Business

Nigeria has spent the sum of N1.792tr on servicing domestic debts in three months of July, August and September 2023, data sourced from the Debt Management Office (DMO) by Ripples Nigeria has shown. For the month of July, the country spent N268bn to service its domestic debt. The figure rose to N696bn by August 2023 before hitting N827b in September …

The annual Nigerian Economic Summit Group (NESG) remains the foremost platform for public-private dialogue to interrogate issues and proffer policy options and solutions that will continuously shape national economic policy and growth strategies, the ) the Chief Operating Officer of Dana Air Ememobong Ettete has said. The just concluded Nigerian Economic Summit which was held recently in Abuja, convened national …

The equity capitalization in the Nigerian capital market rose by 0.71 percent on Tuesday. This represented a N263.8 billion increase in the value of investments at the capital market from N37.14 trillion to N37.41 trillion at the close of the day’s business. The day before, the stock market capitalisation settled at N37.14 trillion, indicating the market valuation gained N263.83 billion …

An umbrella body of Bloggers and Vloggers, Contents Creators Association (BAVCCA) has commended the Group Chief Executive Officer, (GCEO), Nigeria National Petroleum Corporation Limited, (NNPCL), Engr Mele Kyari, over the repositioning of the organisation. This was in an address read by leaders of the association during a press conference held in Abuja over the calls to sack Kyari by some …

The Nigerian National Petroleum Company (NNPC) Limited says more management staff will be exiting the company on Monday, as the firm continues its leadership shakeup. According to NNPC in a statement released late on Monday, the oil firm said management staff with less than 15 months to statutory retirement will be leaving. Their exit is effective from Monday, September 19, …

Chairman of brokerage firm, Parthian Partners Limited, owners of digital investment platform, i-invest, Dotun Sulaiman, has expressed optimism about the potential impact of the Central Bank of Nigeria (CBN’s) proposed policy documentation on rules of the foreign exchange market operation in Nigeria. Sulaiman, who disclosed this in an interview with journalists on the sidelines of the ongoing National Economic Summit …

The Ibadan Electricity Distribution Company (IBEDC) has disclosed that customers in the Sango and Ota axis of Ogun state owed the company N28 billion. The Lead Media Relation, IBEDC, Mrs. Busolami Tunwase, stated this during a stakeholders’ meeting in Joju, Ota, Ogun state recently. Tunwase, who represented the Chief Executive Officer of IBEDC, Mr. Kingsley Achife, said the N28 billion …

TotalEnergies has disclosed plans to invest the sum of $6 billion in the coming years on offshore oil projects and gas production across all terrains. This is coming amid the exit of several multinationals from the country in recent times. This development was announced in a statement from President Bola Tinubu’s office shortly after a meeting with Patrick Pouyanne, TotalEnergies …

The World Bank has raised an alarm that only 10 per cent of targeted poor and vulnerable households have benefitted from the Federal Government’s recently launched cash transfer of N25,000 per month. This is according to data from the World Bank’s Lead Economist for Nigeria, Alex Sienaert, during his presentation of the Nigeria Development Update December 2023 edition titled “Turning …

The equity market began the week on a bullish note as trading activities on the floor of the Nigerian Xchange closed positive Monday (18/12/2023) by 0.02%. The All-Share Index ASI increased to 72,404.91 from 72,389.23 recorded at the close of the trading on Friday December 15, 2023. Investors also made a profit of N8.58bn as market capitalization increased today by …