As the inflation occasioned by weak naira inflation, a wide dollar gap and high energy cost impacts on Nigeria’s economy the Federal Government of Nigeria (FGN) is conceiving various means to ameliorate the situation. Improving the volume of Foreign Exchange (FX) into the economy as means of moderating the...
BUSINESS
Opening the week, investors interest in the stocks of BUA Foods, FBN Holdings, Zenith Bank, among others advanced equities boosted the overall market index by 0.07 per cent. Specifically, the market capitalisation which opened at N55.129 trillion, gained N37 billion or 0.07 per cent to close at N55.166 trillion....
The profit declared by the Nigerian National Petroleum Company Limited (NNPC Ltd.) will spur major investors to take advantage of its Initial Public Offer (IPO) when announced. An economic expert, Dr Sand Mba-Kalu, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja....
Corporate blackmail is fast becoming the fancy of some netizens, corporate bodies, individuals, especially fly-by-night persons who target the rich and their businesses for diverse reasons. It’s not restricted to Nigeria, though. The likes of Aliko Dangote, Leo Stan Ekeh, Mike Adenuga have at one time or another faced...
It’s a given that great organisations need strong, visionary, and disciplined leadership to grow and progress in a highly competitive world that is increasingly buffeted and disrupted by ever more aggressive changes. Cut to the bone, this is the story of the 47-year-old construction giant, Setraco Nigeria Ltd., SNL,...
By JOY ADARA , Abuja – The Nigerian National Petroleum Company (NNPC) Limited has denied the allegations made by former Vice President, Atiku Abubakar’s claimed that the company was hijacked by corporate cabals around President Bola Tinubu and that the retention of Mr. Mele Kyari as Group Chief Executive Officer...
Investors in the Nigerian equity market lost N64 billion on Thursday due to selloffs in Zenith Bank, FBN Holdings, Transcorp Hotels and other stocks. The market capitalisation dropped by N64 billion, or 0.12 per cent, closing at N54.983 trillion, down from the opening value of N55.047 trillion. Similarly, the...
Nigerian multinational energy company, Oando Plc, has acquired a 100 per cent shareholder interest in the Nigerian Agip Oil Company (NAOC) from Eni, an Italian energy company, at 783 million dollars. Group Chief Executive Officer, Oando, Mr Wale Tinubu, disclosed this in a notification sent to the Nigerian Exchange...
The National Data Protection Commission (NDPC) has imposed a hefty fine of N555.8 million on Fidelity Bank for violating its customers’ data privacy. The NDPC’s National Commissioner, Vincent Olatunji, disclosed this during a Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive held on Wednesday...
A leading academic has identified the targeted investments in education by the Shell Petroleum Development Company (SPDC) Joint Venture as a catalyst for addressing Nigeria’s energy challenges. Professor Anene Moneke, Director of the NNPC/SPDC/TotalEnergies/NAOC Joint Venture Centre of Excellence in Environmental Management and Green Energy (CEMAGE) and holder of...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), on Tuesday said it has recorded a significant increase in remittance inflows of 553 million dollars in July. The CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, who disclosed this in a statement, said the all-time high remittances...
The Nigerian National Petroleum Company Limited (NNPC Ltd.), says it has not paid fuel subsidy to anybody in the last nine months. Chief Financial Officer of the company, Alhaji Umar Ajiya made the clarifications on Monday in Abuja. Ajiya said the NNPC Ltd. was only taking care of Premium...
Opening the week on Monday, investors on the Nigerian stock market lost N750 billion from their portfolios as bearish sentiment persisted. Specifically, selloffs in the stocks of Dangote Cement, alongside Tier-one banks, namely; Guaranty Trust Holding Company (GTCO), FBN Holdings, among other declined equities pulled the market’s performance down....
The Federal Government has offered one FGN bond valued at 500 million dollars for subscription to interested investors. According to the Debt Management Office (DMO) in a statement on Monday, it is a five-year domestic FGN dollar bond due in 2029, at an interest rate of 9.75 per cent...
The Federation Accounts Allocation Committee (FAAC), has shared the sum of N1.358 trillion among the Federal Government, States and Local Government Councils (LGCs) for the month of July. This is contained in a communique issued after FAAC meeting for August on Friday in Abuja. According to the communique,...
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria’s foreign reserves grew by four billion dollars since January. Edun said this on Thursday in Lagos, at an investor meeting for the issuance of 500 million dollars FGN bond. He said that the aggregate Federal...
Guaranty Trust Bank (GTBankgt) Plc has confirmed an attempt to compromise its website domain. The bank’s management disclosed this in a statement made available to newsmen on Thursday in Lagos. The bank said that the hacking attempt occurred on Wednesday, a day after the bank renewed its domain...
The domestic bourse, for the fourth consecutive session, extended its losses by N57 billion, driven by selloffs in FBN Holdings, Access Corporation and Transnational Corporation, among others. Specifically, the market capitalisation, which opened at N55.188 trillion, shed N57 billion or 0.10 per cent to close at N55.131...
The National Bureau of Statistics (NBS) on Thursday said the Nigeria’s headline inflation rate declined to 33.40 per cent in July. This is contained in the NBS Consumer Price Index (CPI) and Inflation Report for July, which was released in Abuja. The figure is 0.8 per cent points...
The Federal Government, through the Debt Management Office, on Wednesday announced plans to issue N500 million dollars local bond to boost dollar liquidity. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said this on Thursday in Lagos at an investor meeting for the...