Business

The Central Bank of Nigeria (CBN) has suspended the extension of export proceeds by banks on behalf of exporters. Ag. Director of Trade and Exchange Department, Dr. W.J Kanya, disclosed this yesterday   in a circular   to Authorised Dealers and the general public,  adding that   that the decision was Pursuant to provision of Memorandum 10A (23a) and Memorandum 10B (20a) of…

The equities market on Thursday recorded its largest daily gain since the year begins as it gained N792 billion, buoyed by buy interest in MTN Nigeria Communication Plc and 33 others. As a result, the All-Share Index (ASI) gained 1,300.01 basis points or 1.25 per cent to close at 105,530.74 basis points. Also, market capitalisation rose by N792 billion to…

The management of FBN Holdings Plc, on Thursday reacted to publication, calling for Extraordinary General Meeting (EGM) by two of the Company’s shareholders. THISIDAY had reported that a group of shareholders at the FBN Holdings, with 10 per cent of the company’s shares, yesterday, formerly requested the company to call an Extra-ordinary General Meeting (EGM) under section 215 (1) of…

….says NCC will come up with modalities The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has said the Nigerian Communications Commission (NCC) would come up with modalities for tariff adjustment in the telecoms industry. Tijani confirmed plans to increase telecoms tariffs but assured Nigerians it won’t be by 100% as requested by operators. The Minister of Communications, Innovation,…

The Minister of Communications, Innovations, and Digital Economy, Bosun Tijani, is currently meeting with representatives of telecommunications companies to discuss pressures to increase telecom tariffs in the country. TheNation in a report gathered that representatives of major telecom companies such as MTN Nigeria, Airtel, Globacom, 9Mobile, and others were attending the meeting. It was learnt that the meeting, which started…

The Permanent Secretary of the Federal Ministry of Aviation and Aerospace Development, Dr. Ibrahim Abubakar Kana, has clarified his earlier comments on the National Carrier Project, dismissing claims that he proposed reviving the controversial Nigeria Air deal with Ethiopian Airlines. Speaking in a press statement on Tuesday, Dr. Kana addressed public inquiries following his inaugural statement during the handover ceremony…

Nigerian Communications Commission (NCC) and mobile operators have agreed to channel the revenue from the proposed 100 per cent tariff increase into major network infrastructure upgrades and service quality. This is a major condition for the telcos as they await final approval for the tariff hike, following discussions with the government and the NCC. As part of the agreement, the…

United Bank for Africa (UBA) Plc, has cemented its position as a leading customer-centric institution, emerging among the top five banks, in various survey’s segmentation, in the recently released KPMG 2024 West Africa Banking Industry Customer Experience Survey. The survey showed that the bank earned an impressive second place in SME Banking as well as a third place in Retail…

Analysts anticipated a positive outlook for the equities from improved sentiment towards ongoing bank recapitalisation exercise, new listings and resilient corporate earnings. Analysts stated that, it is expected that the year 2025 will offer a mix of challenges and opportunities. Nigeria’s economy is poised to grow at its fastest pace since 2014, with GDP growth expected to reach 3.7 per…

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Federal Government to privatise Warri and Kaduna refineries to foster competition. In a statement, the association said the privatisation will also improve transparency, and enhance accountability in the downstream petroleum sector. “Privatize Nigerian-owned refineries, such as the Warri and Kaduna refineries, to reputable private companies to improve…