Business

The Nigerian National Petroleum Corporation Limited (NNPCL) said on Monday it had not increased its previous investment in the 650,000 barrel-per-day Dangote Refinery for commercial reasons. NNPCL Chief Information Officer, Olufemi Soneye disclosed this in a brief statement in Abuja. He was responding to a statement by Dangote Refinery Chairman Aliko Dangote, who said that NNPC’s shareholding is now 7.2 …

Airtel Africa, WAPCO, Dangote Sugar and PRESCO top the list of stocks to watch this week as investors struggle to recover from last week’s tiring trading session. Nigerian equity market plunged in four out of five trading sessions as the benchmark All Share Index (ASI) plunged -0.35% to close at 99,671.28 points from 100,022.03 points in the previous week. Investors …

It has been a forgettable week for investors in the Nigerian equity market after a cumulative loss of N139.89 billion in the just-ended trading week. The exchange recorded losses on four of the five trading days, but made a profit on only one trading day. Market capitalization dropped to N56.44 trillion from N56.58 trillion the previous week. Similarly, the All …

Akinwunmi Adesina, President of the African Development Bank (AfDB) has condemned the federal government’s decision to import food, describing it as pathetic. Adesina’s criticism came while speaking on the topic “Food Security and Financial Sustainability in Africa,” on Saturday at the Anglican Provincial Council of Africa retreat in Abuja. He argued that Nigeria could not continue to rely on food …

In a significant development for Nigeria’s energy sector, Aliko Dangote, CEO of Dangote Refinery, announced on Sunday that the Nigerian National Petroleum Corporation (NNPC) has seen its stake in the refinery reduced from 20% to 7.2%. Speaking at a press conference held in Lagos, Dangote clarified that the decline in NNPC’s holdings was a result of their failure to meet …

Nigerian Exchange Group (NGX Group) has launched NGX Invest, a digital platform designed to simplify Public Offerings and Rights Issues in the capital markets. This follows the platform’s approval by the Securities and Exchange Commission (SEC). NGX Invest is dedicated to primary market transactions in the country, which is a significant leap forward in enhancing the stakeholder experience in the …

Justice Emeka Nwite of the Federal High Court, Abuja, has set October 11 for judgment in the trial of popular cryptocurrency platform, Binance Holdings Limited, for alleged tax evasion. The Federal Government charged the platform and its two directors with four counts of tax evasion after failing to register with the Federal Inland Revenue Service (FIRS) for tax purposes. The …

The Central Bank of Nigeria (CBN) has sold $122.67 million to 46 authorized Bureau De Change (BDC) dealers in the country. This is in line with the central bank’s determination to promote stability and reduce market volatility in the foreign exchange market. CBN Director in charge of Financial Markets, Dr. Omolara Duke, disclosed this in a statement in Abuja on …

The equity market reversed four consecutive days of losses this week, with investors booking profits of N172 billion at the close of trading on Friday. This follows the growth in share prices of CUTIX, LEARN AFRICA, and CAVERTON, among others, on the trading floor today. After five hours of trading in the capital market, equity capitalization increased to N56.4 trillion …

The Boakai administration has faced weeks of criticism for allegedly violating public procurement procedures and showing no regard for the Legislature in allegedly entering agreements that could have large financial implications. Monrovia, July 12, 2024: President Joseph Nyuma Boakai has told legislators that the government has made no financial commitment to acquire 285 earth-moving equipment, commonly referred to here as yellow …