Business

The equities market of the Nigerian Exchange Limited (NGX) dropped by N421 billion in one week as investors engaged in cautious portfolio adjustments and sectoral realignments. As a result of the market downturn, the All-Share index declined by 0.62 per cent to close the week at 107,821.39 points. Similarly, market capitalisation lost N421 billion week-on-week (W-o-W) to close at N67.193…

Key stakeholders have urged the leadership of the NEZ Association, Nigeria Export Processing Zones Authority (NEPZA), and Oil and Gas Free Zones Authority (OGFZA) to further engage with the Central Bank of Nigeria (CBN) to finalise the guidelines for the implementation of offshore banking in Special Economic Zones (SEZs). This, among others, was part of the communique issued at the…

The Nigerian Civil Aviation Authority (NCAA) has announced plans to shut down Ibadan Airport for six months to allow for maintenance and upgrade works. The Director of Public Affairs and Consumer Protection, Mr. Michael Achimugu, disclosed this on Friday via his official handle on X, stating that the temporary closure is expected to begin in early March. “Subject to new…

…board approves record N4.4bn dividend for shareholders   Nigerian Exchange Group Plc has announced its audited financial results for the year ended December 31, 2024, delivering a record-breaking profit before tax (PBT) of N13.6 billion, marking an impressive 157.3 per cent year-on-year growth.  This strong performance was driven by robust revenue expansion, strategic cost optimization, and increased market participation, reflecting the…

By Kunle Sanni Foreign airlines operating in Nigeria will not receive approval for their summer flight schedules unless they partner with local catering companies for onboard meal services, Minister of Aviation and Aerospace Development, Festus Keyamo, has warned. Keyamo issued the directive during a stakeholders’ meeting in Lagos on Friday, reiterating his commitment to boosting Nigeria’s local economy. He expressed…

The Comptroller-General of Customs, Adewale Adeniyi, has reaffirmed the Nigeria Customs Service’s (NCS) commitment to enhancing collaboration with the Central Bank of Nigeria (CBN) to facilitate trade and boost revenue generation—a development he said would benefit all Nigerians. CGC Adeniyi made this known recently, during a courtesy visit to the Central Bank of Nigeria, where he met with its governor,…

Investors that invested in the stock market section of the Nigerian Exchange Limited (NGX) have seen their investment rising by N4.43 trillion between January and February 2025, as demand for blue-chip companies quoted on the Exchange soar.   The stock market that opened 2025 at N62.763 trillion, gained N4.43 trillion or 7.1per cent to close on Friday at N67.19 trillion.  Capital…

MTN Nigeria reported a N400.44 billion loss after tax for the year ended December 31, 2024, as the devaluation of the naira drove up foreign exchange losses and weighed on the company’s earnings. The loss, disclosed in the company’s audited financial statements, represents a 192 per cent increase from the N137.02 billion loss recorded in 2023. The operator with over…

The Federal Competition and Consumer Protection Commission (FCCPC) has directed MultiChoice Nigeria to maintain its current subscription prices until the ongoing investigation into its proposed price hike is concluded. READ ALSO: http://Multichoice Nigeria increases DStv, GOtv subscription prices effective March 1 This is according to a statement by Director, Corporate Affairs, FCCPC, Mr. Ondaje Ijagwu.  According to his statement, the…

By Kunle Sanni President Bola Tinubu has reaffirmed his commitment to fostering a pro-business environment in Nigeria, emphasizing the need for policies that attract and protect investors in the telecom sector. Speaking at a meeting with an Airtel delegation led by Chairman Sunil Bharti Mittal at the State House in Abuja on Thursday, Tinubu assured that Nigeria’s telecom regulatory framework…