President Michael Higgins of Ireland, says Africa is likely to pay 163 billion dollars in 2024 in debt service, up from 61 billion dollars recorded in 2010. A statement by the African Development Bank (AfDB) qupted Higgins as saying this during the 2024 Kofi Annan Eminent Speakers Lecture, in...
BUSINESS
There is a common saying that a lie may travel swiftly but the truth will ultimately catch up with it. The average Nigerian is beginning to discern through Dangote’s web of deceit and tissue of lies, which includes his spurious claims and baseless accusations against industry regulators and other...
The Nigerian Communications Commission (NCC), in a bid to improve transparency in the telecom industry says it will simplify the process of tracking data usage for customers. The Executive Vice-Chairman of the NCC, Dr Aminu Maida, said this at the 93rd edition of Telecom Consumer Parliament (TCP), on Thursday...
FBN Holdings Plc’s N150 billion rights issue went live on Wednesday on the Nigerian Exchange Group’s (NGX) digital platform, NGX Invest (invest.ngxgroup.com). The rights issue, offered on a one-for-six basis to existing shareholders, is now accessible through NGX Invest, providing a seamless digital channel for eligible investors to participate....
First Bank Nigeria Ltd. is set to hold its 6th annual hybrid Fintech Summit on Nov. 13 and 14. This is contained in a statement on Wednesday by the Managing Director and CEO of FirstBank Group, Olusegun Alebiosu. He said the 2024 edition will provide a platform to unite...
The Nigerian stock market reversed its gains from the previous session, recording N337 billion loss for investors on Wednesday. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation which opened at N58.852 trillion shed N337 billion or 0.57 per cent to close at N58.515 trillion. The All-Share Index also lost...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says its Group Chief Executive Officer, Malam Mele Kyari, is not responsible for the hike in prices of Premium Motor Spirit (PMS) also known as fuel. The Chief Corporate Communications Officer, NNPCL, Mr Olufemi Soneye, said this on Tuesday while reacting...
Opening the week, bearish sentiment persisted at the Nigerian Exchange Ltd. l(NGX) as the market capitalisation shed 318 billion or 0.54 per cent from N59.039 trillion to close at N58.721 trillion. The All-Share Index lost 0.54 per cent or 524.3 points, to close at 96,907.73, against 97,432.02 recorded on...
By OLA MODUPE, Lagos – Air Peace airline on Monday said its 12.50 p.m. flight from Benin to Abuja made a return to Benin as a result of a technical snag the aircraft encountered shortly after takeoff. The Head of Corporate Communications, Air Peace Ltd, Ejike Nduilo, who stated...
Borno State Government has said its targeting N25b Internally Generated Revenue (IGR) in 2025 as against the N19b for this year. The Chairman, Borno State Internal Revenue Service, Prof. Bello Ibrahim, made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Maiduguri. Ibrahim...
The Minister of Communications Innovations and Digital Economy, Dr Bosun Tijani has saidthat the grant of N2.8 billion from Google is timely for the renewed hope agenda. Tijani spoke at the press briefing where Google announced the grant to support the Federal Government’s science lab drive on Thursday in...
The total assets of Wema Bank Nigeria has grown by 38 per cent, to N3.084 trillion in third quater of 2024, from N2.240 trillion posted in the corresponding quarter of 2023. The Managing Director of the bank, Mr Moruf Oseni, said this on Wednesday in the bank’s unaudited Consolidated...
Chairman, Dangote Refinery and Petrochemical Company, Alhaji Aliko Dangote, has said his company has the capacity to meet the country’s local demand. Dangote said this while addressing State House correspondents after a meeting with President Bola Tinubu to review the sale of crude in naira to local refiners at...
The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said the country’s daily petrol consumption currently ranges from 45 million litres to 50 million litres. NMDPRA’s Chief Executive Officer, Mr Farouk Ahmed, disclosed this while speaking on the sideline of the ongoing 18th Africa Downstream Energy Week in...
The National Petroleum Authority of Ghana has said it is proposing to import refined petroleum products from Dangote Refinery to boost its energy security and sustain business cooperation with neighbours. Chief Executive Officer, NPAG, Dr Mustapha Abdul-Hamid, said this at the 2024 OTL Africa Downstream Energy Week on Tuesday...
The Nigerian stock market opened the week on a negative note, reversing the gains of previous sessions with a loss of N449 billion. Specifically, the market capitalisation, which opened at N60.261 trillion, decreased by N449 billion, or 0.75 per cent, to close at N59.812 trillion. Also, the All-Share Index...
Bresson A S and Ibadan Electricity Distribution Company (IBEDC) have signed a N180 billion Power Purchase Agreement (PPA) for a 30-megawatt power plant to serve customers in Magboro and Mowe communities in Ogun. Chairman of Bresson Nigeria Ltd., Mr Gbenga Hashim, at the event on Monday, expressed excitement about...
The International Finance Cooperation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have signed an agreement to increase local currency financing. According to a statement by CBN’s Acting Director, Corporate Communications Department, the agreement is to enable private businesses in Nigeria to...
The Nigerian equity market closed the week on a positive note on Friday, with investors gaining N157 billion. Specifically, the Nigeria Exchange Ltd. (NGX) market capitalisation, which opened at N60.104 trillion, gained N157 billion or 0.26 per cent to close at N60.261 trillion. The All-Share index also added 0.26...
The Naira closed the week stronger on Friday at the official market, trading at N1,600 to the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N1.20. This represents a 0.07 per cent gain when compared to the previous trading date on...