Emele Onu

Nigeria

Bloomberg journalist; ex-money mkt editor at ThisDay Nigeria: ex-finance editor at Daily Independent; Award-winning writer; Media strategist; Opinions are mine.

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Articles

Nigerian Lenders Unveil Asset Remedy Plans After Regulator Order

1 week ago | bloomberg.com | Emele Onu

The Central bank of Nigeria in the central business district in Abuja. (Bloomberg) -- Top Nigerian banks will make provisions for non-performing loans and cut exposure to certain clients that are above regulatory thresholds, responding to a central bank directive that raised questions and hurt their shares.
Yellow Card y Visa acuerdan acelerar la adopción de stablecoins en África

1 week ago | infobae.com | Emele Onu

Yellow Card Financial Inc. y Visa Inc. firmaron un acuerdo para promover el uso de monedas estables (stablecoins) en pagos transfronterizos en los mercados emergentes donde opera el intercambio de criptomonedas. Ambas compañías explorarán oportunidades para optimizar las operaciones de tesorería, mejorar la gestión de liquidez y permitir transferencias más rápidas y rentables, según señaló Chris Maurice, cofundador y director ejecutivo de Yellow Card.
Yellow Card, Visa Agree to Hasten Stablecoin Adoption in Africa

1 week ago | bloomberg.com | Emele Onu |Eric Ombok

The login page of the Yellow Card Financial Inc. app on a smartphone at the company's office in Lagos, Nigeria, on Tuesday, Nov. 19, 2024. Yellow Card employs about 270 people and operates in 20 African countries, having traded more than $3 billion worth of crypto so far this year. Photographer: Taiwo Arifayan/Bloomberg(Bloomberg) -- Yellow Card Financial Inc. and Visa Inc.
Nigeria Bank Stocks Fall After Central Bank Halts Some Dividends

1 week ago | bloomberg.com | Emele Onu

Automated teller machines outside a Zenith Bank Plc branch in Lagos. (Bloomberg) -- Nigerian bank stocks slipped as investors digested a central bank directive for certain unspecified lenders to bolster cash buffers by halting dividend payments. The index for the country’s 10 biggest and most liquid bank stocks was down 4% at 2:53 p.m. in Lagos on Monday, paring earlier losses of more than 7% and taking the gauge to its lowest level since June 2.
Nigeria’s Central Bank Halts Dividends, Bonuses for Some Banks

1 week ago | bloomberg.com | Emele Onu

The Central Bank of Nigeria headquarters in Abuja, Nigeria. (Bloomberg) -- The Central Bank of Nigeria has ordered banks under regulatory forbearance to halt dividend payments, director bonuses, and foreign investments. The move aims to help lenders build financial buffers and strengthen resilience amid economic challenges. According to a circular, affected banks must suspend shareholder dividends and director bonuses and avoid investing in foreign subsidiaries until they fully exit forbearance.
Nigeria’s United Capital Expands Into Francophone West Africa

1 week ago | bloomberg.com | Emele Onu

Commercial office buildings in the Central Business District (CBD) of Lagos, Nigeria, on Monday, Aug. 14, 2023. Nigerian President Bola Tinubu has declared a state of emergency to counter the rising cost of living and in early August announced a 500 billion naira package of measures to improve food supply, ease transportation costs and boost manufacturing.
Nigeria’s Naira Strengthens as Oil Rises and Trade Worries Ease

2 weeks ago | bloomberg.com | Emele Onu

A customer uses a 1000 Nigerian naira banknote in Lagos, Nigeria. (Bloomberg) -- Nigeria’s naira rose for a seventh day to a two-month high against the dollar on Tuesday amid higher oil prices and as investor concerns over US trade tariffs eased. The unit gained 0.7% to 1,539 per dollar at 3:05 p.m. in Lagos, its strongest level since early April as oil prices rose to $67.50 per barrel and US-China trade talks in London entered a second day.
Shrinkflation Trade Makes Beta Glass Winner in Nigeria

2 weeks ago | bloomberg.com | Emele Onu

(Bloomberg) -- Nigeria’s cost-of-living crisis has helped make packaging company Beta Glass Plc one of the best performing equities on the Nigerian Stock Exchange, as companies opt for multiple product sizes to manage higher costs. The unit of UK-based Frigoglass Group has risen 224% this year to 210.1 naira per share — vastly outperforming an overall index up just 11.6% — amid strong demand for various sizes of containers as companies shrink product size to counter rapid inflation.
Nigeria Upgraded to B3 by Moody’s on Fiscal, Forex Gains

3 weeks ago | bloomberg.com | Emele Onu

Office workers walk along the marina road in the Central Business District (CBD) of Lagos, Nigeria, on Monday, Aug. 14, 2023. Nigerian President Bola Tinubu has declared a state of emergency to counter the rising cost of living and in early August announced a 500 billion naira package of measures to improve food supply, ease transportation costs and boost manufacturing.
Nigeria Plans $464 Million Waterway Boost to Ease Lagos Traffic

4 weeks ago | bloomberg.com | Emele Onu

Heavy traffic surrounds the roads by a market in Lagos. (Bloomberg) -- The state housing Nigeria’s economic hub is engaging the European Union to develop inland waterways as part of an integrated urban-transport system intended to ease gridlock in Lagos, which is also its most populous city. They are due to break ground on the €410 million ($464 million) project in June, the Lagos state government said in an emailed statement Friday.