MTN Nigeria Communications Plc has reported a loss after tax of N519.1 billion for the first half of 2024. This indicates an upward trend of 34.9 per cent from a loss of N85.59 billion posted in the corresponding period of year 2023. The Chief Executive Officer, MTN Nigeria,...
BUSINESS
N Stock market investors lost N32 billion on Wednesday, as bearish sentiment continued to dominate trading on the Nigerian Exchange Ltd.(NGX) for seven consecutive sessions. Selloffs in Zenith Bank, Access Corporation, Transnational Corporation, Nigerian Breweries, Unilever, among other declined equities further weakened the market’s performance. Specifically,...
The Association of Bureau De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to extend the deadline for BDC operators to reapply for new licenses. The association also called for a review of the stringent conditions attached to the reapplication process....
The National Pension Commission (PenCom) on Wednesday confirmed the assumption of duty of the newly appointed acting Director-General of the Commission, Ms. Omolola Oloworaran. PenCom, in a statement made available in Lagos, said that Oloworaran resumed at the commission to serve in acting capacity pending her confirmation by the...
The head of the World Trade Organisation on Tuesday said global commerce was going through troubling times, with protectionism on the rise. WTO chief Ngozi Okonjo-Iweala said the future of trade lay in services, digitalisation and the green economy, in the global trade body’s annual report. “These...
The stock market capitalisation shed N171 billion or 0.31 per cent, closing at N55.545 trillion from an opening of N55.716 trillion. The All-Share Index also fell by 0.31 per cent or 302 points to close at 97,830.65, down from 98,132.15 recorded on Monday. As a result, the...
Bank customers have thronged their banks to reactivate their dormant accounts in line with the Central Bank of Nigeria (CBN) guidelines on the management of dormant accounts and unclaimed balances. Some of the customers, who spoke to the News Agency of Nigeria (NAN) in Abuja on Tuesday,...
By CALLISTUS OFFOR, Abuja – In a surprise move, Africa’s mobile giant, MTN, has abruptly closed all its offices across the country. The company broke the news to its customers via social media (X handle) stating, “Yello customer, please be informed that our shops nationwide will be closed today,...
Access Bank has unveiled its ‘Switch to Solar’ campaign for households and businesses to tackle climate change and promote a friendly and cleaner energy environment. The News Agency of Nigeria (NAN) reports that the campaign aims to leverage the rapidly-improving economics of solar and storage technologies to enable...
By CALLISTUS OFFOR, Abuja – The Nigerian Communications Commission (NCC) has ordered telecom operators to immediately restore phone lines blocked due to unverified National Identification Numbers (NINs) linked to Subscriber Identification Modules (SIMs). This follows a weekend of disruptions, where many subscribers were unable to access their...
The politics of monopoly and oligarchy are familiar phenomena in Nigeria and beyond. During General Abacha’s military rule in the 1990s, while working at the Federal Ministry of Finance, I witnessed first-hand the plight of a retired military officer who had become an entrepreneur. His product was threatened by...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said the tightness in fuel supply and distribution is caused by a hitch in the discharge operations of a couple of vessels. Chief Corporate Communications Officer, NNPC Ltd., Mr Olufemi Soneye, made this known on Saturday in a statement...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has sold a cumulative amount of 148 million dollars to authorised dealers in the Nigerian Foreign Exchange Market (NFEM). The CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement on Saturday. Mrs. Sidi-Ali...
Oando Plc has denied allegations linking the company and its executives to Raz Hansir Oil Terminal Ltd., a Maltese company purportedly involved in importing adulterated petroleum products into Nigeria. Oando Plc was alleged to operate an oil storage and blending facility, and purportedly responsible for importing adulterated petroleum...
The Federal Government has said Nigeria’s oil revenue grew from 11 per cent in the first half of 2023 to 30 per cent in the first half of 2024. This is contained in a statement by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale...
The Federal Government has made significant strides in its economic reforms, well on its way to achieving a step-change in revenues in line with the budget for 2024. The Minister of Finance and Coordinating Minister of Economy, Mr Wale Edun, said this at a Quarterly Ministerial briefing,...
The tax authorities in Osun and Delta States have fined Google Nigeria and Meta Platforms, Inc.,150 million dollars and 200 million dollars respectively for alleged non-remittance of Withholding Tax. The fine is specifically for the Withholding Tax (WHT) allegedly deducted from content creators and entertainers in the two...
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday, inaugurated Zonal Office of Investments and Securities’ Tribunal in Kano.e Speaking at the inauguration, the minister said the tribunal would help immensely in attending to cases related to investment fraud, among others. Edun, who was...
By CALLISTUS OFFOR, Abuja – A new report of the International Telecommunications Union (ITU), has ranked Nigeria very high at 71%, in comparative legal, policy and governance frameworks towards G5 – advanced state of readiness for digital transformation known as G5. In the report conducted by the...