Business

Four directors at Sterling Financial Holdings Company and its subsidiary firm, Sterling Bank, were involved in insider dealings at the end of August 2023. Information gleaned from multiple documents obtained on Sunday from the Nigerian Exchange Limited (NGX), showed the four top directors as; Raheem Owodeyi, Abubakar Suleiman, Tunde Adeola and Yemi Odubiyi. Their dealings involved acquisitions of 155.83 million …

The Niger Delta Power Holding Company (NDPHC) has disclosed that the Central Bank of Nigeria and the Nigeria Bulk Electricity Trading Company (NBET) are currently indebted to it to the tune of N190 billion. Chiedu Ugbo, Managing Director of the Federal Government-owned power company made this known during a media roundtable held on Monday in Lagos. “Huge indebtedness by the …

Nigeria has ousted Libya, and Angola to regain its position as Africa’s top crude oil producer for October. The Organization of Petroleum Exporting Countries (OPEC) disclosed this in its monthly oil market report released on Monday. The oil production figures aside from condensate production from the top four oil producers in Africa were stated below: · Nigeria – 1.35 million …

Caverton Offshore Support Group suffered a 59.46 per cent drop in its profit after tax in the second quarter of 2023, the firm’s Q2 financial statement revealed. Ripples Nigeria gathered that Caverton’s net profit between April to June this year was N184.65 million, failing to surpass the N455.56 million reported in the same period in 2022. Although Caverton’s net profit …

The prices of basic food items in Nigeria have continued to soar as food inflation rate has climbed another notch in the month of August, according to the National Bureau of Statistics (NBS). In a new report titled ‘Selected Food Prices Watch (August 2023)’, released on Monday, the NBS disclosed that prices of items like beef, tomatoes, beans, garri, yam, …

The equity capitalization in the Nigerian capital market rose by 1.54 percent at the close of trading on Thursday. This represented a N541.84 billion growth in the value of investments from N34.97 trillion to N35.51 trillion at the close of trading today. Similarly, the All-Share Index rose by 995.7 basis points to close at 65,263.06, up from 64,267.36 ASI posted …

The cost of Automotive Gas Oil (AGO) popularly known as diesel has continued to hover around N990 and N1,100 despite the removal of Value Added Tax (VAT) on the product, oil marketers have said. Ripples Nigeria reports that the Federal Government had waved VAT on diesel for the next six months as part of a deal with organised labour to …

The Nigerian Exchange Limited (NGX), is collaborating with the Lagos Chamber of Commerce and Industry (LCCI) to further advance advocacy efforts, encouraging listings, and enhancing capacity development for both chamber members and the broader economy. The Chief Executive Officer, NGX, Temi Popoola, disclosed this during the Closing Gong Ceremony marking the 135th year Anniversary of LCCI on August 31, 2023. …

The naira exchanged for N740.38 to a dollar at the Investors and Exporters window on Friday. The Nigerian currency gained 2.93 percent compared to the N762.71 it exchanged for the dollar on Thursday. The open indicative rate closed at N775.17 to the dollar on Friday. READ ALSO: Naira to dollar exchange rate rises in CBN-backed official window, black market A …

In its bid to build the capacity of youth towards making them employers of labour, the NNPC Foundation, in partnership with Kudimata Nigeria Limited, have trained the Batch C members of the National Youth Service Corps (NYSC) in basic financial literacy skills. Kudimata os a financial education outfit. In a statement signed by Chief Corporate Communications Officer NNPC Ltd, Femi …