Business

After a long wait, Oando Plc has announced N44.4billion profit before tax in 2021 financial ended December 31, as against a loss before tax of N134.28billion reported in financial year ended December 31, 2020. The indigenous energy company listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE) announced N32.86billion profit after tax in 2021 from a…

President Bola Tinubu will ring the Closing Bell of NASDAQ in New York, United States as part of proceedings at the Executive Business Dialogue organized by United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX Group) and Nigerian Investment Promotion Council (NIPC). Scheduled for September 20, 2023, the dialogue is part of a series of events in the Non-Deal…

National Bureau of Statistics (NBS) on Friday said Nigeria’s inflation surged to 25.8% in the month of August 2023, 1.72% points higher than the 24.08per cent recorded in the previous month. NBS in its Consumer Price Index (CPI) report for August 2023 said the significant increase reflects the impact of the removal of petrol subsidies and the devaluation of the…

Trading in the equities market of the Nigerian Exchange Limited (NGX) on Tuesday sustained its bearish sentiments as profit-taking activities in Nestle Nigeria Plc and 44 others undermined the market capitalisation by N294billion. Precisely, the NGX All-Share Index declined by 535.98 basis points or 0.80 per cent to close at 66,760.20. Also, market capitalisation dipped by N294 billion to close…

The Central Bank of Nigeria (CBN) issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures. The new directive was conveyed in a letter dated September 11, 2023, signed by the Director, the Banking Division Department, Haruna Mustafa, and it is expected to be implemented immediately. FX revaluation…

At the World Economic Forum Annual Meeting 2011 in Davos, Switzerland, Aliko Dangote, President, and Chief Executive Officer of the Dangote Group, learned about the Forum of Young Global Leaders (YGLs) and the tremendous potential of this unique World Economic Forum community to develop the next generation of African leaders from all parts of society. The Young Global Leaders programme…

Retail lender, Unity Bank Plc grew its deposits to N333.38 billion, representing a marginal increase of two per cent compared to N327.42 billion recorded in H1 2022 in its Half-Year unaudited financial statement submitted to the Nigeria Exchange Limited (NGX). The growth in deposits demonstrates incremental gains by the lender from its commitment to deepening its retail footprint through a…

The Department of State Services (DSS) has arrested and detained Ms Aisha Ahmad over allegations of fraud. Ms Ahmad is the deputy governor of the Central Bank of Nigeria (CBN) in charge of financial system stability. According to a source, she is been detained over the alleged fraudulent acquisition of shares in Polaris Bank, Titan Bank/Union Bank. “Ms Ahmad is…

Group Chairman, Heirs Holdings, Mr. Tony Elumelu has urged the Indian private sector to seize the opportunity to invest in Nigeria, during the Nigeria-India Presidential Roundtable and Conference recently held in India. The Presidential roundtable and conference was jointly organised by the High Commission of Nigeria to India, the Confederation of Indian Industry (CII) and the Nigeria-India Business Council (NIBC).…

The Nigerian Railway Corporation (NRC) generated N1.10billion in revenue in the second quarter of 2023, an increase of 84 per cent from N598.74million recorded in the second quarter of 2022. This is disclosed by the National Bureau of Statistics (NBS) in its rail transportation data for Q2 2023. According to NBS, “In Q2 2023, a total of 474,117 passengers travelled…