Business

The Ibadan Electricity Distribution Company (IBEDC) has disclosed that customers in the Sango and Ota axis of Ogun state owed the company N28 billion. The Lead Media Relation, IBEDC, Mrs. Busolami Tunwase, stated this during a stakeholders’ meeting in Joju, Ota, Ogun state recently. Tunwase, who represented the Chief Executive Officer of IBEDC, Mr. Kingsley Achife, said the N28 billion …

TotalEnergies has disclosed plans to invest the sum of $6 billion in the coming years on offshore oil projects and gas production across all terrains. This is coming amid the exit of several multinationals from the country in recent times. This development was announced in a statement from President Bola Tinubu’s office shortly after a meeting with Patrick Pouyanne, TotalEnergies …

The World Bank has raised an alarm that only 10 per cent of targeted poor and vulnerable households have benefitted from the Federal Government’s recently launched cash transfer of N25,000 per month. This is according to data from the World Bank’s Lead Economist for Nigeria, Alex Sienaert, during his presentation of the Nigeria Development Update December 2023 edition titled “Turning …

The equity market began the week on a bullish note as trading activities on the floor of the Nigerian Xchange closed positive Monday (18/12/2023) by 0.02%. The All-Share Index ASI increased to 72,404.91 from 72,389.23 recorded at the close of the trading on Friday December 15, 2023. Investors also made a profit of N8.58bn as market capitalization increased today by …

The  Director-General of Oyo State Investment and Public Private Partnership Agency (OYSIPA), Mr. Olatilewa Folami, has restated the commitment of Governor  Seyi Makinde’s administration to reducing the state’s housing deficits. Folami gave the assurance recently during a project inspection tour of Rayfield Gardens City Estate and Fendini Homes along Olodo-Iwo Road in Ibadan. “Government’s priority to the provision of housing units across …

One of Nigeria’s foremost banks, First Bank of Nigeria Limited has launched another fully automated branch, the FirstBank Digital Experience Centre (DXC), in Wuse, Zone 2, Abuja. Chief executive officer of FirstBank, Dr. Adesola Adeduntan, CEO, on Tuesday, in Abuja, led other management staff members and some employees of the bank to launch the new branch. In his speech at …

Investors with Chams, Stanbic and IBTC pocketed N260 billion at the close of trading on Monday. This followed the growth in the market capitalization from N36.88 trillion to N37.14 trillion after five hours of trading today. Similarly, the All-Share Index rose by 481.43 basis points to close at 67,877.17, up from 67,395.74 ASI posted by the bourse last Friday. Investors …

Nyesom Wike, Minister of the Federal Capital Territory FCT, on Monday, ordered the enactment of the 2015 Personal Income Tax and FCT Internal income Service Acts as part of measures to increase the territory’s income profile. The minister in an October 4, 2023, memo had directed all ministries, departments and agencies, MDAs, commercial banks, as well as FCT secretariats, departments …

On May 22, 2023, the Dangote Refinery was inaugurated in Lagos, Nigeria, with former President Muhammadu Buhari officiating the ceremony. The event marked a significant milestone for Nigeria, as it showcased the country’s commitment to achieving energy self-sufficiency and fostering economic development. The Dangote Refinery is a remarkable feat of engineering and cutting-edge technology. With a daily capacity of 650,000 …

The stocks to watch list this week consists of Fidelity Bank, Dangote Sugar and Associated Bus Company (ABC), after the capital market reacted negatively to their operational decisions. Ripples Nigeria stocks watchlist is a selection of stocks monitored for viable trading or investing opportunities. An investor may casually generate a list of equities for investment purposes. But we have taken …