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DMO lists N130billion Sukuk on the NGX and FMDQ
The Debt Management Office (DMO) of the Presidency has announced the listing of N130 billion sovereign sukuk on the Nigerian Exchange and FMDQ starting on August 8, 2023. This was disclosed in a statement from the debt…
BREAKING: GSK Group to cease operations in Nigeria
GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria. The Company made this announcement via an…
Devaluation: Nigerian Firms Book N716.8bn FX Losses
Major companies quoted on the Nigerian stock exchange have reported a cumulative N716.8 billion in FX losses as a result of…
Gas will be major energy source till 2030 – FG
The Federal Government has said gas would continue to form a major part of the country’s energy mix until 2030. The Chief Executive…
N100b Agric fund: Commodity associations seek 70% grant, 30% loan
The National Agricultural Commodities Projects (NACP) and Strategic Alliance of Presidents of Agricultural Commodity Associations of Nigeria…
Official FX market records 6.01% gain amid dollar shortage
Nigeria’s official foreign exchange (FX) market, known as the Investors’ and Exporters’ (I&E) forex window, on Wednesday recorded 6.01 percent gain…
CBN recovers customers’ N115b, $22m on illegal deductions, failed transactions
Central Bank of Nigeria (CBN), yesterday, said it helped aggrieved customers recover N115.45 billion and $22.794 million, following complaints on illegal deductions and failed or fraudulent transactions…
Dangote Sugar Refinery Plc appoints Mariya Aliko Dangote as Executive Director
The Board of Directors at Dangote Sugar Refinery Plc has announced the appointment of Mariya Aliko Dangote as an Executive Director. This was disclosed in an official statement signed by the Company Secretary,…
BREAKING: Nigerian Breweries Announces Price Hike Effective August 10, 2023, Amidst Economic…
Nigerian Breweries (NB PLC) has taken a significant step that is set to impact beer lovers across the nation, as they announce a price increase on all their products effective August 10, 2023. The decision, conveyed…
Rivalry With BUA Heightens As Dangote Consolidates Food Subsidiaries
Barely five years after BUA Group, Dangote’s fiercest rival consolidated its food businesses – rice, sugar, edible oils, and flour – into a new…
Uranium Price Ticks Up After Niger Coup, More Gains Expected
The price of uranium has risen only slightly since a military coup in Niger last week as mining operations have continuedin the world’s seventh largest producer of the radioactive metal, but a consultancy said prices…
Current exchange rate not backed by fundamentals of the Nigerian economy – Wale Edun
The special adviser on monetary policy to President Bola Tinubu and Ministerial nominee has said the current exchange rate of the naira to the dollar is not backed by fundamentals of the Nigerian economy but by…
External reserves shed $167.2m as naira slumps further
The country’s external reserves lost $167.2m in July, as the naira fell further to the dollar. Figures…
Man United Extend Adidas Partnership Until 2035
Manchester United have renewed their long-term partnership with Adidas for a further 10 years until the summer…
CHRICED knocks Tinubu’s adviser over ‘no tax, no govt service’
Resource Centre for Human Rights and Civic Education (CHRICED) has condemned recent threat by chairman of the Presidential Committee on Fiscal Policy and…
Companies’ dividends on shaky ground as devaluation bites
Some of Nigeria’s biggest listed firms have recorded significant foreign exchange losses in the first half of 2023, a development that is posing threats to their ability to pay dividends for the 2023 financial year. BusinessDay findings…
Top 5 Nigerian Pepsi ambassadors and how much they are paid
Away from providing convincing enchanting profitable spaces for employment in Nigeria, the Afrobeat curriculum has also graced the Business phase. Since the peak of its buoyancy, incredible numbers of convincing…
Fitch downgrades U.S credit ratings to ‘AA+’ from ‘AAA’
Fitch Ratings on Tuesday downgraded the United States Long-Term Foreign-Currency Issuer Default Rating from ‘AAA’ to ‘AA+’. The global credit rating agency is simply saying that it is less confident in the ability…
Naira To Strengthen To N700/$ As Tinubu Eyes Foreign Equity Investments — Wale Edun
The Nigerian naira should exchange at N700 per US dollar once the Central Bank of Nigeria has fully reversed all the damaging policies of the previous administration…
H1 2023: FCMB Group Plc Reports 148% Profit Growth
FCMB Group Plc records positive financial performance across key indicators with a 148% growth in profit before tax of N38.2 billion from January to June this…
Nigeria plans global investment roadshow ahead of NNPC IPO
A few weeks after the state-oil firms said it has secured the president’s consent to proceed with offering NNPC’s shares to the public, the oil sector regulator says it will soon commence an international investment roadshow…
FX pressure piles as dealers bid at ₦900/$
Foreign exchange pressure in Nigeria has piled up as some dealers have quoted a bid price of N900 per dollar. The Economist Intelligence Unit (EIU) has predicted that the naira will cross 1,000/$ by 2027. The…
Despite high tariffs, Customs revenue declines 7.1% as import volume drops
Despite increasing the tariffs paid on imports by over 82.3 percent due to the adjustments in the exchange rate for calculating import duties, the Nigeria Customs Service (NCS) has collected about 7.1 percent less…
CBN excludes mortgage and micro-finance banks from cash withdrawal limits
The Central Bank of Nigeria (CBN) on Monday removed primary mortgage banks and microfinance banks from its cash withdrawal limit policy. The apex bank made this known in a circular signed by the bank’s Director,…