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Business
DisCos intensify efforts for electricity tariffs hike approval
Distribution companies weighing option of gradual increase in what consumers pay There is no respite yet for electricity consumers with…
Terminal operator hikes tariff on imported vehicles by 36%
Months after the Maritime Workers Union of Nigeria requested that terminal charges be reviewed upwards, Ports & Terminal Multipurpose Limited has announced a 36 per cent increase in tariff on imported vehicles…
FMDQ revises how forex rates will be computed at I&E window
FMDQ Securities Exchange Limited (FMDQ Exchange), a leading platform for trading and reporting of financial markets in Nigeria, has announced revisions to the computation methodologies of its foreign exchange…
Analysts worry as the gap between official and black market rates grows
On Wednesday, July 5th, 2023, the official I&E window recorded a closing exchange rate ofN742.31 per US dollar compared to the N780/$1 average sold at the parallel market. This is the largest disparity or…
UTM FLNG meets Tinubu on new gas plant, promises to crash prices
• Targets 1.5m tonnes export Amid high cost of fuel in the country, UTM FLNG, a Nigerian gas company, has concluded plans to set up the first Floating Liquefied Natural Gas (FLNG)…
Trouble in health sector as drugs, cost of care spike by 150%
Nigerians may have begun to feel the inflationary impact of floating of the Naira as well as subsidy removal as…
CBN’s unsettled FX backlog puts investors on hold
The Central Bank of Nigeria (CBN)’s gaping unsettled foreign exchange backlog owed to local businesses is hurting confidence…
First negative FDI in 33yrs piles pressure on Tinubu
Foreign Direct Investment (FDI) inflows into Nigeria turned negative last year for the first time in at least 33 years,…
FG may sanction PoS agents over price fixing
The Federal Competition and Consumer Protection Commission has stated that it is investigating price fixing attempts by Point of Sales agents and will sanction them if they are found guilty. This is following…
TinuBULL turns to TinuBEARS; Nigerian equities lose N671 billion following previous upswing
The Nigerian equity market experienced a significant pullback on Tuesday, as investors booked profits after a strong performance in the previous trading day. The All-Share Index (ASI) closed at 60,715.04…
Nigeria to repay $500 million Eurobond debt this July
Nigeria is to redeem a $500 million Eurobond this month (July) as the country continues to battle multiple economic challenges. Data from the Debt Management Office (DMO) indicate a $500 million Eurobond loan is…
Airtel Africa awards £2.3 million in shares to two top directors
Airtel Africa Plc has announced that it has awarded shares worth £2.3 million to two of its top directors, Olusegun Ogunsanya and Jaideep Kishore Paul. The shares were awarded under the company’s Long-Term…
Sterling HoldCo appoints new Chairman, CEO and Non-Executive Directors
Sterling Financial Holdings Company Plc has announced the appointment of new Chairman, CEO, and Non-Executive Directors. This was disclosed in an official statement to Nigeria Exchange Limited which was…
No fuel subsidy payments have been made to marketers since 2016 – NNPC Limited
The Nigerian National Petroleum Company Limited has said that it will reconcile fuel subsidy deductions with the Federal Government, after stating that no fuel subsidy payments were made to marketers since January…
GTCO AUTISM CONFERENCE 2023…… EMPOWERING VOICES FOR AUTISM
Guaranty Trust Holding Company Plc (GTCO) has announced dates for the 2023 GTCO Autism Conference and follow-up…
Remembering a Visionary: NGX and CIS Pay Tribute to Otunba Subomi Balogun
The Nigerian Exchange Limited (NGX), in collaboration with the Chartered Institute of Stockbrokers (CIS) and other esteemed market stakeholders, came together on Monday to honor the late…
Facebook owner Meta to launch Twitter-like app
Facebook owner Meta’s new Threads app, meant to compete with Twitter, was available for pre-order on mobile app stores on iPhone and Android operating systems on Monday. Listed as “Threads, an Instagram app,”…
Naira gains big against the dollar, closes N741/$1
The exchange rate between the dollar and naira closed at N741.5/$1 at the official investor and exporter window on Monday, July 3rd, 2023. The forex market opened at N760.39/$1 and sold for an intra-day high…
Nigerian banks pay N1.39bn as audit fees to PwC, KPMG, EY, Deloitte
Seven commercial banks listed on the Nigerian Exchange Group paid a total of N1.39 billion to auditing firms in the…
FG announces plans to collect VAT from market traders, informal sector
The Nigerian Government through the Federal Inland Revenue Service, FIRS, announced the VAT Direct Initiative, a scheme that would enable FG to collect Value Added Taxes from the informal sector and reduce multiple…
FG targets N12bn from new vehicle tax
The Federal Government is set to make about N12bn a year from the N1,000 Proof of Ownership Certificate verification fee motorists are to pay.…
Banking sector lending to critical sectors still paramount – CBN
The Central Bank of Nigeria (CBN) has insisted that sustaining banking sector lending to critical sectors of the economy remains paramount as an…
Coca-Cola To Pay N3m Compensation To Publisher Over Copyright Infringement
A Lagos Federal High Court has ordered Coca-Cola Nigeria and the Nigerian Bottling Company Limited (NBC) to pay N3 million in compensation to Abdulmumineen Onilemarun, a publisher whose work was used for religious…
Court Issues Garnishee Order On NNPC, PPMC’s N4.7bn In First Bank
A Federal High Court in Lagos has issued a Garnishee order on the sum of N4.7 billion belonging to the Nigeria National Petroleum Company Limited (NNPC), and its sister company, Pipeline, and Products Marketing Ltd…