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...
BUSINESS
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...
The International Monetary Fund (IMF) has released it new economic outlook report, reversing Nigeria’s economic growth projections for 2025 and 2026. The April report was released on Tuesday during World Economic Outlook (WEO) at a press briefing at the ongoing IMF/World Bank 2025 Spring Meetings in Washington, D.C. The...
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has stated that the Federal Government’s economic reforms will foster long-term resilience aimed at lifting millions of Nigerians out of poverty. Edun said this during the ongoing International Monetary Fund (IMF)-World Bank 2025 Spring Meetings in...
The International Monetary Fund (IMF) on Tuesday lowered its global economic growth forecast for 2025 to 2.8 per cent. Predicting the wave of tariffs and uncertainty unleashed by U.S. President Donald Trump will lead to a worldwide economic slowdown. The IMF revised its projection of 3.3 per cent forecast...
Union Bank of Nigeria has demonstrated its commitment to homegrown businesses by sponsoring the 2025 RISE Business Challenge in the University of Lagos (UNILAG), Akoka. In a statement released by the bank on Friday, the sponsorship took place under Union Bank’s Made In Naija initiative, during the 6th Annual...
MTN Nigeria, a leading technology company, on Friday announced the rebranding of its fibre broadband service to FibreX. MTN Nigeria Chief Broadband Officer, Mr Egerton Idehen, described the rebranding as a major step in delivering next-generation internet solutions across the country. Formerly known as MTN Fibre Broadband, the newly...
Stock market investors traded 1.525 billion shares worth N43.006 billion in 51,156 transactions this week on the floor of the Nigerian Exchange Ltd. This is in contrast to 2.094 billion shares valued at N52.967 billion that exchanged hands last week in 64,612 deals. Consequently, the value of transactions traded...
Fidelity Bank Plc has been awarded Euromoney’s 2025 Nigeria’s Best Private Bank.According to a statement by the bank on Thursday in Lagos, the recognition was formally unveiled at the awards ceremony held recently at The Savoy in London. The Euromoney Awards for Excellence are prestigious annual honors and a...
Trading on the Nigerian Exchange Ltd. (NGX) ended negatively on Wednesday, with market capitalisation falling by N445 billion after a day of positive performance. The NGX market capitalisation dropped by N445 billion, or 0.68 per cent, closing at N65.259 trillion, down from Tuesday’s N65.704 trillion. Similarly, the All-Share Index...
The Dangote Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835 per litre. The Group Chief Branding and Communications Officer of Dangote, Anthony Echiejina, disclosed this in a statement on Wednesday in Lagos. Echiejina said that...
The National Bureau of Statistics (NBS), has said Nigeria’s headline inflation rate rose to 24.23 per cent in March 2025. The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for March 2025, which was released in Abuja. According to the report, the headline inflation showed...
Access Holdings Plc. says it generated N642.22 billion as profit for the year ended Dec. 31, 2024. This is a 3.7 per cent increase from the N619.32 billion it generated in 2023. The company made this known in a corporate disclosure through the Nigerian Exchange Group (NGX) on Wednesday...
By JOY ADARA, Abuja- The Federation Account Allocation Committee (FAAC), has shared N1.578 trillion among the Federal Government, states and the Local Government Councils (LGCs) for the month of March. A communiqué issued by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation...
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said the country has significantly reduced its importation of Premium Motor Spirit (PMS). The Chief Executive Officer, NMDPRA, Farouk Ahmed, said this during the Meet-the-Press briefing series organised by the Presidential Communications Team (PTC) at the State House in...
The Gas Exporting Countries Forum (GECF) has said Africa’s natural gas consumption continued to rise, reaching 183 billion cubic meters (bcm), marking a three per cent year-on-year (y-o-y) increase. The GECF says Africa’s gas consumption is expected to grow by four per cent, fuelled by ongoing industrialisation, increased demand...
Group Managing Director, United Bank for Africa (UBA), Mr Oliver Alawuba, has said Nigeria requires a double-digit Gross Domestic Product (GDP) growth to achieve the projected one-trillion dollar economy target by 2030. Alawuba made this remark on Monday in Abuja, at the ongoing 36th Edition of the Finance Correspondents...
The Central Bank of Nigeria (CBN) has affirmed the preparedness of the Nigerians banks for the ongoing recapitalisation exercise. The Director of Banking Supervision Department, CBN, Dr Olubukola Akinwumi, gave this assurance on Monday in Abuja, at the ongoing 36th Edition of Finance Correspondents and Business Editors Association of...
The Central Bank of Nigeria (CBN), has said the recapitalisation of Nigerian banks is crucial to the march towards achieving a one-trillion dollar economy. CBN’s Deputy Governor, Corporate Services, Emem Usoro, said this on Monday in Abuja, at the ongoing 36th edition of the Finance Correspondents Association of Nigeria...