Business

Consistent with its bid to strengthen the diversity of the capital market by redefining it as an attractive destination for technology companies, Nigerian Exchange Limited (NGX) held the NGX Technology Board Webinar to drive comprehensive discussions and cogent actions to develop African technology. The event held virtually on Thursday with the theme; “Enabling the Next Wave of Growth for Technology…

Access Holdings Plc on the trading floor of the Nigerian Exchange Limited (NGX), on Tuesday announced that its wholly owned subsidiary, Access Bank Plc has entered into a binding agreement with Montepio Holding SGPS S.A  to acquire a 51per cent majority shareholding in Finibanco Angola S.A Finibanco Angola S.A. is a profitable, well-capitalised full-service commercial bank with over 20 branches…

The Nigerian National Petroleum Corporation Limited (NNPC) has declared a profit of N674billion after tax for the year 2021.  The NNPC announced the results today via Twitter. According to NNPCL, the Board has approved the audited financial statements for 2021. The Group Managing Director, Mele Kyari, was quoted as saying; “NNPCL has progressed to a new performance level, from N287billion…

The equities market of the Nigerian Exchange Limited (NGX) depreciated by N429billion in September 2022 as the country’s economy continued to face uncertainty over the build-up to the 2023 general elections The market capitalisation closed September 30, 2022 at N26.451 trillion, a decline of 1.6per cent or N429billion from N26.880trillion it opened for trading, while NGX All-Share Index depreciated by…

…Cement, Sugar win Brands of the Decade Dangote Industries Limited has been adjudged the Outstanding Indigenous Conglomerate of the Decade, carting home eight different Economic Community of West African States Manufacturing Excellence Awards (EMEA) in the process. In the same vein, two subsidiaries of Conglomerate, Dangote Cement Plc and Dangote Sugar Refinery Plc also received awards of the renowned Marketing…

The Federal Government spent N1.33 trillion to service domestic debts in the first half of 2022, representing an increase of 42.5per cent compared to N935.46 billion spent in the corresponding period of 2021. When compared to the second half of 2021, domestic debt service increased by 19.2per cent from N1.19 trillion. This is according to data released by the Debt…

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele has said there is no law mandating the apex bank to provide dollars to foreign airlines operating in the country. Emefiele made this known on Tuesday while fielding questions from journalists after the monetary policy committee’s meeting at the CBN headquarters in Abuja. The development comes amid the foreign exchange crisis,…

The World Bank has said that Nigeria’s economic outlook is uncertain and its ability to attract domestic and foreign investments is also crashing. It also noted that the condition of welfare in Nigeria was worsening despite the economic recovery from recession. The Washington-based bank said this in its draft report for State Action on Business Enabling Reforms, which is available…

The Securities and Exchange Commission (SEC) has said that the passage of the Investments and Securities Bill 2022  would aid the functioning of the capital market as well as facilitate the on-going economic diversification in the country. This was stated by the Director General of the SEC, Mr. Lamido Yuguda during the public hearing on the ISB 2022 and the…

Minister of Aviation, Hadi Sirika has disclosed that Ethiopian Airlines (ET) consortium has been selected as the preferred bidder for Nigeria Air, owning 49 per cent of the national carrier, stating that domestic investors own 46 per cent stake. He disclosed this during a media briefing on Friday in Abuja. According to him, ET scored 89 per cent out of…