Business

Dangote Industries Limited (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tons per annum cement plant in Itori, Ogun State. The agreement was signed by the Chairman of Dangote Cement Plc, Aliko Dangote alongside the Group Executive Director, Strategy, Capital Projects & Portfolio Development, DIL, Devakumar Edwin, while China Sinoma Engineering was represented by its Group President,…

The equities market of the Nigerian Exchange Limited (NGX) on Monday started the week positively, with a gain of N273 billion due to strong corporate earnings and increased interest in Airtel Africa Plc and 27 others. The All Share Index (ASI) rose by 499.95 basis points or 0.95 per cent to close at 53,157.83 basis points. Accordingly, investors gained N273…

In its moves to enhance payment service ecosystem, the Central Bank of Nigeria (CBN) on Thursday unveiled the Nigerian National Domestic Card Scheme – Afrigo, in conjunction with the Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, the Bankers Committee, and other financial ecosystem stakeholders Afrigo card is operated by AfrigoPay Financial Services Limited (AFSL), a national domestic card scheme duly licensed…

The equities market of the Nigerian Exchange Limited (NGX) on Tuesday reversed prior day’s gains, closing N24 billion lower as investors sold off Geregu Power Plc and 13 others. Also, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously voted to increase the Monetary Policy Rate (MPR) further by 100basis points  to 17.5 per cent at…

Dangote Group has debunked reports that President Muhammadu Buhari during his official two-day visit to Lagos commissioned the 650,000 barrels per day (bpd) Dangote refinery project. Online news had reported that the Dangote refinery was to commence operations on January 24, 2023. In a swift response, the spokesperson who is also the Group Chief, Branding & Communications Officer, Dangote Industries…

Members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at its first meeting in 2023 on Tuesday in Abuja voted to increase the interest rate by 100 basis points (17.5 per cent.) The members in 2022 voted four times and increased the interest rate to 16.5 per cent from 11.5 per cent in a move…

The Lagos State Internal Revenue Service (LIRS) has announced that January 31, 2023, remains the deadline for filing the annual tax returns by employers of labour. The LIRS Executive Chairman, Mr Ayodele Subair made this known in a statement signed by the Head, Corporate Communications of LIRS, Monsurat Amasa on Sunday. According to the LIRS Executive Chairman, all businesses and…

Top analysts on Monday x-rayed the state of the Nigerian capital market in 2022 and forecast recovery in 2023 despite the headwinds and uncertainties associated with the economy. The Nigerian economy is going through a tough period with headwinds, including imported inflation, huge debt service-to-revenue ratio, high exchange rates, forex scarcity, devaluation of currency, budget deficit of N12 trillion in…

Opening the week, the equities market of the Nigerian Exchange Limited (NGX) on Monday rebounded with a gain of N34 billion on buying interest in Geregu Power Plc and 17 others. The All Share Index (ASI) rose by 63.01 points or 0.12 per cent to close at 52,657.69 basis points as the overall market capitalisation value gained N34 billion to…

The Group Managing Director, of Dangote Industries Limited, Olakunle Alake, last weekend commissioned the “Terminal ‘E’ Fire Hydrant System” of the Greenview Development Nigeria Limited (GDNL), a subsidiary of Dangote Industries Limited. The event took place in Apapa, Lagos.