Business

President Bola Tinubu has commended the disciplined approach adopted by the Central Bank of Nigeria (CBN) to monetary policy management which he said is responsible for ensuring stability and predictability in the foreign exchange market. This discipline, he said, has led to the growth of the country’s foreign exchange reserves to over $37 billion from the inherited $33 billion but …

There are indications that the $1.28 billion divestment of ExxonMobil’s assets in Nigeria to Seplat Energy will receive ministerial approval in the next few days. President Bola Tinubu announced this in his independence day speech, while emphasizing the government’s commitment to facilitating a smooth transition of the deal, which has become a focal point in Nigeria’s economic strategy. He reiterated …

The Nigerian equity market started the week positively on Monday September 30, 2024 as investors made N57 billion at the end of trading on the floor of the Nigerian Exchange Group (NGX). This follows a surge in share prices, including AFRIPRUD (Africa Prudential Plc), ABBEYBDS (Abbey Mortgage Bank Plc) and NSLTECH (Secure Electronic Technology) on the trading floor. After five …

In a significant move to reduce pressure on the road network and facilitate exports to other African countries, Dangote Group has announced plans to transport refined petroleum products by sea. This development was revealed by Fatima Wali-Abdurrahman, Senior Adviser to the Group President on Special Projects and Strategic Relations, in her statement, Sunday. The company has built a jetty in …

Minister of Foreign Affairs, Am. Yusuf Tuggar, said on Sunday Nigeria would not push for debt forgiveness from China, its biggest lender. Tuggar, appearing on Channels Television’s Sunday Politics program, said the Federal Government would be willing to take new loans from major Asian countries. This, he said, is based on the country’s low debt to Gross Domestic Product (GDP) …

The Liberia Electricity Regulatory Commission (LERC) Board of Commissioners (BoC) is currently reviewing Jungle Energy Power’s (JEP) electricity tariff applications for Nimba and Bong counties. On September 25 and 27, the Commission held two separate public hearings in Bong and Nimba counties to solicit the inputs and recommendations of customers and electricity users. During each hearing, more than 100 stakeholders, …

The Securities and Exchange Commission (SEC) has issued a stern warning to individuals and organizations involved in illegal fund management activities, urging them to stop immediately or face significant legal repercussions. In a statement released on Sunday in Abuja, SEC Director General Emomotimi Agama emphasized the Commission’s commitment to cracking down on illegal activities in Nigeria’s investment landscape. “Section 13(a) …

Investors in the Nigerian equity market enjoyed a profitable trading week earning N121.07 billion on Nigerian Xchange Group (NGX) as equity capitalization rose to N56.78trn from N56.46trn in the previous week. This follows an increase of N454.86 billion in the previous week. The stock exchange recorded gains on three of the five trading days of the week Market capitalization rose …

Speaker of the House of Representatives, Tajudeen Abbas, on Friday, reaffirmed Nigeria’s commitment to “deepening ties” with China, praising the Asian country for maintaining good relations with Nigeria over the past decades. Speaking at a reception to commemorate the 75th anniversary of the People’s Republic of China in Abuja, Abbas emphasized the importance of the recent China-Africa Cooperation Forum, and …

The Central Bank of Nigeria (CBN) on Friday announced the extension of the suspension of cash deposit processing fees in a move aimed at providing respite to Nigerians grappling with economic stress. The CBN disclosed this in a letter to banks and other financial institutions in the country signed by the Director of Banking Supervision, Adetona Adedeji, on Friday in …