Economy
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Fidelity Bank to take over Kano, Benin, Kaduna DISCOs
Fidelity Bank is to take over the boards of Kano, Benin and Kaduna distribution companies (DISCOs) and collateralise their shares. Bureau of Public Enterprise (BPE) director-general Alex Okoh and executive chairman of the Nigerian Electricity Regulatory Commission (NERC) Sanusi Garba disclosed this in a joint statement on Wednesday. “Today, we were informed by Fidelity Bank that they have activated the…
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Nigeria can’t abandon oil yet – Sylva
Minister of State for Petroleum Resources, Chief Timipre Sylva says Nigeria can’t abandon its hydrocarbon yet. He said this while giving his opening remarks at the 21st Nigeria Oil and Gas conference in Abuja. According to him, the commodity will constitute the country’s energy mix. “The oil producing countries are currently having conversations around moving away from fossil fuels to…
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Equities market down by N110bn over investors sell-off in BUA Foods, 15 others
Bearish sentiments drove the domestic equities market of The Nigerian Exchange Limited (NGX) yesterday down by N110 billion, following profit taking in BUA Foods PLC and 15 others. The All Share Index (ASI) decreased by 204.95 absolute points, representing a dip of 0.40 per cent to close at 51,586.50 points. Similarly, the market capitalisation lost N110 billion to close at N27.811…
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DMO lists N250bn Sukuk on NGX
The Debt Management Office (DMO) has listed the N250billion,10-year 13% Ijarah Sovereign Sukuk due 2031, on Nigerian Exchange Limited (NGX). The Ijarah Sovereign Sukuk was successfully listed on NGX, having fulfilled the conditions set by the Financial Regulatory Advisory Council of Experts (FRACE) of the Central Bank of Nigeria (CBN), which stipulated that trading in the instrument would only be…
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Senate appeals for more support on AMCON recovery drive
The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, has reiterated the willingness of the National Assembly to continually support the debt recovery efforts of Asset Management Corporation of Nigeria (AMCON). He said the support has become critical because AMCON remains a strategic national institution that plays important, and pivotal role in helping to stabilise…
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ID Africa’s Iretomiwa Akintunde-Johnson to speak at women in PR Ghana summit
Iretomiwa Akintunde-Johnson, Lead PR and Communications Adviser at ID Africa, will speak at the sixth edition of the Women in PR Ghana Summit scheduled to hold on July 8 and 9, 2022, in Accra, Ghana. The two-day summit themed ‘PR Women as Change Agents in the Competitive Corporate World’ will have some of the continent’s top PR professionals from Ghana,…
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FIRS extends company income tax returns due date to August 31
The Federal Inland Revenue Service (FIRS) has extended the deadline for the filing of Companies Income Tax Returns for the 2022 Year of Assessment, due on 30th June 2022 to 31st August 2022. This was contained in a statement issued by FIRS and signed by the tax authority’s Executive Chairman, Muhammad Nami. According to him, the decision was taken after…
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Debt Profile: Revenue generation is Nigerian govt’s main challenge – DMO
The Debt Management Office (DMO) says revenue generation is a major constraint of the Federal Government and impacts the country’s debt situation negatively. Director-General of the DMO, Patience Oniha, said this in a telephone interview with the News Agency of Nigeria (NAN) on Sunday in Abuja. According to Ms Oniha, the systemic resource mobilisation has been compounded by recent economic…
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NPA seeks out-of-court settlement on Calabar port dredging
The Nigeria Port Authority (NPA) says it is seeking out-of-court settlement over the dispute involving Calabar Port dredging. Managing Director of NPA, Mohammed Bello-Koko said this when he visited Calabar Port complex on Saturday. According to him, the dispute was responsible for the delay in dredging the port. “The contract for the dredging of the Calabar channel was awarded many…
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Investors trade N485.4bn worth of equities in Q2
Both local and foreign investors on the Nigerian Exchange Limited (NGX) traded N485.4billion worth of equities in the second quarter (Q2) of 2022. This is an increase of 40.11per cent when compared to N346.43 billion traded in the first quarter (Q1) of 2022. A data by the bourse noted that the growth in value of equities market traded also reflected…
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