Business

Nigerian equities on Monday delivered a positive performance and extended gains from the previous session as the overall capitalization rose by N264 billion, driven by a rally in Airtel Africa Plc and 28 others. The All-Share Index (ASI) rose by 481.43 points, representing a gain of 0.71 per cent to close at 67,877.17 points. Also, market capitalisation gained N264 billion…

As the official Liquidator of the failed Banks in Nigeria, the Nigeria Deposit Insurance Corporation (NDIC), in line with its mandate wishes to inform the depositors & ex-staff (deposits) of defunct Peak Merchant Bank that it has concluded preparations to pay their first liquidation dividend. According to a release signed by the Director, Communication and Public Affairs, NDIC, Bashir Nuhu,…

Analysts at InvestmentOne Research, on Monday disclosed that Nigeria’s inflation rate is expected to trend higher as global energy prices remain elevated following decisions to maintain production cuts by Organization of the Petroleum Exporting Countries (OPEC)+ power houses. National Bureau of Statistics (NBS), in its latest release of the Consumer Price Index (CPI) figures on inflation rate exhibited a persistent…

After a long wait, Oando Plc has announced N44.4billion profit before tax in 2021 financial ended December 31, as against a loss before tax of N134.28billion reported in financial year ended December 31, 2020. The indigenous energy company listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE) announced N32.86billion profit after tax in 2021 from a…

President Bola Tinubu will ring the Closing Bell of NASDAQ in New York, United States as part of proceedings at the Executive Business Dialogue organized by United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX Group) and Nigerian Investment Promotion Council (NIPC). Scheduled for September 20, 2023, the dialogue is part of a series of events in the Non-Deal…

National Bureau of Statistics (NBS) on Friday said Nigeria’s inflation surged to 25.8% in the month of August 2023, 1.72% points higher than the 24.08per cent recorded in the previous month. NBS in its Consumer Price Index (CPI) report for August 2023 said the significant increase reflects the impact of the removal of petrol subsidies and the devaluation of the…

Trading in the equities market of the Nigerian Exchange Limited (NGX) on Tuesday sustained its bearish sentiments as profit-taking activities in Nestle Nigeria Plc and 44 others undermined the market capitalisation by N294billion. Precisely, the NGX All-Share Index declined by 535.98 basis points or 0.80 per cent to close at 66,760.20. Also, market capitalisation dipped by N294 billion to close…

The Central Bank of Nigeria (CBN) issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures. The new directive was conveyed in a letter dated September 11, 2023, signed by the Director, the Banking Division Department, Haruna Mustafa, and it is expected to be implemented immediately. FX revaluation…

At the World Economic Forum Annual Meeting 2011 in Davos, Switzerland, Aliko Dangote, President, and Chief Executive Officer of the Dangote Group, learned about the Forum of Young Global Leaders (YGLs) and the tremendous potential of this unique World Economic Forum community to develop the next generation of African leaders from all parts of society. The Young Global Leaders programme…

Retail lender, Unity Bank Plc grew its deposits to N333.38 billion, representing a marginal increase of two per cent compared to N327.42 billion recorded in H1 2022 in its Half-Year unaudited financial statement submitted to the Nigeria Exchange Limited (NGX). The growth in deposits demonstrates incremental gains by the lender from its commitment to deepening its retail footprint through a…