Business

The Nigerian Exchange’s (NGX) e-offering platform, NGX Invest, continues to revolutionize capital-raising in Nigeria with the addition of Stanbic IBTC Holdings Plc’s N148.7 billion rights issue. Presented at the Facts Behind the Rights Issue event, the Rights Issue, which has been open since January 15 and will close on February 21, 2025, highlights the growing adoption of NGX Invest, a…

… donates furniture, educational materials to host communities  Joy and elation enveloped the Idotun Community Junior High School, a suburb of Lekki, recently when Dangote Petroleum Refinery & Petrochemicals, in partnership with Dangote Fertilisers Limited, awarded scholarships to 473 students from 10 secondary schools and 7 tertiary institutions. In addition, the company donated 804 tables and chairs to secondary schools…

The Nigerian Communications Commission (NCC) has approved tariff adjustments for telecommunications operators in response to rising operational costs, emphasizing the need to balance consumer protection with industry sustainability. According to a statement signed by Reuben Muoka, Director of Public Affairs at the NCC, the tariff adjustment will be capped at a maximum increase of 50%, significantly lower than the over…

The World Bank Group has announced the 30-month debarment of two Nigeria-based companies—Viva Atlantic Limited and Technology House Limited—and their Managing Director and Chief Executive Officer Mr. Norman Bwuruk Didam. The debarment is in connection with fraudulent, collusive, and corrupt practices as part of the National Social Safety Nets Project in Nigeria. The project aimed to provide access to targeted…

The National Bureau of Statistics (NBS) on Monday disclosed that it has completed the process of Rebasing or Re – Benchmarking of the Gross Domestic Product (GDP) and is set to launch the Report by January ending of 2025.   GDP is the market value of all the goods and services produced within a country in a given period. GDP…

A data by Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that enrollments for the Bank Verification Number (BVN) by bank account owners in the country increased to 64.8 million in January 2025.   Previous data released by the organization showed that the enrollment database stood at 64 million in November last year. This indicates that about 800,000 account owners have…

The management of Dangote refinery has attributed the increase in ex-depot on Premium Motor Spirit (PMS) or petrol at N950/litre on hike in oil global price, stressing crude remains the primary input in the production of PMS, and any fluctuation in its international price inevitably impacts the cost of the finished product. The company in a statement obtained by WESTERNPOST…

The Nigerian equities market closed bearish in three out of five trading sessions last week, leading to N1.45trillion week-on-week (W-o-W) drop in market capitalisation to close the week at N62.851 trillion. The Nigerian Exchange Limited All-Share Index (NGX ASI) dipped by 2.94 per cent W-o-W to close at 102,353.68 basis points. Sectoral performance last week was lackluster. The NGX Consumer…

A former Group Managing Director (GMD) of First Bank, Dr. Bisi Onasanya, has dismissed allegations circulating on social media, suggesting his involvement in a purported commercial loan facility transaction controversy carried out 12 years ago at the bank. In a statement, Onasanya, who spoke through his Communication Advisor, Mr. Michael Oshunuyi, described the claims as baseless and an attempt to…

The Securities and Exchange Commission (SEC) has reminded Capital Market Operators (CMOs) to ensure that they renew their registration on or before January 31, 2025. The Commission said this in a circular issued recently to ask the operators to begin this annual renewal of registration from January 1 to January 31, 2025. The annual renewal of registration of Capital Market…