Business

British Airways has grounded its plane at Murtala International Airport in Lagos due to a technical fault. However, the airline has apologized to its passengers and the country’s aviation authorities for the flight disruption. The airline’s Regional Commercial Manager, Nigeria and Ghana, Mrs. Tutu Otuyalo, told journalists on Friday that the airline would cover accommodation and food costs for affected …

Investors in the Nigerian equity market ended the week’s trading with a loss of N56 billion on Friday. This follows the fall in share prices, including MULTIVERSE, RTBRISCOE, and SUNUASSUR on the stock exchange floor today. After five hours of trading on the capital market, equity capitalization fell to N56.42 trillion from N56.47 trillion recorded by the exchange on Thursday. …

Following a recent directive from the Central Bank of Nigeria (CBN) to commercial banks in the country to increase their capital to support the country’s $1 trillion target, the Securities and Exchange Commission (SEC) has released a comprehensive framework for the 2024 recapitalization program . The CBN in a memo has directed banks with international reputation to increase their capital …

The US Diplomat emphasized that every country needs farmers because they are the backbone of any country.    Monrovia, June 21, 2024: The Chargé d’Affaires of the United States Embassy near Monrovia, Ms. Catherine Rodriguez, has praised Indian businessman and philanthropist Mr. Upjit Singh Sachdeva (Mr. Jeety) for mixing economic empowerment with his investment ventures in Liberia. She spoke on Thursday, …

Africa must be competitive and efficient in its areas of strength, according to Mustafa Chike-Obi, Chairman of Fidelity Bank. Speaking recently on the sidelines of the AFREXIMBANK Annual meeting in Nassau, Bahamas, Chike-Obi emphasized the importance of focused and sharp leadership in harnessing the continent’s strengths to achieve prosperity. He highlighted the need for Africa to identify areas of competitive …

The naira dipped slightly against the United States dollar on Thursday. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency traded at N1,485.36/$1 on Thursday. This is N2 higher than the N1, 483.02/$1 traded on Wednesday. The intra-day high and low recorded during the day were N1,495/$1 and N1,434/$1 respectively, representing a very thin spread …

Nigeria’s total public debt has increased by N24 trillion in the first three months of this year to reach N121.67 trillion. The Debt Management Office (DMO) revealed this in new data released on Thursday. This figure is up 24.99 percent from N97.34 trillion in December 2023. Nigeria’s public debt profile consists of the domestic and external debt stocks of federal …

The Federal Government is targeting at least N450 billion through its latest bond offering for June 2024. The Debt Management Office (DMO) disclosed this in a statement on Thursday in Abuja. The agency has announced a new date for the auction. The bond offering will be conducted via auction and consist of three different reopenings, each with different maturity dates …

Investors in the Nigerian equity market made N1 billion at the end of trading on Thursday. This follows the increase in share prices, including CHAMPION, VERITASKAP, and ROYALEX on the stock exchange floor today. After five hours of trading on the capital market, equity capitalization rose to N56.479 trillion from N56.478 trillion recorded by the exchange on Wednesday. The All-Share …

Amid the ongoing trial with the Nigerian government, cryptocurrency exchange platform Binance Holdings Limited has been fined 188.2 million rupees ($2.25 million) by India’s Financial Intelligence Unit (FIU) for non-compliance with local anti-money . money laundering (AML) regulations. A document entitled ‘Original Order No. 10/DIR/FIU-IND/2024 regarding Binance u/s Section 13 dated 19.06.2024’ by the Indian Financial Intelligence Unit (FIU), stating …