Local Stock NEM’s shareholders approve N3.0bn dividend July 8, 2024 Ekemini Uba At the Annual General Meeting, shareholders of NEM Insurance Plc approved a N3 billion dividend for the fiscal year ending December 31, 2023, translating to 60 kobo per N1.00 ordinary…
Banking Local Access Holdings’ N351bn Rights Issue opens for subscription July 8, 2024 Ekemini Uba Access Holdings Plc has announced the commencement of its N351 billion Rights Issue, part of a larger Capital Raising Programme aimed at generating up to US$1.5 billion. This initiative is…
Business Local Why CBN insists on another recapitalisation — Cardoso July 8, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) emphasized that further bank capitalisation is crucial for the nation’s economic stability. CBN Governor Dr. Olayemi Cardoso, represented by Deputy Governor Mr. Philip Ikeazor,…
Business investment Local Foreign investments in manufacturing down 57.4% to N192bn in Q1’24 July 8, 2024 Ekemini Uba The harsh business environment in Nigeria led to a 57.36% decline in foreign investments in the manufacturing sector, falling to N191.92 billion in Q1 2024 from N450. 11 billion in…
Business Local Brewing industry choking over high cost of raw materials July 8, 2024 Ekemini Uba The Nigerian brewery industry is grappling with severe cost pressures as prices for local raw materials such as sorghum and wheat skyrocket. In Q1 2024, leading brewers saw their local…
Business Local Only 1.3% Of Informal Businesses Make N2.5m Profit – Report July 8, 2024 Ekemini Uba The 2024 Informal Economy Report, compiled by Moniepoint, reveals that a mere 1.3% of Nigerian informal businesses make over N2.5 million in monthly profit. Despite contributing more than half of…
Business Energy Local FG Exempts GenCos, DisCos, Others From Withholding Tax July 8, 2024 Ekemini Uba The federal government has exempted all electricity companies, including Generation and Distribution Companies (GenCos and DisCos), from paying Withholding Tax, effective July 1, 2024. This exemption, outlined in the new…
Banking Local Banks’ weekly borrowing from CBN jumps to N5.38trn on liquidity demand July 8, 2024 Ekemini Uba The recent data from the Central Bank of Nigeria (CBN) reveals a significant increase in borrowing by Deposit Money Banks (DMBs) from the CBN through the Standing Lending Facility (SLF).…
Local Oil slips as Gaza talks ease supply disruption woes; Hurricane Beryl in focus July 8, 2024 Ekemini Uba Oil prices dropped on Monday after four weeks of gains due to potential progress in Gaza ceasefire talks, reducing Middle East tensions. Brent crude futures fell to $86.18 per barrel,…
Local US, Australia commit to better Pacific banking as China influence grows July 8, 2024 Ekemini Uba U.S. and Australian officials reaffirmed their commitment to improving financial connectivity in the Pacific as regional lenders and policymakers gathered to discuss enhancing banking services. This comes as Western banks…
Local Boeing to plead guilty to fraud in US probe of fatal 737 MAX crashes July 8, 2024 Ekemini Uba Boeing has agreed to plead guilty to a criminal fraud conspiracy charge and pay a $243.6 million fine to settle a U.S. Justice Department investigation into two fatal 737 MAX…
Local FG Increases Rate Of Mining Licences July 5, 2024 Ekemini Uba The Ministry of Solid Minerals Development has introduced new rates for mining licenses to enhance ease of doing business and support ongoing reforms. Minister Dele Alake announced that the new…
Local MTN Renovates School In Lagos July 5, 2024 Ekemini Uba MTN has renovated Iwerekun Community High School in Lagos, demonstrating its commitment to improving learning standards. The renovation is part of MTN’s annual corporate social responsibility campaign, Y’ello Care, themed…
Currency Exchange rate gap closes as dollar trades at N1,520.24 at official market July 5, 2024 Ekemini Uba On Thursday, the naira/dollar exchange rate reached N1,520 in both the official and parallel markets. This rare convergence reflects the Central Bank of Nigeria’s (CBN) efforts to stabilize the naira…
Local NCAA Suspends Permits of 10 Private Jet Operators Over Recertification Issues July 5, 2024 Ekemini Uba The Nigeria Civil Aviation Authority (NCAA) has suspended the Permit for Non-Commercial Flights (PNCF) of 10 private jet operators for failing to begin their recertification process. The operators include Azikel…
Business Local Tinubu targets production of 2million bpd oil, 6GW electricity, 135m tonnes food July 5, 2024 Ekemini Uba On Thursday, President Tinubu announced a N2 trillion economic stabilization package alongside the National Construction and Household Support Programme. The package aims to stabilize the economy, create jobs, and enhance…
Business Local NHIA increases health insurance capitation by 60%, implements 40% fee for service hike in Nigeria July 5, 2024 Ekemini Uba The National Health Insurance Authority (NHIA) has announced substantial tariff adjustments, including a 60% increase in capitation and a 40% rise in Fee-For-Service (FFS) fees. These changes were disclosed during…
Business New UK Leader: British pound shows strength against naira and U.S dollar July 5, 2024 Ekemini Uba Keir Starmer’s centre-left Labour Party secured a substantial majority in the UK general election, providing reassurance to the global currency market after years of volatility under the Conservatives. The British…
Local FG Inaugurates 12 New CNG Stations in Lagos, Abuja July 5, 2024 Ekemini Uba The federal government and the Nigeria National Petroleum Corporation (NNPC) have inaugurated twelve new Compressed Natural Gas (CNG) stations in Lagos and Abuja. This initiative, launched on Thursday, is part…
Business World Band A customers: NLC demands new tariff hike reversal July 5, 2024 Ekemini Uba The Nigeria Labour Congress (NLC) has criticized the recent increase in electricity tariffs for Band A customers from N206.80 to N209.5 per kilowatt-hour. In a statement on Thursday, NLC President…
Business NNPC disagrees as report puts petrol debt at $6bn July 5, 2024 Ekemini Uba Nigeria’s state-owned Nigerian National Petroleum Company Limited (NNPC) is facing a mounting debt crisis in its petrol imports, which has now exceeded $6 billion. This sharp increase from earlier figures…
Business Local SEC approves Chiemeka’s appointment as NGX CEO July 5, 2024 Ekemini Uba Jude Chiemeka has been officially appointed as the Chief Executive Officer of the Nigerian Exchange Limited (NGX), effective from July 1. He brings nearly thirty years of experience in African…
Banking Local Union Bank promotes 337 employees July 5, 2024 Ekemini Uba Union Bank of Nigeria has announced the promotion of 337 employees across its various departments. The bank’s Managing Director/Chief Executive Officer, Yetunde Oni, emphasized that the promotions were well-deserved, celebrating…
Business World China’s BYD opens EV factory in Thailand, first in Southeast Asia July 4, 2024 Ekemini Uba China’s leading electric vehicle (EV) manufacturer, BYD (002594.SZ), has inaugurated its first Southeast Asian factory in Thailand. This is a significant move into one of the region’s fastest-growing EV markets.…
Business Local Access Holdings Kicks Off N351bn Capital Raising July 4, 2024 Ekemini Uba Access Holdings Plc is set to raise a whopping N351 billion through a Rights Issue for its existing shareholders. This move was cemented with a formal signing ceremony at the…
Energy Local DisCos further raise Band A electricity tariff, blame operating costs July 4, 2024 Ekemini Uba Electricity Distribution Companies (DisCos) in Nigeria have approved another tariff hike for Band A consumers due to soaring operational costs. This marks the second increase this year, further challenging businesses…
Business Local Senate to receive ‘N6.6trn’ supplementary budget next week July 4, 2024 Ekemini Uba The Senate Committee on Public Affairs, led by Yemi Adaramodu, is set to review a supplementary budget of around N6.6 trillion next week. Although this figure isn’t official yet, it…
Business Local FG up to date on debt payments, $700m paid, says Edun July 4, 2024 Ekemini Uba Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the federal government has paid $700 million in debt services for 420 national development agencies. Speaking…
Local NCDMB won’t register oil service providers without capacity – ES July 4, 2024 Ekemini Uba The Nigerian Content Development and Monitoring Board (NCDMB) has announced stricter measures for approving oil service companies. Felix Ogbe, the Executive Secretary, emphasized that only companies with proven capacity to…
Business Labour, private sector protest as Discos hike tariff again July 4, 2024 Ekemini Uba The Nigeria Labour Congress, Trade Union Congress, and Organised Private Sector have criticized the recent hike in electricity tariffs for Band A customers. The Nigerian Electricity Regulatory Commission (NERC) raised…
