The stock market on Tuesday witnessed a downturn as performance indices declined by 0.52 per cent. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation fell by N345 billion or 0.52 per cent to N66.942 trillion from N67.287 trillion recorded on Monday. Also, the All-Share Index dropped by 0.52 per...
BUSINESS
Nigeria’s telecommunications sector has witnessed a robust recovery, with active subscriptions surging to 169.3 million in January 2025, up from 164.9 million in December 2024. The Nigerian Communications Commission (NCC) made this known in an industry statistics on its website. The telecoms regulator said that this robust recovery followed...
The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has commended the NNPC Retail Ltd. for slashing the price of Premium Motor Spirit (PMS), known as petrol from N920 to N875 per litre. PETROAN said the bold move was expected to alleviate the financial burden on Nigerians amidst rising...
Dangote Cement has reported a 62.2 per cent revenue growth, reaching N3,580.6 billion in 2024. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also grew by 56.0 per cent to N1,388.2 billion, with a 38.6 per cent margin. Arvind Pathak, Chief Executive Officer and Group Managing Director...
The Job Creation and Micro, Small and Medium Enterprises (MSMEs) Secretariat (Office of the Vice-President) has announced that the overall winner of the 2025 MSMEs Award will receive a car, a house, a shop, and a cash prize worth N220 million. Senior Special Assistant to the President on Job...
Banks have commenced implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria (CBN’s) directive. The News Agency of Nigeria (NAN) correspondent who monitored some banks’ ATM gallery in Abuja and environs on Sunday, reports that some customers were lamenting...
The Naira appreciated in the official market on Friday, trading at N1,492.49 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed the Naira gained N6.57. This marks a 0.44 per cent increase compared to Thursday, Feb. 27, when it closed at N1,499.07 to the Dollar....
The stock market closed the week on a positive note on Friday, with market value growing by N91 billion. Specifically, market capitalisation which opened at N67,102 trillion, closed at N67,193 trillion, gaining N91 billion or 0.14 per cent. Similarly, All-Share Index improved by 146 points or 0.14 per cent...
The African Export-Import Bank (Afreximbank) has announced the launch of its new documentary series titled “Impact Stories.” A statement issued on Friday in Abuja by Vincent Musumba, Afreximbank’s Communications and Events Manager, stated that the documentary aimed to showcase the bank’s developmental impact across various sectors and countries in...
By EZEKIEL OBI, Abuja – The Federation Accounts Allocation Committee (FAAC), has shared the sum of N 1.703 trillion revenue among the Federal Government, states and the Local Government Councils (LGCs) for January. Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), Mr. Bawa Mokwa,...
The Minister of Communication and Digital Economy, Dr Bosun Tijani, has said the 50 per cent tariff increase for telecom companies will guarantee meaningful access to telecoms services for Nigerians. The minister said this while briefing State House Correspondents on Thursday. The minister had led Mr Sunil Mittal, Chairman,...
The stock market on Thursday experienced a slight downturn, with overall market performance declining by 0.11 per cent. This marginal decline resulted in investors losing a significant N77 billion. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation fell by N77 billion, or 0.11 per cent, to N67.102 trillion from...
President Bola Tinubu, on Thursday, said the telecoms sector’s regulatory framework and operations would be reviewed to reflect global best practices, with a greater focus on protecting infrastructure. Tinubu spoke at a meeting with an Airtel delegation led by Mr Sunil Mittal, Chairman, at the State House, Abuja. “I...
The Federal Government Government has signed a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) to explore $7.7 trillion global halal market. This is contained in a statement issued by Mr Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, Office of The Vice-President,...
By SADIQ ABUBAKAR, Maiduguri – In a remarkable feat, the Borno State Internal Revenue Service (BSIRS) has announced that it has exceeded its revenue target for the year 2024 by 46%. The Executive Chairman of BSIRS, Professor Ibrahim Alhaji Bello, who disclosed this on Thursday in Maiduguri, said the...
By OLA MODUPE, Lagos- Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N65.00, from N890 to N825 per litre, effective from 27th February 2025. A statement issued on Wednesday by the management of the...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the Nigeria Gas Flare Commercialisation Programme (NGFCP) has the potential to unlock 2.5 billion dollars investment in oil and gas sector. The commission is also set to hold its first Nigeria Upstream Oil and Gas Decarbonisation Forum in March, to...
The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) rate in real terms grew by 3.84 per cent in the fourth quarter of 2024 on a year-on-year basis. The Statistician-General(S-G) of the Federation, Adeyemi Adeniran disclosed this in a statement on Nigeria’s GDP Report for Q4...
Transcorp Power Plc has declared a revenue growth of 115 per cent in 2024, amounting to N305.9 billion and an operating profit after tax of N80.01 billion. Chairman, Board of Directors, Transcorp Power Plc disclosed this on Tuesday in Abuja, at the companies’ Annual General Meeting (AGM).Nnorom said that...
Naira appreciated further at the official market on Monday, trading at N1,497.11 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira gained N3.62. This marks a 0.24 per cent increase compared to Friday, Feb. 21, when the local currency closed at N1,500.73...