Business

Suspended Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Tuesday made his first appearance in court after 46 days in the custody of the Department of State Services (DSS), and pleaded not guilty to the two-count charge filed against him. The court is currently taking arguments on his bail application filed by his lawyer, Chief Joseph Bodurin…

The equities market of the Nigerian Exchange Limited (NGX) on Monday opened positively as demand for Okomu Oil Plc and 31 others drove the market higher by N144 billion. The NGX All-Share Index rose by 264.89 basis points or 0.41 per cent, to close at 65,268.28 points. Consequently, the overall market capitalisation value gained N144 billion to close at N35.539…

As the Central Bank of Nigeria (CBN) unify the naira, the Nigerian Exchange Limited Banking Index (NGX Banking) has appreciated by 68.46 per cent Year-till-Date (Ytd) to outpaced other indices on the bourse. The NGX Banking as of July 21 has surpassed the NGX All-Share Index that closed at 26.83 per cent YtD growth as the stock market has witnessed…

President of Dangote Group, Aliko Dangote has been hailed as a foremost entrepreneur whose laudable interventions in the agricultural sector in Nigeria should be applauded and emulated by others. Many Nigerian University Vice Chancellors, under the auspices of Committee of Vice-Chancellors who were at the Dangote Fertiliser plant on a familiarisation visit over the weekend, marveled at the huge financial…

Deposit Money Banks (DMBs) and merchant banks’ net domestic credit to the economy has hit N84 trillion representing an 11 per cent Month-on-Month (MoM), rise from N75.49 trillion in May. The breakdown, according to the Money and Credit Statistics of the Central Bank of Nigeria, CBN, released on Saturday, shows that the private sector took N52.8 trillion, showing about 17.9…

The Naira at Investors & Exporters Foreign Exchange market (I&E) closed on Thursday at N768.16 against the dollar from N793.70 it opened for trading. The dollar gained on Thursday by 3.2per cent. The exchange rate between the naira and the dollar had gained 6.58per cent to close at N742.93 on Tuesday. This represents the biggest daily gain seen since the…

NOVA Merchant Bank has received approval from its shareholders to transition into commercial banking. The shareholders gave their unanimous approval during the company’s 6th Annual General Meeting in Lagos on Wednesday, where they agreed that the bank remains well-positioned to sustain and build upon its growth legacy. At the meeting, the company’s Board of Directors took time to unveil their…

The Central Bank of Nigeria (CBN) has released an updated list of Bureau de Change (BDCs) dealers approved in the country. According to the list published by the apex bank, the total number of approved BDC operators reduced to 2,991. The document titled ‘Approved BDCs’, revealed that the licences of 2,698 BDCs had been withdrawn. In 2022, the Central Bank…

…Dangote Cement to roll out new plants in Nigeria, Cote d’Ivoire & Ghana. Dangote Cement has concluded plans to expand its production capacity through the construction of a new 6Mt integrated cement plant in Itori, Ogun State. According to the Group Managing Director, of Dangote Cement, Mr. Arvind Pathak, the new plant on completion, will strengthen local production of Dangote…