Business

The Minister of Power, Adebayo Adelabu has revealed that the Transmission Company of Nigeria (TCN) needs approximately N2.77 trillion to complete 149 ongoing projects across the country. In a statement, the spokesman for the minister, Bolaji Tunji revealed that during a budget presentation at the National Assembly, Adelabu expressed that the completion of these projects would significantly enhance the country’s…

Customs aims to generate N6.58 trillion in revenue for 2025, having collected N6.11 trillion in 2024. Meanwhile, the National Assembly anticipates a revenue target of N12 trillion for Customs in the appropriation bill for 2025. The Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, revealed on Tuesday that the agency achieved a remarkable revenue milestone of N6.11 trillion in 2024. This…

The Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) have signed a memorandum of understanding (MoU) on telecommunication (telcom) consumer protection. The Executive Vice Chairman/CEO, FCCPC Tunji Bello and the Executive Vice Chairman/CEO, NCC, Aminu Maida signed the MoU on behalf of their respective commissions at the FCCPC headquarters in Abuja. In his speech at…

No fewer than nine Deposit Money Banks (DMBs) were each sanctioned N150million monetary fines by the Central Bank of Nigeria (CBN) for failure to upload Naira notes on their respective Automated Teller Machines(ATMs) across the country. This, according to the apex bank, was a clear message of zero tolerance for cash flow disruptions, hence, was fined N150 million for non-compliance,…

The equities market on Tuesday declined by N1.06 trillion, making it the highest decline in 2025 amid losses in Dangote Cement Plc and 40 others. The All-Share Index (ASI) lost 1,745.16 points, representing a loss of 1.66 per cent to close at 103,622.09 points. Also, market capitalisation declined by N1.064 trillion to close at N63.188 trillion. As measured by market…

Minister of power, Adebayo Adelabu says Nigeria’s power generation increased by 34 per cent in 2024. Adelabu spoke during a budget defence session with the senate committee on power on Monday. The minister said his administration inherited an average generation capacity of 4,100 megawatts (MW) in 2023 and raised it to 5,528 MW by the end of 2024. “I can…

The Debt Management Office (DMO), has announced the subscription window for the Federal Government Savings Bonds (FGN Savings Bonds) for January 2025. This initiative invites both individual and institutional investors to participate from January 13 to January 17, 2025. The bond offering for January 2025 features two options: a two-year savings bond maturing on January 22, 2027, with an interest…

…as NAHCON signs MoU in Saudi Arabia By Kunle Sanni The National Hajj Commission of Nigeria (NAHCON) has announced the selection of four airlines to airlift Nigerian Muslim pilgrims for the 2025 Hajj. According to a statement from the Presidential Villa, the Presidency approved the carriers following a rigorous screening process involving 11 applicants. The approved airlines are Air Peace…

By Innocent Raphael General Hydrocarbons Limited (GHL) has refuted allegations that it owes First Bank of Nigeria (FBN) $225.8 million, emphasizing that a moratorium period remains in place until the company achieves commercial oil production. This was outlined in a press statement signed by Abdelmuizz Bello, Director of Strategy & Operations at GHL, in response to recent media reports surrounding…

The Nigerian Exchange Limited All-Share Index (NGX ASI) gained by 1.80 per cent week-on-week (W-o-W) to close at 105,451.06 basis points. Likewise, market capitalisation rose by N1.14 trillion to close the week at N64.303 trillion. On the sectoral front, performance was largely negative. The NGX Banking index recorded a weekly gain of 1.94 per cent week-on-week. However, the NGX Insurance…