Business

Hon. Tajudeen Abbas, Speaker of the House of Representatives, on Thursday, severely condemned the misuse of tax breaks and exemptions. The speaker also pointed out that people who abuse tax waivers are sabotaging the economy and must be stopped. The Speaker made these comments at the inauguration of the Ad-hoc committee, which has been tasked with looking into claims of …

  All plans are on deck by the Minister of Marine and Blue Economy, Adegboyega Oyetola to rehabilitate and modernise the ports across the country. He made this known on Wednesday shortly after concluding his interaction with the various heads of agencies and departments under his ministry. The minister, who was inaugurated last Monday, began receiving briefings from the heads …

The Nigerian stock market set another record on Thursday after the appreciated by 0.16 percent to hit an all-time high as the bulls controlled movement in the bourse. In the same vein, the market capitalization rose from N36.36 trillion to N36.42 trillion after five hours of trading today. This followed the rise in ASI by 109.46 basis points to close …

The Central Bank of Nigeria (CBN) Wednesday declared that all bank notes it has issued so far remain legal tender. This is coming against reports of scarcity  of cash in some major cities despite assurances of sufficient cash stocks in all locations across the country. Clarifying this in a statement, CBN Director Corporate Communications Isa AbdulMumin said: “Our attention has again been …

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has released its audited financial results for the first half of 2023, showcasing an increase in profitability and key financial metrics. In the first half of 2023, Stanbic IBTC recorded Profit Before Tax (PBT) of ₦82.99 billion, up 108% from the PBT recorded in the same period for 2022. Profit …

Over N125 billion was raised by MTN Nigeria through the Commercial Paper Issuance Programme, the telecommunications company revealed on Wednesday. MTN Nigeria said the firm’s initial fundraising expectation was N100 billion through Series 6 & 7 Commercial Paper issuance, however, it recorded 146 per cent subscription in the capital market. The capital was raised under its N250 billion Commercial Paper …

The Nigerian equity market closed positively on Tuesday, gaining 133.98 basis points as the market remain favourable. The NGX All Share Index advanced by133.98 basis points or 0.20 per cent closing at N70613.60 points compared to previous day gain of 0.40 per cent which closed at 70479.62 points. Market capitalisation of listed equities also appreciated by N85 billion to N38.787 …

Dangote Sugar Refinery (DSR) has disclosed that it has agreed to the terms and conditions of the merger of the company with NASCON Allied Industries Plc. and Dangote Rice Limited (DRL). In a statement released on Wednesday, Dangote Sugar said the scheme of arrangement offers NASCON and DRL shareholders 12 shares of 50 kobo each in DSR for 11 ordinary …

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has declared its readiness to push up the nation’s yearly earnings in non-oil exports to 35 billion dollars in the next five years. The director-general of SMEDAN, Mr. Charles Odii, disclosed this during a three-day capacity-building programme on packaging and branding of products for AfCFTA on Tuesday in Uyo. The …

Borno State-based investment firm, Stockmatch Investments Ltd, was on Tuesday shut down by the capital market regulator, the Securities and Exchange Commission (SEC). The regulator said Stockmatch was operating illegal investments, as it didn’t have the approval from the SEC to conduct fund management activities in the country. SEC disclosed that Stockmatch promises exorbitant rates of returns to lure investors, …