Business

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.   Here are the Headlines: · World Bank to partner Nigerian govt on digital national IDs · Nigeria’s GDP rises by 2.51% in Q2 …

At the just concluded week, Nigerian stock market traders exchanged N29.299 billion in 31,163 deals to trade 1.812 billion shares within five days. During trading the previous week, investors in the stock market traded 1.689 billion shares, valued at N29.407 billion, in 29,477 deals. Top NGX performing sector The Financial Services Industry topped the table by volume of shares traded, …

Cement Producers Association of Nigeria has said the price of cement could rise from N5,000 to N9,000 due to the Federal Government’s decision to replace conventional asphalt with concrete to construct roads. The National Chairman of the body, David Iweta, and the National Secretary, Reagan Ufomba, in a statement on Monday, said without proactive steps, the decision could lead to …

The House of Representatives Public Accounts Committee has summoned the Central Bank of Nigeria (CBN) and 11 Electricity Distribution Companies (DISCOs) to provide clarification over alleged mismanagement of loans amounting to US$321 million and N18.2 billion allocated for projects aimed at expediting the development of transmission and distribution interfaces, lines, and substations. The summon was issued by Chairman of the …

The National Agency for Food and Drugs Administration and Control (NAFDAC), has warned the Nigerian public against the consumption of a recalled energy drink known as ‘G Fuel’ due to the high level of caffeine it contains. The warning which came from a public alert with No. 034/2023, issued in Abuja on Thursday by NAFDAC Director General, Prof Mojisola Adeyeye, …

The World Bank will collaborate with the Federal Government to roll out digital national identity cards for Nigerians. The World Bank Director for Nigeria, Shubham Chaudhuri, disclosed this at a dinner organised with the Ministry of Communications and Digital Economy on Friday in Abuja. He said: “Our mission here in Nigeria is to eliminate poverty, make lives better, and create …

The Central Bank of Nigeria (CBN) has assured Nigerians of an adequate supply of Naira notes in the country. The bank’s Director of Corporate Communications, Isa AbdulMumin, said this in a statement on Thursday in Abuja. The CBN was reacting to reports of naira scarcity at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change …

The Managing Director of the Centre for the Promotion Of Private Enterprise [CPPE], Muda Yusuf, said on Thursday the recent move by the Central Bank of Nigeria (CBN) to clear the forex backlog owed to foreign portfolio investors would strengthen the naira and boost the market liquidity. Yusuf, who stated this in a chat with Ripples Nigeria, described the measure …

The Head, Investor Relations, First Bank Nigeria (FBN) Holdings Plc, Tolu Oluwole, has sold off his shares in the financial institution amid a drop in the capital market’s confidence towards the firm. Oluwole sold 1.60 million shares held in FBN Holdings on Wednesday, August 23, 2023, to take out N28.86 million from the financial institution experiencing a leadership tussle. When …

The Nigeria Civil Aviation Authority (NCAA) has advised pilots and airline operators to exercise caution over hazardous weather in dry season. This warning was contained in a press release by the Nigerian Meteorological Agency (NiMET) on weather alerting the public on the possibility of deterioration in visibility as a result of observed dust haze propagated into the country from the …