Business

It has been a forgettable week for investors in the Nigerian equity market after suffering a cumulative loss of N2.75 billion in the just ended trading week. The exchange recorded losses on three of the five trading days and made profits on two trading days. Market capitalization dropped to N56.58 trillion from N56.60 trillion the previous week as the All …

Nigeria’s Finance Minister, Wale Edun, has reiterated his country’s commitment to implementing the Economic Community of West African States (ECOWAS) single currency, ECO. This is despite recent setbacks, with the convergence rate among member states falling to 29.2% in 2023, well below the adoption target. Edun’s remarks, delivered during a virtual high-level committee meeting on Friday, signaled a renewed push …

Nigeria’s Minister of Innovation, Science and Technology, Uche Nnaji, on Friday, announced plans to develop domestic ethanol production using cassava as a feedstock. The initiative, marked by a Memorandum of Understanding between Montserrado Investments and the Federal Institute of Industrial Research Oshodi (FIIRO), aims to establish a cassava-based ethanol plant in Ekiti State. The project promises two benefits: economic and …

Nigerian equity markets closed the week on a negative note as investors lost N23 billion at the close of trading on Friday. This follows the decline in stock prices such as UPDCREDIT, JULIUS BERGER, and IKEJA HOTEL, among others on the trading floor today. After five hours of trading in the capital market, equity capitalization plunged to N56.5 trillion from …

The naira recovered from its recent slump against the US dollar on Friday to close the week on a positive note. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the local currency strengthened by N11 to trade at N1,509/$1 on the official exchange. The figure is lower than the N1,520/$1 the naira was trading at on Thursday. The …

The newly appointed Chief Executive Officer (CEO) of the Nigerian Exchange Group, Mr. Jude Chiemeka, has been tasked with the daunting task of driving the NGX towards long-term success. This follows his appointment as substantive CEO of the exchange’s operating subsidiary. Commenting on the appointment following the approval of the Securities and Exchange Commission (SEC), Group Chairman, NGX Group, Alhaji …

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 …