Business

Despite the recent depreciation of the Naira against the dollar, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) has expressed optimism that the excessive volatility of the naira may be behind us. He even revealed that the apex bank was “relatively happy” with the progress made in stabilizing the naira. Ripples Nigeria reports that the naira for the …

Investors in the Nigerian equity market lost N250 billion at the close of trading on Tuesday. This follows the plunge in the value of shares of OANDO, UPL, ACADEMY, and others on the stock exchange today. After five hours of trading on the capital market, equity capitalization plummeted to N56.1 trillion from N56.3 trillion posted by the exchange on Monday. …

Following a recent go-slow by aggrieved workers of the Salala Rubber Corporation (SRC) in Margibi County, who lamented bad labor practices and poor living conditions, among other things, NEW DAWN’s investigation into the plantation uncovers dilapidated houses and an inhabitable environment for tappers.     By Ramsey N. Singbeh, Jr., in Margibi Margibi County, Liberia, June 25, 2024 – Nearly a week …

Days after Femi Otedola acquired 863 million shares of FBN Holdings to become the largest single shareholder in the financial services giant, the billionaire businessman has consolidated his position with an additional 797 million shares to increase his stake in the company to 11.64%. This development was contained in a notice to the Nigerian Xchange Group (NGX) by Adewale Arogundade, …

As Nigerians battle rising inflation and economic hardship, loans Nigerians took from banks increased to N3.82 trillion in January. This amount is 11.9 percent higher than the N2.64 trillion recorded in December 2023. The Central Bank of Nigeria (CBN) disclosed this in its monthly Economic report posted on its official website on Monday. On a year-on-year basis, the figure shows …

Equity markets again started the week on a negative note as investors recorded losses of N51.70nbn at the end of the trading session on Monday, 24 June 2024. This follows the fall in share prices, including INTBREW, DEAPCAP, and DAARCOMM on the stock exchange floor today. After five hours of trading on the capital market, equity capitalization fell to N56.371 …

Shoprite Mall announced that it will close its branch located at Novare Central Mall in Wuse Zone 5, Abuja, effective June 30, 2024. This decision was taken after a thorough evaluation of the store’s financial situation and current business climate, according to a circular signed by CEO Dr. Folakemi Fadahunsi on Monday. The circular read: “We regret to inform you …

Vice President, Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, lamented the large number of permits given indiscriminately to marketers who he said end up importing dirty fuel into Nigeria, endangering the health of citizens and polluting the environment. He deplored the actions of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) which caused much loss to …

GTCO, Transcorp, Guinness, Presco top the list of stocks to watch in the new week as investors look to recover from N103 billion losses recorded during last week’s Eid holiday. The benchmark All-Share Index (ASI) fell -0.18% to close at 99,743.05 points from 99,925.29 points in the previous week. Likewise, investors in the equity market lost N103.3 billion as market …

Revenue generated by electricity Distribution companies fell by N3 billion in the first quarter of 2024, according to the latest data from the National Bureau of Statistics (NBS). According to the Nigeria Electricity Report for the first quarter of the year published by the bureau recently, the revenue collected by DISCOs in Q1, 2024 was N291.62 billion, down from N294.95 …