Economy
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Investors on NGX gain N5.648trn investment in H1
Investors on Nigerian Exchange Market recorded a growth of N5.638 trillion on investment return in the first half (H1) of the year despite pre-election jitters. The market capitalisation gained N5.638 trillion from N22.297 trillion at the beginning of the year to close at N27.935 trillion at the end of June, while the Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose…
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NGX, BOI collaborate to deepen capital market for inclusive growth
Nigerian Exchange Limited (NGX) and Bank of Industry (BOI) have signed a Memorandum of Understanding (MoU) to deepen capital market reach, build the capacity of stakeholders through financial literacy programs, facilitate market advocacy initiatives and promote listings. The announcement was made during the signing ceremony led by the Chief Executive Officer (CEO), NGX, Mr Temi Popoola and the MD/CEO, BOI,…
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Total active voice subscribers on MTN, others hit 199.6m – NBS
The National Bureau of Statistics (NBS) on Tuesday disclosed that total active voice subscribers increased to 199,558,540 in first quarter (Q1) of 2022 compared to 192,413,613 reported in first quarter of (Q1) 2021. This represents a 3.71per cent rise in voice subscriptions Year-on-Year. The NBS in its “Telecoms Data: Active Voice and Internet per State, Porting and Tariff Information (Q1…
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Sekibo, Obi others harp on security, leadership for economic prosperity
Managing Director and Chief Executive Officer (MD/CEO) of Heritage Bank Plc, Ifie Sekibo and other notable Nigerians have affirmed that the best way to boost economic prosperity and peace in the country is to start addressing leadership challenges and insecurity. Sekibo and the presidential candidate of Labour Party, Peter Obi, Pastor Ituah Ighodalo, Prof. Oyelowo Oyewo, Dr. Victoria Ekhomu and…
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We‘ll strengthen SEC to reposition Nigeria’s capital market, says FG
The Federal Government has said it would strengthen the Securities and Exchange Commission (SEC) to reposition Nigeria’s capital market to be at par with its peers globally. Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed made the commitment in Abuja Monday, when she received the Revised Nigerian Capital Market Master Plan (2021-2025). The Plan was submitted to the…
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Dollar shortages strike again, Nigeria Indexes in crosshairs
The difficulty in repatriating funds from Nigeria has placed the MSCI Nigeria Indexes in the crosshairs, writes Lukman Otunuga, Senior Research Analyst at FXTM Despite oil prices surging to multi-year highs, Nigeria has failed to cash in. The destructive combination of sub-optimal oil production, poor infrastructure, and fuel subsidies have drained oil revenues that account for roughly 90 per cent…
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Gwadabe, ABCON president highlights way forward on naira volatility, rising inflation, others
Naira volatility despite foreign exchange interventions by the Central Bank of Nigeria (CBN) is being compounded by rising inflation, interest rate hike and slow economic growth with consequences for middle and low income earners, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji (Dr) Aminu Gwadabe has said. Speaking in Lagos at the weekend, Gwadabe said the unfolding…
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Amosun, not Abiodun’s administration received N37bn road refund from FG, says finance commissioner
By Kolawole Olayinka, Abeokuta Ogun State government on Friday said that the current administration of Governor Dapo Abiodun did not receive N37billion from the Federal Government, as reimbursement of expenses on road projects carried out by the immediate past administration in the state. It maintained that the money was processed and received by the immediate past administration of Governor Ibikunle…
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P&ID: court convicts Marqott over gas contract scam
A federal high court in Abuja has ordered the closure of a certain company, Marqott Nigeria Limited, for money laundering. Donatus Okorowo, the presiding judge, made the ruling on Thursday. Marqott is one of the 30 companies associated with Process and Industrial Development Limited (P&ID), an Irish engineering company. P&ID had claimed it entered into a contract to build a…
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Marketers want new fuel pump price, insist N165 per litre unsustainable
Oil marketers in the country have asked the Federal Government to increase the pump price of petrol in the country. The Deputy National President, Independent Petroleum Marketers Association of Nigeria, Zarma Mustapha, told The PUNCH that the Federal Government had been put on notice concerning marketers’ intentions to increase petrol price. “The current pump price is no longer sustainable and…
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