By JOY ADARA, Abuja- The Central Bank of Nigeria (CBN) has introduced time-bound measures to support banks transitioning from temporary regulatory support provided during the COVID-19 pandemic. This move aims to further strengthen the banking system as part of its broader recapitalization program announced in 2023. This is contained...
BUSINESS
By MBAFAN ADE, Abuja- The Association of Securities Dealing Houses of Nigeria (ASHON) has expressed concern over the Central Bank of Nigeria’s (CBN) recent circular suspending dividend payments by banks, citing potential stock market volatility. ASHON Chairman, Mr. Sam Onukwue, described the timing of the directive as “inopportune,” given...
By JOY ADARA, Abuja- Nigeria’s headline inflation rate has further eased to 22.97% in May 2025, representing a 0.74% decline from the 23.71% recorded in April 2025, according to the latest Consumer Price Index (CPI) and Inflation report released by the National Bureau of Statistics (NBS). On a month-on-month...
By MBAFAN ADE, Abuja– Nigerian stock market opened the week on a negative note on Monday, with its key performance indicators experiencing a decline of 0.15%. The market capitalization shed N108 billion, closing at N72.680 trillion, down from N72.788 trillion recorded on Friday. The All-Share Index also declined, losing...
By OLA MODUPE, Lagos – The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over Dangote Refinery’s plan to start direct nationwide distribution of petrol and diesel, warning that it could lead to widespread job losses, business closures, and a monopolistic market structure. PETROAN National...
By OLA MODUPE, Lagos- Dangote Petroleum Refinery has announced the commencement of a significant national initiative designed to transform Nigeria’s fuel distribution landscape. Effective 15th of August 2025, the Refinery will begin the distribution of Premium Motor Spirit (PMS) and diesel to marketers, petrol dealers, manufacturers, telecoms firms, aviation,...
US President Donald Trump has pocketed over $57 million from token sales by the crypto venture he and his sons helped launch last year, according to federal financial disclosure forms released by the White House. The document, issued by the Office of Government Ethics, lists Trump’s holdings, including stocks,...
By BARBARA KALU, Owerri – The Nigerian Export Promotion Council (NEPC) has announced that Imo State recorded $8.6 million in export earnings from cashew production in the 2024 fiscal year. The Executive Director of NEPC, Mrs. Nonye Ayeni, disclosed this at a workshop on cashew production in Owerri. Ayeni...
By MBAFAN ADE, Abuja- The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a revenue of N5.89 billion and a Profit After Tax (PAT) of N748 billion for April. According to the company’s Monthly Report Summary, crude oil and condensate production averaged 1.606 million barrels per day (bpd)...
By MBAFAN ADE, Abuja- Chairman of Dangote Sugar Refinery Plc, Aliko Dangote, will retire from the Board effective June 16, 2025, after two decades of leadership. The decision according to the company aligns with principles of good corporate governance and succession planning. The company’s secretary, Temitope Hassan, who announced...
By MBAFAN ADE, Abuja – The Federal Ministry of Finance has issued a statement in response to recent media reports regarding a potential forward sale of crude oil involving the Nigerian National Petroleum Company Limited (NNPC Ltd). According to the Ministry, no final decision has been made on the...
By MBAFAN ADE, Abuja- The Central Bank of Nigeria (CBN) has denied reports of an extension to the recapitalisation deadline for Bureau De Change (BDC) operators beyond June 3. In a statement, CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, described the information as false and misleading....
By MBAFAN ADE, Abuja- Nigeria’s total merchandise trade stood at N36,024.66 billion in the first quarter of 2025, according to the National Bureau of Statistics (NBS). This represents a 6.19% increase compared to the same period in 2024. The NBS report shows that total exports stood at N20,598.48 billion,...
By MBAFAN ADE, Abuja- The Securities and Exchange Commission (SEC) has reiterated that Crypto Bridge Exchange (CBEX), operating under ST Technologies International Ltd., remains banned in Nigeria. In a public notice, the commission warned Nigerians to refrain from patronizing or transacting with CBEX, citing unauthorized investment activities. “We unequivocally...
World Bank has cut its global growth forecast for 2025 to 2.3%, citing mounting trade tensions and policy uncertainty, with growth forecasts being cut in nearly 70% of economies across all regions and income groups. According to the bank’s latest Global Economic Prospects report, this slowdown would mark the...
Baillie Gifford’s dumping of Jumia shares, bad news for Africa investment ecosystem, By BOLA ODUNTAN
Baillie Gifford’s dumping of Jumia shares, bad news for Africa investment ecosystem, By BOLA ODUNTAN
The latest filing from May 5, 2025 by British long-term institutional investor, Baillie Gifford, in which it announced the final sales of its remaining shares at e-commerce giant, Jumia, at a huge loss, portends bad news for Africa. If anything, it sends a negative vibe to global investors and...
By CALLISTUS OFFOR, Abuja- Nigerian National Petroleum Company (NNPC) Limited has issued a public notice warning individuals and businesses to be cautious of impostors claiming to represent the company. These scammers allegedly solicit fees for meetings with NNPC board members, executives, and management staff. Chief Corporate Communications Officer, NNPC...
By CALLISTUS OFFOR, Abuja- The Nigerian National Petroleum Company Limited (NNPC Ltd.) is proud to announce that its Chief Corporate Communications Officer, Mr. Olufemi Soneye, has bagged the Champion Newspapers 2024 Media Manager of the Year Award. The award, presented by Ernest Ebi, MFR, former Deputy Governor of the...
By OLA MODUPE , Lagos- The Internet Corporation for Assigned Names and Numbers (ICANN) through the African Regional At-Large Organisation (AFRALO) is supporting the 2025 Nigeria DigitalSENSE Forum series is organised by ITREALMS Media and hosted under DigitalSENSE Africa (DSA), an At-Large Structure certified ICANN, in collaboration with other...
The Nigerian stock market has concluded the week on a strong note, with the market capitalization increasing by N1.157 trillion, representing a 1.63% gain. This significant growth has boosted the market’s value to N72.275 trillion, up from N71.118 trillion recorded on Wednesday. The All-Share Index (ASI) also experienced a...