Business

Chairman of the United Bank of Africa (UBA), Tony Elumelu has saiid he supports the implementation of the federal government’s windfall tax on the foreign exchange (FX) gains of banks. A windfall tax is a higher tax imposed by the government on sectors or businesses that have benefitted from favourable market conditions. Elumelu spoke on Wednesday while Nigeria’s banking sector…

Following Nigeria’s Federal Competition and Consumer Protection Commission (FCCPC) $220 million fine imposed on WhatsApp for a data privacy violation, there are fears WhatsApp may suspend operations in the country. Those familiar with the matter told Tech Cabal that Meta, the parent company for WhatsApp is considering “withdrawing certain services” in Nigeria. The implications of such a move is huge…

Students across tertiary institutions in the country under the aegis of National Association of Nigerian Students (NANS) have passed a vote of confidence on the Dangote Refinery describing the recent demarketing of the world’s largest single train refinery by the Nigeria National Petroleum Corporation Limited (NNPCL) as the greatest disservice to the nation’s economy. The students’ position came amidst alleged…

Nigerian equities on Thursday opened the new month on decline with N236 billion loss, indicating subdued investors participation and a lack of significant market movement. TheNigerian Exchange Limited All-Share Index (NGX ASI) lost 414.46 basis points or 0.42 per cent to close at 97,359.76 basis points. Also, market capitalisation declined by N236 billion to close at N55.278 trillion. However, market…

The nationwide protests have led to commercial banks and other companies shutting operations. The protests over Nigeria’s soaring cost of living and economic hardship began on Thursday. Those calling for the protests are demanding a reverse of some policies implemented by President Bola Tinubu believed to have engendered hardship in the country. Banks some parts in Lagos, shut operations due…

Chairman of FBN Holdings Plc, Mr. Femi Otedola  has alleged that Nigerian banks spent $50 milliion yearly to maintain private jets, supporting the  Federal Government move to implement windfall tax on the foreign exchange (FX) gains of banks. Otedola, in a statement on Wednesday, the revenues generated from the policy can be channelled into essential public services such as healthcare,…

In the latest half year(H1) ended June 30, 2024 unaudited result and accounts, International Breweries Plc, Nigerian Breweries Plc, Cadbury Nigeria Plc and Nestle Nigeria Plc have reported another worst performance, attributable to foreign exchange loss and challenging business environment. No respite for investors as rising costs of production shrink Fast-Moving Consumer Goods (FMCG) firms’ earnings in the period under…

FBN Holdings Plc has released its 2024 half year ended Junne 30, 2024 result and accounts, showing a  profit of N177.79 billion, representing an 18.9per cent year-on-year growth. The impressive growth in profit before tax boosted half-year profitability to a record N411.9 billion for the group, marking its best-ever half-year performance on record. FBN Holdings’ half-year profit of N411.9 billion…

FCMB Group PLC has unveiled a public offer aiming to generate N110.9 billion by issuing 15.197 billion shares at N7.30 per share. This announcement was made by Group CEO, Ladi Balogun, during the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) on Tuesday. Balogun outlined that this public offer is the initial phase of a broader three-phased strategy…

The naira on Tuesday depreciated by 0.7per cent to N1,621.12 against the dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to a report by FMDQ Exchange. The overnight lending rate contracted by 16basis points  to 25.9per cent in the absence of any significant inflows into the system. Sentiments in the NTB secondary market remained bullish, as the average…