Business

The Central Bank of Nigeria has directed banks to implement a 0.5% cybersecurity levy on transactions.

Published

1 year ago

May 7, 2024

Ekwutos Blog

Central Bank of Nigeria.

The Central Bank of Nigeria has directed banks to implement a 0.5% cybersecurity levy on transactions.

List of exemptions from cybersecurity charges:

According to the Central Bank of Nigeria, the CBN Cybercrime Act 2024 requires that under Section 44 (2)(a) of the Act, businesses listed in the Second Schedule remit 0.5% of the value of all electronic transactions to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National …

Business

Ecobank plans $250m capital raise via private placement

Published

2 hours ago

July 11, 2025

Ekwutos Blog

Ecobank Transnational Incorporated

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in Additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Ecobank’s Company Secretary, Madibinet Cisse, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

The Ekwutosblog reported that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.

Business

Naira continues to depreciate against dollar at official market

Published

21 hours ago

July 10, 2025

Ekwutos Blog

The naira continued to depreciate against the dollar at the official foreign exchange market on Wednesday.

According to the Central Bank of Nigeria’s data, the naira weakened slightly to N 1,531 per dollar on Wednesday from N 1,529.22 exchanged on Tuesday.

This means that the naira dropped by N1.78 against the dollar on a day-to-day basis, the highest depreciation this week.

Meanwhile, at the black market, it remained unchanged at N1,550 per dollar on Wednesday, the same rate exchanged on Tuesday.

This comes as CardinalStone’s mid-year outlook predicted that Nigeria’s external reserves are expected to rise to $41 billion by year-end.

Business

Fuel price cut: Dangote Refinery petrol distribution will reduce Nigeria’s inflation – Rewane

Published

4 days ago

July 7, 2025

Ekwutos Blog

The Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, said that Dangote Refinery’s petrol distribution initiative, billed to kick off on August 15, 2025, would help in curbing Nigeria’s headline inflation, which stood at 22.97 percent as of May.

Rewane made this known in a statement on Monday, citing an FDC report published in the Lagos Business School (LBS) Executive Breakfast Presentation for July 2025.

According to Rewane, Dangote Refinery’s plan to spend over N1.7 trillion annually on logistics costs to distribute fuel is a game changer in the country’s oil and gas downstream sector.

He noted that Dangote Refinery’s move to use compressed natural gas trucks to distribute fuel and automotive gas oil nationwide to the doorsteps of end-users will lower prices and curb inflation.

“The initiative is set to revolutionise Nigeria’s oil downstream business by cutting logistics costs and by spending over N1.7 trillion annually,” it stated, emphasising that Dangote Refinery’s fuel distribution strategy, which involves deploying 4,000 compressed natural gas (CNG) trucks nationwide, will lower pump prices, curb inflation, and support over 42 million MSMEs (micro, small, and medium enterprises).

“With 4,000 CNG-powered trucks delivering refined products directly to the doorsteps of end-users, the move will lower pump prices, curb inflation, and support over 42 million MSMEs.”

Ekwutosblog reports that Dangote Refinery announced a plan to commence direct petrol and diesel distribution to end-users.

However, petroleum products marketers and retailers have kicked against the move, noting it would lead to massive job losses.

Ekwutosblog reports that fuel prices dropped in the last six days following the drop in global crude oil prices and the ex-depot price slash to N840 per litre from N880 by Dangote Refinery.