Business

The Central Bank of Nigeria (CBN) on Wednesday refuted claims that it has introduced new N5,000 and N10,000 notes, describing the reports as false. This comes after widespread misinformation suggested that the apex bank had unveiled the high-denomination banknotes to enhance cash transactions. According to the reports, the CBN was set to introduce the new notes to reduce cash-handling costs…

At the start of April 2025 trading activities, the equities market closed in decline as the Nigerian Exchange Limited All-Share Index NGX ASI) fell by 0.11 per cent to 105,547.16 basis points. Consequently, the market capitalisation also dropped by 0.11 per cent to N66.19 trillion, reflecting an N71.16 billion loss in equities by the session’s end. The overall market downturn…

Aliko Dangote’s philanthropic efforts towards vulnerable individuals across the country have been commended by the Governor of Adamawa State, Ahmadu Fintiri. Over one million Nigerians nationwide will receive a 10kg bag of rice each. Fintiri stated that the National Food Intervention Programme of the Aliko Dangote Foundation has brought joy to 35,000 people in Adamawa State. The Aliko Dangote Foundation…

Promoters and operators of any entity engaged in a prohibited scheme commits an offence and is liable on conviction to a penalty of not less than N20 million or imprisonment to a term of 10 years or both. This is one of the provisions of the newly signed Investments and Securities Act 2025. The Director-General of the Securities and Exchange…

By Adeola Ogunrinde The Lagos State Government, in collaboration with EnterpriseNGR through the Lagos International Financial Centre (LIFC), has called on both foreign and local investors to support the establishment of an International Financial Centre in Lagos to drive economic and financial growth. Speaking at the EnterpriseNGR First Quarterly Members’ Night of 2025, held in Victoria Island, Lagos State Governor…

Central Bank of Nigeria (CBN), among others have imposed a sum of N1.58 billion sanctions on Guaranty Trust Holding Company Plc (GTCO) in 2024 financial year. A document obtained by WESTERN POST from the bank’s 2024 financial year statement, showed that the lender failed to comply in 10 banking rules, most especially in Nigeria, Ghana and Rwanda.    The lender…

The Nigerian stock market staged a formidable rebound on the last trading day last week, as the All-Share Index (ASI) climbed 0.22per cent to close at 105,660.64 points, effectively halting a four-week losing streak. This resurgence propelled market capitalization by an equivalent 0.22% to an impressive N66.26 trillion, injecting N147billion into investors’ portfolios. The week’s rally was largely fueled by…

The Nigeria Deposit Insurance Corporation (NDIC) has  hinted  that  depositors at the defunct Heritage Bank with balances exceeding the N5 million insurance cap are set to begin receiving partial refunds in April 2025.  The development follows months of uncertainty for customers who held significant balances at the lender before its abrupt closure. The Central Bank of Nigeria (CBN) revoked Heritage…

In a major boost to capital market regulation in Nigeria, President Ahmed Bola Tinubu, has assented to the Investments and Securities Bill  (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Securities Act 2025. This landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces…

Guaranty Trust Holding Company Plc (GTCO) on Friday announced N1.27 trillion profit before tax, about 107.8 per cent increase over N609.31 billion declared in 2023 financial year. The Group on Nigerian Exchange Limited (NGX) disclosed a profit after tax of N1.02 trillion, representing an increase of 88.6 per cent from N539.66 billion in 2023. For GTCO to report N1.27 trillion…