Gains in Tier-one banking stocks, on Thursday, sustained the upward trajectory of the Nigerian stock market, leading to a profit of N149 billion for investors. Gains in Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings (FBNH), United Bank For Africa (UBA), Access Corporation, among other advanced equities, pulled...
BUSINESS
The National Bureau of Statistics (NBS) reports that prices of essential food items, including beans, eggs, bread, rice, and tomatoes, experienced significant increases in September 2024. The NBS said this in its Selected Food Prices Watch report for September 2024 released in Abuja on Wednesday. The report said that...
Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, has directed the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) and Liquefied Petroleum Gas (LPG) producers to stop LPG export with effect from Nov. 1. Ekpo issued the directive on Tuesday in Abuja at a meeting with stakeholders to address...
The House of Representatives on Tuesday called on the Central Bank of Nigeria (CBN) to raise agricultural lending from 1.4 per cent to 7 per cent of its total lending over the next five years. The House also urged the CBN to ensure that 50 per cent of the...
First Bank of Nigeria Ltd. has announced its sponsorship of the inaugural Lagos International Theatre Festival, a celebration of arts, creativity and diversity. The festival, part of FirstBank’s First@arts initiative, will debut in November. Group Head of Marketing and Corporate Communications, FirstBank, Ms Folake Ani-Mumuney, stated in a statement...
The Federal Government has announced the approval of ExxonMobil’s 1.28 billion dollars divestment of its oil and gas assets to Seplat Energy and three other divestments. Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Mr Gbenga Komolafe, announced this at the official launch of its Project 1MMBOPD Initiative...
TAJBank Limited gross earnings for half year (June) 2024 has hit N32.8 billion from N17 billion recorded in 2023 financial year, the bank’s Chief Executive Officer, Mr. Hamid Joda, has said. Joda said in a statement in Abuja on Monday, that the amount represented 93 per cent increase over...
By BARBARA KALU, Port Harcourt – At a time when other states within and outside the Niger Delta region depend heavily on revenue from oil, Rivers State has unveiled plans to develop its tourism industry, which is estimated to be worth as much as N4 trillion, according to experts....
The Poultry Association of Nigeria (PAN), Lagos State, and other stakeholders in the sector have lamented the incessant hike in the price of egg just as they called for the Federal Government’s intervention. They also lamented that egg which used to be the cheapest source of protein was getting...
The National Association of Telecommunications Subscribers (NATCOMS) has urged the Nigerian Communications Commission (NCC) to allow telecommunications companies (Telcos) increase tariffs by a marginal increase of 10 per cent. National President, NATCOMS, Mr Adeolu Ogunbanjo, told the News Agency of Nigeria (NAN) that this marginal increase was necessary to...
President of African Development Bank Group (AfDB) Mr Akinwumi Adesina, has decried the state at which Nigeria still remaining stagnant in so many areas of development. Adesina said that after the 64 years of independence, the country should be among the developed nations of the world. Adesina made the...
The Naira strengthened on Friday, closing the week at N1,600.78 to the dollar in the official market. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira appreciated by N59.71, a 3.59 per cent gain compared to Thursday’s rate of N1,660.49...
FBN Holdings Plc has appointed Mr Adebowale Oyedeji as its Group Managing Director (GMD), effective Nov. 13. Mr Adewale Arogundade, Company Secretary of the Holdings, confirmed this in a notification sent to the Nigerian Exchange Ltd. (NGX) on Friday in Lagos. Arogundade said that the appointment was subject to...
Ecobank Nigeria has rewarded 88 customers with N8 million during its monthly and quarterly raffle draws under the ‘Ecobank Super Rewards, the Millionaire Geng Season’. The News Agency of Nigeria (NAN) reports that 80 customers won N50,000 each in the September draw, totaling N4 million, while eight winners...
The Federal Government has said it is putting sustainable mechanisms in place to build a $1 trillion economy by 2030 through financial inclusion. Deputy Chief of Staff to the President, Office of the Vice President, Sen. Ibrahim Hadejia, disclosed this on Thursday in Benin. Hadejia spoke at the 8th...
The stock market reversed its gain on Wednesday, losing N148 billion or 0.25 per cent amid selling pressure in several key stocks. The decline was primarily driven by selloffs in Aradel Holdings, Zenith Bank, FBN Holdings, Access Corporation, and Fidelity Bank, among others. As a result, the market capitalisation,...
UBA Foundation, the Corporate Social Responsibility (CSR) arm of the United Bank for Africa (UBA) Plc, has launched the 2024 edition of its prestigious National Essay Competition (NEC), unveiling a significant 100% increase in the educational grants for top winners. Now in its 14th year, the NEC is an...
The Governor, Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said that the government was increasing financial inclusion for women as a top priority. Cardoso said this during a question-and-answer session at the 30th Nigeria Economic Summit (NES30) in Abuja on Wednesday. He said that the CBN was...
The Nigerian stock market extended its positive momentum on Tuesday, posting a 0.33 per cent gain. This gain added N197 billion to investors’ portfolios. The market capitalisation, which opened at N59.510 trillion, closed higher at N59.707 trillion. Similarly, the All-Share Index (ASI) rose by 0.33 per cent, advancing by...