Business

Nigeria’s billionaire investor, Mr. Femi Otedola has said his decision to invest in Dangote Cement Plc is on the backdrop of its potential to generate foreign exchange (FX) for Nigeria. Otedola in an official statement giving reasons for his recent acquisition of shares in Dangote Cement,noted that the move was a strategic investment underscores his confidence in Dangote Cement’s potential…

The bulls maintained their grip on the Nigerian equities market on Thursday as the overall capitalization crossed N50 trillion. Also, the equities market benchmark, the Nigerian Exchange Limited All-Share Index (NGX All-Share Index) breached the psychological 91,000 basis points mark amid investors buying interest in Dangote Cement Plc, among others. This notable upswing was attributed to robust investor interest spanning…

The equities market of the Nigerian Exchange Limited (NGX) on Wednesday gained 2.38 per cent to cross the 90,000 basis points amid its third consecutive gain this week driven by sustained bargain hunting in Dangote Cement Plc and 46 others. The Nigerian Exchange Limited All Share Index (NGX ASI) rose by 2,092.15 basis points or 2.38 per cent to close…

The Central Bank of Nigeria (CBN) has uncovered infractions, gross abuses, and non-compliance with foreign exchange market regulations. Consequently, the apex bank vowed it would punish those responsible for these abuses in collaboration with relevant agencies. The CBN Acting Director of Communication, Mrs. Sidi Ali, disclosed in a statement in Abuja on Wednesday. The development came about six months after…

In another phenomenal trading day at the equities market, the Nigerian Exchange Limited All-Share Index (NGX ASI) appreciated by 3.93per cent, gaining 3,330.21 basis points to close at an all-time high of 87,971.10 basis points. The market cap gained N1.82trillion on Tuesday to N48.139trillion from N46.317trillion it opened for trading. Equities witnessed significant upswings with 75 gainers overshadowing the nine…

The National Bureau of Statistics (NBS) on Monday revealed that inflation increased to 28.92 per cent in December 2023, gaining 7.58 percentage points from 21.34 per cent reported December 2022. The reported 28.92 per cent is the highest since 2003 as Nigeria economy suffered effect of war between Russia and Ukraine, insecurity, among others. In 2023, the push in inflation…

The Central Bank of Nigeria (CBN) is set to decongest its Abuja head office and transfer some of its departments to Lagos State. A report by Punch stated that an officer of CBN expressed that the move was to decongest the apex bank’s head office. Although some staff members of the bank have reportedly resisted the transfer and claimed that…

The equities market of the Nigerian Exchange Limited (NGX) gained N1.85trillion Week-on-Week (WoW) as investors continued to take position in fundamental stocks. The market capitalisation closed trading at N45.442trillion, gaining N1.85trillion from N43.594trilliion it opened for trading. On Tuesday, the market capitalisation gained N1.6trillion on the backdrop of investors’ demand for large-mid stocks surge banking index, among others on the…

A Unity Bank customer, Mr. Musa Dayyabu, has emerged winner of N1million in the ongoing cash reward Promo by Unity Bank Plc and CashToken Rewards Africa. CashToken Rewards Africa is a Cash-Reward-as-a-Service company that rewards customers for patronage and loyalty. Dayyabu, a customer of the Bank from Bello Road Branch, Kano, won the cash prize after he activated his Unity…

The equities market of the Nigerian Exchange Limited (NGX) on Thursday resumed its upward trend by after 0.70 per cent prior’s bearish performance, driven renewed interest in MTN Nigeria Communication Plc, 47 others. Thus, the NGX All-Share Index advanced by 572.70 basis points or 0.70 per cent to close at 82,597.08 basis points. Also, market capitalisation rose by N314 billion…