MARKETS

MEC, Inc. announced today that it has entered into agreements with pan-African financial services group, United Bank for Africa Plc (UBA) to provide a revolutionary email-based billing, payment and banking software system called "EmailMoni." According to a press statement by UBA, EmailMoni represents the world's latest fin-tech for cloud banking...

Saudi Arabia raised $17.5 billion in its first international bond offering, HSBC said Thursday, reflecting strong interest as the kingdom seeks to diversify its oil-dependent economy. The bond issue -- the first time Saudi Arabia has turned to international markets for financing -- was hailed as historic by investors and...

Nigeria sold N81.47 billion ($267.55 million) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Thursday. The Central Bank of Nigeria (CBN) had proposed to sell N138.16 billion worth of the debt in its initial announcement. A total of N20.92...

Trading transactions on The Nigerian Stock Exchange (NSE) on Wednesday continued on its downward trend that week opened with on Monday with the indices dropping by 0.28 per cent The volume of shares traded declined by 46.87 per cent while the Market Capitalisation closed at N9.438 trillion against N9.464 trillion...

Guaranty Trust Bank plc has released its audited financial results for the nine-month ended September 2016 to the Nigerian Stock Exchange with profit before tax gaining 53 per cent to N140 billion from N92.1 billion recorded in prior nine-month of 2015. Interest income for the period grew by 5.2 per...

Nigerian independent petroleum company, Nipco Investment limited, a wholly-owned subsidiary of Nipco Plc has acquired 60 per cent stake in Mobil Nigeria. Mobil Oil Nigeria in a statement to The Nigerian Stock Exchange (NSE) on Wednesday said that majority shareholders of ExxonMobil Oil Corporation agreed to sell its 60 per...

Nigeria's overnight interbank rate crashed on Wednesday to around 20 percent from 150 per cent after the Central Bank of Nigeria (CBN) sold less hard currency than expected at a special auction, traders said. According to Reuters’ report monitored by Business247 News Online, "The Central Bank f Nigeria has released...

First Bank Nigeria to offer loans at 20% interest to buy cars Uber plans to double driver-partners by year-end from 2,000 Uber Technologies Inc. is partnering with FBN Holdings Plc’s First Bank Nigeria to provide loans to drivers as a cash crunch in Africa’s most populous nation and a shrinking...

The Central Bank of Nigeria (CBN) has amended the guidelines on transaction switching in the country. The directive towards this was contained in a circular to all banks, mobile money operators and payments services providers the CBN placed on its website on Tuesday. The circular by the apex bank was...

The Securities and Exchange Commission (SEC) has warned investing public of illegal capital market operation of Ruby Gold Ventures.  The apex capital market regulating body stated that company is not a registered company. SEC in a statement obtained by Business247 News Online said, “The attention of the Securities & Exchange...