Business

Over N125 billion was raised by MTN Nigeria through the Commercial Paper Issuance Programme, the telecommunications company revealed on Wednesday. MTN Nigeria said the firm’s initial fundraising expectation was N100 billion through Series 6 & 7 Commercial Paper issuance, however, it recorded 146 per cent subscription in the capital market. The capital was raised under its N250 billion Commercial Paper …

The Nigerian equity market closed positively on Tuesday, gaining 133.98 basis points as the market remain favourable. The NGX All Share Index advanced by133.98 basis points or 0.20 per cent closing at N70613.60 points compared to previous day gain of 0.40 per cent which closed at 70479.62 points. Market capitalisation of listed equities also appreciated by N85 billion to N38.787 …

Dangote Sugar Refinery (DSR) has disclosed that it has agreed to the terms and conditions of the merger of the company with NASCON Allied Industries Plc. and Dangote Rice Limited (DRL). In a statement released on Wednesday, Dangote Sugar said the scheme of arrangement offers NASCON and DRL shareholders 12 shares of 50 kobo each in DSR for 11 ordinary …

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has declared its readiness to push up the nation’s yearly earnings in non-oil exports to 35 billion dollars in the next five years. The director-general of SMEDAN, Mr. Charles Odii, disclosed this during a three-day capacity-building programme on packaging and branding of products for AfCFTA on Tuesday in Uyo. The …

Borno State-based investment firm, Stockmatch Investments Ltd, was on Tuesday shut down by the capital market regulator, the Securities and Exchange Commission (SEC). The regulator said Stockmatch was operating illegal investments, as it didn’t have the approval from the SEC to conduct fund management activities in the country. SEC disclosed that Stockmatch promises exorbitant rates of returns to lure investors, …

The naira exchanged at N775.34 to a dollar at the Investors and Exporters window on Tuesday. The Nigerian currency lost by 0.42 percent compared to the N772.12 it traded for the dollar on Monday. The open indicative rate closed at N769.66 to the dollar on Tuesday. READ ALSO: There’s no provision for floating the naira, it’s illegal, Falana slams CBN …

Flour Mills of Nigeria (FMN) recorded loss after tax in the period ended June 2023 and also lost millions to penalty during the same period, the firm’s financial statement showed. In its Q1 2023 financial statements released on Wednesday, Flour Mills of Nigeria reported N9.33 billion loss, failing to improve on the N5.49 billion profit after tax recorded in the …

Sub-Saharan African countries have been advised by the International Monetary Fund (IMF) to tackle their fiscal deficits by focusing on eliminating tax exemptions and bolstering domestic revenue rather than resorting to fiscal expenditure cuts, which could hamper economic growth. The IMF conveyed this recommendation in a paper titled ‘How to avoid a debt crisis in Sub-Saharan Africa.’ The IMF’s paper …

Brent crude oil price rallied to $97.5 on Thursday, as the crude storage hub in Cushing, Oklahoma, United States, fell by 943,000 barrels to 22 million barrels within one week. According to the Managing Director of TD Securities, Bart Melek, the hike in Brent oil price was driven by the decline in crude stocks in Cushing. “Today’s price action seems …

The Senior Special Assistant to Gov. Alex Otti on Due Process, Dr Oluebube Chukwu, said the Abia State Government has adopted private sector participation to build an efficient waste management system in the state. Chukwu said this while speaking to newsmen on the sideline of this month’s environmental sanitation in Umuahia. Abia State Government on June 23 invited bids from …