- Economy
Equities market drops by N889bn a day to Eid-el-Kabir holiday
The Nigerian equities market closed lower by N889 billion as investors’ profit taking a day to Eid-el-Kabir holiday triggered a broad-based sell-off across the bourse. The market will be closed following the federal government declaring Wednesday, 27th May and Thursday, 28th May, 2026, as public holidays to mark the celebration of Eid ul Adha. The All-Share Index declined by 1,386.18…
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NDIC reiterates commitment to strong deposit insurance funding to enhance financial system stability
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to continuously strengthening its Deposit Insurance Funds (DIFs) as part of efforts to promote the stability and resilience of the nation’s financial system. The Managing Director/Chief Executive of the Corporation, Mr. Thompson Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation, Mr.…
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Nigeria’s GDP grows by 3.89% in Q1 2026, says NBS
Nigeria’s economy recorded a real Gross Domestic Product (GDP) growth of 3.89per cent year-on-year in the first quarter (Q1) of 2026, reflecting an improvement from the 3.13per cent growth recorded in the corresponding period of 2025. This is according to fresh GDP data released by the National Bureau of Statistics (NBS). The latest figures indicate continued expansion across major sectors…
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Shareholders of Seplat confirm Elumelu’s appointment as non-executive director
Shareholders have confirmed the appointment of Tony Elumelu, chairman of Heirs Energies, an indigenous oil and gas company, as a non-executive director of the board of Seplat Energy Plc. The appointment of Elumelu into the Seplat board was confirmed during the company’s 13th annual general meeting (AGM) on Wednesday in Lagos. During the AGM, the shareholders were asked to vote…
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Youth leadership: NDIC, Nile University host immersion challenge for business school students
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to talent development and stronger industry-academia collaboration, through the platform of the Executive Industry Immersion Challenge (EIIC) programme that was conducted in partnership with the Nile Business School, Nile University of Nigeria, Abuja. Speaking at the opening ceremony of the 4-day programme at the Corporation’s Head Office in Abuja, the…
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Nigerian’s equities market drops by N1.62trn
The Nigerian equities market on Wednesday recorded a sharp midweek decline, losing N1.62 trillion in market capitalization as investors trimmed exposure across major counters. The All-Share Index (ASI) lost 2,573.05 points, representing a loss of 1.02 per cent to close at 249,062.37 points. Also, market capitalisation shed by N1.62 trillion to close at N159.661 trillion. The decline was driven by…
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CBN retains interest rate at 26.5%
The Central Bank of Nigeria has retained the Monetary Policy Rate (MPR) at 26.5per cent after the conclusion of the MPC’s 305th meeting in Abuja. CBN Governor Olayemi Cardoso announced the decision, noting that all other key monetary policy parameters were also left unchanged. The apex bank said the decision reflects a cautious approach aimed at maintaining macroeconomic stability amid…
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Ahead of proposed IPO, Femi Otedola plans $100m investment in Dangote refinery
..Refinery eyes $2bn investments from private investors, says Dangote As the proposed initial public offering (IPO) gets close on the Nigerian Exchange Limited, Chairman of First HoldCo, Femi Otedola has revealed he will invest $100 million in Dangote refinery. He announced his plans on Wednesday after leading top executives of First HoldCo to visit President of the Dangote Group, Aliko…
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The significance of Tinubu’s Nairobi and Kigali investment-driven trip, Kola Amzat
Since President Tinubu inauguration into office in 2023, he has never left any one in doubt of his intention to launch the country into the midst of industrial nations across the globe and this he’s been pursuing by deploying every available resource to bring in the best of foreign investments to Nigeria. In realization of this objective, the president has…
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NRS targets N40trn revenue, identifies leakages in VAT remittance by states, agencies
The Nigeria Revenue Service (NRS) has maintained that the revenue target for 2026 is N40 trillion, identifying significant leakages in the deduction and remittance of value-added tax (VAT) and withholding tax by some states and government agencies. The Executive director of large taxpayer and government directorate at the NRS, Amina Ado spoke on Tuesday at a national workshop on strengthening…
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