Business

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) on Thursday announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100per cent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’). Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened…

The Federal Government has opted to repay its N20 trillion loans advance or overdraft with the Central Bank of Nigeria (CBN) with securities, Treasury Bills and Bonds’ issuance, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said. The minister, who spoke on Thursday during the 2023 budget breakdown in Abuja, said President Muhammadu Buhari has approved the…

Business magnate and President of Dangote Group, Aliko Dangote has identified priority investments in infrastructure and core industries among other recommendations, as vital panaceas to boost Nigeria’s economy to its desired level among contemporary nations. Against the background of the declining fortune of the manufacturing sector, the Africa’s wealthiest man urged the Federal Government to strategically prioritize investments in infrastructure…

The equities market of the Nigerian Exchange Limited (NGX) continued its bearish sentiments, as profit taking in Airtel Africa Plc and 14 others drove market capitalisation by N544billion. The All Share Index (ASI) decreased by 999.63 basis points or 2.16 per cent to close at 45,366.32 basis points. Similarly, market capitalisation lost N544 billion to close at N24.710 trillion. The downturn…

Equities market of the Nigerian Exchange Limited (NGX) opened the week sharply lower, eroding prior week’s gains as capitalisation lost N656 billion over investors’ profit-taking in Airtel Africa Plc. The NGX All Share Index (ASI) decreased by 1,203.09 basis points or 2.53 per cent to close at 46,365.95 points, while market capitalisation lost N656 billion to close at N25.254 trillion.…

The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s inflation rate surged to 20.77per cent in September 2022, up from 20.52 per cent recorded in the previous month. The new Consumer Price Index (CPI) report by NBS showed that Nigeria’s CPI rose by 20.77 per cent year-on-year in September 2022. On a month-on-month basis, the index rose by…

There were scenes of jubilation among affected host communities following the Federal Government’s order for the immediate reopening of the Dangote Cement Plc plant at Obajana in Kogi State.  Members of the host communities from Iwaa, Oyo, Obajana, and Apata who spoke to newsmen said they could now heave a sigh of relief as the consequences of shutting down the…

The Securities and Exchange Commission (SEC) has denied conducting any recruitment exercise as being circulated in several websites and blogs. The commission, in a statement Thursday, said: “The attention of the Securities and Exchange Commission has been drawn to several websites and blogs purportedly affiliated to the commission, which are said to be advertising on-going ‘recruitment exercise’ by the commission.…

The National Bureau of Statistics (NBS) said oil and gas industry led credit allocations for private sector businesses in 2021.  The Bureau in its banking sector data from October 2022 disclosed that the total credit allocated to the private sector in Q1 2021 stood at N62.28 trillion, For Q2/2021, total credit allocation increased by 5.64per cent to N65.79 trillion.  The…

Shareholders Associations in Nigeria have urged the Federal Government to urgently intervene and prevail on the government of Kogi State to stop further harassment of investors in the state. They described as barbaric the use of thugs to embarrass investors, such as meted out on Dangote Cement and other companies located in the state, noting that such unsavoury development will…