With rights issue in the pipeline, Moruf Oseni Wema Bank Managing Director/Chief Executive Officer said the Nigerian lender’s capital base stands at N55 billion. Oseni said this at the 2023 annual meeting with shareholders, adding that Wema Bank is set to raise N200 billion in capital within the 24-month timeline issued by the Central Bank of Nigeria (CBN).

To improve efficiency and the delivery experience, e-commerce platform Jumia Nigeria announced on Tuesday the opening of a new integrated warehouse and logistics network facility.

The Ministry of Marine and Blue Economy says it is implementing a 3-pronged strategy that will increase its revenue generation to N2 trillion per annum by 2027. Marine and Blue Economy Minister, Mr Adegboyega Oyetola, disclosed this at the ministerial press briefing on the administration of President Bola Tinubu sectorial update.

The Oyo State Government on Tuesday, approved N600 million as tractorisation subsidy to support farmers in the state. The state Commissioner for Agriculture and Rural Development, Mr Olasunkanmi Olaleye, said this on Tuesday in Ibadan while briefing newsmen on the outcome of the weekly State Executive Council meeting.

President Bola Tinubu says the three Executive Orders on oil and gas reforms will make Nigeria’s petroleum sector globally competitive.

Operatives of the Ilorin Zonal Command of the Economic and Financial Crimes Commission (EFCC) have arrested seven suspects over alleged in illegal mining in Kwara. Its Spokesman, Dele Oyewale, said this in a statement on Tuesday in Abuja.

Equities investors gain N294 billion from the stock market on Tuesday due to sustained interest in medium and large companies. As a result, market capitalisation, which began at N55.359 trillion, increased by N294 billion to close at N55.653 trillion.

Nigeria’s SEC Registers Three Crowdfunding Platforms

The total transactions by foreign investors on the Nigerian Exchange Ltd. (NGX) increased by 28.19 per cent between March and April. The NGX revealed this in its Domestic and Foreign Portfolio Investment Report, made available to the newsmen in Lagos.

The naira rate appreciated strongly on Tuesday, gained 12.35% day-on-day to N1,173.88 per United States (US) dollar in the Nigerian autonomous foreign exchange market.