Wema Bank Plc has officially launched a N150 billion rights issue, set to commence on April 14, 2025, as part of its strategic recapitalization efforts. This move aligns with the Central Bank of Nigeria’s (CBN) directive for increased capital buffers in the banking sector. The rights issue involves offering 14,286,785,417 ordinary shares at N10.45 each,
In a significant intervention, the UK government is taking steps to assume control of British Steel, the country’s last remaining virgin steel plant, located in Scunthorpe. This move comes as the plant faces imminent closure due to financial difficulties and a breakdown in negotiations with its Chinese owners, Jingye. The government’s actions are aimed at
In a landmark decision, the Community Court of Justice of the Economic Community of West African States (ECOWAS) has declared that Kano State’s blasphemy laws infringe on international human rights obligations. This ruling, made in response to a case filed by the Incorporated Trustees of Expression Now Human Rights Initiative, highlights the need for Nigeria
Concerns are mounting over the operations of CBEX, a digital asset trading platform, as users report experiencing withdrawal delays, sparking fears of a potential Ponzi scheme. Social media platforms have been abuzz with warnings and debates regarding the legitimacy of the platform. An X user, @Letter_to_Jack, issued a cautionary note after learning of an individual
In a significant escalation of the ongoing trade war, China has increased tariffs on U.S. imports to 125%, effective Saturday, in response to President Donald Trump’s decision to raise duties on Chinese goods to 145%. This move marks a sharp increase from the previous 84% tariff rate imposed by China on U.S. goods, reflecting Beijing’s
Tesla, the electric vehicle giant led by Elon Musk, has suspended new orders for its Model S and Model X vehicles on its Chinese website. This move comes as the trade war between the U.S. and China intensifies, with China imposing an 84% tariff on U.S. goods in response to U.S. tariffs of 145% on
Nigerian poultry farmers are currently facing significant challenges, grappling with the twin issues of reduced demand for eggs and the ongoing heat wave that is exacerbating their losses. Many of these farmers, particularly in states like Plateau, Niger, and Abuja, are dealing with the added burden of high temperatures that are affecting egg production, while
The Nigeria Deposit Insurance Corporation (NDIC) has announced its readiness to commence the payment of the first tranche of liquidation dividends to uninsured depositors of the defunct Heritage Bank. This long-awaited development is scheduled for April 2025 and follows significant progress in recovering the bank’s assets and debts. The announcement was made by the NDIC’s
In a bold call to action, renowned economist Dr. Yemi Kale has emphasized the need for Nigeria to achieve an annual economic growth rate of at least 40% to effectively cushion the impact of the recent U.S. tariff hike. Speaking at the 2025 Vanguard Economic Discourse in Lagos, Kale underscored that this ambitious growth target
In a significant boost to Nigeria’s economic prospects, the Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year. This remarkable turnaround marks a departure from the deficits of $3.34 billion and $3.32 billion recorded in 2023 and 2022, respectively. The surplus is attributed
