- Economy
Nigeria’s inflation rate rose to 15.93% in May 2026, says NBS
The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s inflation rate increased by 24basis points to 15.93 per cent in May 2026 from 15.69 per cent reported in April 2026. On the other hand, on a month-on-month basis, growth in consumer prices slowed to 1.75per cent, compared with 2.13per cent m/m recorded in April. According to NBS…
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Oil prices drop by 4.9% after US-Iran deal announced
Oil prices have fallen after Pakistan, which has been mediating an end to the US-Iran war, announced a framework deal that President Donald Trump said would see the reopening of the key Strait of Hormuz shipping route. Brent crude, the global oil benchmark, was 4.3per cent lower at $83.55 (£62.10) a barrel on Monday, while US-traded oil was down by…
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Despite 77% drop in profit, Conoil proposes N1.39bn dividend
Amid 77 per cent drop in profit, the management of Conoil Plc has proposed a dividend of N2.00 per share for the 2025 financial year. This amounts to a total payout of N1.39 billion, despite reporting a sharp decline in profitability as rising borrowings and finance costs weighed heavily on earnings. The proposed dividend, subject to shareholder approval at the…
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IMF advises Nigeria to introduce excise duties on telecom tax
The International Monetary Fund (IMF) has advised the Nigerian government to introduce excise duties on telecommunications services and extend Value Added Tax (VAT) to fuel products as part of broader measures to strengthen its revenue. The Fund gave the recommendation in its latest Article IV consultation report on Nigeria. The IMF said Nigeria would need additional tax policy reforms over…
Read More » - Company Report
Zichis Agro obtains N2bn funding to support expansion strategy
Zichis Agro Allied Industries Plc has announced a N2 billion non-equity capital injection from its core promoters, Chilla Entertainment Limited and Winners Investment & Trust Limited, as part of its broader N50 billion growth and expansion programme. The development was disclosed in a statement signed by the company’s Managing Director/Chief Executive Officer, Akabusi Anthonia Chinyere, and Executive Director, Finance &…
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Nigerian banks quick to raise lending rate, but slow to reduce it, says IMF
The International Monetary Fund (IMF) has said Nigerian banks raise lending rates rapidly when monetary policy is tightened but are slower to reduce borrowing costs or increase returns to savers. At its last monetary policy committee (MPC) meeting, the Central Bank of Nigeria (CBN) retained the monetary policy rate (MPR), which benchmarks interest rates in the country, at 26.5 per…
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SKLD Integrated Services quotes N7.30bn commercial papers on FMDQ Exchange
In continued demonstration of its unwavering commitment to deepening the Nigerian capital markets, FMDQ Securities Exchange Limited has approved the quotation of SKLD Integrated Services Limited’s N0.86 billion Series 1 and N6.44 billion Series 2 Commercial Papers under its N10.00 billion CP Programme. This approval by the Exchange’s Board Listings and Markets Committee reinforces FMDQ Exchange’s role as a trusted…
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Nigerian equities market appreciates by N100bn
The Nigerian equities market extended its winning streak to a fourth consecutive trading session as investors’ investments rose by N100 billion. The Nigerian Exchange Limited All-Share Index (NGX ASI) rose by 154.59 per cent, or 0.06 per cent to close at 244,852.21 points. Similarly, the overall market capitalisation value gained N100 billion to close at N 157.043 trillion. The market…
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Standard Bank Group backs Dangote IPO listing, expansion drive
Africa’s largest financial institution, Standard Bank Group, has reaffirmed its commitment to support the growth of Dangote Industries Limited, pledging backing for the planned listing of the Dangote Petroleum Refinery while expressing readiness to finance future expansion projects across the continent. The commitment came during a strategic visit by Standard Bank Group Chief Executive, Sim Tshabalala, and senior executives to…
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NGX Group advances ESG agenda through World environment day cleanup exercise
Nigerian Exchange Group (NGX Group) has reinforced its commitment to environmental sustainability through a community cleanup exercise at Marina, Lagos, held in commemoration of World Environment Day 2026 in partnership with the Lagos State Waste Management Authority (LAWMA) and the Recyclers Association of Nigeria (RAN). The activity brought together employee volunteers from NGX Group and representatives of both partner organisations…
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