Business

National Bureau of Statistics (NBS) has disclosed that the average petrol price in April 2023 recorded a slight reduction at N254 per liter. The April 2023 report on Premium Motor Spirit (PMS), by NBS showed a decrease of 3.87per cent from the previous month’s value of N264.29 per liter. However, compared to April 2022, there was an increase of 47.18per…

The Naira depreciated against the Dollar in the parallel market on Wednesday, closing at N748/$1 . The local currency dropped by 0.13 per cent when compared to N747/$1 it traded on Tuesday at the parallel market rate. Starting the week at N747/$1, the Naira experienced a weakening trend, reaching N745/$1 last Thursday due to increased demand for dollars from importers.…

The National Bureau of Statistics (NBS) on Monday disclosed that  Nigeria’s headline inflation rate rose to 22.22per cent in April, a 0.18per cent point higher than the 22.04per cent recorded in the previous month. According to the latest Consumer Price Index (CPI) report by the NBS, Nigeria’s inflation rate has increased for the fourth consecutive month, maintaining the highest rate…

Shareholders of Guaranty Trust Holding Company (GTCO) Plc, have endorsed the payment of N91.236 billion, representing N3.10 per share for the financial year ended December 31, 2022. This endorsement was made at the holding company’s second annual general meeting held on Thursday, virtually. The Group proposed a final dividend of N2.80 per unit of ordinary share held by shareholders in…

The Central Bank of Nigeria (CBN) on Wednesday debunked reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a 10-year period. The acting director, Corporate Communications, CBN, Isa AbdulMumin  in a signed statement said BVN does not have an expiry date, as it last forever. According…

The equities market of the Nigerian Exchange Limited (NGX) ended its four-day winning streak as the overall capitalisation shed N216 billion on selloffs in BUA Cement Plc and 19 others. The All-Share Index declined by 396.35 basis points or 0.75 per cent, to close at 52,209.06 basis points. Similarly, the overall market capitalisation value lost N216 billion to close at…

The Securities and Exchange Commission (SEC) has said that the capital market, which is considered the catalyst for economic growth, must be sustained by an effective and efficient dispute resolution mechanism. Director General of the Commission, Lamido Yuguda stated this during a one-day workshop organised by the Investment and Securities Tribunal in collaboration with the Nigeria Bar Association with the…

Titan Trust Bank Limited is set to acquire the entire share capital held by minority shareholders in Union Bank of Nigeran plc at N7.00 per share. The Company Secretary, Union Bank of Nigeria, Somuyiwa Sonubi in a statement on the Nigerian  Exchange Limited on Monday said the transaction would be implemented by way of a Scheme of Arrangement between the…

 FMDQ Securities Exchange Limited (FMDQ Exchange) on Monday announced the approval for the quotation of the Greenwich Merchant Bank Limited’s N12.20 billion Series 1 and Series 2 Commercial Papers (CPs) under its N100 billion CP Issuance Programme on its platform. In commemorating the event, FMDQ Exchange held a Quotation Ceremony at its offices in April. Present to celebrate the successful quotation of…

As part of efforts to ensure the continued enlightenment of investors to enable them take more informed decisions, the Securities and Exchange Commission (SEC) is set to hold an enlightenment programme for staff of the Federal Road Safety Corps (FRSC). The Enlightenment programme with the theme “Investor Safety” is to be held across 12 Zonal Commands in the country. The…