Business

The Senate on Tuesday called for increased budget allocations to the Securities and Exchange Commission (SEC). Chairman of the Senate Committee on Capital Markets, Osita Izunaso, made the call when SEC Director-General, Dr. Emomotimi Agama, appeared before the committee to defend the commission’s 2024 budget. He said the Rp22.40 billion budget allocated for the commission in the 2024 budget was …

The Federal Airports Authority of Nigeria (FAAN) said on Tuesday only three of Nigeria’s 22 airports were profitable. FAAN Managing Director, Olubunmi Kuku, made the remarks while appearing on Channels TV’s breakfast programme, The Morning Brief. He said authorities were providing cross-subsidization at 19 other airports and would continue to do so for several new airports under development. Kuku said: …

The equity market started the week on a negative note as investors recorded losses of N8 billion at the end of the trading session on Monday, July 8, 2024. This follows the decline in stock prices such as PZ, CWG, CHAMS and others on the trading floor today. After five hours of trading on the capital market, equity capitalization decreased …

Tracka, a subsidiary of BudgIT, lamented that Nigeria allocated N732 billion for unclear empowerment projects in the 2024 budget. The figure, the organization regretted, was higher than the Rp646.5 billion allocated for health projects in the budget. Tracka chief Ayomide Ladipo revealed this in his statement on Sunday. Tracka asserts that Nigerian empowerment projects are opaque and difficult to track …

In an effort to curb soaring food prices, the federal government has announced a suspension of duties, tariffs and taxes on imported food commodities. This development was announced in a statement on Monday, by Abubakar Kyari, Minister of Agriculture and Food Security. He stressed that duties, tariffs and taxes on imported corn, brown rice, wheat and peas — through land …

Vice President of Oil and Gas, Dangote Industries Limited (DIL), Devakumar Edwin, has reiterated the company’s promise that it will commence production of premium motor spirit (PMS), this month (July). Devakumar reiterated the pledge while speaking to media persons during a visit by officials of international financial analysis firm, S&P Global, to the Dangote Refinery in Ibeju-Lekki, Lagos as part …

Nigerian banks lost N468 billion to fraud in the first quarter of 2024. This represents a decrease of N1.62 billion when compared to N2.09 billion recorded by the bank in Q3|2023. The Financial Institutions Training Centre (FITC) disclosed this in its Report on Fraud and Fraud in Nigerian Banks for Q1 2024 released on Monday. According to the report, Nigerian …

Conoil, Oando, GTCO, Zenith Bank top the list of stocks to watch this week as investors start trading in the second half of the year. Nigerian equity markets plunged in three of the five trading sessions as the benchmark All-Share Index (ASI) fell -0.04% to close at 100,022.03 points from 100,057.49 points in the previous week. Investors lost N20.75 billion …

As the deadline of July 7, 2024 issued by the Corporate Affairs Commission (CAC) to Point of Sales (PoS) operators in Nigeria to register their businesses has expired, the Commission has extended the registration process for an additional 60 days. According to the commission, this extension is necessary to provide sufficient time for Operators, especially those in remote areas who …

Lagos State, Nigeria’s economic hub and Africa’s largest city, is a bustling and rapidly growing place with huge potential for real estate investment. As a major hub for business, finance and culture, Lagos offers many opportunities for savvy investors looking to profit from the city’s growth. This article will discuss the factors that indicate market potential in Lagos’ real estate …