Business Local Tax expert cautions FG against implementing 10 per cent VAT September 6, 2024 Ekemini Uba Former Ogun State Commissioner for Finance, Mrs. Morenike Babington-Ashaye, has cautioned the Federal Government against implementing the newly proposed 10% Value Added Tax (VAT), warning that such a move would…
Business Local PFAs diversify assets as equity stake jumps 40% September 5, 2024 Ekemini Uba Nigeria’s Pension Fund Administrators (PFAs) have increased their equity investments by 40% in just one year, reflecting the growing confidence in the stock market. Between July 2023 and July 2024,…
Crypto Local Why We Approved Crypto Exchanges- SEC September 5, 2024 Ekemini Uba The Securities and Exchange Commission (SEC) of Nigeria recently approved two cryptocurrency exchanges, Busha Digital and Quidax Technologies, as part of a broader initiative to attract Nigerian youths to participate…
Business Local Delisting: Shareholders’ stance unchanged amid PZ Cussons’ N28bn negative equity September 5, 2024 Ekemini Uba Shareholders of PZ Cussons Nigeria are pushing back against the company’s plan to delist from the Nigerian Exchange (NGX), despite a troubling net loss of N76 billion for the financial…
Africa Business Sub-Saharan Africa to make 25% of global workforce – Report September 5, 2024 Ekemini Uba Shareholders of PZ Cussons Nigeria are pushing back against the company’s plan to delist from the Nigerian Exchange (NGX), despite a troubling net loss of N76 billion for the financial…
Business Local Yield-hungry investors subscribe Nigerian Treasury Bills with N1.13 trillion September 5, 2024 Ekemini Uba Investor interest in Nigerian Treasury Bills (NTBs) surged at the recent auction held on September 4, 2024, as total subscriptions soared to over N1 trillion. The Central Bank of Nigeria…
Stock World Europe stocks mixed after three straight declines; U.S. jobs data in focus September 5, 2024 Ekemini Uba European stock markets opened Thursday on a mixed note, extending a negative trend despite hitting record highs last week. The Stoxx 600 index fluctuated, with utilities stocks rising 1.6%, while…
Business Local Shettima inaugurates $115m upgrade of APM terminals west Africa container terminal September 5, 2024 Ekemini Uba Vice President Kashim Shettima officially inaugurated a $115 million upgrade project at the West Africa Container Terminal (WACT) in Onne, Rivers State, showcasing APM Terminals’ commitment to Nigeria’s economic growth.…
Business Local Nigerian PMI Report: August Sees First Economic Expansion in Over a Year September 5, 2024 Ekemini Uba In August 2024, Nigeria’s Purchasing Managers’ Index (PMI) showed its first economic expansion in 13 months. The Central Bank of Nigeria (CBN) reported a composite PMI of 50.2 index points,…
Africa Business Sub-Saharan Africa to make 25% of global workforce – Report September 5, 2024 Ekemini Uba A new report from Bridgewater Associates, Global Citizen, and Harith General Partners reveals that Sub-Saharan Africa will contribute about 25% of the world’s working-age population in the coming decades. This…
Business Currency Local Nigeria’s exchange rate weakens to N1,625.88/$1, worst in six months September 5, 2024 Ekemini Uba On August 4, 2024, the naira fell to a six-month low of N1,625.88 per dollar in the official NAFEM market, marking a significant depreciation from the previous day’s rate. This…
Business Local $500m domestic dollar bond result expected Friday September 4, 2024 Ekemini Uba The Federal Government of Nigeria is set to announce the results of its $500 million domestic US dollar bond by Friday. The bond, which was offered on August 19, 2024,…
Business Local Petrol price hike: NLC cries foul, threatens strike September 4, 2024 Ekemini Uba The Nigeria Labour Congress (NLC) has called on the federal government to immediately reverse the recent increase in the price of Premium Motor Spirit (PMS). NLC President Joe Ajaero voiced…
Business Local Sovereign Trust Insurance pays N1.9bn claims in H1 September 4, 2024 Ekemini Uba Sovereign Trust Insurance Plc has reported disbursing N1.9 billion in claims during the first half of 2024. The payouts, covering 1,455 claims, spanned various policies, with Fire claims receiving the…
Business Local Power generation hits 5,313MW, first time in three years September 4, 2024 Ekemini Uba Nigeria’s power generation surged to a three-year high of 5,313 megawatts on Monday, according to the Federal Ministry of Power. The Minister of Power, Adebayo Adelabu, urged electricity distribution companies…
Business Local Air cargo demand rises by 13.6% – IATA September 4, 2024 Ekemini Uba The International Air Transport Association (IATA) reported a 13.6% increase in global air cargo tonne-kilometres in July 2024 compared to the same period in 2023. This marks the eighth consecutive…
Business Local Virgin Atlantic begins Accra-London flight September 4, 2024 Ekemini Uba Virgin Atlantic has announced the re-launch of its daily flights between Accra, Ghana, and London Heathrow, starting May 1, 2025. This move is in response to the increasing travel demand…
Business Local Oando director resigns September 4, 2024 Ekemini Uba Oando Plc has announced the resignation of Mr. Tanimu Yakubu as a non-executive director, following his decision to undertake a national assignment with the Federal Government. Mr. Yakubu, who joined…
Business Market World World stocks tiptoe, dollar holds as investors await US data September 3, 2024 Ekemini Uba World stocks held steady on Tuesday while the dollar remained near a two-week high as investors awaited crucial U.S. economic data. The focus is on the ISM manufacturing survey and…
Business Local EV firm Polestar taps former Stellantis finance executive as CFO September 3, 2024 Ekemini Uba Polestar announced the appointment of Jean-Francois Mady, a former Stellantis finance executive, as its new CFO, following the recent replacement of CEO Thomas Ingenlath with Michael Lohscheller. This move marks…
Technology World Apple to switch to OLED displays for all upcoming iPhones from 2025, Nikkei reports September 3, 2024 Ekemini Uba Apple plans to use OLED displays for all iPhone models starting in 2025, according to Japan’s Nikkei. This shift from liquid crystal displays (LCDs) aims to provide more vivid colors…
Business World Cathay Pacific inspections find 15 A350s need engine parts replaced September 3, 2024 Ekemini Uba Cathay Pacific Airways announced it has inspected its entire Airbus A350 fleet after a critical engine component failed during a flight. The airline found 15 aircraft requiring component replacements and…
Business Market World Asian markets slip amid economic worries September 3, 2024 Ekemini Uba Asian markets fell on Tuesday as investors anticipated the upcoming U.S. jobs report, which is expected to influence the Federal Reserve’s interest rate decisions. The report, due on Friday, is…
Business Local ‘It’s falsehood,’ FG denies ordering NNPC to raise fuel price September 3, 2024 Ekemini Uba The Federal Government has refuted claims suggesting that the Ministry of Petroleum Resources ordered the Nigerian National Petroleum Company Limited (NNPCL) to sell fuel at N1,000 above the approved pump…
Business Local NGX, UNIMAID Sign Strategic Partnership to Promote Capital Market Education September 3, 2024 Ekemini Uba The Nigerian Exchange (NGX) and the University of Maiduguri (Unimaid) have signed a Memorandum of Understanding (MoU) aimed at bridging the gap between academic research and industry practice. This strategic…
Business Local PremiumTrust Bank posts N47.8b gross earnings September 3, 2024 Ekemini Uba PremiumTrust Bank achieved gross earnings of N47.80 billion and a profit before tax of N14.10 billion in 2023, as announced during its Annual General Meeting (AGM) in Lagos. The bank…
Business Local Nigeria’s manufacturing sector plunges as GDP contribution declines by 20.95% in 6 months September 3, 2024 Ekemini Uba Nigeria’s manufacturing sector has seen a significant decline in its contribution to the nation’s GDP, dropping by 20.95% in the first half of 2024, according to reports from the National…
Business Local Equities market resumes September bullish, investors gain N123bn September 3, 2024 Ekemini Uba The Nigerian equities market kicked off September on a bullish note, with investors’ wealth growing by N123.45 billion due to strong bargain hunting in Oando and banking stocks. The All…
Local NCAA Clarifies Misconception Of U.S. Flight Ban For Nigerian Airlines September 3, 2024 Ekemini Uba The Nigeria Civil Aviation Authority (NCAA) has addressed recent reports claiming a U.S. ban on Nigerian airlines, clarifying that there is no such ban and urging accurate reporting to prevent…
Business Local DMO opens September bonds offer with 18.2% interest September 3, 2024 Ekemini Uba The Federal Government of Nigeria, through the Debt Management Office (DMO), has launched its September 2024 Federal Government of Nigeria (FGN) savings bonds, featuring highly competitive interest rates. Investors can…
