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...
BUSINESS
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...
The equity market began the week in the red on Monday, losing N231 billion due to profit-taking by investors. Sell-offs in Tier-one banking stocks like Access Corporation, Zenith Bank, FBN Holdings, and Fidelity Bank, as well as Oando Plc and Berger Paints, caused the decline. The Nigerian Exchange Ltd....
The Dangote Petroleum Refinery has achieved a major milestone, meeting 100% of Nigeria’s petrol needs, according to the President of Dangote Industries Limited, Aliko Dangote. Speaking at the weekend, Dangote disclosed that the refinery has “more than half a billion litres of petroleum and over 600 billion Naira worth...
Nigeria’s fastest growing non-interest banking services provider, TAJBank Limited, has consolidated its frontline position by winning an award at the just concluded Islamic Finance News (IFN) Awards in Dubai. According to a statement by its Managing Director, Hamid Joda, the bank won the “Best Islamic Bank in Nigeria” award...
Heirs Energies, Africa’s fastest growing indigenous integrated energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja, bringing together public and private sector leaders to accelerate Nigeria’s oil production growth. Heirs Holdings’ subsidiary, Heirs Energies, convened the forum, moderated by CEO of Heirs Energies, Osayande...
Nigeria’s target of 2.06million bpd crude oil production target in 2025, is achievable, the Minister of State for Petroleum, Heineken Lokpobori has said. Lokpobori said this on Thursday night in Abuja at the Nigeria Petroleum Industry Leadership Discourse, with theme: “Nigeria’s Oil Production Growth Roadmap Acceleration Imperatives’’ organised by...
Nigeria has become notorious for serial building collapses to the extend that virtually no month elapses without one incident of collapse structure or the other with the associated loss of lives and properties. This is despite in existence and interventions of concerned stakeholders and regulatory authorities such as the...
The Nigeria Deposit Insurance Corporation (NDIC) said that it has successfully and transparently auctioned the defunct Heritage Bank’s assets which included landed properties and chattels . Its Managing Director, Bello Hassan, made the disclosure during the corporation’s special day at the ongoing 46th Kaduna International Trade Fair, Kaduna. He...
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Thursday voted unanimously to retain the Monetary Policy Rate (MPR), which is the baseline lending rate, at 27.50 per cent. The MPC took the decision at the end of its 299th meeting and the first for...
By CALLISTUS OFFOR, Abuja- The Nigerian Mining & Geosciences Society (NMGS) has conferred its Distinguished Ambassador Award on the GCEO, NNPC Ltd., Mr. Mele Kyari. Kyari, a Fellow of the Society, received the award during a Dinner/Awards Night held by the Society to mark the end of its 60th...
MTN Nigeria on Wednesday appointed the winner of the 2024 MTN mPulse Spelling Bee competition, Ikenna Ikechukwu, as its one-day Chief Executive Officer (CEO). The News Agency of Nigeria (NAN) reports that Ikechukwu, a 15-year-old student of Glorious Covenant School in Rivers State, emerged the winner of the competition,...
By JOY ADARA , Abuja – The Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari has flayed talks about the existence of sub-standard fuel in the country, describing it as unfortunate drama and bad marketing practice. Kyari, who was speaking while fielding questions at a fireside chat...
The National Bureau of Statistics (NBS), has introduced special inflation indices to its monthly Consumer Price Index (CPI) Report. The Statistician-General (S-G) of the Federation, Adeyemi Adeniran, made this known at a news briefing on the CPI Rebasing Results in Abuja on Tuesday. Adeniran said the new indices include...
Nigeria’s headline inflation has dropped to 24.48 per cent year on year in January 2025. This is a sharp decline from the 34.80 per cent headline inflation recorded in December 2024. This is according to the National Bureau of Statistics (NBS). The Statistician-General of the Federation Adeyemi Adeniran announced...
By JOY ADARA, Abuja – Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has called for stronger economic ties with the Middle East and the Nigerian diaspora community in the region. Mr. Cardoso made the call during a meeting with Talal Al-Humond, the Assistant Governor for Monetary Affairs, Saudi...
Trading on the Nigerian Exchange Ltd. (NGX) closed negatively, with investors losing N72.51 billion on Monday. The market capitalisation, which opened at N67.418 trillion, fell by 0.10 per cent to close at N67.345 trillion. Similarly, the NGX All-Share Index (ASI) dropped by 0.10 per cent, settling at 107,937.74 points....
Bank customers have decried the upward review of Automated Teller Machine (ATM) transaction fees by the Central Bank of Nigeria (CBN). Some of the customers who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, said the new policy negated the financial inclusion and cashless policies...
Shell has unveiled a series of strategic initiatives aimed at enhancing local content in Nigeria’s oil and gas sector. This is in a bid to promote partnerships, capacity building, and regulatory adherence to maximise value for local businesses. Shell’s Media Relations Manager, Gladys Afam-Anadu, made this known in a...