Business

The Federal Government has said that two of its programmes targeted at alleviating the impact of fuel subsidy removal will soon kickoff. The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, disclosed this at the weekend, listing the two programmes as presidential conditional grant and presidential palliative loan. “In the presidential conditional grant programme, the federal government will disburse …

Businesses operating in Nigeria have envisaged increased losses in the second quarter of the year, following foreign exchange reforms. Already, nine firms had lost N960.18bn to the new forex policy in the second quarter. According to the half-year financial reports of the firms, the steep devaluation of the naira, following the Central Bank of Nigeria’s attempt to close the gap …

Leading insurance companies in Nigeria grappled with a significant surge in net claims by customers in the first half of 2023, amounting to N49.158 billion, a substantial increase of 25.47 per cent compared to the N39.178 billion recorded in the same period in 2022. The companies, including Custodian Insurance, NEM Insurance, Sovereign Trust Insurance, AXA-Mansard Plc., AIICO, Mutual Benefits Assurance, …

Investing in a beachfront property in Lagos can be an exciting opportunity, offering the allure of breathtaking views, recreational activities, and potential financial gains. However, it is crucial to approach such a purchase with careful consideration. Lagos, Nigeria’s vibrant coastal city, presents a range of options, and understanding the factors to look out for will help you make an informed …

The Securities and Exchange Commission has said that it is investigating the ongoing tussle at First Bank of Nigeria Holdings Plc. Some minority investors had staged a protest at the headquarters of the bank on Monday, calling for regulatory intervention and demanded that the company’s 11th Annual General Meeting must be held. In a text message to our correspondent, on …

The Nigerian capital market continued its bullish run on Thursday with a 0.11% growth in the All-Share Index (ASI). After five hours of trading, the ASI rose to 71,365.25 from 71,284.56 posted by the bourse the previous day. In the same vein, the market capitalization increased today by N44 billion to N39.052 trillion from N39.008 trillion recorded the previous day. …

King Edmund Daukoru, the Amanyanabo of Nembe Kingdom has called for adequate funding for local governments in the country, being the closest to the people in other to ensure development at the grassroots of the country and perform their statutory responsibilities. He stated this when he marked his 80th Birthday with pomp in Abuja, Thursday, with a pledge to work …

President Bola Tinubu on Wednesday presented the 2024 appropriation bill of the federal government of N27.5 trillion to a joint session of the National Assembly. In the budget, the Federal Government earmarked the sum of N3.25 trillion for defence and security in the 2024 budget estimates, representing 12 per cent of the estimates. The allocation encompasses funding for the military, …

After defaulting for several years, the Central Bank of Nigeria (CBN) has released the Consolidated Financial Statements for seven years, the first time it will do so since 2015. he Consolidated Financial Statements, which were released by the CBN on its website, are for 2016, 2017, 2018, 2019, 2020, 2021 and 2022 financial periods. The apex bank also declared a …

Real estate investment has consistently held a strong allure for Nigerian investors, particularly those residing within the diaspora. Among the diverse strategies available, the concept of off-plan property investments has emerged as a prominent choice, captivating the attention of these investors for multifaceted reasons. In the subsequent sections of this article, we shall embark on an in-depth exploration of the …