Browsing Category
Business
Cement Price Skyrockets As Coys Declare Record Profits
Despite the surge in the profits of cement manufacturers in the country, the end price of the commodity has continued an upward surge in the last 18 months. This is in spite of…
PFAs Reduce T-Bills Holdings, Pump Funds into Banks, Stocks
Pension Fund Administrators (PFAs) reduced their investment position in Treasury bills as they move funds into banks placement and equity market, according to the latest report from the…
Who Is Bitcoin Creator Satoshi Nakamoto? What We Know—and Don’t Know
Thirteen years ago a person or group using the name Satoshi Nakamoto released a paper describing a new software system called bitcoin. Today bitcoin is worth more than $1 trillion and has sparked…
VAT declines as CIT receives boost in Q3 – NBS
Value Added Tax (VAT) recorded a N11.76 billion decrease from N512.25 billion in Quarter Two, 2021 to N500.49 in Quarter Three, says the National Bureau of Statistics (NBS). It also…
Bitcoin briefly loses $10,000 in nervous mark
The bitcoin dropped sharply overnight, losing $10,000 in value in a nervous market before recouping some of its losses Saturday morning. At one point late Friday, the often volatile…
70m active mobile line owners have no bank accounts – eTranzact
About 70 million active mobile line owners in Nigeria do not have bank accounts, the Chief Executive Officer of eTranzact International Plc., Mr Niyi Toluwalope, has said. Toluwalope…
Elon Musk, Bezos, Zuckerberg lose billions as tech stocks tumble
Tumbling tech stocks on Friday wiped out tens of billions of dollars from the net worth of some of the billionaires, amid fears of inflation and economic tightening. According to…
Online Loan Apps: How unscrupulous owners fleece, dehumanise Nigerians
Proliferation of online loan apps across Nigeria by some fraudulent and unscrupulous profiteers has become a necessary evil for many low income Nigerians, who are coerced to…
BUA To List Food Businesses On Nigeria Stock Exchange
BUA Group has disclosed that the listing of shares of its food products arm on the Nigerian Exchange Limited (NGX) would soon commence. The Chairman of BUA Group, Alhaji AbdulSamad Rabiu said…
Stallion Group acquires MG Motor’s franchise, to assemble four models in Nigeria
Nigeria’s auto industry recorded a boost in the third quarter of 2021 as MG Motor appointed Stallion Group as the nation’s exclusive distributor for its iconic automobile brand…
EXPLAINER: How to buy MTN shares for N3,380 in 10 easy steps on your phone
In May 2019, MTN Nigeria (MTNN) was listed on the Nigeria Stock Exchange (NSE), immediately adding over N1.8 trillion to the market cap of the exchange. This marked one of the…
Powerful Nigerians Frustrating AMCON’s Recovery Of N4.4trn Debts — Senate Panel
The Senate Committee on Banking, Insurance and other Financial Institutions has lamented that highly-placed Nigerians were frustrating the effort of the Asset Management Corporation of Nigeria…
Omicron: Crude Oil Drops Below $70 As Travel Ban Threatens Recovery
The crude oil market continues to suffer from bearish sentiments caused by the new Omicron COVID-19 variant, which has pushed crude oil prices below $70 per barrel. Also, the…
Dolidol Acquires Mouka Foam In N25bn Deal
Dolidol an international firm has acquired Mouka Foam in a $60 million (N24.9 billion) deal to create pan-African bedding and mattress. The deal was backed by the Development Partners…
Airtel completes acquisition of N61bn shares from minority shareholders
AIRTEL Nigeria, a subsidiary of Airtel Africa Plc, has completed the 8.22 percent shares buyback from its minority shareholders, amounting to N61 billion. This amount is equivalent…
Publish list of biggest bad debtors – Senate tells AMCON
The Senate has directed the Asset Management Corporation of Nigeria (AMCON) to publish the full list of its bad debtors in order to draw national attention to the menace of bad loans and its…
Ramaphosa Urges Nigerian Banks To Set Up In S/Africa
President of South Africa, Cyril Ramaphosa has urged Nigerian banks to set up branches in South Africa as the country signs more pacts with Nigeria on power, oil and gas, and other areas. At a…
MTN Nigeria kicks off nationwide roadshow for sale of 575m shares
MTN Nigeria says it has commenced a nationwide roadshow to engage interested retail investors in the ongoing offer for the sale of 575 million shares. In a statement, Uto Ukpanah, the…
Banks notify customers as CBN automates forex forms for BTA, tuition fee
Nigerian banks have informed their customers regarding the automation of Forms A and NCX for invisible and non-commercial exports transactions. This is in adherence to the directive…
Oil Price May Rise To $150 A Barrel In 2023 – J.P Morgan
J.P Morgan Analysts led by Christyan Malek have predicted a rise in the price of crude from its current 76 dollars per barrel to 125 dollars in 2022 and may reach a record high of 150…
MTN Nigeria to sell 575m shares at N169 each
MTN Group says it will sell up to 575 million shares held in MTN Nigeria at N169 per share to retail investors. In a statement on Tuesday, Uto Ukpanah, the company’s secretary, said the…
Jos Electricity Laments N115bn Owed By Consumers
The Managing Director, Jos Electricity Distribution Plc, Engr. Hashim Ibrahim Bakori has said post-paid customers across the company’s franchise states of Bauchi, Benue, Gombe, and…
Seplat Energy announces plan to acquire Exxon’s shallow water assets
Seplat Energy, Nigeria’s largest listed oil and gas firm by market value, has announced that it is in competitive discussion to acquire ExxonMobil’s shallow-water oil assets in Africa’s…
Dangote Refinery to become highest employer of Chemical Engineers
The National President of the Nigeria Society of Chemical Engineers has revealed that Dangote Oil Refining Company will be the highest employer of Chemical Engineers in the…