LAGOS JANUARY 17TH (NEWSRANGERS)-The International Monetary Fund (IMF) identifies 10 African countries with manageable debt, shedding light on their economic stability. Nigeria stands out despite domestic concerns. Tanzania (41.8% Debt-to-GDP Ratio) Tanzania takes the lead among Africa’s least indebted nations with a debt-to-GDP ratio of 41.8%. The East African nation’s relatively low ratio indicates a…
LAGOS JANUARY 17TH (NEWSRANGERS)-Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion. The British energy giant pioneered Nigeria’s oil and gas business beginning in the 1930s. It has…
LAGOS JANUARY 17TH (NEWSRANGERS)-Nigeria is discussing as much as $1.5 billion of World Bank funding to help ease a severe dollar shortage that has contributed to the naira’s steep decline. “We’re hoping to get $1 billion or $1.5 billion from the World Bank” for budgetary support, Finance Minister Wale Edun said Wednesday in a Bloomberg…
LAGOS JANUARY 15TH (NEWSRANGERS)-Depositors at Wema Bank are expressing concern following the bank’s announcement of a significant financial setback. The tier 2 lender, led by Moruf Oseni, revealed a loss of over ₦8 billion to litigation and fraud in 2023. The disclosure was made in the financial statement presented to the Nigeria Exchange Group, as…
LAGOS JANUARY 11TH (NEWSRANGERS)-Niger, Senegal, and Rwanda will be among the world’s highest growth economies in 2024, the World Bank said in its report on global economic prospects released this week. Niger is forecast to grow at 12.5% this year driven by its oil sector which has made up for low uranium production.Its growth rate…
LAGOS JANUARY 10TH (NEWSRANGERS)-The Central Bank of Nigeria has sacked the entire board of Polaris bank, Titan bank, and Keystone Bank. CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso. The action follows the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in…
LAGOS JANUARY 9TH (NEWSRANGERS)-Dangote Group, controlled by billionaire Aliko Dangote, slammed a visit to its Lagos offices last week by Nigeria’s anti-graft commission and said the move was aimed at causing embarrassment. “No accusations of wrong doing” have been made against the company, it said in a statement released over the weekend after the Jan….
Some foreign airlines operating in Nigeria on Saturday announced plans to begin the sales of tickets in US dollars, New Telegraph reports. Industry insiders claim that the airlines have promised to sell dollar tickets in order to clear the backlog of monies they have stashed in Nigeria. According to sources, the plan was accepted by…