For the umpteenth time, the court has thrown out a case of fraud filed against the Chairman of Zinox Technologies, Mr. Leo Stan Ekeh, his wife, Chioma Ekeh and 11 others. The latest is the dismissal of the suit by Justice Akpan Okon Ebong of the FCT High Court...
BUSINESS
In a bid to extend digital and financial inclusion across Africa, the MTN Group and Airtel Africa have entered into agreements to share network infrastructure in Uganda and Nigeria. Airtel made this known in a statement on Wednesday in Lagos. According to the statement, both parties will ensure the...
Cash crunch has hit Lokoja, the Kogi capital, crippling most businesses and making life miserable for residents. The News Agency of Nigeria (NAN) correspondent, who monitored the development in the area, on Wednesday, reports that most banks were out of cash, leaving their customers stranded. At the First Bank...
Shell has announced plans to ramp up cost savings and reduce spending while aiming to deliver more value with lower emissions, in spite of having weakened its carbon reduction pledge in 2024. Ahead of its capital market day, the oil giant revealed it would look to strip out 5...
First Bank of Nigeria Ltd. on Monday inaugurated its fifth Digital Xperience Centre in Lekki, Lagos, to address the growing demand for convenient and accessible banking services. The Managing Director of First Bank, Mr Olusegun Alebiosu, at the event, said the branch would provide convenient access to banking services...
United Bank for Africa (UBA) Plc has recorded N766.6 billion as profit after tax for the year ended Dec. 31, 2024. This represents 26.14 per cent increase when compared to N607.7 billion posted same period of 2023. This was made known in the bank’s audited financial results filed with...
The stock market opened the week on a positive note, with investors gaining N369 billion and performance indices rising by 0.56 per cent on Monday. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation increased by 0.56 per cent to N66.188 trillion from an opening of N65.819 trillion recorded on...
The Securities and Exchange Commission (SEC) has said there is no hiding place for violators in the country’s capital market. The Director-General of SEC, Dr Emomotimi Agama, gave the warning in a notice to operators obtained by the News Agency of Nigeria (NAN) on Sunday in Abuja. Agama said...
The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries. TEF Founder, Mr Tony Elumelu, made this known on Sunday in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme. He stated that each beneficiary...
First Bank of Nigeria Ltd has pledged multi-trillion Naira investments in small businesses by 2025 to harness entrepreneurs’ potential in boosting Nigeria’s Gross Domestic Product. The bank’s Managing Director, Mr Olusegun Alebiosu, confirmed this during an SME Scale Up workshop, sponsored by First Bank and Seven-Up Bottling Company on...
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has said the proposed tax reform bill will significantly reduce financial burden and create growth enabling environment for small business owners. The Director-General of SMEDAN, Mr Charles Odii, said this at a stakeholder engagement on tax reforms organised by...
9mobile, a telecommunications company has categorically refuted false and misleading rumours suggesting an alleged shutdown of its operations in Nigeria. The management of 9mobile made the disclosure in a statement on Friday in Lagos. 9mobile said that the claims were entirely baseless and aimed at causing unnecessary panic among...
By PATRICK ABANG, Calabar – In a strategic move to expand export opportunities for products made in Cross River State, the Cross River Microfinance and Enterprise Development Center (MEDA) recently conducted a high-level meeting with the Nigerian Export-Import Bank (NEXIM) in Calabar. The visit follows NEXIM’s significant participation in...
By OLA MODUPE, Lagos- Air Peace Ltd. has reduced its Nigeria-London airfare by N600,000 for all travellers emanating from Nigeria. Head of Corporate Communications, Air Peace, Dr Ejike Ndiulo, disclosed this in a statement issued on Wednesday in Lagos. Dr. Ndiulo said the offer is in the airline’s latest...
The stock market on Tuesday continued on a negative note as performance indices declined by 0.40 per cent. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation fell by N265 billion or 0.40 per cent to N66.078 trillion from N66.343 trillion recorded on Monday. Also, the All-Share Index dropped by...
The Federal High Court (FHC) in Abuja on Tuesday, dismissed the Nigeria National Petroleum Company Limited (NNPCL)’s objection against a suit filed by the Dangote Petroleum Refinery and Petrochemicals FZE over oil import licence dispute. Justice Inyang Ekwo in a ruling, dismissed the objection on the grounds that the...
By BARBARA KALU, Yenagoa – NNPC Limited has reaffirmed its commitment to ensuring that funds allocated under the Petroleum Industry Act (PIA) are effectively utilized to deliver meaningful development in host communities. This pledge was made during a stakeholder engagement session held with the KEFFESO Host Communities Development Trust...
The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate eased to 23.18 per cent in February 2025. The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for February 2025, which was released in Abuja on Monday. According to the report, the headline inflation...
One of Nigeria’s leading non-Interest banks, TAJBank, has said it is finalising arrangements to raise the sum of N20 billion Mudarabah Sukuk bond to beef up its Additional Tier 1 capital. The Founder/Chief Executive Officer of TAJBank, Mr Hamid Joda, said this in a statement on Monday in Abuja....
Naira ended the week positively on Friday, trading at N1,517.93 to a Dollar in the official market. Data from the Central Bank of Nigeria (CBN) showed that the Naira, which had been falling since March 5, gained N29.89. This represents a 1.9 per cent increase compared to Thursday, when...