Business

After weeks of denial, the Nigerian National Petroleum Company Limited (NNPCL) has finally admitted to significant debts to fuel suppliers. This, according to the state oil company, is the cause of low fuel supplies to traders across the country. NNPC’s admission therefore comes amidst concerns that the current fuel shortage in the country could worsen. In a statement titled “NNPC …

Investors in the Nigerian equity market recorded a bullish trading session on the floor of the Nigerian Xchange Group (NGX) which gained N348.34 billion as market capitalization increased to N55.47 trillion from N55.12 trillion the previous week. This follows a loss of N2.4 billion in the previous week. The exchange recorded gains on four of the five trading days of …

Financial Derivatives Company CEO Bismarck Rewane said on Friday that the $1 trillion economic target set by President Bola Tinubu’s administration will not be achieved in the next five years. The economist stated this while appearing on the Arise TV Morning Show. He said the country’s economy is currently at $384 billion and will need another 200% growth in the …

Nigeria’s equity market closed on Friday with a gain of N98 billion for investors. This follows the growth in share prices of stocks such as Julius Berger, Deapcap and Oando among others on the trading floor. After five hours of trading in the capital market, equity capitalization jumped to N55.4 trillion from N55.3 trillion recorded by the bourse on Thursday. …

A new report released by security intelligence gathering and strategic consulting firm, SBM Intelligence, has revealed that Nigerians paid ₦1.04 billion in ransom to kidnappers in one year. In a report released Thursday, the company said 7,568 people were kidnapped in 1,130 incidents across the country between July 2023 and June this year. He added that the Federal Capital Territory …

Nigeria’s equity market recovered from trading losses on Thursday as investors gained N117 billion at the close of trading for the day. This follows the rise in share prices of the likes of Oando, Julius Berger and Cornerstone, among others on the trading floor. After five hours of trading in the capital market, equity capitalization jumped to N55.3 trillion from …

After several days of positive trading, the Nigerian equity market plunged back into bearish territory on Wednesday as investors lost N176 billion at the close of trading. This follows a decline in the prices of shares such as Neimeth, Tantalizers and MTN Nigeria, among others, on the trading floor. After five hours of trading in the capital market, equity capitalization …

Malaysia, the Netherlands and Brazil emerged as Nigeria’s top export destinations in the first half of this year. Executive Director of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni stated this at a meeting on Wednesday in Abuja. He said that as many as 211 products were exported from the country during that period. The NEPC chief said the country’s …

Billionaire businessman and industrialist, Alhaji Aliko Dangote has lost his position as Africa’s richest man to South African businessman, Johann Rupert. In the latest data from the Bloomberg Billionaires Index released on Tuesday, Rupert, chairman of luxury goods conglomerate Richemont, overtook Dangote, chairman of Dangote Industries Limited, as Africa’s richest person. According to the BBI, Rupert’s net worth has soared …

In a historic development, Quidax, an Africa-based crypto exchange platform has become the first crypto platform to be granted an operating license by the Securities and Exchange Commission (SEC). The development marks the beginning of formal recognition and adoption of cryptocurrencies amid an ongoing regulatory spat between the Nigerian government and Binance Holdings Ltd, another crypto trading platform. Speaking on …