Business

…judge rules First Bank misled court, oil firm seeks $1bn in damages Presiding over the case between General Hydrocarbons Limited (GHL) and First Bank of Nigeria, the Federal High Court in Lagos has set aside a Mareva injunction that had frozen the assets of GHL and its directors. Justice Dehinde Dipeolu ruled that the injunction, which was obtained at the…

Access Bank Plc has expressed determination to bridge $81billion annually trade finance gap in Africa and set to host its first-ever Africa Trade Conference (ATC). The bank in a statement stated that landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’. Scheduled for March 12, 2025, in Cape Town, South…

A Max Air Boeing 737, registered as 5N-MBD, suffered a nose wheel landing gear collapse and a rear tire burst while landing at Malam Aminu Kano International Airport (MAKIA) on January 28, 2024. The incident occurred at approximately 10:50 LT on Runway 06/24. Mrs. Obiageli Orah, Director of Public Affairs and Consumer Protection, confirmed the details in an official statement,…

The Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that electronic payment transactions in Nigeria rose to N1.07 quadrillion in 2024, reaching an all-time high and the first time to hit the quadrillion mark. According to the data released by the NIBSS, the value recorded on the NIBSS Instant Payment (NIP) represents a 79.6per cent increase over the N600 trillion recorded…

Risevest has replied to Securities & Exchange Commission (SEC) warning to the public, advising against engaging in any investment-related transactions, stressing that some of its regulatory frameworks does not meet Commission expectations.  The Commission stated that Risevest (Victoria Island) Cooperative Multipurpose Society Limited is not registered or authorized to operate in the capital market. The group, Risevest in a statement…

NGX Regulation Limited (NGX RegCo), the independent regulation subsidiary of Nigerian Exchange Group, and the Economic and Financial Crimes Commission (EFCC) have called for enhanced partnership to enhance market surveillance and combat financial crimes in Nigeria’s increasingly digitalized capital market. This strategic initiative was discussed during a high-level meeting between NGX RegCo’s Chief Executive Officer, Olufemi Shobanjo, and EFCC’s Executive…

An analyst, who is also the Managing Director and Chief Executive Officer of Arthur Stevens Asset Management Limited, Olatunde Amolegbe has highlighted the growing presence of mid-level investors in the Nigerian capital market, emphasizing their critical role in boosting market liquidity. Speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2024 Market Review and 2025 Projection event in Lagos,…

The Dangote Petroleum Refinery is awaiting up to 12 million barrels of crude oil from the United States of America (USA). The refinery resorted to crude importation as local supply challenges hindered the new $20billion refinery’s push to reach full refining capacity. Recall that the refinery plans to reach its 650,000 barrels per day capacity in June this year. However,…

The equities market on Tuesday halted prior day gaining streak as price decline in MRS Oil Nigeria Plc and 31 others pulled the overall capitalization down by N284 billion. The All-Share Index (ASI) lost 460.20 points, representing a loss of 0.44 per cent to close at 103,958.75 points. Also, market capitalisation shed by N284 billion to close at N64.156 trillion.…

The Central Bank of Nigeria (CBN) has approved the 2025 licence renewal fee waiver for the Bureau De Change (BDC) operators with immediate effect. This is in furtherance to the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, and the ongoing transition to the new BDC regulatory structure. This disclosure is contained in a circular signed…