Fuel security slowed in October as the Dangote Petroleum Refinery supplied only an average of 17.1 million litres per day of the nation’s petrol needs, forcing the country to rely heavily on imports despite earlier hopes of self-sufficiency. The Federal…

Prediction markets Polymarket and Kalshi view Kevin Hassett, US President Donald Trump’s National Economic Council director, as the favorite to replace Jerome Powell as the next Federal Reserve chair. The odds of Hassett filling the seat have spiked to 66%…

About 300 employees of the Federal Airports Authority of Nigeria may be affected by a planned right-placement reorganisation exercise, which the agency announced on Sunday, The PUNCH has learnt. In its statement on Sunday, FAAN assured staff of its commitment…

HashKey Holdings, the parent company of one of Hong Kong’s biggest licensed crypto exchanges, moved a step closer to a public listing, according to new filings from the Hong Kong Stock Exchange (HKEX).On Monday, the HKEX published a 633-page post-hearing…

The receiver-manager appointed by FBN Quest Merchant Bank Limited and First Trustees Limited to enforce the takeover of Nestoil Limited’s assets over an alleged multi-billion-dollar debt default has repossessed the Lagos headquarters of the company following a ruling of the…

The Ondo State Governor, Mr Lucky Aiyedatiwa, has approved the creation of Ondo Agricultural City in Iju-Agbonrin/Ori-Ohin in Ose Local Government of the state by a firm, KONIG Agriculture Ltd. The project, worth $42m, was under the supervision of the…

Sony Bank, the online lending subsidiary of Sony Financial Group, is reportedly preparing to launch a stablecoin that will enable payments across the Sony ecosystem in the US.Sony is planning to issue a US dollar-pegged stablecoin in 2026 and expects…

AIICO Insurance Plc has introduced a new bundled insurance solution designed to address the longstanding financial vulnerabilities faced by Nigeria’s smallholder farmers, rural families, and underserved populations. According to the insurance firm, the new product, AIICO All-in-One Financial Protection, was…

Bitcoin (BTC) experienced a sharp pullback in early Asian trading on Monday, dropping $85,500 amid increasing expectations of a December rate hike by the Bank of Japan (BoJ).Key takeaways:Bitcoin dropped 5% to $85,000 in a marketwide correction, liquidating $656 million…

Five insurance companies have indicated that they would be raising about N75bn additional capital from the market as part of efforts to meet the new minimum capital requirement, The PUNCH can report. According to their corporate filings on the Nigerian…

Ripple Labs has received approval from Singapore’s central bank to expand its payment activities in the region, amid a broader push to grow its business and institutional-focused offerings through acquisitions.Ripple’s Singapore subsidiary, Ripple Markets APAC, has been approved by the…

Nigerian stocks marginally declined by 0.1 per cent last week, even as trade volume improved by roughly 52 per cent. The financial services sector, dominated by banks and insurers, remained the top choice of investors as it alone accounted for…

Global Credit Ratings has upgraded the national scale issuer ratings of FairMoney Microfinance Bank. FairMoney’s long-term rating was raised from BBB(NG) to BBB+(NG), while its short-term rating has been upgraded from A3(NG) to A2(NG). The outlook remains stable. Fairmoney MFB,…

Japanese government bond yields have jumped to their highest level in decades, prompting some analysts to speculate that it could be behind the recent crypto market sell-off on Sunday. Japan’s ten-year government bond yield hit 1.86% on Monday, its highest level…

UMZA Air on Sunday commenced commercial flights on the Abuja–Ilorin route with what the airline described as permanently cheaper airfares for travellers using the Tunde Idiagbon International Airport, Ilorin. The Managing Director/Accountable Manager of UMZA Aviation Services Limited, Mr Anachuna…