Business

The three tiers of government on Friday shared the revenue allocation of N1.35 trillion for July. A communique issued at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja revealed the total distributable fund of N1.35 trillion comprising official revenue of N161.593 billion, Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) …

Minister of Finance and Coordinating Minister for Economic Affairs, Wale Edun, said on Thursday that the Federal Government has increased the country’s foreign exchange reserves by $4 billion since January. The minister stated this at an investors’ meeting for the issuance of $500 million Federal Government bonds in Lagos. He said the federal government’s aggregate revenues had doubled. Edun said …

For the fourth straight day this week, the downward trend in the Nigerian equity market continued on Thursday as investors lost N84 billion at the close of trading. This follows a decline in share prices such as OANDO, ABCTRANS, and GUINEAINS among others on the trading floor. After five hours of trading in the capital market, equity capitalization declined to …

For the first time since December 2022, Nigeria’s headline inflation rate fell to 33.40 percent in July 2024, the latest data from the National Bureau of Statistics (NBS) showed. This figure is down from 34.19 percent in June 2024. This marks the first decline in the headline inflation rate since December 2022, when it last fell to 21.34 percent. The …

The downward trend in the Nigerian equity market continued on Wednesday as investors lost N80 billion at the close of trading for the day. This follows the decline in share prices of stocks such as OANDO, CUTIX, and ACADEMY among others on the trading floor. After five hours of trading in the capital market, equity capitalization dropped to N55.21 trillion …

The Central Bank of Nigeria (CBN) has drawn the ire of a lawyer and Senior Advocate of Nigeria (SAN) over his comments on a petition accusing Ecobank Nigeria (ENG) and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) of wrongdoing in a matter that also involves Wilben Trade (Wilben), and its CEO, Marcus Wade. Wilben and Wade have issued a press …

Group Chief Executive Officer (GCEO) of NNPC Ltd., Mr. Mele Kyari, has disclosed that the current onslaught on crude oil theft and pipeline vandalism has resulted in increased growth in the nation’s crude oil production. This comes even as NNPCL Ltd top brass urged the military to continue the fight against the menace. Ripples Nigeria noted that Nigeria has recorded …

Stakeholders in Nigeria’s telecommunications ecosystem on Tuesday warned that the industry was on the brink of collapse. They spoke at a forum titled: “TELECOMMUNICATION INDUSTRY 2.0: The Next Investment Frontier in Nigeria,” held in Lagos. In his remarks at the event, MTN Nigeria Chief Executive Karl Toriola warned that the country’s telecommunications sector was now in a gasping intensive care …

The downward trend in the Nigerian equity market continued on Tuesday as investors lost N278 billion at the close of trading. This follows a decline in the share prices of the likes of Oando, Livestock Feeds and Cornerstone among others on the trading floor. After five hours of trading in the capital market, equity capitalization plunged to N55.2 trillion from …

The Bank Directors Association of Nigeria (BDAN) has opposed the recently signed windfall tax introduced by the Federal Government. The association described it as “excessively burdensome and ill-timed”. In a recent statement by its chairman, Mustapha Chike-Obi, BDAN warned that high tax rates would stifle growth and innovation in the banking industry. Chike-Obi is also the chairman of Fidelity Bank …