Business

Former Chairman of Fidelity Bank, Mustafa Chike-Obi, has said Eko Atlantic City could eventually contribute more to Nigeria’s Gross Domestic Product (GDP) than the Dangote Petroleum Refinery because of its broader economic and employment potential. Speaking on Thursday during the Policy Without Politics podcast, which he co-hosts with Ken Ikpe, Chike-Obi said while the Dangote Refinery has transformed Nigeria’s downstream…

 AVA Capital Plc has been admitted to the Main Board of Nigerian Exchange Limited (NGX) following the listing by introduction of its 5 billion ordinary shares at N7.50 per share, with a market capitalisation of N37.5 billion. The listing marks a significant milestone in the Company’s growth journey, reinforcing its commitment to sustainable growth, strong corporate governance and long-term value…

Agro-industrial firm, Presco Plc, has announced plans to invest an initial $200 million in Ondo State to develop large-scale oil palm plantations, a processing mill and a refinery as part of efforts to expand local production and strengthen Nigeria’s agricultural value chain. The investment was unveiled on Friday during a visit by the company’s management to Governor Lucky Aiyedatiwa in…

Losses in HBM Nigeria Plc and 44 others pulled the Nigerian equities market dropped by N1.01 trillion, extending the negative reaction to two trading consecutive sessions. The All-Share Index declined by 1,617.91 per cent, representing a loss of 0.66 per cent, to close at 245,362.26 points. Similarly, the overall market capitalisation value lost N1.01 trillion to close at N 158.340…

The Central Bank of Nigeria (CBN) on Wednesday, secured a major legal victory after the Court of Appeal, Abuja Division, in a landmark, jurisprudentially significant and precedent-reinforcing judgment delivered by Justice Okon Abang, overturned the Federal High Court’s decision attaching a purported N100.1 million judgment debt against the apex bank in a dispute involving the Imo State Government. In a…

The Central Bank of Nigeria (CBN) said Nigeria’s foreign exchange inflows rose by 14  per cent to a record $109.86 billion in 2025, driven largely by stronger autonomous inflows from non-oil exports, capital importation, and over-the-counter (OTC) purchases. According to the report, aggregate foreign exchange inflows into the economy increased from $96.53 billion in 2024 to $109.86 billion in 2025,…

Ecobank Group Plc on Wednesday announced its financial results for the first half of 2026, delivering resilient performance despite a challenging operating environment marked by geopolitical and macroeconomic pressures. The Group reported net revenue of $1.3 billion, up 15per cent year-on-year, and profit before tax of $423 million, up six per cent, supported by disciplined execution, operational efficiency and the…

The Nigerian stock market rebounded modestly, reversing the previous session’s as investors renewed buying interest in HBM Nigeria, 34 others lifted the market capitalization by N482 billion. The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 745.81 basis  points or 0.30 per cent to close at 247,984.55 basis points. Consequently, the Month-to-Date and Year-to-Date returns edged higher to +8.1per cent…

The Nigerian equities market commenced the new trading week on a subdued note, as investors’ investments declined by N77 billion. The All-Share Index (ASI) lost 118.66 basis points or 0.05 per cent to close at 247,238.74 basis points. Also, market capitalisation shed N77 billion to close at N159.511 trillion. The downturn was driven by price depreciation in large and medium…

FCMB Group Plc on Monday announced its united result and accounts for half year (H1) ended June 30, 2026 with 13724 per cent increase in net impairment losses on financial instruments at N85.9 billion over N36.22 billion reported  half year ended June 30, 2025. The group in a statement said the front-loaded a decisive clean-up of stage 2 loans, including…