Business

Nigeria is strategically positioned to become Africa’s leading air transportation hub, according to Festus Keyamo, Minister of Aviation and Aerospace Development. Speaking at the International Route Development Conference, Network Cargo 2024, held in Moscow, Russia, Keyamo emphasized the country’s unique geographical advantage and its vast untapped aviation potential. The conference, which gathered transport ministers and industry leaders from across the…

The $550 million upstream gas project between the NNPC Ltd. and TotalEnergies on the development of the Ubeta field has taken off, the Presidency announced on Tuesday. Special Adviser to the President on Energy, Olu Verheijen, disclosed this during an inaugural US-Nigeria Strategic Energy Dialogue, hosted by the U.S. State Department in Washington, DC. The Chief Corporate Communications Officer, NNPC…

The Central Bank of Nigeria (CBN) has confirmed that it will sustain its Ways and Means Advances to the federal government at a 5 per cent limit for the fiscal years 2024-2025. The latest development is contrary to a bill passed by the National Assembly which raised the maximum borrowing percentage in the Act from five per cent to ten…

The Nigerian equity market gained N607billion in market capitalisation in the past week, on the back of buying interest in large-cap stocks like Access Corporation and MTN Nigeria. The All-Share Index appreciated by 1.06 per cent to close at 97,456.62, while the market capitalisation rose by 1.10 per cent to N56trillion. All other indices closed higher, except for the Growth…

 Nigeria’s leading financial services group, United Capital Group, acted as the Lead Issuing House and Coordinator for the successful issuance of the FGN Domestic Dollar Bond, Nigeria’s first ever domestic US dollar-denominated bond. The transaction generated unprecedented domestic demand, raising over US$900 million, to achieve over 180per   cent subscription levels, emphasizing United Capital’s placing power in the capital markets and…

Dangote Refinery has faulted the claim by NNPC Limited that it loaded petrol from the refinery at N898 per litre. Dangote in a statement by Anthony Chiejina, Group Chief Branding and Communications Officer, described the claims as “misleading and mischievous”. Chief Corporate Communications Officer, NNPC Limited, Mr. Olufemi Soneye  had said it bought the product at N898 per litre in…

Banking sector regulators in Nigeria, Ghana and Rwanda have imposed N1.49billion sanctions on Guaranty Trust Holding Company Plc (GTCO) in half year ended June 2024. From the audited H1 2024 results, the lender in its Ghana subsidiary was imposed N1.3 billion sanction for breaching foreign exchange market operational guidelines. In early March, Ghana Central Bank stated that it has suspended…

…Presidential Committee on Flooding also donates N1bn  Chairman of Aliko Dangote Foundation (ADF) and Chairman, National Committee on Flood Relief and Rehabilitation, Mr. Aliko Dangote, has donated a whopping sum of N1 billion to help assuage the pains of the Maiduguri flood victims in Borno State. The Presidential Committee on Flood Relief and Rehabilitation (PCFRR), which Dangote heads, also donated…

The Minister of Aviation and Aerospace Development, Festus Keyamo, has appealed to aviation workers’ Union to embrace dialogue over its planned strike action scheduled for 18th of September, 2024 regarding concerns raised by the unions within the aviation sector regarding the deduction of 50 per cent of Internally Generated Revenue (IGR) at source by the Government. The Minister in a…

The domestic equities market on Thursday showed resilience, with the overall capitalisation gaining N178 billion. The Nigerian Exchange Limited All Share Index (ASI) rose by 310.13 basis point or 0.32 per cent to close at 97,025.17 basis points. Also, market capitalisation appreciated by N178 billion to close at N55.754 trillion. The upturn was impacted by gains recorded in medium and…