Economy
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At 3.23% decline, equities market posts worst day since 2020
The equities market of the Nigerian Exchange Limited (NGX) continued its losing streak as the All-Share Index plunged 3.23per cent, the most in a single day since 12 March 2020, to close at 47,259.27 basis points – the lowest level in almost six months (12 April). Selloffs in the two NGX-listed telecom stocks, Airtel Africa Plc (-10.00per cent), which suffered…
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Citizens’ right to demand accountability, subject to compliance with tax obligations – FIRS
The moral right of citizens to demand accountability from government on what their taxes have been used for, is dependent on when citizens have themselves heeded to their civil obligations to pay taxes. This was the position of the Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami during the unveiling of the FIRS Service Charter on Tuesday…
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Over 600m people will struggle on less than $2.15/day by 2030, says World bank
Nearly 600 million people will struggle on less than $2.15 per day by 2030, according to a new World Bank study. According to the report, the world is unlikely to meet the goal of ending extreme poverty by 2030 absent history-defying rates of economic growth over the remainder of this decade. The study finds that COVID-19 dealt the biggest setback…
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M/East, N/African economies grow by 5.5% as benefits are uneven, says report
The economies of the Middle East and North Africa (MENA) region are expected to grow by 5.5per cent this year —the fastest rate since 2016—followed by a slowing of growth to 3.5 per cent in 2023. Yet this growth is uneven across the region, as countries, still struggling to overcome the lasting effects of the COVID-19 pandemic, face jolting new…
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NGX All-Share Index declines further by 0.09%
The bears continued the domination of the stock market of the Nigerian Exchange Limited (NGX) as the All-Share Index (ASI) extended losses for a second consecutive session, falling by 0.09per cent to settle at 48,836.70 basis points. The market’s weak performance was driven primarily by extended selloffs in Tier-1 banks, Zenith Bank Plc (-1.55per cent), GTCO (-1.70per cent), FBN Holdings…
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Buhari appoints Aminu Umar-Sadiq as CEO of NSIA
President Muhammadu Buhari has approved the appointment of Aminu Umar-Sadiq as the Managing Director and Chief Executive Officer (MD/CEO) of the Nigeria Sovereign Investment Authority (NSIA). Special Adviser, Media & Communications to the Finance Minister, Yunusa Tanko Abdullahi in a statement also disclosed that Buhari also appointed Kolawole Owodunni and Bisi Makoju as executive directors. The appointment of the new MD/CEO…
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Nigeria re-elected as ITU council member
In clear recognition of the critical role Nigeria is playing on the global telecom stage, the country was re-elected earlier on Monday as a Council member of the International Telecommunication Union (ITU), the United Nations specialised agency that oversees global telecommunication operations. Nigeria will serve on the Council again from 2023-2026. The election of Nigeria and other countries, on Monday,…
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NDIC to host regional deposit insurance leaders to strengthen operational resilience
The Nigeria Deposit Insurance Corporation (NDIC) said it is scheduled to host a regional workshop in Abuja, Nigeria bringing together leaders of African Deposit Insurance Agencies to share knowledge and expertise to strengthen the implementation of deposit insurance systems on the Continent. The event which is scheduled to take place between the 4th and 7th of October 2022, is a…
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NCC-CSIRT proffers countermeasures against tech support website scams on Microsoft Edge browser
The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has issued an advisory for users to install trusted, up-to-date anti-virus software with an Internet security component and to customize News Feed in Microsoft Edge Browser. This is part of the countermeasures to lessen the chances of falling for a malicious attack that has been discovered in the browser. The…
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CBN increases interest rate to 15.5%, highest in 20 years
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has unanimously voted to increase the benchmark interest rate (monetary policy rate) to 15.5per cent from 14per cent, being the third hawkish move by the apex bank in 2022 following the rising rate of inflation. The latest move by the MPC is the highest in 20 years. This…
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