Browsing Category
Business
Petrol import in Nigeria drops by 3.58 billion litres after ‘subsidy removal’
Nigeria has recorded a reduction in petrol importation following the ‘removal of fuel subsidy’ by President Bola Tinubu in May 2023.
According to the latest…
CBN Says Currency In Circulation Now N4.1trillion With Only 6% In Banks
Data from the Central Bank of Nigeria (CBN) has shown that the currency in circulation has reached an all-time high of N4.1trillion as of August 2024.
The report also revealed that currency outside the banks grew…
PenCom Okays ARM, Access PFAs Merger
•At N2.22tn, new entity may hold industry’s largest asset base
The National Pension Commission (PenCom), yesterday announced that it has granted approval for the merger between ARM Pension Managers…
Oando Emerges First Nigerian IOC, Valuation Hits $4 Billion
With its operations outside the shores of Nigeria, around the Sao Tome and Principe Exclusive Economic Zone (EEZ), Oando Plc has now attained the status of Nigeria’s first indigenous International Oil Company (IOC).…
Baysbet to provide jobs, reward Nigerians for sports passion
Baysbet has promised to create employment opportunities and reward Nigerians for their passion for sports.
The…
Withholding tax exemptions have been gazetted….. to be published today – Taiwo Oyedele
Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, says withholding tax exemptions have been gazetted.
A…
Shell appoints Ronald Adams as Managing Director for SNEPCo
Shell Plc has appointed Mr. Ronald Adams as the new Managing Director of its deep-water subsidiary in Nigeria, Shell Nigeria Exploration and Production Company Limited (SNEPCo).
Gladys Afam-Anadu, Media Relations…
Starlink increases monthly subscription in Nigeria by 97%, kits now N590,000
Elon Musk’s internet service company, Starlink, has increased the monthly subscription for its service in Nigeria by 97% from N38,000 to N75,000.
For new…
KPMG announces appointment of six Nigerians among nine new partners in West Africa
Klynveld Peat Marwick Goerdeler (KPMG) has announced the appointment of nine new partners to its firms in West Africa, with six of the appointees being Nigerians.
The announcement was made via a post on the…
Guaranty Trust Fund Managers Limited Launches Guaranty Trust Investment Fund 724
Guaranty Trust Fund Managers Limited (“GTFML” or the “Fund Manager”), the asset…
FG releases N122b to six promoters for gas projects
The federal government on Monday, September 30, released N122 billion to six promoters for different gas projects in the country.
The government through the Midstream and Downstream Gas Infrastructure…
Naira under fresh pressure, ends September at N1,705/$ in parallel market
There are indications that the nation’s currency has come under fresh demand pressure in the parallel market with significant depreciation recorded in the past week.
Yesterday, parallel market dealers traded at…
Credit To Government Surges By N11tr In One Month
Credit to the government surged by over N11 trillion in the month of August 2024, as high interest rates make government securities more attractive to investors.
This is according to the latest money and credit…
Wema Bank Commemorates Nigeria at 64
...To reward 64 customers with cash prizes in The Wema Bank 5 for 5 Promo Season 4 Independence Day Special
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully…
Dangote Granite Mines disburses Scholarships to Students in Ijebu-Igbo Host Communities
…Expresses commitment to Promoting Education In Nigeria
As part of its social investment programme aimed at promoting educational…
We’ve invested over $25 billion in oil, cement, sugar, in Nigeria in the last 7 years — Aliko…
Africa’s richest man, Aliko Dangote, has disclosed that his business conglomerates have invested over $25 billion in sectors such as oil and gas, cement,…
Why CBN is losing battle to stabilise naira
The Central Bank of Nigeria (CBN) appears to be losing the battle to stabilise the naira.
The currency has remained just as volatile…
Naira-for-crude deal kicks off Tuesday as expectations soar
The Federal Government’s latest decision to introduce naira-denominated crude oil sales to Dangote and other local refineries starting on October 1, is…
BREAKING: UBA reports N401.5 billion in half year pre-tax profits, declares N2 dividend
United Bank for Africa has released its 2024 half-year earnings declaring a pre-tax profit of N401.5 billion, which compares to N403.6 billion reported a year earlier.
The bank’s impressive profit position was…
Import bill on used vehicles drops 83% to N138.62bn
Nigeria’s import bills on used vehicles, popularly known as tokumbo, fell by 83 percent year-on-year, YoY, to N138.62 billion in the first half of the year (H1’24) from N819.15 billion in H1’23.…
Foreign investors’ portfolios hit five-year high at N655.5b
Total turnover of activities by foreign portfolio investors (FPIs) in Nigeria has tripled to its highest in five years as investors continue to show positive disposition to Nigerian investments.
Total FPIs…
Buhari’s aide counters CBN over printing of N35trn
An aide of former President Mohammed Buhari has refuted the claim of the Governor of the Central Bank of Nigeria, Yemi Cardoso, who blamed the current economic hardship in the country on the poor handling of the…
New interest disincentive to business – LCCI, MAN
The new interest rate announced by the Central Bank of Nigeria (CBN) will not bode well for the economy, the organised private sector has said.
It may be recalled that the Monetary Policy Committee (MPC) of…
Nigeria’s Money Supply hits N107.1 trillion in August 2024, adding N42.2 trillion in one year
Nigeria’s money supply (M2) surged to a new high of N107.1 trillion in August 2024, marking a 0.75% month-on-month (M-o-M) increase from N106.3 trillion in July and a 5.6% rise from N101.4 trillion in June, according to…