Business

Investors in the Nigerian equity market lost N133 billion at the end of trading on Thursday. This follows the decline in the prices of stocks such as DAARCOMM, UPDCREDIT, and GUINEAINS among others on the trading floor today. After five hours of trading in the capital market, equity capitalization plunged to N56.6 trillion from N56.7 trillion posted by the exchange …

Peter Obi, the Labour Party’s presidential candidate in the 2023 election, said the current monetary policy is slowing economic growth in Nigeria. His comments came following a surprise statement by Aliko Dangote, Chairman of Dangote Industries Limited, on the negative impact of the Central Bank of Nigeria (CBN) monetary policy. In a post on X on Thursday, Obi said Dangote’s …

President Bola Tinubu has approved the appointment of Uzoma Nwagba as Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP). Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who confirmed the development in a statement on Wednesday in Abuja, said the chairman also appointed Otunba Aderemi Abdul as Chairman of the Board of the company, while Mrs. …

The Federal Government will begin collecting a Value Added Tax of 7.5 percent on every cryptocurrency transaction starting July 8. One of the country’s cryptocurrency platforms, KuCoin, revealed this in an email to its users obtained by Ripples Nigeria on Wednesday. It reads: “Dear KuCoin users, We are writing to inform you of an important regulatory update affecting our users …

Nigeria’s equity market maintained its uptrend as investors earned N131 billion at the end of trading on Wednesday. This follows the increase in share prices of CORNERSTONE, RT BRISCOE and IMG among others on the trading floor today. After five hours of trading in the capital market, equity capitalization increased to N56.7 trillion from N56.6 trillion posted by the exchange …

In an attempt to address the long-standing problem of pending pension payments, the Federal Government has directed the calculation of outstanding pensions for serving federal civil servants. According to a memo obtained by our correspondent, the initiative was a collaborative effort between the Office of the Head of the Civil Service of the Federation and the Ministry of Finance. This …

The Netherlands Entrepreneurial Development Bank (FMO) and Nigeria’s First City Monument Bank (FCMB) today signed a $25 million NASIRA guarantee agreement. The guarantee will enable FCMB to expand its financing to farmer, youth and women-owned SMEs without requiring collateral, targeting a client group that banks typically consider too risky. Funded by the European Commission, NASIRA is one of the most …

Nigeria’s equity market recovered from the previous day’s losses with investors gaining N25 billion at the end of trading on Tuesday. This follows the increase in share prices of CORNERSTONE, JAIZBANK and WAPIC among others on the trading floor today. After five hours of trading in the capital market, equity capitalization increased to N56.6 trillion from N56.5 trillion posted by …

The Nigerian National Petroleum Corporation (NNPC) Limited has declared a state of emergency on crude oil production in the country. The company also invites all industry players to collaborate to reduce oil production costs and increase production to the targeted level. NNPC Group Chief Executive, Mele Kyari, disclosed this at the 23rd edition of the Nigeria Oil & Gas (NOG) …

The Naira lost N1 against the US dollar on the official exchange on Tuesday. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency was trading at N1,509/$1 on Tuesday compared to N1,508/$1 recorded the previous day. The intraday high and low prices recorded during the day were N1,521/$1 and N1,445/$1 respectively, indicating a slim spread …