Business

The National Bureau of Statistics (NBS) on Thursday disclosed that Nigeria’s value of total imports stood at N12.47 trillion in the second quarter of 2024 (Q2 2024), representing a decrease of 10.71per cent compared to  N13.97 trillion recorded in first quarter of 2024 (Q1 2024). With the N12.47 trillion in Q2 2024, it rise by 97.93per cent from the N…

The Central Bank of Nigeria (CBN) has issued a directive requiring all Payment Service Providers (PSPs) to route point-of-sale (PoS) transactions through an approved Payment Terminal Service Aggregator (PTSA). This new mandate, announced on Thursday, is aimed at enhancing the security and monitoring of electronic transactions across the country. The directive, outlined in a circular issued by Oladimeji Yisa Taiwo…

Aviation workers’ unions have announced plans to stage a peaceful protest on September 18 in response to the Federal Government’s refusal to reverse its 50 percent deduction policy on internally generated revenues (IGR) from aviation agencies. The protest was disclosed in a statement signed on Thursday by the General Secretary of the National Union of Air Transport Employees (NUATE), Ocheme…

The Federal Competition and Consumer Protection Commission (FCCPC) has called on stakeholders in the production and distribution sectors to join efforts in combating price fixing and other unethical business practices. This appeal was made by FCCPC Chairman, Mr. Tunji Bello, during a town hall meeting held in Lagos on Wednesday. Addressing a packed hall of industry leaders, market association heads,…

The local equities investors lost N50 billion as profit-taking sentiment prevailed at the close of on Wednesday trading. The Nigerian Exchange Limited All-Share Index (ASI) lost 87.76 basis points or 0.09 per cent to close at 96,715.04 points. Also, market capitalisation shed by N50 billion to close at N55.576 trillion. The decline was driven by price depreciation in large and…

Liberia’s Vice President, Jeremiah Kpan Koung, has said that Nigerians now own about half of Liberia’s commercial banks. He said this during the 17th Annual Banking & Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday. Koung, speaking to an audience of banking professionals and government officials, praised the role Nigerian banks play…

In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd. and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets into the PIA terms. Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye in a statement…

FCMB Group Plc has extended its appreciation to key financial regulators and Nigerian Exchange Group (NGX Group) following the successful completion of the initial phase of its transformational capitalisation programme. In a statement released by the Group Chief Executive Officer of FCMB Group Plc, Mr. Ladi Barogun, the company expressed gratitude to the Central Bank of Nigeria (CBN), Securities and…

Earlier on Monday in a signing ceremony held at the NNPC Towers, NNPC Ltd. and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), signed documents on the conversion of five OMLs into four PPLs and 26 PMLs, in line with the provisions of the Petroleum Industry Act (PIA) 2021. The GCEO NNPC Ltd., Mr. Mele Kyari and the Director,…

The Securities and Exchange Commission (SEC) has said that it will deploy the full weight of the law against individuals and entities that engage in activities that are contrary to laid down regulations in the capital market. Director General of the SEC, Dr. Emomotimi Agama who stated this in an interview in Abuja weekend, said the Commission is committed to…