Business

The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s Company Income Tax (CIT) stood at N1.53trillion in the second quarter of 2023, an increase of 226.40 per cent quarter-on-quarter from N469.01billion reported in Q1 2023.  According to the bureau, the local payments received were N1.02 trillion, while Foreign CIT Payment contributed N505.91 billion in Q2 2023. The report…

Oando Plc on Monday announced that it has reached an agreement with Eni for the acquisition of 100per cent of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd). Chief Compliance Officer & Company Secretary of Oando, Ayotola Jagun in a signed statement on the Nigerian Exchange Limited (NGX) said the  completion of the transaction is subject to ministerial…

The International Association of Deposit Insurers, African Regional Committee (IADI-ARC) has appointed the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan its Vice Chairperson. The Director, of Communication & Public Affairs, NDIC, Mr. Bashir Nuhu said the appointment was made at the IADI-ARC Annual General Meeting (AGM) held recently in Dakar, Senegal. The International Association…

The Department of State Services (DSS) has arrested the Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora. According to online report, Obiora had been detained by the secret police for four days. The details of his alleged offence were sketchy at the time of filing and efforts to reach the spokesperson for the DSS, Peter Afunanya on…

The domestic equities market on Friday closed northward with a gain of N60 billion, buoyed by price uptick in Seplat Energy and 30 others. Accordingly, the All Share Index (ASI) gained by 109.46 points, representing a growth of 0.16 per cent to close at 66,548.99 points. Also, market capitalisation gained N60 billion to close at N36.423 trillion. Also, investor sentiment,…

Nigerian Exchange Limited (NGX) has expressed its eagerness to collaborate with the Lagos Chamber of Commerce and Industry (LCCI) in advancing advocacy efforts, encouraging listings, and enhancing capacity development for both chamber members and the broader economy.  The Chief Executive Officer, NGX, Temi Popoola, on Friday disclosed this during the Closing Gong Ceremony marking the 135th year Anniversary of LCCI.…

The equities market segment of the Nigerian Exchange Limited (NGX) gained N1.41trilllion in August 2023 to sustain its positive trend under President Bola Tinubu. The equities market performance is on the backdrop of foreign exchange reforms of the current government that have restored foreign investors’ confidence in some fundamental stocks. The market capitalisation closed August 2023 at N36.423 trillion from…

The equities market on Wednesday dropped by N28 billion, halting three days of successive rally on the local bourse on selloffs in Transnational Corporation (Transcorp) and 26 others. The All-Share Index (ASI) declined by 50.81 points, representing a loss of 0.08 per cent to close at 66,439.53 points. Also, market capitalisation lost N28 billion to close at N36.363 trillion. The…

A Nigerian and four other nationals from Ghana, United Kingdom, and two from Sweden were arrested by Turkish authorities for alleged involvement in $ 1 billion counterfeiting currency bound for African countries. The Director, Financial Policy and Regulation Department, Central Bank of Nigeria (CBN), Chibuzo Efobi in a signed circular dated August 23, 2023 to all banks and other financial…

The Nigerian equities market on Tuesday extended its bullish run, leading to major index to reached 15-year high at 66,490.34basis points. As the Nigerian Exchange Limited All-Share Index (ASI) gained 338.96 basis points or 0.51 per cent to close at 66,490.34 basis points, market capitalisation rose by N186 billion to close at N36.391 trillion. The upturn was driven by price…