Economy
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Lekki Deep Seaport game changer, says Lai Mohammed
Minister of Information and Culture, Alhaji Lai Mohammed, has described the Lekki Deep Seaport as a game changer in the maritime sector, with the capacity to turn Nigeria into a shipping hub, boost the economy and create jobs. The minister made the remarks on Wednesday in Lekki, during a media tour of the deep seaport, located 65 kilometers East of…
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Dangote Cement issues N116bn series 2 fixed rate senior bond
Dangote Cement Plc on Wednesday announced the successful completion of its N116billion Series 2 Bond issuance, which is the largest corporate bond issuance in the history of the Nigerian Capital Market. The cement manufacturing company noted that the Bond Issuance, which is the second issuance under its N300billion MultiInstrument Issuance Programme, attracted participation from a wide array of institutional investors,…
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Access Holdings, UBA, Zenith bank, 7 others report N322.26bn profit in 3 months
A total of 10 banks on the Nigerian Exchange Limited (NGX) reported N322.26billion profit before tax in the first three months of 2022, an increase of about 14 per cent from N282.41billion reported in the first three months of 2021. The 10 banks also reported 11 per cent increase in profit after tax to N271.01billion in Q1 2022 from N244.65billion…
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MTN to launch 5G in Nigeria second half of 2022
Nigeria’s telecommunications company, MTN, will launch 5G network in the country in the second half of the year. This was disclosed by MTN CEO, Karl Toriola, at the launch of a media fellowship named Media Innovation Programme (MIP). The MIP which is for Nigerian journalists is in partnership with the Pan Atlantic University (PAU). Toriala said MTN had spent N3.4trillion…
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NCC engages PwC to conduct study on colocation competition level
The Nigerian Communications Commission (NCC) has commenced the process of conducting a study to assess the current level of competition in the colocation and infrastructure sharing (CIS) segment of the Nigerian telecommunications sector. The Commission engaged the services of Messrs. Price Waterhouse Cooper (PwC), one of the world’s reputable consulting firms, to conduct the study on its behalf, in exercise…
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Market cap appreciates by N143bn over surge in investors interest in Seplat, 33 others
The stock market of the Nigerian Exchange Limited (NGX) on Thursday sustained the uptrend as gains in Seplat Energy Plc and 33 others bolstered performance on the local bourse by 0.55 per cent. Precisely, the All-Share Index inched higher by 266.01 absolute points, representing an increase of 0.55 per cent to close at 48,837.76 points. While the overall market capitalisation…
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FEC approves N853m Ajaokuta steel, Itakpe ore concession
The Federal Executive Council has approved hiring of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited and the National Iron Ore Mining Complex, Itakpe. The total sum of N853,266,644.4 was approved for the consultancy services. The decision was reached at the FEC meeting precided over by President Muhammadu Buhari on Wednesday. Minister of Information and…
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N69.4bn Debt: Court of Appeal orders stay of contempt proceedings initiated by Jimoh Ibrahim against AMCON
The Court of Appeal sitting in Abuja in appeal No. CA/ABJ/CV/269/2022 in the case between the Asset Management Corporation of Nigeria (AMCON) vs Barrister Jimoh Ibrahim has ruled that all proceedings at the trial court should be stayed pending the hearing, and determination of the substantive appeal. This includes contempt proceedings against AMCON by Barrister Ibrahim. The application for stay…
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NGX Group of Companies commemorates 2022 Intellectual Property Day
NGX Group of Companies in collaboration with Bantu Blockchain Foundation and WiFi Combat Academy on Tuesday hosted a webinar to commemorate the 2022 World Intellectual Property (IP) Day 2022. The webinar themed “NFTs: The Wild and the Wonderful” was hosted to highlight the potential of leveraging intellectual property rights, particularly in the application of new digital assets such as Non-fungible token (NFTs),…
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Food, Energy price shocks from Ukraine war could last for years
The war in Ukraine has dealt a major shock to commodity markets, altering global patterns of trade, production, and consumption in ways that will keep prices at historically high levels through the end of 2024, according to the World Bank’s latest Commodity Markets Outlook report. The report noted that the increase in energy prices over the past two years has…
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