The removal of fuel subsidy in the 2023 federal budget triggered a series of negative developments in the Nigerian economy, made worse by the floating of the local currency. Though necessary at the time, the measures precipitated unintended but unavoidable scenarios. The value of the naira dipped and inflation...
BUSINESS
The equity market, on Wednesday, dipped further as the market capitalisation shed N931 billion or 1.47 per cent to close at N62.257 trillion, having opened at N63.188 trillion. The All-Share Index also lost 1.47 per cent or 1,526.14 points to close at 102,095.95, against 103,622.09 reported on Tuesday. Accordingly,...
The SERVICOM team from the the Bureau of Public Enterprises (BPE), recently won multiple awards to emerge the best in service delivery in Nigeria. Receiving the awards, the Director-General of the BPE, Mr.Ayodeji Ariyo Gbeleyi, commended the SERVICOM team comprising Mr. Auwal Dodo, Mrs. Anienam Udoh, Mr. Ibeh Uzoma...
The Central Bank of Nigeria (CBN) has sanctioned some Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. According to a statement by Hakama Sidi-Ali, CBN’s Director, Corporate Communications Department, this is a clear message of zero tolerance...
Bearish sentiments persisted on the stock market on Tuesday, making investors incurred a loss of N1.1 trillion. Selloffs in MTN Nigeria, Zenith Bank, Guaranty Trust Holding Company Plc (GTCO), Dangote Sugar and United Capital, among others declined equities further drove the market to a negative terrain. Specifically, the market...
The stock market opened on a negative note on Monday, recording N51 billion loss for investors. Specifically, the market capitalisation, which opened at 64.303 trillion, closed at 64.252 trillion and representing 0.08 per cent. The All-Share Index also declined by 0.08 per cent or 84 points to close at...
In the bustling markets of Lagos, the industrious streets of Kano, and the vibrant communities across Nigeria, small and medium enterprises (SMEs) are the heartbeat of our economy. They are the cornerstones of employment, innovation, and growth. However, these businesses are facing a storm of challenges in these turbulent...
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has urged private companies, government’s Ministries, Departments and Agencies (MDAs) and other employers of labour in the territory to file their employee annual tax returns for 2024. The acting Executive Chairman, Mr Michael Ango, who made the call in a statement...
Fidelity Bank Plc announced on Friday that 10 of its customers had been selected as winners of N10 million. The amount was earmarked for the first set of millionaires in its Get Alert in Millions Season Six (GAIM 6) promo. The News Agency of Nigeria (NAN) reports that Fidelity...
First Bank of Nigeria Ltd. has projected steady economic growth for the nation in 2025. The bank said that this projection is due to the bold economic reforms implemented in 2024, including the removal of fuel subsidies. Chief Executive Officer (CEO), FirstBank Group, Mr Olusegun Alebiosu, stated this in...
Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, has said telecom tariffs would soon increase but not by 100 per cent. Rising from a stakeholders meeting with Mobile Network Operators (MNOs) on Wednesday in Abuja, Tijani said that consultations and engagements were ongoing on the issue. The...
The domestic bourse on Tuesday broke its winning streak with a loss of N152 billion, following investors’ sell-offs of Tier-one banking stocks. Notably, losses in Zenith Bank, United Bank for Africa (UBA), Access Corporation, Oando Plc, Dangote Sugar, Nigerian Breweries, alongside other declined equities dragged the market down. The...
By MBAFAN ADE, Abuja – The exclusion of the North-Central from the 2025 budget of N2.4 trillion for regional commissions has sparked widespread outrage in the geo-political zone of the country. The 2025 budget, presented by President Bola Tinubu before a joint session of the National Assembly on December...
The stock market started the week on a positive note on Monday, with investors’ portfolios gaining N37 billion. Specifically, the market capitalisation, which opened at N63.166 trillion, increased by N37 billion or 0.06 per cent to close at N63.203 trillion. Similarly, the All-Share Index rose by 62 points or...
The Securities and Exchange Commission (SEC) says it will intensify efforts to eliminate Ponzi and pyramid schemes, thereby fostering an environment for genuine investment opportunities to thrive in 2025. The Director General of SEC, Dr Emomotimi Agama, said this in his New Year message to the capital market community...
The domestic bourse on Friday sustained its positive momentum to close the week with N248 billion gain. Specifically, the market capitalisation, which opened at N62.918 trillion, added N248 billion or 0.39 per cent to close at N63.166 trillion. The All-Share Index also advanced by 0.39 per cent or 406.2...
The Chief Executive Officer of MTN Nigeria, Karl Toriola, has said telecommunication companies are unanimously proposing a 100 per cent increase in tariffs to the Nigerian government. He noted that the rising operational cost, inflation and naira devaluation have made the increase in tariffs very necessary for the survival...
The stock market started the year on a strong note, delivering an impressive N155 billion profit to investors on the first trading day. The positive performance was driven primarily by gains in Tier-one banking stocks, namely, Zenith Bank, United Bank for Africa (UBA) and FBN Holdings, Access Corporation, among...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has revived the Warri Refinery with the re-streaming of the plant’s Crude Distillation Unit (CDU). The NNPC Ltd. said the restreaming of the CDU on Monday, marked the beginning of the gradual start-up of the refinery following its successful...