Business

Investors in the Nigerian equity market enjoyed a trading week of massive profit-taking as they raked in a whopping N607 billion on the floor of the Nigerian Xchange Group (NGX) as equity capitalization rose to N56.00 trillion from N55.39 trillion in the previous week. This follows a loss of N83.55 billion in the previous week. The exchange recorded gains on …

In a major milestone towards achieving energy independence, the Presidential Committee on the Sale of Crude Oil and Refined Products has announced that the loading of the first batch of petrol from the Dangote Refinery will commence on Sunday, September 15. Chairman of the Federal Inland Revenue Service (FIRS) and a member of the committee, Zach Adedeji, disclosed this at …

The Nigerian Electricity Regulatory Commission (NERC) has imposed a fine of ₦3.10 billion on the Abuja Electricity Distribution Company (AEDC) and the Ikeja Electricity Distribution Company (IE) for overcharging their customers. According to the power industry watchdog, the fine was based on the DisCos’ non-compliance with the commission’s earlier order on capping estimated bills for electricity consumers. The penalty is …

Nigeria’s equity market recovered from earlier losses on Thursday as investors gained N178 billion at the close of trading for the day. This follows a surge in the prices of shares such as FBNH, CAVERTON, and FLOUR MILL among others on the trading floor. After five hours of trading in the capital market, equity capitalization increased to N55.7 trillion from …

Stakeholders in Nigeria’s oil and gas sector have called for the establishment of a special structure similar to the Banking Committee to drive development in the industry. The structure will serve as a link between the upstream and downstream sectors. One of the proposed structures is a Petroleum Industry Consultative Assembly that would bring together stakeholders from across the oil …

The Minister of Finance and Coordinating Minister for Economic Affairs, Wale Edun, and the Nigerian Customs Service (NCS) have met to discuss the imposition of zero percent import duty on certain food imports. This was stated by the Ministry of Finance in a written statement to X on Wednesday. Edun noted that the tax abolition would address ongoing food shortages …

Investors in the Nigerian capital market lost N50 billion at the close of trading on Wednesday. This follows a decline in the prices of shares such as CWG, NNFM, and ACADEMY among others on the trading floor. After five hours of trading in the capital market, equity capitalization declined to N55.5 trillion from N55.6 trillion recorded by the bourse the …

Tier-one bank GTCO Plc has raked in account maintenance fees of N15.6 billion in the first half of this year. This amount is higher by N5.2 billion compared to the N10.4 billion recorded by the bank in 2023. According to the Central Bank of Nigeria (CBN), account maintenance fees are charged on current accounts only in respect of debit transactions …

Nigeria’s average daily crude oil production rose to 1.35 million barrels per day (bpd) in August. This comes despite Nigeria retaining its position as Africa’s largest oil producer, surpassing Algeria which produces 910,000 barrels of oil per day, and Congo in third place which produced 270,000 barrels of oil per day in August according to the oil alliance. That’s according …

Billionaire businessman and chairman of the United Bank for Africa (UBA), Tony Elumelu has pointed out that the development of any country is impossible without access to reliable electricity to drive industrialization. Elumelu said this on Tuesday while delivering the keynote address at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in …