Business

The three tiers of government on Tuesday shared the revenue allocation of N1.35 trillion for June. The figure is N150 million higher than the N1.2 trillion distributed by the federal, state and local governments in May. Director of Information and Public Relations in the Ministry of Finance, Mohammed Manga, who disclosed this in a communique issued at the end of …

Nigeria’s currency, the naira started the week with a decline against the US dollar on Monday, July 15, 2024. The local currency weakened by N14 to trade at N1,577/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed. This is in contrast to the exchange rate of N1.563/$1 traded on Friday, July 12, 2024. The highest and lowest intraday …

Several Chinese companies operating in the mining sector face economic sabotage, tax evasion, and criminal conspiracy charges. Monrovia, July 13, 2024: Liberian prosecutors have indicted several Chinese nationals for economic sabotage, tax evasion, and criminal conspiracy following a major bust of a mining cartel. The case is before the 16th Judicial Circuit Court, which is presided over by Judge Wesseh A. …

The equity market started on a positive note on Monday, July 15, 2024 as investors earned N172 billion at the end of the trading session. This follows the increase in stock prices such as CUTIX, IKEJA HOTEL and ROYALEX among others on the trading floor. After five hours of trading on the capital market, equity capitalization increased to N56.608 trillion …

The Nigerian National Petroleum Corporation Limited (NNPCL) said on Monday it had not increased its previous investment in the 650,000 barrel-per-day Dangote Refinery for commercial reasons. NNPCL Chief Information Officer, Olufemi Soneye disclosed this in a brief statement in Abuja. He was responding to a statement by Dangote Refinery Chairman Aliko Dangote, who said that NNPC’s shareholding is now 7.2 …

Airtel Africa, WAPCO, Dangote Sugar and PRESCO top the list of stocks to watch this week as investors struggle to recover from last week’s tiring trading session. Nigerian equity market plunged in four out of five trading sessions as the benchmark All Share Index (ASI) plunged -0.35% to close at 99,671.28 points from 100,022.03 points in the previous week. Investors …

It has been a forgettable week for investors in the Nigerian equity market after a cumulative loss of N139.89 billion in the just-ended trading week. The exchange recorded losses on four of the five trading days, but made a profit on only one trading day. Market capitalization dropped to N56.44 trillion from N56.58 trillion the previous week. Similarly, the All …

Akinwunmi Adesina, President of the African Development Bank (AfDB) has condemned the federal government’s decision to import food, describing it as pathetic. Adesina’s criticism came while speaking on the topic “Food Security and Financial Sustainability in Africa,” on Saturday at the Anglican Provincial Council of Africa retreat in Abuja. He argued that Nigeria could not continue to rely on food …

In a significant development for Nigeria’s energy sector, Aliko Dangote, CEO of Dangote Refinery, announced on Sunday that the Nigerian National Petroleum Corporation (NNPC) has seen its stake in the refinery reduced from 20% to 7.2%. Speaking at a press conference held in Lagos, Dangote clarified that the decline in NNPC’s holdings was a result of their failure to meet …

Nigerian Exchange Group (NGX Group) has launched NGX Invest, a digital platform designed to simplify Public Offerings and Rights Issues in the capital markets. This follows the platform’s approval by the Securities and Exchange Commission (SEC). NGX Invest is dedicated to primary market transactions in the country, which is a significant leap forward in enhancing the stakeholder experience in the …