The Naira depreciated on Friday at the official market, trading at N1,602.18 to the dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira lost N5.49. This represents a 0.34 per cent loss when compared to the N1,596.69 per dollar recorded on Wednesday, April 30,...
BUSINESS
By OLA MODUPE, Lagos- MTN Nigeria Communications Plc held its 2025 Annual General Meeting (AGM) in Lagos today, where shareholders reviewed the company’s full-year financial performance and endorsed its strategic priorities for the future. The AGM came on the heels of a strong first quarter in 2025, during which...
Ethiopian Airlines said it is intensifying efforts to promote tourism to and from Nigeria to boost the growing momentum of the industry. The Area Manager of Ethiopian Airlines, Nigeria, Mrs Firiehiwot Mekonnen, said this in a statement on Thursday in Lagos. Mekonnen said Nigeria was fast emerging as Africa’s...
Sen. Heineken Lokpobiri, Minister of State, Petroleum Resources (Oil), has described the Joint Venture (JV) between Nigerian National Petroleum Company Limited (NNPC Ltd.), Caverton Offshore Support Group and Stenabulk as a strategic industry alignment. Lokpobiri also said that the JV was a bold step toward enhancing shipping operations, strengthening...
MTN Nigeria Communications Plc generated N1.0 trillion in service revenue in the first quarter of 2025. This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024. The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday. Profit after tax...
The Nigerian Exchange Ltd. (NGX) on Tuesday transacted 733.05 million shares worth N35.288 billion in 16,619 transactions. This is in contrast with 500.59 million shares worth N12.110 billion that was traded in 17,637 deals earlier. Meanwhile, transactions in the shares of Fidelity Bank topped the activity chart with 285.15...
The Nigerian Communications Commission (NCC) is set to review the 2003 NCC Act, citing its growing disconnect from current and future technological realities. Executive Vice Chairman of NCC, Dr Aminu Maida, stated this during a Colloquium on Legislative Agenda: The Nigerian Communications Act 2003, on Tuesday in Lagos. The...
Guinness Nigeria Plc has said it is prioritising increased connection, purpose and impact, especially following the recent change in majority shareholding and as it celebrates its 75th anniversary. Its Managing Director, Mr Girish Sharma, who disclosed the focus in a statement on Tuesday in Lagos, said that this promises...
TotalEnergies Marketing Nigeria Plc has recorded N221.61 billion in revenue for the first quarter of 2025. This figure represents a year-on-year decline of 18 per cent when compared with the N269.84 billion posted in the first quarter of 2024. The company disclosed this in its financial results, which were...
The Nigerian stock market opened the week on a bullish note on Monday, gaining N228 billion on the Nigerian Exchange Ltd. Market capitalisation rose by N228 billion or 0.34 per cent and closed at N66.693 trillion compared to Friday’s figure of N66.465 trillion. Similarly, the All-Share Index (ASI) climbed...
The Nigeria Deposit Insurance Corporation (NDIC) has started payment of N46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank. This is contained in statement on Sunday by Hawwau Gambo, Acting Head, Communication and Public Affairs. She said the funds were realised from sales of the bank’s...
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said the Federal Government plans to reduce inflation rate to single digit and create more jobs. Edun stated this during a press conference addressed by the Nigerian economic team, as part of activities marking the...
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured investors that Nigeria is safe for investment. Edun said this at the Nigeria Investment Forum, at the ongoing World Bank/International Monetary Fund (IMF) Meetings in Washington D.C. on Wednesday. According to the Minister, efforts are geared...
United Bank for Africa (UBA) has announced a profit of N189.84 billion for the first quarter of 2025, marking a strong start to the financial year. This represents a 33.15 per cent increase compared to the N142.58 billion recorded during the same period in 2024. The bank revealed this...
The International Monetary Fund (IMF), has urged Nigerian Government to be prudent in spending following implementation of hard economic reforms that has made it to save more revenue. The Director, Fiscal Affairs Department IMF, Vitor Gaspar, said this at a Fiscal Monitor news conference at the ongoing 2025 IMF/World...
The National Pension Commission (PenCom) has announced the recovery of ₦1.58 billion from defaulting employers through enhanced enforcement efforts. This information was shared by the Director General of PenCom, Ms Omolola Oloworaran, on Wednesday in Kano during the First Run 2025 Consultative Forum for States and the Federal Capital...
Nigeria Customs Service (NCS) has collected ₦1.75 trillion as revenue for the first quarter of 2025. The Comptroller-General (C-G) of the service, Adewale Adeniyi, disclosed this on Tuesday in Abuja at a press briefing on its activities for the first quarter. Adeniyi said that they exceeded their first quarter...
Nigerian stock market opened the week on a bullish note on Tuesday, gaining N318 billion on the Nigerian Exchange Ltd after the two-day Easter break. Market capitalisation rose by N318 billion or 0.49 per cent, closing at N65.817 trillion compared with Thursday’s figure of N65.499 trillion. Similarly, the All-Share...