabia, Iran, the United Arab Emirates, Ethiopia and Egypt to join its ranks on Jan. 1, South Africa’s envoy to the bloc said. 

Pan-African cryptocurrency exchange Yellow Card Financial has announced plans to apply for a license in Nigeria following the recent lifting of the country’s cryptocurrency ban.