Business

Investors in the Nigerian capital market lost N300 billion at the close of trading on Tuesday. This followed the crash in the market capitalization by 0.79 percent from N36.83 trillion to N36.53 trillion at the close of business today. Similarly, the All-Share Index dipped by 535.98 basis points to close at 66,296.18, down from 66,760.2 posted by the bourse on …

Nigerians welcomed the news of the slashing of BUA cement to N3,500 with excitement, however, findings by Ripples Nigeria have shown that the product is largely unavailable and in the few places it is available, it is sold for much higher than the advertised price and only available in a handful of places. Checks conducted at several cement dealers’ warehouses …

Nigerian Exchange Limited (NGX) has disclosed that it is working with the Central Securities Clearing System (CSCS) Plc and Euroclear to create a dollar settlement platform that will enable tech startups to raise in dollars.   The Exchange stated that this would create opportunities for domestic investors to have access to their shares and at the same time, contribute to …

The immediate past governor of Kaduna State, Nasir El-Rufai, on Monday, announced that his venture capital/private equity firm, Afri-Venture Capital Company Limited, will begin operations in 2024. According to a post on his X handle, El-Rufai said through the firm, he hopes to finance, nurture, and mentor Nigerian innovators and entrepreneurs to become the next Dangote Group shortly. He further …

The subscription process of the two-year and three-year Federal Government of Nigeria bonds for December 2023 with an interest rate of 12.287% and 13.287% respectively have opened, the Debt Management Office has disclosed. This announcement was made in a statement on the DMO’s official website. The subscription period is set to last for 5 days, running from December 4th to …

Increased video streaming and talk time raised the amount spent on telecom services to N3.86tn in 2022. The Nigerian Communications Commission disclosed this in its newly released ‘2022 Subscriber/Network Data Annual Report.’ It noted that this was 18.74 per cent increase from the N3.25tn that was spent in 2021; an indication of sustained growth in Nigerians reliance on telecom services. …

The naira exchanged for N773.50 to a dollar at the Investors and Exporters window on Monday. The local currency depreciated by 7.08 percent against the N736.62 it exchanged for the dollar last Friday. The open indicative rate closed at N771.49 to the dollar on Monday. A spot exchange rate of N804.15 to the dollar was the highest rate recorded during …

As the federal government of Nigeria intensifies efforts to end petroleum products importation and release some of the pressure on foreign exchange, American oil firm, Barker Hughes, has expressed interest in investing in refineries in the country. Speaking during a meeting with the Minister for State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, on the sidelines of the 28th United Nations …

The equity capitalization in the Nigerian capital market crashed by 1.24 percent at the close of trading on Monday. This represented a N463.6 billion drop in the value of investments at the capital market from N37.29 trillion to N36.83 trillion after five hours of trading today. Similarly, the All-Share Index dipped by 847.16 basis points to close at 67,296.18, down …

Operators in the transport business and other businesses have been called upon to embrace electric vehicles as their choice for mass mobility in the country because it gives the best returns on investment when compared with fuel vehicles. Sanjay Rupani, Director of Sales for Jets Systems Limited, manufacturer of Jet Mover electric buses, disclosed this while speaking at the 2023 …