Business

The Central Bank of Nigeria (CBN) has approved the merger between Unity Bank and Providus Bank Limited. CBN Acting Director of Corporate Communications, Hakama Sidi-Ali, disclosed this in a statement on Tuesday in Abuja. The statement read: “The merger is subject to financial support from the CBN. The funds will play a significant role in meeting Unity Bank’s total obligations …

Amid the ongoing tussle between Dangote Refinery and Nigeria’s oil and gas sector Regulatory bodies, concerns have been raised as international rating firm, Fitch Rating has downgraded Dangote Industries Limited, DIL to ‘B+(nga)’ from AA(nga) placing the company on Negative Watch. Some of the reasons for concern put forward by the rating agency for the downgrade include lower than expected …

Former president Olusegun Obasanjo said secretive groups in Nigeria’s oil and gas sector would continue to derail the $20 billion Dangote refinery because those who “sell refined products to Nigeria” feel they will miss out on a lucrative opportunity. This was revealed in a recent documentary by Financial times titled “Nigeria’s struggle to break the ‘oil curse’. He made the …

Minister of Agriculture and Food Security, Abubakar Kyari, said on Sunday that the Federal Government was forced to import food items due to the sluggish production season. The minister, who appeared on Channels Television’s programme, Sunday Politics in Abuja, assured Nigerians that food inflation would soon be a thing of the past. He stressed that Nigeria would soon experience a …

Nigerian equity market started the week on a bearish note as investors lost N92 billion by the end of the trading session. This follows a decline in share prices such as CHAMS, UPL and OMATEK among others on the trading floor. After five hours of trading in the capital market, equity capitalization declined to N55.405 trillion from N55.497 trillion recorded …

The meeting between President Boakai and AMP Terminals’ Regional Managing Director for Africa and Europe, Mr. Igor van den Essen, focussing on investment in port infrastructure, presents an opportunity for further discussion considering ports around the countries needing serious upgrades. Monrovia, August 5, 2024-President Joseph Nyumah Boakai has met with APM Terminals Managing Director for Africa and Europe, Mr. Igor …

As Nigerians continue to battle fuel scarcity, the Nigerian National Petroleum Corporation (NNPC) Limited has launched its Utapate crude blend, a new type of crude, into the international market. This development was announced in a statement issued on Monday by Femi Soneye, NNPC spokesperson. He noted that the Utapate crude blend began operations in July, as its first cargo was …

Bitcoin prices plunged below $50,000 on Monday, hitting a low not seen in more than six months. The decline in the value of digital assets occurred following widespread selling in global markets. Bitcoin fell as much as 20% to around $49,000 before recovering slightly and trading above $50,000 again. The sharp decline coincided with a worldwide stock market crash, fueled …

It was a missed result in the Nigerian equity market in the first trading of August. The stock market lost in three of the five trading sessions as the benchmark All Share Index (ASI) fell by -0.46% to close at 97,745.73 points in the previous week from 98,201.49 points. Similarly, investors lost N107.7 billion as market capitalization fell to N55.5 …

In Nigeria, land ownership is a complex and often contentious issue. For many Nigerians, land ownership is more than just a place to live or run a business; it is a significant investment and a symbol of financial security. However, the security of land ownership can be threatened by the government’s power to revoke a Certificate of Occupancy (C of …