Why Naira Is In Decline –Finance Minister, Edun

Olawale Edun, Minister of Finance and Coordinating Minister of the Economy for Nigeria, has attributed the Naira’s incessant decline to approximately $6.8 billion in overdue forward payments within the foreign exchange market. Blomberg disclosed this in an interview with the Minister at the sideline of the 78th United Nations General Assembly session in New York, […]

Nigeria’s Inflation Hits 25.80% 

Nigeria’s inflation has jumped to 25.80% for August 2023, according to the Consumer Price Index (CPI) released by the National Bureau of Statistics (NBS).  The latest figure is 1.72% points higher than the 24.08% reported in July, the Friday report added. “In August 2023, the headline inflation rate increased to 25.80% relative to the July […]

Jim Ovia to Pocket N2.5bn Zenith Bank Dividend

Nigeria’s banking powerhouse, Zenith Bank, has unveiled impressive financial results for the first half of 2023, featuring an astounding 161.85 percent surge in profits. This remarkable achievement has propelled Jim Ovia, one of Nigeria’s most prominent bankers, to receive an interim dividend of N2.54 billion ($3.24 million) from his stake in the bank. Jim Ovia, […]

Full List: FG Delists 37 Illegal Loan Apps 

The Federal Government has delisted 37 illegal digital money-lending apps to sanitize the sector. This was disclosed by the Federal Competition and Consumer Protection Commission’s latest report on approved digital money lender apps. Accordingly, FCCPC’s delisted DML apps grew from nine to 37. Meanwhile, the approved digital money lending list increased to 164 from 154. […]

Nigeria’s Second-Richest Man Rabiu Gains $1.2 Billion In 45 Days

Nigerian billionaire industrialist Abdul Samad Rabiu, the chairman of BUA Group, has made an impressive financial comeback following a turbulent year characterized by significant losses attributed to the devaluation of the naira. Rabiu’s fortune has taken a remarkable turn, with his net worth bouncing back by over $1 billion since June when it dipped below $5.2 […]

Nigerian Billionaire Mike Adenuga Suffers $7.5-Million Loss 

After recording impressive gains this year, Nigerian billionaire Mike Adenuga has seen a substantial dip in his net worth due to a significant dip in the market value of his shares in Conoil Plc, a leading petroleum marketing company. According to the data gathered by Billionaires.Africa, the market value of Adenuga’s stake in Conoil has decreased by N5.7 […]

CBN To Clear FX Backlog In Two Weeks

The Central Bank of Nigeria (CBN) is making plans to clear the foreign exchange (FX) backlogs in the next one or two weeks, Folashodun Adebisi Shonubi, acting governor, CBN said. He disclosed this at a conference in Lagos on Monday. FX backlogs, which is the unmet demand for forex by investors and exporters, is estimated […]

10 Companies Owned by Tony Elumelu

Among African business titans, Tony Elumelu stands out as a top figure. Not only is he a visionary investor and economic strategist, but his unwavering dedication to nurturing African entrepreneurship and driving social change is equally remarkable. His fingerprints grace an array of sectors, including finance and energy, shaping industries and forging an indelible legacy […]

Nigeria’s Richest Banker Loses $158 Million

The Central Bank of Nigeria’s (CBN) decision to unify all segments of the foreign exchange (FX) market in mid-June has led to the devaluation of the naira, causing prominent businessmen in the nation, including Nigeria’s richest banker Jim Ovia, to grapple with substantial wealth losses. Ovia, who holds a leading position as one of Nigeria’s wealthiest entrepreneurs, […]

Herbert Wigwe Suffers $9 Million Loss

Herbert Wigwe, a prominent figure within Nigeria’s banking sector and serving as the Group Managing Director and CEO of Access Holdings, has experienced a notable decrease in his ownership stake within the prominent financial services group recently. Billionaires.Africa’s data reveals that the market valuation of Herbert Wigwe’s shares in Nigeria’s largest lending institution has dwindled […]

CBN Launches Price Verification System Portal

The Central Bank of Nigeria has announced the commencement of the Price Verification System Portal, PVS, as requisite for Form ‘M’ application. Dada Olusegun, Special Adviser on Digital Media to President Bola Ahmed Tinubu, disclosed this on Thursday night in his official X, formerly Twitter handle. He quoted a notice directed to all banks by […]

Dangote Regains Top Spot As Africa’s Richest Man

Nigerian Billionaire, Aliko Dangote, the founder of Dangote Group, is once again the wealthiest individual on the continent. This resurgence in his status as Africa’s richest man comes just shy of two months after temporarily ceding the title to South African magnate Johann Rupert. Dangote’s triumphant return to the pinnacle of Africa’s wealth hierarchy is […]

CBN Approves Otedola As Director Of FBN Holdings

The Central Bank of Nigeria has approved the appointment of Nigerian billionaire Femi Otedola as a non-executive director of FBN Holdings Plc, one of the country’s oldest and largest financial services groups. In a memo published on the website of the Nigerian Stock Exchange on Wednesday, FBN Holdings noted that the appointment became effective on Aug. 14, […]

CBN Raises Interest Rate 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Monday raised the country’s Monetary Policy Rate (MPR) from 18.5 per cent to 18.75 per cent. The Acting Governor of the CBN, Mr Folashodun Shonubi made this known on Tuesday, while presenting the communique from the MPC meeting. The MPR is the […]

Nigerian Billionaires: Mike Adenuga  – Globacom Ltd

Early Life & Education On April 29, 1953, Michael Adeniyi Agbolade Ishola Adenuga Jr. was born. His mother, Omoba Juliana Oyindamola Adenuga, was a royal Ijebu Igbo businesswoman, while his father, Oloye Michael Agbolade Adenuga Sr., was a schoolteacher. Mike Adenuga finished his secondary education at Ibadan Grammar School in Ibadan, Oyo State, Nigeria, then […]

Nigeria’s Richest Banker Jim Ovia reaps $21.9 million in 26 Days

Jim Ovia, the wealthiest banker in Nigeria, has witnessed a substantial surge in the market value of his stake in Zenith Bank, the most profitable banking group in the country. This remarkable recovery comes after earlier setbacks caused by the devaluation of the Nigerian naira. As a prominent figure in the evolution and digital transformation […]

Naira Falls to N800 Per Dollar Lowest in 9months

Naira on Tuesday depreciated to N800 per dollar, lowest in nine months, following increased demand for the greenback at the parallel market, popularly called black market. This represents 0.62 percent lost in the value of naira when compared to N795, which was the value of one dollar quoted during the intraday trading on Tuesday. “There […]

Why Ecobank Wants To Seize Nigerian Tycoon Oba Otudeko’s FBN shares

Ecobank, a West African financial services group, wants to acquire the hares recently obtained by Nigerian tycoon Oba Otudeko in FBN Holdings due to his indebtedness to the bank. Reports say Otudeko and his affiliated companies owe Ecobank over NGN13.5 billion ($17.1 million). In 2017, Otudeko and his companies, including Honeywell Group Limited, Siloam Global […]

FULL LIST: 28 States That Attracted Zero Foreign Investments in Q1 2023

Foreign investors overlooked 28 states as the value of capital importation into Nigeria grew by 6.78 percent in the first quarter of 2023, according to the National Bureau of Statistics (NBS). The total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022. According to the NBS report, the 28 states that failed […]

Nigerian Billionnaires: Abdulsamad Rabiu- BUA Group

When talking about African business giants, Abdulsamad Rabiu is not an exception. According to Forbes, Rabiu was one of the surprises recorded in the 2023 ratings has he rose from $7.6 billion a few months ago to $8.2 billion to become the 249th richest person in the world. Meet the Nigerian Billionaire in this article […]