Business

Nigerian shareholders in PZ Cussons Nigeria have been offered a buyout offer by British manufacturer, PZ Cussons Group, to take full control of the local company. The international company is willing to buy the shares owned by the Nigerian shareholders at N21 per share, subject to shareholders’ approval at a Federal High Court-ordered meeting and regulatory consent. The UK healthcare …

There are fears that the prices of fuel products may increase as irregular foreign exchange rate fluctuations, has left many petroleum product depots vacant. Consequently, oil marketers, on Thursday, expressed worries, stressing that the rise in the landing price of Premium Motor Spirit, more commonly known as petrol, mags risen to N720 per litre. The National President of Natural Oil …

The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Mr Bello Hassan, stated on Thursday that Nigerian depositors are the top priority of the organisation. He added that “And our foundation is built on ensuring the safety and security of their deposits. This ideal is encapsulated in our strap line; “Protecting your bank deposits!”. Bello made this Known at NDIC’S …

The Debt Management Office (DMO) has announced plans to raise to N1.2 trillion in debt by re-issuing federal government bonds. According to the DMO’s bond issuance calendar for the final quarter of the year, the agency intends to raise funds ranging from N960 billion to N1.2 trillion over three months, spanning October through December of this year. These funds will …

Former Emir of Kano, Muhammadu Sanusi, said it would be unfair for him to criticise President Bola Tinubu over the country’s economic hardship Nigerians. He also said the nation’s fiscal policy greatly suffered under the Muhammadu Buhari administration because the Central Bank of Nigeria (CBN) printed naira without restraint. The former CBN boss spoke Sunday during a virtual religious event. …

The tariff of Mobile Network Operators (MNOs) in Nigeria like Globacom, 9mobile, MTN and Airtel may soon be reviewed upward as telecom operators under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) on Thursday said that the current tariff regime in the sector was no longer sustainable. The Chairman of ALTON, Mr. Gbenga Adebayo, dropped this …

Investors and exporters in the official market were offered the United States Dollar (USD) at a range of N799/$1 and N475/$1 on Friday. The naira to dollar rate fluctuated during business hours in the investors’ and exporters’ (I&E) window before settling at N743.07/$1. This indicates the naira appreciated in value by 4.30 per cent and the price of the dollar …

The value of investments in the Nigerian capital market rose by 1.11 percent at the close of trading on Monday. This followed the growth in the market capitalization by N410 billion from N36.95 trillion to N37.36 trillion after five hours of trading today. Similarly, the All-Share Index increased by 751.95 basis points to close at 68,279.14, up from 67,527.19 ASI …

Fidelity Bank Plc has recorded a 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result. A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, Gross earnings for the period grew by …

Despite the rising inflation rate in Nigeria, the Central Bank of Nigeria (CBN) has declared that the monetary policy reforms put in place have started having a positive impact on the economy. The bank’s Director of, Corporate Communications Department, Isa AbdulMumin stated this in Abuja on Wednesday while speaking on the latest National Bureau of Statistics (NBS) figures. Recall that …