Business

The National Bureau of Statistics (NBS) on Monday disclosed that it has completed the process of Rebasing or Re – Benchmarking of the Gross Domestic Product (GDP) and is set to launch the Report by January ending of 2025.   GDP is the market value of all the goods and services produced within a country in a given period. GDP…

A data by Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that enrollments for the Bank Verification Number (BVN) by bank account owners in the country increased to 64.8 million in January 2025.   Previous data released by the organization showed that the enrollment database stood at 64 million in November last year. This indicates that about 800,000 account owners have…

The management of Dangote refinery has attributed the increase in ex-depot on Premium Motor Spirit (PMS) or petrol at N950/litre on hike in oil global price, stressing crude remains the primary input in the production of PMS, and any fluctuation in its international price inevitably impacts the cost of the finished product. The company in a statement obtained by WESTERNPOST…

The Nigerian equities market closed bearish in three out of five trading sessions last week, leading to N1.45trillion week-on-week (W-o-W) drop in market capitalisation to close the week at N62.851 trillion. The Nigerian Exchange Limited All-Share Index (NGX ASI) dipped by 2.94 per cent W-o-W to close at 102,353.68 basis points. Sectoral performance last week was lackluster. The NGX Consumer…

A former Group Managing Director (GMD) of First Bank, Dr. Bisi Onasanya, has dismissed allegations circulating on social media, suggesting his involvement in a purported commercial loan facility transaction controversy carried out 12 years ago at the bank. In a statement, Onasanya, who spoke through his Communication Advisor, Mr. Michael Oshunuyi, described the claims as baseless and an attempt to…

The Securities and Exchange Commission (SEC) has reminded Capital Market Operators (CMOs) to ensure that they renew their registration on or before January 31, 2025. The Commission said this in a circular issued recently to ask the operators to begin this annual renewal of registration from January 1 to January 31, 2025. The annual renewal of registration of Capital Market…

The Federation Account Allocation Committee (FAAC), at its December 2024 meeting chaired by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.42 trillion to the three tiers of government as Federation Allocation for the month of December, 2024 from a gross total of N2.31 trillion. From the stated amount inclusive of…

The Transmission Company of Nigeria (TCN) has announced that electricity lines supplying power to various parts of Abuja have once again been attacked and damaged by vandals. The company in a statement signed by its Public Affairs Manager, Ndidi Mbah, said the incident occurred in the early hours of Friday at the 132kv transmission line and underground cable transmitting bulk…

The management of Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its bulk customers to N955 per litre. The increase is coming on the backdrop of consistent surge in the price of Brent, the global benchmark for crude.  The company in a statement to PUNCH announced that its…

The Director-General of the Bureau of Public Procurement (BPP), Dr Adebowale Adedokun, on Thursday, lamented that while agency made a proposition of N63.5billion as a capital vote for 2025, the budget office handed them only an N1 57biilion envelope. The paltry figure, according to him, cannot help in any way resolve a series of challenges which included the accommodation problem…