Credit extended to the government surged by 65.6 per cent year-on-year to N39.6 trillion in April 2026, highlighting increased domestic borrowing to finance the federal government’s widening fiscal deficit.Latest data released by CBN in its Money and Credit Statistics report showed that government credit rose sharply from N23.9 trillion...
BUSINESS
By MBAFAN ADE, Abuja – Two former employees of Access Bank have been sentenced to seven years imprisonment after admitting to stealing funds from hundreds of customers — but can avoid jail by paying a ₦50,000 fine each. The convictions followed a prosecution by the Kaduna Zonal Directorate of...
The Federal Government of Nigeria Tuesday signed the Concession Agreement for the Grand Katsina-Ala Hydropower Project, formally appointing Maverick Energy Partners as preferred concessionaire for the development, financing, construction and operation of a 460 MW storage hydropower facility on the Katsina-Ala River in Benue State under a 35-year Design,...
Prices of key vegetables have sharply increased in Minna markets as the Eid-el-Kabir celebration approaches, according to a recent survey conducted by journalists. The survey, carried out on Monday at Kure and Old Gwadabe markets, highlighted significant price hikes in tomatoes, bell peppers, and hot peppers. Traders attributed the...
Nigerian equities market experienced a notable slowdown in trading activity during the latest session, with key metrics showing significant declines compared to the previous trading day. Investor participation weakened as the total number of deals dropped by 30.34 percent to 65,666 transactions, while trading volume fell by 10.38 percent...
Nigeria’s foreign exchange reserves have risen above $50 billion, according to the Central Bank of Nigeria (CBN). CBN Director of Monetary Policy Department, Victor Oboh disclosed this during an interview on TVC News’ _Business Nigeria_ programme on Monday, May 25. According to Oboh the current level of Nigeria’s foreign...
Nigerian Government has officially cancelled $717.7 million in undisbursed World Bank financing aimed at reviving the country’s electricity sector. According to the report on Channels TV attributed to the World Bank, this decision follows delays in meeting key reform milestones and significant shifts in the sector’s operating environment, leading...
Nigeria’s Eurobond yields rose across most maturities on Friday, May 22, 2026, reflecting cautious investor sentiment toward emerging market debt instruments amid global market uncertainties. Data released by the Debt Management Office (DMO) on Monday May 25 showed that yields on the country’s sovereign Eurobonds ranged from 5.652 per...
Investors in the Nigerian equities market gained N905 billion at the close of trading on Monday, starting the week on a bullish note. The rally was driven by gains in Airtel Africa, Tantalizers, and Sovereign Insurance, among other stocks. The benchmark All-Share Index rose to 251,125.02 points from 249,712.37...
Last week, the Group Chief Executive Officer of Nigeria National Petroleum Company (NNPC) Ltd., Engr. Bashir Bayo Ojulari, received in audience the President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Dr. George Elombi, at the NNPC Towers, Abuja. NNPC Ltd. set out its...
As the 2026 Eid-el-Kabir celebration draws near, Muslims in Ibadan have voiced growing concern over the exorbitant prices of rams, a key sacrificial animal for the festival. Both buyers and sellers interviewed by the News Agency of Nigeria (NAN) on Friday described the situation as deeply worrisome. Buyers lament...
Nigerian banks reported stronger interest income in the first quarter of 2026 as lending rates stayed near record levels and the Central Bank of Nigeria (CBN) kept monetary policy tight. The average maximum lending rate held steady at 28.20% in March 2026, unchanged from February. The rate marked the...
Nigeria Deposit Insurance Corporation (NDIC) has partnered with Nile Business School, Nile University of Nigeria to train executive MBA students on practical public sector management through a 4-day Executive Industry Immersion Challenge held at the NDIC head office in Abuja. NDIC Managing Director and Chief Executive Mr. Thompson Oludare...
Benue Investment and Property Company Limited (BIPC) says its monthly performance reviews focus on measuring direct impact on citizens as the company expands into agribusiness, local manufacturing, and sustainable housing. Group Managing Director and CEO, Dr. Raymond Asemakaha, CFA, said the reviews go beyond financial figures to track how...
Nigeria Revenue Service (NRS) has committed to a transparent, fair, and accountable administration of mining royalties following the recent transfer of mineral royalty collection and related fees to the agency under new tax laws enacted in 2025. This assurance was made public by Punch Newspaper report on Sunday 24...
The Nigerian equities market ended Friday on a stronger note as renewed demand for large-cap stocks drove the All-Share Index up 0.22% to close at 249,712.37 points. According to data posted by Bizwatch Nigeria, the gain added ₦344.23 billion to market capitalisation, pushing total value to ₦160.08 trillion and...
The Nigerian equities market closed lower for the week ended May 22, 2026, as renewed profit-taking in key stocks pushed the benchmark index into negative territory and halted a seven-week bullish run. At the close of trading, the Nigerian Exchange (NGX) All-Share Index declined by 618.55 points, or 0.25...
In a strategic move to reclaim lost cargo traffic and bolster its position as a maritime powerhouse in Africa, the Nigerian Federal Government has approved certification and compliance processes for five proposed deep seaport projects. This initiative aims to address the significant cargo traffic losses Nigeria currently suffers to...
Anambra State Government has issued a new directive requiring traders in the state’s 41 major markets to formally notify market authorities before closing their shops on market days. This measure aims to curb unauthorized shutdowns that have long disrupted commerce in the region. The directive was adnnounced through the...
Nigerian equities market closed higher on Friday, with investors gaining N344 billion as gains in Aluminium Extrusions, RT Briscoe, and Learn Africa lifted market value. The All-Share Index advanced to 249,712.37 points from 249,175.39 points recorded in the previous session. Equity capitalisation rose to N160 trillion from N159.7 trillion...