Business

The Chairman, Heirs Insurance Group, Mr. Tony Elumelu has expressed that it is embarrassing that Nigeria has less than two per cent insurance penetration, in a nation of over 200 million people, struggling to survive, amidst the harshest economic realities. Elumelu, who was the keynote speaker at the 2023 National Insurance Conference in Abuja with the theme: “on Redefining Safety:…

A Nigerian company, Tethys Ltd., has emerged as the sole brand licensee for Texaco lubricants across the country. Speaking at the Chevron-Tethys Texaco Lubricants relaunch in Lagos, Manager, Distributor and Export Sales Chevron, Mr Jaap Jan Mohlmann said the company was happy for its re-entrance into the Nigerian market. Mohlmann said the company had been in Nigeria for years and…

The equities market on Wednesday closed on a positive trend, as the bulls continued on the market amid price appreciations in Eterna Plc and 18 others. The Nigerian Exchange Limited All-Share Index rose by 27.11  basis points or 0.04 per cent, to close at 67,353.23 basis points. Similarly, the overall market capitalisation value gained N15 billion to close at N37.004…

Budget Office has disclosed the federal government’s debt service to revenue ratio rose to 183per cent in first quarter (Q1) 2023. A review of the budget implementation report for Q1 2023 released by the budget office indicates a total budgeted revenue of N2.16 trillion compared to an actual revenue of N1.21 trillion. The government also generated an actual revenue of…

The Dangote Sugar Refinery (DSR) employs no fewer than 7,000 workers yearly in its Backward Integration Project (BIP) in Numan, Adamawa State.  Speaking during a media tour of the company in Numan, the company’s Group General Manager, Operations, Bello Abdullahi Dan-Musa, said, that despite employing thousands of abled- youths as direct employees, the company also employed, more than 7,000 youths…

Minister of Finance and Coordinating Minister for the Economy, Wale Edun has disclosed ongoing negotiations with the World Bank to secure a $1.5 billion concessionary loan for budgetary support. Edun has suggested that the loan is likely to be approved in the near future. Edun, who confirmed this during a press conference held on the sidelines of the World Bank…

Access Bank has partnered with Visa, the world leader in digital payments, to enhance the efficiency of cross-border business-to-business payments for the bank’s corporate, commercial and SME customers by adopting the Visa B2B Connect platform to send and receive payments to and from 110 countries worldwide. Visa B2B Connect is a payment platform that will allow Access Bank’s business customers…

Institutional investors from the United States under the Institutional Investor Network have expressed interest in allocating their capital and exploring more direct investment opportunities in the Nigerian capital market. This was the subject of discussion at an engagement between Nigerian Exchange Limited (NGX) and a delegation from the United States facilitated by Chapel Hill Denham, consisting of United States Agency…

The equities market of the Nigerian Exchange Limited (NGX) on Wednesday closed on a positive note as price appreciation in BUA Cement Plc and 17 others pushed the overall market capitalization up by N64 billion. The All-Share Index rose by 115.62 per cent, representing a gain of 0.17 per cent, to close at 67,100.49 points. Similarly, the overall market capitalisation…

The management of Dangote Cement Plc has denied reports, in some online platforms that it has embarked on sales promotion and has further adjusted its prices. In response to the misleading report, the Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina described the reports as mischievous, malicious, and false. He added that the Management has formally notified…