Business

Nigerian stock market capitalisation grew to N35.84 trillion on Tuesday, rising by N157.58 billion from the previous day’s N35.68 trillion. The All-Share Index rose by 286.26 basis points to 65,488.67 ASI, from 65,202.41 ASI. On the exchange floor, 293.46 million shares were traded in 5,895 deals on Tuesday, worth N4.12 billion, surpassing the 231.59 million shares, valued at N3.99 billion, …

The BRICS nations; Brazil, Russia, India, China and South Africa, have agreed to reduce their reliance on the dollar in loan advances to their members. This was disclosed by the President of the New Development Bank (NDB), better known as the BRICS Development Bank, Dilma Rousseff, on Tuesday. Rousseff said the 30 per cent of loan disbursed by the bank …

The money supply in Nigeria increased to N64.9 trillion in July 2023, the money and credit statistics report obtained from the Central Bank of Nigeria (CBN) on Tuesday showed. According to the report, the money supply rose by N600 billion or 0.93 per cent from the N64.3 trillion recorded in June of the same year. Although this falls short of …

The World Bank said Nigeria accounted for the highest remittance flow into Sub-Saharan Africa in 2022, as the continent recorded an estimated $52.9 billion. According to a report titled; ‘Remittances Remain Resilient But Are Slowing’, which covered 2022, and obtained on Wednesday, it was disclosed that Nigeria accounted for $20.1 billion. This represents 38 per cent of the total remittance …

In a strategic move that echoes the visionary leadership of Mr. Prateek Suri, MDR Investments An investment arm of Maser Group , the influential arm of the Maser Group, is making headlines in the world of mergers and acquisitions. Backed by Mr. Suri and prominent African investors like Kingmaker Mr. CHIGOZI , MDR Investments is set to embark on a …

The African Development Bank (AfDB) says its total portfolio in Nigeria currently stands at $4.4 billion. The portfolio is for development projects. In his opening remarks at the Joint Country Portfolio Performance Review (CPPR), the Director General for Nigeria Country Department, AfDB, Lamine Barrow, who stated this Friday in Abuja added that there have been significant improvement in the portfolio performance. …

A study has shown that commonwealth countries will witness about 63% negative effect on their Gross Domestic Product (GDP) due to climate change. HELEN OJI reports. This study conducted by Christian Aid (CA) an international charity organization, highlights the amount of damage caused to these countries GDP by climate change, compared to a scenario where climate change has little effects …

Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to put the continent’s diversity and rich culinary traditions on the centre-stage with the highly anticipated ‘Tastes of Africa Food Festival.  The UBA Tastes of Africa Food Festival is a vibrant celebration of the continent’s cuisine, culture, and diversity as it reflects its remarkable history and cultural tapestry and …

The Akwa Ibom State Internal Revenue Service has sealed the two branches of Keystone Bank and another one belonging to Heritage Bank for their alleged failure to remit outstanding tax liabilities of N228.6m to the state government. The banks were shut down on Thursday during an exercise conducted by the board’s Enforcement and Recovery Department, following an order of Notice …

Polaris Bank’s CEO, Adekunle Sonola, has urged the Nigerian government to prioritize legal policy and reforms for sustained economic growth. Sonola made the call in a presentation he delivered at the Annual Law Dinner of the Nigerian Bar Association (NBA), Lagos branch which held at the weekend in Lagos themed: “Favourable Investment and Business Environment Through Legal Policy & Reforms”. …