Business

Fidelity Bank Plc has announced the result of its recent offer for subscription of 10 billion Ordinary Shares at N9.75 per share. The bank said the Offer was 237.92 per cent subscribed. Fidelity Bank said in the summary of the Offer that 108,046 applications for 23,791,687,463 ordinary shares totaling N231.968 billion were received in connection with the Offer. The banks…

General Hydrocarbons, which is currently locked in litigation with First Bank over a financial $225 million deal, says it  will continue to fight for justice and damages while remaining “open for mediation and resolution.” The company,in an explainer on the deal described it as a “Project Finance relationship” as opposed to a “normal commercial loan”. It said it was FBN…

The Nigerian Railway Corporation (NRC) has concluded arrangements with APM Terminal (APMT) to begin the expansion of cargo movement from Apapa Port in Lagos to NRC Freight Yard at Moniya, Ibadan. This development was confirmed in a statement signed by the Deputy Director of Public Relations at NRC, Yakub Mahmood.. The statement read, “The Nigerian Railway Corporation has concluded arrangement…

Compelled by the exigency of bringing Nigerian Ports up to speed with those of its peers in terms of infrastructure and equipment, the Nigerian Ports Authority (NPA) has secured necessary approvals for an upward review in its tariffs to 15 per cent which was last reviewed in the year 1993.  NPA in a tweet on X stated that the 15per…

The Nigerian National Petroleum Company (NNPC) Limited in collaboration with First Exploration & Petroleum Development Company Limited (First E&P) Joint Venture (JV) on Thursday disclosed that it successfully attanded  96per cent reduction in routine flaring of associated gas (AG) from the Anyala (OML 83) and Madu (OML 85) fields. Chief Corporate Communications Officer, NNPCL, Olufemi Soneye in a statement stated…

The equities market capitalisation crossedN65 trillion benchmark, supported by price appreciation in Banking stocks; FBN Holdings (FBNH), Guaranty Trust Holding Company (GTCO) and Access Holdings. The All Share Index (ASI) gained by 536.54 points, representing a growth of 0.51 per cent to close at 105,324.89 points. Also, market capitalisation gained N332 billion to close at N65.222 trillion. Also, investor sentiment,…

The Association of Bureau de Change Operators of Nigeria (ABCON) has reacted to the news of the Central Bank of Nigeria (CBN) extending the Foreign Exchange (FX) sale period to May 30. ABCON President, Dr. Aminu Gwadabe, said the move demonstrates the CBN’s commitment to stabilizing the FX market. According to him, it also promotes inclusiveness through the Electronic Foreign…

L-R: Chairman of ExxonMobil Companies in Nigeria, Mr. Shane Harris; outgoing President of ExxonMobil Upstream, Mr. Liam Mallon; President Bola Ahmed Tinubu; incoming President of ExxonMobil Upstream, Mr. Dan Ammann; and Vice Chairman of ExxonMobil Companies in Nigeria, Mrs. Adesua Dozie, during a meeting with President Tinubu at the Presidential Villa, Abuja, on Tuesday.

The Nigerian Civil Aviation Authority (NCAA) has directed Kenya Airways to tender a public apology and compensate a Nigerian passenger over its staff unruly behaviour towards a Nigeria passenger.  A video posted by special adviser to the minister of Aviation, Tunde Moshood captured a verbal altercation between Kenya Airways staff at the transfer desk and a Nigerian passenger identified as…

Foreign exchange (FX) reserves declined significantly by $1.16 billion in January 2025, wiping out the $592.58 million gain recorded in December 2024. The latest figures from the Central Bank of Nigeria (CBN) show that reserves fell from $40.88 billion at the end of December to $39.72 billion as of January 31, 2025. This marks the sharpest monthly decline since April…